UAE’s planned to open their first Abu Dhabi Bank (FAB), and they are opening its representative office in Iraq as part of their plans to expand its regional footprint.
The new office will mainly provide service to the sovereign and government-related entities, financial institutions and Iraqi institutional clients and clients with business interests in Iraq.
As per the news agency of WAM, the UAE is one of Iraq’s most significant trading partners, with a good value of exporting goods, and the total number of goods they import will be over $13.11 billion in 2020.
The office’s role is to strengthen the bank’s extensive client service model and support the trade across the key MENA and in global markets.
#FAB will be expanding its regional footprint with the opening of a representative office in Iraq, as part of its targeted international growth strategy to facilitate regional trade flows and continually strengthen its global client service model.
— FAB Connects (@FABConnects) March 10, 2022
FAB’s global footprint currently covers around 70 percent of Iraq’s crude export trade destinations.
According to Hana Al Rostamani, a group of CEO of FAB, the opening of FAB in Iraq supports our global development strategy. It highlights our commitment to promote trade between the UAE and regional core and mainly focuses on the top-tier identified clients. Our presence will position FAB to drive opportunities to support Iraq’s economic development, including ongoing investment required to rebuild and enhance the country’s infrastructure.”
FAB also reported a net profit of the group of Dhs12.5 billion for 2021, up 19 percent year-on-year. It is net profit for Q4 2021 totaled Dhs3.3 billion, a significant increase of 3 percent year-on-year. Total assets increased by Dhs1tr and rose 9 percent from an earlier period, while customer deposits stood at Dh614 billion and increased 14 percent year-on-year.
The group revenues of the bank for the entire year of 2021 are similar with Dhs21.7 billion, marking a 17 percent increase as compared to 2020. Last year in 2021, FAB acquired 100 percent of Bank Audi Egypt’s share capital as part of its regional expansion.