Abu Dhabi’s FAB to triple revenue from China operations by 2026

Abu Dhabi’s FAB to triple revenue from China operations by 2026

Image courtesy: WAM The UAE’s largest lender First Abu Dhabi Bank (FAB) plans to triple revenue from its China operations to Dhs300m by 2026, mirroring the country’s deepening relationship with the Asian economic giant. FAB opened its fully licenced branch in mainland China in 2022 and grew its business there by 50 per cent in 2023. “China continues to be a priority for First Abu Dhabi Bank, and we are committed to expanding our business there while fostering Chinese engagement in the GCC and Egypt,” FAB group CEO Hana Al Rostamani said in a statement. Al Rostamani said the bank seeks to facilitate a more vital trade and investment corridor between the two regions to drive transformative growth and development for both markets. The banking group has grown from strength to strength in China from being the first foreign bank to obtain a Chinese currency (RMB) licence to becoming an official strategic partner for leading state corporates seeking trade finance, corporate finance and access to global markets. China is the UAE’s top global trade partner, with bilateral trade expected to reach $200bn annually by 2030. It is also the third-largest foreign investor in the UAE and the