The deal will significantly increase the volume of First Abu Dhabi Bank’s activity in Egypt and will make it one of the largest foreign banks operating in the country in terms of assets
First Abu Dhabi Bank has operated in Egypt since 1975 and currently has 17 branches across the country – Bank Audi Egypt operates an additional 53 branches
Updated 21 January 2021
Mohammed Abu Zaid
CAIRO: First Abu Dhabi Bank and Bank Audi Lebanon have announced the signing of a final agreement to acquire 100 percent of Bank Audi Egypt’s capital.
The two banks said in a joint statement that the acquisition agreement came after the completion of an in-depth data-checking process and due diligence examination by First Abu Dhabi Bank.
The acquisition process is expected to be completed within the next few months, after fulfilling several conditions, including obtaining final approvals from the bank, the Egyptian central bank and the necessary regulatory and supervisory authorities in both the UAE and Egypt.
The deal will significantly increase the volume of First Abu Dhabi Bank’s activity in Egypt and will make it one of the largest foreign banks operating in the country in terms of assets, with its value exceeding EGP 120 billion ($8.1 billion) after consolidation. The proceeds from the sale will contribute to enhancing Bank Audi Group's financial resilience.
Bank Audi Egypt had total assets of EGP 83.2 billion by the end of September 2020, while total shareholders’ equity reached EGP 7.6 billion.
First Abu Dhabi Bank has operated in Egypt since 1975 and currently has 17 branches across the country. Bank Audi Egypt operates an additional 53 branches.
First Abu Dhabi Bank and the London branch of UBS AG worked as financial advisors for the acquisition, while Freshfields Bruckhaus Deringer and Matouk Bassiouni and Hinnawi served as legal advisors to First Abu Dhabi Bank.
EFG Hermes acted as the only financial advisor to Bank Audi in the acquisition, while both Dechert LLP and Zulficar and Partners acted as legal advisors to Bank Audi.
“First Abu Dhabi Bank has a long history in Egypt, as the bank opened its first branch in Egypt more than 45 years ago to contribute to accelerating the growth of the group’s business in markets that have promising potential,” said André Sayegh, First Abu Dhabi Bank Group CEO.
“This acquisition represents the best results that we have reached for the benefit of all our partners, especially our customers and our employees in Egypt, as a result of the challenges that Lebanon has been facing for the past 16 months and the effectiveness of the business model and governance that Bank Audi Group has established in the region,” said Samir Hanna, Bank Audi Group CEO.
How AI and financial literacy are redefining the Saudi workforce
Preparing people capable of navigating money and machines with confidence
Updated 26 December 2025
Waad Hussain
ALKHOBAR: Saudi Arabia’s workforce is entering a transformative phase where digital fluency meets financial empowerment.
As Vision 2030 drives economic diversification, experts emphasize that the Kingdom’s most valuable asset is not just technology—but people capable of navigating both money and machines with confidence.
For Shereen Tawfiq, co-founder and CEO of Balinca, financial literacy is far from a soft skill. It is a cornerstone of national growth. Her company trains individuals and organizations through gamified simulations that teach financial logic, risk assessment, and strategic decision-making—skills she calls “the true language of empowerment.”
An AI-driven interface showing advanced data insights, highlighting the increasing demand for leaders who can navigate both technology and strategy. (creativecommons.org)
“Our projection builds on the untapped potential of Saudi women as entrepreneurs and investors,” she said. “If even 10–15 percent of women-led SMEs evolve into growth ventures over the next five years, this could inject $50–$70 billion into GDP through new job creation, capital flows, and innovation.”
Tawfiq, one of the first Saudi women to work in banking and later an adviser to the Ministry of Economy and Planning on private sector development, helped design early frameworks for the Kingdom’s venture-capital ecosystem—a transformation she describes as “a national case study in ambition.”
“Back in 2015, I proposed a 15-year roadmap to build the PE and VC market,” she recalled. “The minister told me, ‘you’re not ambitious enough, make it happen in five.’” Within years, Saudi Arabia had a thriving investment ecosystem supporting startups and non-oil growth.
