Abu Dhabi Commercial Bank, the UAE's third-largest lender, is expanding its regional footprint with a branch in Saudi Arabia to capitalise on growth opportunities in the Arab world’s largest economy and grow its clientele in the kingdom.
The bank has received an in-principle approval from the kingdom’s council of ministers to open a branch in Riyadh, subject to final regulatory approvals, it said on Wednesday in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded.
“The bank’s decision to establish a presence in the kingdom aligns with the accelerated expansion of our business,” Ala’a Eraiqat, group chief executive of ADCB, said.
The bank will provide a range of services for corporate and institutional clients, including financing and working capital solutions, under the Saudi Central Bank’s foreign banking branch licence, it said.
First Abu Dhabi Bank, the UAE’s largest bank by assets, and Emirates NBD, the biggest bank in Dubai by assets, already have significant presence in the kingdom. Both banks have branches in Jeddah, Riyadh and Al Khobar.
Regional and international financial institutions and banks are keen to establish a presence in Saudi Arabia, as Opec’s top oil producer continues to diversify its economy away from oil.
The kingdom’s economic overhaul agenda includes development of local non-oil industries and the sale of some state assets.
A booming population in the country, coupled with economic diversification offer growth opportunities for local, regional and international banks.
“ADCB is well positioned to support clients operating in the vibrant Saudi economy,” said Mr Eraiqat.
The kingdom's economy expanded 8.7 per cent in 2022 – the highest annual growth rate among the world's 20 biggest economies.
It is expected to expand by 0.8 per cent in 2023, according to the International Monetary Fund estimates.
Saudi Arabia has also taken a number of steps to support and further boost the country's non-oil economy.
Saudi regulations, which require foreign businesses to set up a local base in the kingdom or face the risk of losing out on government contracts, came into effect on January 1.
The move aims to attract multinational companies by offering a range of benefits and premium support services, including a 30-year tax break.
ADCB said, with the new branch in Saudi Arabia it will add an important dimension to its client offering in the kingdom.
“The bank is on a strong growth trajectory, and a central element of our strategy is to support clients along economic corridors across regional markets,” Ludovic Nobili, group head of corporate and investment banking at ADCB, said.
Last year, the bank reported a 22 per cent increase in its third-quarter net profit, driven by strong loan growth and robust economic conditions in the UAE.
Net profit attributable to equity holders for three months ending September reached a record Dh1.94 billion ($528 million), up from Dh1.59 billion a year earlier.
If you go
The Flights
Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.
The trip
Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Killing of Qassem Suleimani
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Managing the separation process
- Choose your nursery carefully in the first place
- Relax – and hopefully your child will follow suit
- Inform the staff in advance of your child’s likes and dislikes.
- If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
- The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
- Be patient. Your child might love it one day and hate it the next
- Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
