Major Abu Dhabi lenders merge to create UAE’s largest bank

April 3, 2017

Abu Dhabi, Apr 3: Two major lenders in the UAE, the First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD), have completed a merger to become the largest bank in the country under the name First Abu Dhabi Bank.

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The new bank has total assets of $180 billion and capital of nearly $3 billion, making it one of the largest banks in the Middle East as well.

Sheikh Tahnoon bin Zayed Al-Nahyan, chairman of the new bank, said: “Today marks the start of another historic chapter in the story of the UAE. Embodying the UAE’s vision for growth and prosperity, we are confident that, the First Abu Dhabi Bank will create new opportunities for our nation and support the growth ambitions of our shareholders, customers and employees, around the world.”

“This is a transformational moment for Abu Dhabi, the region and beyond and is an extension of the legacy of both banks, which spans over a period of 50 years,” Abdulhamid Saeed, group chief executive of the new bank, said in a statement.

The First Abu Dhabi Bank began trading Sunday on the Abu Dhabi Securities Exchange (ADX) under the symbol “NBAD.”

“The start of trading on the shares of the new bank should reflect positively on the overall trading on the exchange … and should attract more investors, whether local or foreign, individuals or institutional,” said ADX chief Rashed Al-Baloushi.

The plan for a merger was first announced in July.

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News Network
May 17,2024

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The United Arab Emirates has announced a 10-year Blue residency visa for individuals who have made exceptional efforts and contributions to protecting the environment.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who chaired the Cabinet meeting at Qasr Al Watan in Abu Dhabi formally approved this. 

He said the move comes in line with implementing the directives of President Sheikh Mohamed bin Zayed Al Nahyan, who had announced 2024 as the Year of Sustainability.

The Blue visa will be granted to individuals championing sustainability and the use of modern technologies in promoting the circular economy, and other relevant fields.

Sheikh Mohammed said the sustainability of our economy has become linked to the sustainability of our environment, and our national directions in this area are clear and consistent.

He also approved the National Youth Agenda, among several initiatives, instructing the Minister of Youth to prioritise five key areas: empowering youth economically, developing their scientific skills, reinforcing their national identity, enhancing their community contributions, and activating their role in representing their country on the international stage.

CEO of Artificial Intelligence

The Cabinet has approved the introduction of the post of CEO of Artificial Intelligence (AI) in all major federal entities, in line with the UAE's strategy to strengthen its position in AI.

“Today, we approved the introduction of the CEO of Artificial Intelligence role in all major federal entities, as part of the UAE’s strategy to solidify its position in the field of artificial intelligence,” the Vice President said.

The initiative aims to facilitate the integration of AI tools within these institutions, further advancing the transition toward a new era driven by cutting-edge technologies across federal entities.

University rankings

The Cabinet also endorsed a new framework for categorising higher education institutions across the nation. The forthcoming national rankings will assess over 70 higher education establishments based on the quality of their education, the employability of their graduates, the strength of their scientific research, and their collaborations with international scientific institutions.

The unveiling of these university rankings marks a significant stride in elevating the calibre of our higher education system and fostering transparency. It empowers families to make informed decisions, selecting the most suitable and exemplary educational pathways for their children,” Sheikh Mohammed said.

“During the meeting, we were updated on recent advancements in our national space sector, with our national cadres now comprising 38 per cent of personnel engaged in global space projects. Additionally, expenditure on space research has seen a 14 per cent increase."

"Our commitment remains steadfast in guiding our youth towards promising and pioneering sectors while safeguarding our environment and adopting leading international technologies within our government. Concurrently, we are dedicated to enhancing our higher education systems, ensuring a brighter future for our youth,” Sheikh Mohammed added.

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