FAB will establish a subsidiary in the Saudi Arabia that will provide arranging and advisory services throughout the kingdom.  Ravindranath K / The National
FAB will establish a subsidiary in the Saudi Arabia that will provide arranging and advisory services throughout the kingdom. Ravindranath K / The National

UAE's FAB gets investment banking license in Saudi Arabia



First Abu Dhabi Bank (FAB), the UAE’s largest bank, received a license from Saudi Arabia’s Capital Market Authority to offer investment banking services in the kingdom, joining a host of foreign banks scurrying for business in the Arab world’s biggest economy.

FAB, formed from last year’s merger between National Bank of Abu Dhabi and First Gulf Bank, will establish a subsidiary that "will provide arranging and advisory services throughout the kingdom to both KSA corporate clients and institutions looking to access international markets,” it said in a statement.

FAB is among a host of lenders expanding their footprint in Saudi Arabia. The kingdom is courting bankers as it embarks on an economic overhaul programme aimed at wooing foreign investors and privatising state-run industries, including selling a five per cent stake in Saudi Aramco, the world’s biggest oil producer.

“This is a landmark development for both FAB Group and our market-leading Corporate and Investment Banking (CIB) franchise, which opens up significant opportunities for our customers to grow,” said Abdulhamid Saeed, group chief executive of FAB. “This development will strengthen FAB’s ability to tap into one of the largest economies and capital markets in the MENA region. As a leader in the investment banking sector, we look forward to bringing our comprehensive product suite to KSA clients as well as those looking to access the Saudi and international markets.”

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Saudi Arabia has attracted a number of international lenders who are keen to partake in its economic programmes aimed at weaning the kingdom off oil income.

Citi said in January it got the go ahead from the CMA to start investment banking services in the kingdom.

Citigroup Saudi Arabia received last year a capital markets license that enabled it to return to the kingdom after a 13-year hiatus.

Few international lenders operate in Saudi Arabia, including Deutsche Bank, JP Morgan and BNP Paribas.

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Centre Court

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Sofia Kenin (1) v Zhaoxuan Yan

Kristina Mladenovic v Garbine Muguruza (5)

Sorana Cirstea v Karolina Pliskova (3)

Jessica Pegula v Elina Svitolina (2)

Court 1

Starting at 10am:

Sara Sorribes Tormo v Nadia Podoroska

Marketa Vondrousova v Su-Wei Hsieh

Elise Mertens (7) v Alize Cornet

Tamara Zidansek v Jennifer Brady (11)

Heather Watson v Jodie Burrage

Vera Zvonareva v Amandine Hesse

Court 2

Starting at 10am:

Arantxa Rus v Xiyu Wang

Maria Kostyuk v Lucie Hradecka

Karolina Muchova v Danka Kovinic

Cori Gauff v Ulrikke Eikeri

Mona Barthel v Anastasia Gasanova

Court 3

Starting at 10am:

Kateryna Bondarenko v Yafan Wang

Aliaksandra Sasnovich v Anna Bondar

Bianca Turati v Yaroslava Shvedova

Hales' batting career

Tests 11; Runs 573; 100s 0; 50s 5; Avg 27.38; Best 94

ODIs 58; Runs 1,957; 100s 5; 50s 11; Avg 36.24; Best 171

T20s 52; Runs 1,456; 100s 1; 50s 7; Avg 31.65; Best 116 not out

The specs

Engine: 77kWh 2 motors
Power: 178bhp
Torque: 410Nm
Range: 402km
Price: Dh,150,000 (estimate)
On sale: TBC

How to report a beggar

Abu Dhabi – Call 999 or 8002626 (Aman Service)

Dubai – Call 800243

Sharjah – Call 065632222

Ras Al Khaimah - Call 072053372

Ajman – Call 067401616

Umm Al Quwain – Call 999

Fujairah - Call 092051100 or 092224411

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Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi

Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag

Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC

Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC

Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan

Venue Sharjah Cricket Stadium

Format 10 overs per side, matches last for 90 minutes

Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals

The specs

Engine: 2.4-litre 4-cylinder

Transmission: CVT auto

Power: 181bhp

Torque: 244Nm

Price: Dh122,900


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