FAB Sets Ambitious Goal To Triple Its China Business Revenue By 2026

First Abu Dhabi Bank (FAB) is making significant strides in enhancing its position as a pivotal financial institution for UAE-Chinese and Sino-MENA trade and investment. The bank has set ambitious goals to triple its revenue from its China business by 2026. This initiative comes on the heels of a 50% growth in its business in China in 2023, highlighting the bank's robust performance and commitment to the Chinese market. FAB operates the only fully licensed branch of a UAE bank in mainland China, a testament to its strong foothold and confidence in the Chinese economy.

Zhang Yiming, Ambassador of the People’s Republic of China to the UAE, recently lauded FAB for its confidence in the Chinese market. His commendation was made during FAB’s Chinese New Year celebration in the UAE, an event that saw participation from over 50 leaders of Chinese state corporates, commercial businesses, and bilateral trade bodies active across the MENA region. This endorsement underscores the bank's strategic role in fostering economic ties between China and the UAE.

The growing partnership between FAB and China mirrors the deepening relationship between the UAE and China. Currently, China stands as the UAE's top global trade partner, with expectations for bilateral trade to hit USD 200 billion annually by 2030. Additionally, China is a major foreign investor in the UAE and leads trade flows within the GCC. The inclusion of the UAE in the expanded BRICS trade bloc further cements this strategic partnership.

FAB Group CEO Hana Al Rostamani emphasized China's importance to FAB's strategy, expressing commitment to expanding business operations in China while enhancing Chinese engagement in the GCC and Egypt. Al Rostamani highlighted FAB's role as a facilitator of crucial trade and investment between these regions, leveraging its experience, expertise, and network to spur transformative growth and development.

FAB has demonstrated remarkable progress in China since its inception. It was the first foreign bank to secure a Chinese currency (RMB) license from day one of its operations. Furthermore, it has become an official strategic partner for leading state corporates, achieving multiple success stories for Chinese clients seeking trade finance, corporate finance, and access to global markets. With these achievements as a foundation, FAB aims for AED 300 million in annual revenue from its China operations by 2026.

Ambassador Zhang Yiming praised FAB's Shanghai Branch for opening during the epidemic in 2022, showcasing strong confidence in the Chinese economy through practical actions. He expressed hope for FAB to utilize its full-license advantage locally to strengthen cooperation with China. This includes supporting Chinese enterprises' overseas expansion and settlement in the UAE, broadening investment channels in China, and promoting the internationalization of the RMB.

The FAB Chinese New Year celebration also commemorated 40 years of diplomatic relations between the UAE and China. The event reflected on vital bilateral trade sectors such as energy and petrochemicals, infrastructure and construction, technology and innovation, financial services and investment, as well as renewable energy and sustainability. This gathering not only celebrated historical ties but also looked forward to future collaborations that promise mutual growth and prosperity.

With inputs from WAM