First Abu Dhabi Bank to open representative office in Iraq
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First Abu Dhabi Bank to open representative office in Iraq

First Abu Dhabi Bank to open representative office in Iraq

The UAE is one of Iraq’s most important trading partners, with the value of exported goods totalling over $13.11bn in 2020

UAE’s First Abu Dhabi Bank (FAB) will open a representative office in Iraq, as part of its plans to expand its regional footprint.

The new office will primarily service sovereign and government related entities, financial institutions and Iraqi institutional clients in addition to clients with business interests in Iraq.

The UAE is one of Iraq’s most important trading partners, with the value of exporting goods totalling over $13.11bn in 2020, according to news agency WAM.

The office will strengthen the bank’s extensive client service model and support trade across key MENA and international markets.

FAB’s international footprint currently covers approximately 70 per cent of Iraq’s crude export trade destinations.

“The opening of FAB in Iraq supports our international expansion strategy and underlines our commitment to facilitate trade between the UAE and growth economies. By leveraging our strong UAE and regional core, and focusing on top-tier, identified clients, our presence will position FAB to drive opportunities in support of Iraq’s economic development, including ongoing investment required to rebuild and enhance the country’s infrastructure,” said Hana Al Rostamani, group CEO of FAB.

FAB reported a group net profit of Dhs12.5bn for 2021, up 19 per cent year-on-year. Its net profit for Q4 2021 totaled Dhs3.3bn, an increase of 3 per cent year-on-year. Total assets exceeded Dhs1tr, rising 9 per cent from a year-earlier period, while customer deposits stood at Dhs614bn, up 14 per cent year-on-year. The bank’s group revenues for the full year of 2021 equalled Dhs21.7bn, marking a 17 per cent increase over 2020. Last year, as part of its regional expansion FAB acquired 100 per cent of Bank Audi Egypt’s share capital.

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