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At Balinca, Tawfiq replaces theory with immersion. Participants make business decisions in interactive simulations and immediately see their financial impact.
“Balinca teaches finance by hacking the brain, not just feeding information,” she said. “Our simulations create what we call a ‘business gut feeling’—an intuitive grasp of finance that traditional training or even AI platforms can’t replicate.”
While AI can personalize lessons, she believes behavioral learning still requires human experience.
Saudi women take part in a financial skills workshop, reflecting the growing role of financial literacy in shaping the Kingdom’s emerging leadership landscape. (AN File)
“AI can democratize access,” she said, “but judgment, ethics, and financial reasoning still depend on people. We train learners to use AI as a co-pilot, not a crutch.”
Her work aligns with a broader national agenda. The Financial Sector Development Program and Al Tamayyuz Academy are part of Vision 2030’s effort to elevate financial acumen across industries. “In Saudi Arabia, financial literacy is a national project,” she said. “When every sector thinks like a business, the nation gains stability.”
Jonathan Holmes, managing director for Korn Ferry Middle East, sees Saudi Arabia’s digital transformation producing a new generation of leaders—agile, data-literate, and unafraid of disruption.
“What we’re seeing in the Saudi market is that AI is tied directly to the nation’s economic growth story,” Holmes told Arab News. “Unlike in many Western markets where AI is viewed as a threat, here it’s seen as a catalyst for progress.”
Saudi Arabia's Vision 2030 and the national AI strategy are producing “younger, more dynamic, and more tech-fluent” executives who lead with speed and adaptability. (SPA photo)
Holmes noted that Vision 2030 and the national AI strategy are producing “younger, more dynamic, and more tech-fluent” executives who lead with speed and adaptability. Korn Ferry’s CEO Tracker Report highlighted a notable rise in first-time CEO appointments in Saudi Arabia’s listed firms, signaling deliberate generational renewal.
Korn Ferry research identifies six traits for AI-ready leadership: sustaining vision, decisive action, scaling for impact, continuous learning, addressing fear, and pushing beyond early success.
“Leading in an AI-driven world is ultimately about leading people,” Holmes said. “The most effective leaders create clarity amid ambiguity and show that AI’s true power lies in partnership, not replacement.”
He believes Saudi Arabia’s young workforce is uniquely positioned to model that balance. “The organizations that succeed are those that anchor AI initiatives to business outcomes, invest in upskiling, and move quickly from pilots to enterprise-wide adoption,” he added.
DID YOU KNOW?
• Saudi women-led SMEs could add $50–$70 billion to GDP over five years if 10–15% evolve into growth ventures.
• AI in Saudi Arabia is seen as a catalyst for progress, unlike in many Western markets where it is often viewed as a threat.
• Saudi Arabia is adopting skills-based models, matching employees to projects rather than fixed roles, making flexibility the new currency of success.
The convergence of Tawfiq’s financial empowerment approach and Holmes’s AI leadership vision points to one central truth: the Kingdom’s greatest strategic advantage lies in human capital that can think analytically and act ethically.
“Financial literacy builds confidence and credibility,” Tawfiq said. “It transforms participants from operators into leaders.” Holmes echoes this sentiment: “Technical skills matter, but the ability to learn, unlearn, and scale impact is what defines true readiness.”
Saudi women in the transportation sector represent the expanding presence of female talent across high-impact industries under Vision 2030. (AN File)
As organizations adopt skills-based models that match employees to projects rather than fixed job titles, flexibility is becoming the new currency of success. Saudi Arabia’s workforce revolution is as much cultural as it is technological, proving that progress moves fastest when inclusion and innovation advance together.
Holmes sees this as the Kingdom’s defining opportunity. “Saudi Arabia can lead global workforce transformation by showing how technology and people thrive together,” he said.
Tawfiq applies the same principle to finance. “Financial confidence grows from dialogue,” she said. “The more women talk about money, valuations, and investment, the more they’ll see themselves as decision-makers shaping the economy.”
Together, their visions outline a future where leaders are inclusive, data-literate, and AI-confident—a model that may soon define the global standard for workforce transformation under Vision 2030.
