Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has officially opened its first branch in Saudi Arabia in Al Cayan Tower, Riyadh, the UAE's biggest bank by assets said in a statement on Thursday.

The new branch comes along with FAB’s expansion plans to strengthen commercial ties between the UAE and Saudi Arabia.

The inauguration ceremony was attended by Ahmed Abdulkarim Alkholifey, governor of the Saudi Arabian Monetary Authority (SAMA), and Khaldoon Khalifa Al Mubarak, chairman of the Board Executive Committee of FAB, among others.

“Our expansion into Saudi Arabia represents an important milestone in our international business strategy as well as a testament to the strong ties between the UAE and Saudi Arabia. The Kingdom is of strategic importance to both FAB and the UAE, and it is for that reason we chose Saudi Arabia as the first destination in our international expansion plans since our merger,” Sheikh Tahnoon Bin Zayed Al Nahyan, chairman of FAB, commented during the ceremony.

He added that the bank is looking forward to boosting its footprint across the kingdom.

In the first quarter of 2019, FAB achieved an increase of 4% in net profits to AED 3.1 billion.