DUBAI: First Abu Dhabi Bank, the UAE’s biggest bank by assets, on Wednesday reported a lower second-quarter net income on what it said was a slower business momentum.
On a pro-forma basis, net profit was recorded at Dh2.56 billion (SR2.61 billion), 4 percent lower from Dh2.68 billion during the same period last year. This is the first combined results of Abu Dhabi’s two biggest banks, First Gulf Bank and National Bank of Abu Dhabi, after they merged in April.
An analyst at the Egyptian investment bank EFG-Hermes had projected a profit of Dh2.57 billion for the combined bank.
Net interest income dropped fell percent in the three months ended June to Dh3.17 billion versus Dh3.35 billion during the same period last year.
First-half net profit meanwhile improved 4 percent year-on-year to Dh5.49 billion from Dh5.28 billion in 2016.
“FAB’s performance in the first half of 2017 demonstrates the Group’s resilience during a period marked by softer economic conditions,” said Abdulhamid Saeed, the bank’s chief executive.
“We ended the period with a strong balance sheet, an industry leading cost-to-income ratio, as well as a robust liquidity profile and capital position — meaning we are well-placed to meet the evolving regulatory landscape.”
Saeed likewise reported progress in the integration of the two bank’s IT systems as well as the completion of the organizational structure across the group.
“I am pleased with the progress and execution of our integration plan at this early stage in our transformation journey,” Saeed said.
“The consolidation of our businesses and operations, and the ongoing realization of synergies are strong testaments to the benefits of this merger as we continue to create value for customers, employees, shareholders and communities, and empower them to grow stronger through differentiation, agility and innovation.”
First Abu Dhabi Bank profit 4% lower in the second quarter
First Abu Dhabi Bank profit 4% lower in the second quarter
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
