DUBAI: First Abu Dhabi Bank, the largest bank in the United Arab Emirates, has issued a $610 million Formosa bond, it said on Monday, confirming an earlier Reuters report.
Formosa bonds are sold in Taiwan by foreign borrowers and are denominated in currencies other than the Taiwanese dollar.
First Abu Dhabi Bank priced the deal last week, said one of the sources.
In a statement, the bank said the issue had a 30-year tenor and was callable — or redeemable by the issuer — every five years, adding the transaction would settle on January 22.
Other banks in the Gulf have recently raised funds in the Formosa bond market due to the low cost of issuance of this type of debt instrument.
Qatar National Bank, the Gulf’s largest bank, said last week it had completed a $720 million Formosa bond issuance which had a maturity of 30 years, callable every five years.
Abu Dhabi Commercial Bank, Abu Dhabi’s second-largest bank by assets, has also recently sold a $540 million Formosa bond, sources said last week.
First Abu Dhabi Bank was created last year by the merger of National Bank of Abu Dhabi and First Gulf Bank.
National Bank of Abu Dhabi has issued such bonds in the past, including an $885 million 30-year Formosa bond in January last year, and a $696 million public Formosa bond in October 2016, which was the first 30-year Formosa bond from the Middle East and North Africa.
Other banks in the Gulf region are expected to tap the Formosa market over the coming weeks, the sources said.
First Abu Dhabi Bank issues $610 million Formosa bond
First Abu Dhabi Bank issues $610 million Formosa bond
Italy plans more joint events with Saudi Arabia, including Energy Days: Italian Ambassador
RIYADH: The Italian Ambassador to Saudi Arabia, Carlo Baldocci, said, “More events will be organized between Saudi Arabia and Italy in the coming months across several fields, most notably the organization of Energy Days, which will connect the oil and gas sector in both countries.”
Baldocci added to Al Eqtisadiah, on the sidelines of the “Italian Beauty Day” event in Riyadh, that “Saudi Arabia is showing great interest and a strong desire to contribute to becoming a leading producer — not merely a major consumer — of cosmetics products at the global level.”
The “Italian Beauty Day” event was held in Riyadh, organized by the Italian Trade Agency in cooperation with Cosmetica Italia, Cosmoprof, and the Embassy of Italy in Riyadh. It brought together an elite group of Italian companies, Saudi distributors and retailers, along with sector leaders and key stakeholders.
Saudi Arabia continues to strengthen its position as one of the most dynamic and fast-growing beauty and personal care markets in the region, with evolving consumer preferences, rising demand for luxury products, and increasing growth in the fragrances and skincare categories.
He noted that this first edition was highly successful, with the participation of a large number of companies presenting a variety of products, most of which were related to skincare, confirming that this is a promising beginning for new relationships between companies.
In 2025, it is estimated that Italian cosmetics exports to the Kingdom continued to grow, surpassing the level of $430 million recorded in 2024, with fragrances accounting for nearly half of this value, and achieving an average annual growth rate of 25 percent over the past five years.
Italian beauty brands are strengthening their presence in the Saudi market, relying on their reputation in quality, safety, and excellence in design.
He pointed out that work is currently underway to organize “Space Days,” which will form an important part of cooperation in the near future, confirming the enormous potential for cooperation between Italy and the Kingdom.
The event highlighted the size and strength of the Italian beauty industry, which recorded global exports estimated at $8.53 billion in 2024, with fragrances and skincare accounting for about half of that total.
Fragrances also topped the fastest-growing categories, with an average annual growth rate of 17 percent over the past five years.
Regarding the number of Italian workers in Saudi Arabia, he said, “Their number currently reaches 3,000 people and is increasing month after month, due to the strengthening of relations,” explaining that some of them work on a permanent basis, numbering more than 2,000, while the rest visit the Kingdom on a semi-regular basis.
He noted that most of them work for Italian companies, especially as many of these companies have taken the Kingdom as their main headquarters, particularly in the oil and gas, machinery, and traditional sectors such as food and cosmetics.
The event featured a panel discussion that addressed the position and image of Italian brands in the Saudi market and the Gulf Cooperation Council region, in addition to the key trends shaping the future of the beauty sector, including the move toward luxury products, innovation, sustainability, and the professional beauty ecosystem.
The Italian ambassador affirmed that Saudi Arabia represents one of the most promising markets for the beauty and personal care industry globally. Italian cosmetics enjoy wide international appreciation thanks to their quality, innovation, and creativity — values that closely align with the evolving aspirations of the Saudi consumer.
For his part, the Italian Trade Commissioner to Saudi Arabia and Director of the Italian Trade Agency office, Romano Baruzzi, said, “We have promising business opportunities, and this is of great importance to Italy, as it is the second-largest supplier to Saudi Arabia after Germany, with total trade volume exceeding €11 billion last year.”
He added, “We are here to help Italian small and medium-sized enterprises expand their businesses, while many Italian companies are establishing headquarters in Riyadh, particularly in recent years.”
The value of Italian exports to Saudi Arabia currently stands at about €7 billion ($8.28 billion), while the latest statistics indicate an increase ranging between 5 and 6 percent compared with previous years.
He said, “Saudi Arabia provides very promising opportunities for ‘Made in Italy’ beauty products, within a market that is paying increasing attention to quality, innovation, and sustainability. Italian Beauty Day comes as a practical platform that brings Italian companies together with their Saudi partners and contributes to building effective business relationships and long-term cooperation.”
As the beauty and personal care market in Saudi Arabia continues to expand — estimated at about $4.6 billion in 2024 — it is expected to witness significant growth in the coming years, driven by rising consumer spending and increasing demand for luxury and natural products.
