DUBAI: First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, posted a 1 percent fall in fourth-quarter net profit, citing costs linked to its recent merger.
FAB, the combination of National Bank of Abu Dhabi and First Gulf Bank, said net profit for the quarter was Dh2.82 billion, compared with Dh2.85 billion in the year earlier.
SICO Bahrain had estimated the bank would make a net profit of Dh2.65 billion, while EFG Hermes forecast Dh2.83 billion.
Excluding integration costs and other merger-related expenses, adjusted net profit for the quarter was Dh3.16 billion, up from Dh2.97 billion a year ago.
FAB’s board of directors recommended a cash dividend of Dh0.70 per share, which it said was the highest combined dividend distributed by the two banks, up 11 percent from 2016.
It said it had achieved around Dh500 million of cost synergies in the first year of integration, adding that it was evaluating its local activities and branch network.
“Regionally, we are working on expanding our presence to Saudi Arabia which forms part of FAB’s long-term strategy,” group chief executive Abdulhamid Saeed said.
Regional and international banks are eyeing opportunities to expand in Saudi Arabia, the largest economy in the Gulf, as the government pushes through reforms to cut the country’s dependence on oil revenue.
First Abu Dhabi Bank’s Q4 profit crimped by merger costs
First Abu Dhabi Bank’s Q4 profit crimped by merger costs
Saudi mining sector surges with 220% rise in new licenses in 2025
JEDDAH: Saudi Arabia recorded a 220 percent year-on-year increase in new mining exploitation licenses in 2025, issuing 61 permits, according to a statement from the Ministry of Industry and Mineral Resources.
This reflects the attractiveness of the Kingdom’s mining investment environment and the ministry’s ongoing efforts to accelerate the exploration and development of mineral resources, which are estimated to be worth more than SR9.4 trillion ($2.5 trillion), the ministry said in a statement.
Saudi Arabia has designated mining as the third pillar of its industrial economy, a strategy that has seen the sector’s contribution to gross domestic product double, reaching SR136 billion in 2024.
The industry has attracted over SR170 billion in investments, while exploration spending has surged fivefold since 2020, exceeding SR1.05 billion in 2024 alone.
Investor interest has skyrocketed, with the number of active exploration companies rising from just six in 2020 to 226 in 2024 — a 38-fold increase — and foreign investors now accounting for 66 percent of total license bidders, reflecting strong international confidence in the Kingdom’s mining potential.
Jarrah bin Mohammed Al-Jarrah, the ministry’s official spokesperson, explained that the number of mining and small-mine exploitation licenses issued by the ministry in 2025 reached 61 licenses, compared to 19 licenses in the previous year.
He added: “Total investments in the new licensed projects exceed SR44 billion for the extraction of high-quality mineral ores, including gold and phosphate."
He noted that the number of valid mining exploitation licenses in the Kingdom reached 275 by the end of 2025, covering an area of 2,160 sq. km.
He affirmed that the ministry will continue enabling mining investments and facilitating local and international investor participation to maximize sector returns in line with Saudi Vision 2030 targets, positioning mining as a key contributor to economic diversification.
The ministry’s release emphasized that this reflects the effectiveness of reforms implemented to strengthen the investment environment and regulate the mining sector.
Last month, Saudi Arabia opened 11 mining sites at the Eastern Province’s Al-Summan Crushers Complex for competitive bidding. The sites, designated for the extraction of aggregates and crusher materials, cover a combined 9 sq. km.
