LONDON: First Abu Dhabi Bank (FAB), the UAE’s largest lender, is poised to establish a commercial banking business in the Kingdom after being granted a license by the Saudi Arabia Monetary Authority (SAMA).
FAB will be able to open up to three branches as part of its expansion strategy that recently saw Riyadh’s Capital Market Authority (CMA) give it permission to establish an investment banking subsidiary.
The Abu Dhabi bank joins Western financial institutions that have shown an interest in operating in KSA as the economy opens in line with the Vision 2030 modernization and reform program.
Citibank, for example, started up in Jeddah in April 2017 after a gap of 13 years, making it the first American bank to put down roots in the Kingdom in more than a decade. Citi won a license to take part in mergers and acquisitions, initial public offerings, privatizations, and other capital markets business.
Goldman Sachs, which has been operating in the Kingdom since 2009 as an agent and underwriter last June won CMA approval for a license to trade equities.
Commenting on the FAB license, Tahnoon Bin Zayed Al-Nahyan, chairman of FAB, said: “In light of the recent securities license approval secured earlier this year, FAB is moving forward with the next phase of our growth plan for the KSA market.
“By providing new opportunities for customers in the region to grow stronger, this new addition to the banking landscape will be another catalyst for the continued advancement of the KSA economic agenda, and will further reinforce the UAE and Saudi Arabia’s solid relationship.”
CEO Abdulhamid Saeed said: “These developments give us the platform to tap into the region’s largest economy with the full strength and capabilities of the FAB offering, and build on the strong potential of the KSA market. We are confident that our expansion into Saudi Arabia will enhance our regional presence and will provide an important contribution to our international network.”
Headquartered in Abu Dhabi’s Khalifa Business Park, FAB’s international network spans over 19 countries outside the UAE.
Based on audited financial information as at December-end 2017, FAB had total assets of $182 billion.
Recent reports by Bloomberg have suggested that Citi, Goldman Sachs, Morgan Stanley and HSBC have been appointed to advise on Saudi Arabia’s global borrowing program. This involves the refinancing and extension of the $10 billion loan from two years ago, and a new bond which could rival the record-breaking $17.5 billion issue of 2017.
The Saudi stock exchange opened itself to direct investment by foreign institutions in mid-2015 and last year eased restrictions on foreign ownership in its stock market to improve the investment environment.
International firms such as BlackRock, Citigroup, HSBC and Ashmore Group have since been among those to join the list of institutional investors that can directly trade the market.
UAE bank to open branches in Saudi Arabia
UAE bank to open branches in Saudi Arabia
Building bridges: Saudi Arabia leads Gulf-Asia tech leap
ALKHOBAR: Saudi Arabia is forging new academic connections with Asia as the Kingdom’s Vision 2030 accelerates reforms in education and innovation.
Two academics — Prof. Eman AbuKhousa, a data science professor at the University of Europe for Applied Sciences in Dubai, and Prof. Hui Kai-Lung, acting dean of the HKUST Business School in Hong Kong —emphasize that the Kingdom’s transformation is reshaping the development of artificial intelligence and fintech talent across the region.
For AbuKhousa, responsible AI is not just about technology; it is fundamentally about intention. “It is about aligning technology with human values: ensuring fairness, transparency, and accountability in every system we build.”
She highlighted that the Middle East’s heritage of trust and ethics gives the region a competitive advantage. “Institutions should embed ethics and cultural context into AI education and create multidisciplinary labs where engineers collaborate with social scientists and ethicists,” she said.
At the University of Europe for Applied Sciences in Dubai, AbuKhousa trains students to question data, identify bias, and integrate integrity into innovation.
“Educators must model responsible use by explaining how data is sourced and decisions are made,” she explained. “Ultimately, responsible AI is less about algorithms than about intention; teaching future innovators to ask not only ‘Can we?’ but ‘Should we?’”
She further noted:“Saudi Arabia’s Vision 2030 has turned digital education into a national movement placing technology and innovation at the heart of human development.”
AbuKhousa emphasized the transformative opportunities for women in the Kingdom: “Today, Saudi female students are designing models, leading AI startups, and redefining what digital leadership looks like.”
Prof. Hui views this transformation through the lens of fintech. “Fintech is deeply embedded in Vision 2030, serving as a key enabler of its three pillars: a vibrant society, a thriving economy, and an ambitious nation,” he said.
Hui stressed that Saudi Arabia’s investment capacity and modern regulatory framework “create a conducive environment for innovation.” Having collaborated with Aramco, The Financial Academy, and Prince Mohammed Bin Salman College of Business and Entrepreneurship, he highlighted the strategic potential of the Kingdom’s young population. “The Kingdom has one of the youngest populations in the world, with a median age below 30,” he said.
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“This demographic presents a tremendous opportunity for higher education to shape future leaders, and our collaborations in Saudi Arabia are highly targeted to support this goal.”
AbuKhousa argued that universities must lead innovation rather than follow it. “Universities must evolve from teaching institutions into innovation ecosystems,” she said. “The real bridge between research and industry lies in applied collaboration: joint labs, shared data projects, and co-supervised capstones where students solve live industry challenges.”
“At UE Dubai, we’ve introduced an Honorary Senate of Business Leaders to strengthen that bridge, bringing decision-makers directly into the learning process,” she added.
DID YOU KNOW?
Vision 2030 has made digital education central to Saudi Arabia’s development strategy.
Women in Saudi Arabia are now designing AI models and leading startups.
Universities are transforming into innovation ecosystems bridging research and industry.
Cross-border collaborations with Hong Kong and Dubai are accelerating fintech and AI growth.
Hui noted that cross-border cooperation between Hong Kong and Saudi Arabia is growing rapidly. “Saudi Arabia’s scale, strategic location, and leadership in the Arab world offer Hong Kong an ideal partner,” he said. “Hong Kong’s academic and regulatory experience can help the Kingdom fast-track its digital transformation.”
He highlighted lessons from Hong Kong’s fintech journey. “Hong Kong’s fintech journey offers critical lessons for Saudi Arabia, particularly in creating a balanced ecosystem for innovation,” he said. “Education and regulation are both important. We need education at all levels and beyond schools to expose people to these ideas; having diverse and rich experiences also helps, as the education needs to be supplemented by real-life implementation and usage experience. That is what Hong Kong can offer.”
AbuKhousa emphasized that women’s participation in technology must extend beyond access to influence. “Empowering women in technology begins with reimagining representation: from inclusion to influence,” she said. “We need more women not only learning tech, but leading teams, designing systems, and shaping AI policy. Institutions must normalize women’s presence in decision-making spaces and provide visible mentorship networks to counter imposter syndrome.”
Both experts agreed that innovation must remain human-centered and accountable. “As AI becomes integral to financial systems, governments must strike a careful balance between innovation, data ethics, and compliance,” Hui said. “Establishing clear regulatory frameworks and transparency standards is crucial.”
AbuKhousa concurred, emphasizing the role of education in AI adoption: “Educators must position generative AI as a thinking partner, not a shortcut. The goal is to teach students how to use AI critically, not merely that they can.”
Hui predicts that “AI, blockchain, and cybersecurity will be transformative forces in the region’s financial sector.” AbuKhousa sees a similar momentum in education: “The Gulf is entering a defining phase where AI becomes the backbone of education and workforce development.”
The experts concluded that the Kingdom’s digital transformation, anchored in Vision 2030, is connecting classrooms, industries, and continents through human-centered innovation.
