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First Abu Dhabi Bank (FAB) is steadily consolidating its role as the go-to bank for trade and investment between the UAE and China and between China and MENA, with plans to triple revenue from its business in China by 2026.
The Group, which maintains the only fully licensed branch of a UAE bank in mainland China and increased its business there by 50% in 2023, was also highlighted by Zhang Yiming, Ambassador of the People’s Republic of China to the United Arab Emirates, recently for his ‘vote of confidence in the Chinese economy’.
The ambassador’s comments were made during FAB recent Chinese New Year celebration in the United Arab Emirates, attended by more than 50 leaders of Chinese state corporations, trading companies and bilateral trade bodies active across the MENA region.
FAB The plans reflect the UAE’s deepening relationship with the Asian economic giant: China is the UAE’s largest global trading partner and bilateral trade is expected to reach $200 billion annually by 2030. It is also the third largest foreign investor in UAE and GCC country. country with the greatest commercial flow. The United Arab Emirates, a comprehensive strategic partner of China, is home to more than 6,000 Chinese companies and was recently added to the expanded BRICS trading bloc.
The synergy between the two markets – China offers the technological and industrial prowess critical to MENA’s growth and the GCC offers substantial investments as well as access to key markets including the UAE, Saudi Arabia and Egypt – also plays in favor of the strengths of the Group.
Hana Al Rostamani, CEO of FAB Group saying,
“China remains a priority for First Abu Dhabi Bank and we are committed to expanding our business there while encouraging Chinese participation in the GCC and Egypt. As the UAE’s largest bank and a regional financial powerhouse, we look forward to facilitating a more vital trade and investment corridor between the two regions and using our experience, expertise and network to drive transformative growth and development for both markets.”
The Group has grown from strength to strength in China: from being the first foreign bank to obtain a Chinese currency (RMB) license from the first day of its operations to becoming an official strategic partner for leading state-owned enterprises and offering multiple success stories. for Chinese customers. seeking trade finance, corporate finance and access to global markets. Building on this foundation, the Group is targeting AED 300 million in annual revenue from its operations in China by 2026.
Zhang Yiming, Ambassador of the People’s Republic of China to the United Arab Emirates, saying,
“The FAB Shanghai branch opened during the epidemic in 2022 and gave a vote of confidence to the Chinese economy with its practical actions. We hope that FAB, as the largest bank in the UAE, will make full use of its local full license advantage and strengthen cooperation with China to help Chinese companies go abroad and settle in the UAE, expand investment channels in China and promote the internationalization of the RMB.”
The FAB Chinese New Year celebration also marked the 40th year of diplomatic relations between the UAE and China. The business leaders present reflected many of the most important bilateral trade sectors between the two nations, including energy and petrochemicals, infrastructure and construction, technology and innovation, financial services and investment, and renewable energy and sustainability.
News source: Emirates News Agency
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