LONDON: A big bank in Abu Dhabi has stripped the cladding from its new headquarters building in the UAE capital amid growing scrutiny of tower facades worldwide.
Abu Dhabi Islamic Bank (ADIB) is replacing the recently installed exterior cladding panels on its new headquarters building as companies across the country assess the materials used on the outside of their offices.
It is not known why the bank decided to replace the facade, but it confirmed that new panels were being mounted on the building.
The bank aims to complete the building located on Abu Dhabi’s Airport Road, by early 2018.
“As part of the process of finalizing the building, (the) new cladding is being mounted that meets the highest local and international standards and requirements,” said Sagheer Mufti, chief operations officer at ADIB, in a statement.
“The new building will house ADIB’s flagship retail branch, our digital studio and training facilities, and will also serve as the bank’s head office.
“ADIB has already completed construction of a mosque in the area, which is now in operation.”
Thousands of building owners are conducting tests on their facades after a spate of blazes involving buildings covered with aluminum composite panels that are sometimes filled with highly flammable plastic material.
A massive fire in London last month, which claimed at least 80 lives, has refocused attention on the safety of towers covered with such panels.
Contractors had started to strip the exterior wall panels of the new Abu Dhabi building before the Grenfell Tower blaze last month.
Abu Dhabi bank strips cladding from new building
Abu Dhabi bank strips cladding from new building
Closing Bell: Saudi main index closes in green at 11,382
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 111.21 points, or 0.99 percent, to close at 11,381.83.
The total trading turnover of the benchmark index was SR6.37 billion ($1.70 billion), as 204 of the listed stocks advanced, while 56 retreated.
The MSCI Tadawul Index also rose, adding 13.85 points, or 0.91 percent, to close at 1,533.33.
The Kingdom’s parallel market Nomu gained 8.39 points, or 0.04 percent, to close at 23,749.38. This came as 30 of the listed stocks advanced, while 45 retreated.
The best-performing stock was East Pipes Integrated Co. for Industry, with its share price surging 9.94 percent to SR146.
Other top performers included Tourism Enterprise Co., which saw its share price rise by 9.93 percent to SR14.17, and Thob Al Aseel Co., which saw a 7.84 percent increase to SR3.99.
On the downside, Saudi Arabian Mining Co. was among the weaker performers, with its share price falling 2.64 percent to SR77.40.
Saudi Paper Manufacturing Co. saw its shares fall 2.54 percent to SR57.50, while Yamama Cement Co. declined 2.07 percent to SR27.40.
On the announcements front, Future Vision for Health Training Co. signed a two-year cooperation agreement with King Saud University aimed at strengthening links between academia and professional readiness.
According to a Tadawul statement, the partnership focuses on the joint development and execution of specialized training programs for university students, aiming to enhance their practical skills and employability.
The initiative includes coordinated efforts in training design, academic supervision, and program evaluation, with the goal of better preparing graduates for the labor market.
The agreement, which is renewable by mutual consent, is expected to start generating a positive financial impact in the second half of 2026. The company said no related parties are involved in the deal.
The company’s share price closed at SR7.30 on Nomu, marking a 1.39 percent decrease.
