FAB opens first branch in Saudi Arabia

RIYADH, First Abu Dhabi Bank, FAB, has officially inaugurated its Saudi Arabia operations during a ceremony at its new Riyadh branch.

The new branch, located in Al Cayan Tower, Riyadh, joins FAB’s international network which spans five continents, enabling customers in Saudi Arabia to draw on the bank’s global relationships, expertise and financial strength to grow stronger.

The ribbon-cutting ceremony was attended by Dr. Ahmed Abdulkarim Alkholifey, Governor of the Saudi Arabian Monetary Authority, SAMA, Khaldoon Khalifa Al Mubarak, Chairman of the Board Executive Committee of FAB, Jassim Mohammed Al Siddiqi, Chairman of the Board Audit Committee of FAB, Dr. Fahad Ibrahim Alshatri, Deputy Governor For Censorship at the Saudi Arabian Monetary Authority, SAMA, and Abdulhamid Saeed, Group Chief Executive Officer of FAB, along with other members of the bank’s senior leadership.

H.H. Sheikh Tahnoun bin Zayed Al Nahyan, Chairman of First Abu Dhabi Bank, said, “It gives me great pleasure to open our first Saudi Arabian branch and make a further contribution towards the Kingdom’s growth story by financing businesses, providing financial services to individuals and investing in the digital economy. Our expansion into Saudi Arabia represents an important milestone in our international business strategy as well as a testament to the strong ties between the UAE and Saudi Arabia. The Kingdom is of strategic importance to both FAB and the UAE, and it is for that reason we chose Saudi Arabia as the first destination in our international expansion plans since our merger. We look forward to growing our presence in the Kingdom and thank the Saudi Arabian Monetary Authority and Capital Market Authority for their invaluable guidance and support throughout this auspicious journey.”

Dr. Ahmed Abdulkarim Alkholifey, Governor of the Saudi Arabian Monetary Authority, SAMA, thanked FAB’s Board of Directors and the senior leadership for their interest in entering the Saudi market, highlighting it as a positive step towards strengthening competitiveness and providing a more diversified range of products and services in the Saudi banking sector to meet the aspirations and needs of customers.

Al Alkholifey stressed that the opening of the FAB branch coincides with an unprecedented period in the Saudi financial sector, emphasising the impact of the Financial Sector Development Programme and its continued role in developing a thriving ecosystem, in line with the objectives of Saudi Vision 2030.

Source: Emirates News Agency