First Abu Dhabi Bank withdraws offer for Egypt’s EFG Hermes

FAB already owns banking licenses in Egypt — its own subsidiary and the Egyptian unit of Lebanon’s Bank Audi , which it acquired last year
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Updated 14 April 2022
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First Abu Dhabi Bank withdraws offer for Egypt’s EFG Hermes

DUBAI : First Abu Dhabi Bank (FAB) , the UAE’s biggest lender, has withdrawn its offer to buy a controlling stake in Egyptian investment bank EFG Hermes, it said on Thursday.


“After careful consideration and in the context of ongoing global market uncertainty and volatile macroeconomic conditions, First Abu Dhabi Bank has decided to withdraw its non-binding offer submitted on 9 February 2022,” FAB said in a statement.


FAB in February made a non-binding offer to buy at least 51 percent of EFG Hermes for 19 Egyptian pounds ($1.21) per share, valuing Egypt’s biggest investment bank at nearly $1.2 billion.


Egypt has been on the hunt for foreign exchange since Russia’s invasion of Ukraine prompted investors to pull billions of dollars out of its treasury markets, leading the central bank to devalue the currency by 14 percent on March 21.


FAB already owns banking licenses in Egypt — its own subsidiary and the Egyptian unit of Lebanon’s Bank Audi , which it acquired last year.


The deal with EFG Hermes would have given the UAE’s biggest lender access to the Egyptian investment bank’s strong franchise in the Middle East and North Africa region.


King Abdulaziz Airport among world’s busiest after record-breaking 2025

Updated 02 January 2026
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King Abdulaziz Airport among world’s busiest after record-breaking 2025

RIYADH: King Abdulaziz International Airport has achieved a new historical milestone, reaching 53.4 million passengers in a single year.

This is the highest number ever recorded at a Saudi airport since the beginning of air travel in the Kingdom, placing it among the world’s mega airports in terms of passenger traffic, according to the Saudi Press Agency.

The airport handled a total of 310,000 flights and 60.4 million bags, representing a 12 percent increase compared to 2024. It also handled 9.57 million Zamzam water containers and 2,968 cargo flights. 

This achievement reflects the airport’s qualitative transformation and its position as a regional hub and national gateway connecting the Kingdom to the world. It also highlights its role in facilitating the movement of visitors and pilgrims, promoting tourism in line with the goals of Vision 2030, diversifying the economy, and providing a distinguished travel experience. 

For his part, CEO of Jeddah Airports Co. Mazen Johar, affirmed that reaching 53.4 million passengers confirms the airport’s high operational readiness and represents a pivotal milestone for moving to the next phase, in preparation for doubling this number, God willing, in the coming years. 

He pointed out that this national achievement would not have been possible without the grace of God Almighty, followed by the directives of the wise leadership and the continuous follow-up from the minister of transport and logistics, the president of the General Authority of Civil Aviation, and the CEO of Airports Holding Co. 

He explained that King Abdulaziz International Airport is strengthening its position as a major aviation hub in the region through expansions, increased capacity, and improved services, supporting the objectives of the aviation program and aligning with the goals of the Kingdom’s Vision 2030. 

The CEO of Jeddah Airports Co. expressed his gratitude to the partners in success from various government and private sectors for their fruitful cooperation through a collaborative work system that contributed to providing the best services.