ADIB, UAE’s first Islamic bank to begin operations in UK

Updated 04 June 2012
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ADIB, UAE’s first Islamic bank to begin operations in UK

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, has announced the expansion of its global footprint by starting operations in London at the prestigious One Hyde Park at Knightsbridge.
It becomes the first UAE-based Islamic financial institution to receive a banking operations license from the UK Financial Services Authority and to offer full range of services to high net worth individuals.
ADIB London was inaugurated by Sheikh Khalid bin Zayed Al Nahyan and Prince Andrew, the Duke of York, in the presence of Abdulrahman Al-Mutaiwee, the UAE’s Ambassador to the UK and other dignitaries, a number of ADIB customers from the UAE as well as Trad Al-Mahmoud, CEO of ADIB Group and a number of ADIB representatives.
The bank will serve its clients from the UAE whose interests are increasingly international and who often choose London as their base for business and personal transactions.
To provide a heightened customer experience and a relationship-driven service, ADIB London will offer an exclusive Priority Banking center.
Speaking at ADIB London’s inauguration ceremony, Al-Mahmoud said: “I thank Sheikh Khalid bin Zayed Al Nahyan and Prince Andrew for inaugurating ADIB London at One Hyde Park.

This launch signifies the merging of our Islamic financial values with the advanced financial infrastructure and ecosystem of the UK.”
According to Ernst & Young, the UK accounts for $19 billion of Islamic finance assets worldwide.
The receptiveness of the advanced UK financial services sector to Islamic finance is evident from the fact that 37 sukuk issues raising $20 billion are currently listed on the London Stock Exchange.
Besides demonstrating the bank’s commitment to reach out to its customers wherever they are, ADIB London will contribute to the development of the Islamic finance industry in the UK.
Its focus on providing Shariah inspired financial services.

 


SPARK inaugurates Smart Mobility plant for manufacturing EV chargers

Updated 8 sec ago
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SPARK inaugurates Smart Mobility plant for manufacturing EV chargers

RIYADH: King Salman Energy Park, known as SPARK, has inaugurated the Smart Mobility plant, specializing in manufacturing electric vehicle chargers, along with the first electric vehicle charging station within SPARK.

The launch was attended by SPARK CEO Mishal Al-Zughaibi and Smart Mobility CEO Prince Fahad bin Nawaf at SPARK headquarters in Abqaiq.

The project represents an important step in advancing the Kingdom’s industrial localization strategy, supporting the Made in Saudi Program under local-content policies overseen by the Local Content and Government Procurement Authority.

Al-Zughaibi affirmed that SPARK is positioned to become the region’s central platform for advanced industrial and energy technologies, indicating that SPARK’s proximity to the Kingdom’s core energy infrastructure and its access to ports on the Arabian Gulf are designed to create an integrated manufacturing and export corridor for the region.

SPARK’s mandate is to enable investors to build long-term industrial capabilities within the Kingdom, he noted.

Meanwhile, Prince Fahad said the decision to establish the plant at SPARK was deliberate and strategically planned, stressing that EV charging should be treated as national infrastructure and developed in parallel with Saudi Arabia’s broader energy system.

The CEO added that SPARK serves as the Kingdom’s primary hub for energy, logistics, and industrial innovation.

For the EV-charging network to expand reliably, he said it must be integrated with Saudi Arabia’s key national energy assets.

Moreover, he noted the global shift underway in the mobility sector and said discussions at the recent EV Auto Show in Riyadh underscored the importance of moving toward EVs.