First Abu Dhabi Bank completes merger with Bank Audi Egypt

It will operate as a single legal entity under the new name, First Abu Dhabi Bank Egypt. (Shutterstock)
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Updated 12 June 2022
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First Abu Dhabi Bank completes merger with Bank Audi Egypt

RIYADH: First Abu Dhabi Bank has announced the completion of a legal merger with Bank Audi Egypt to operate as a single legal entity under the new name, First Abu Dhabi Bank Egypt.

ُThe full integration of the bank’s operations and systems will be completed by the last quarter of 2022, Al-Arabiya reported citing a statement. 

With the completion of the merger, FAB Egypt will now be operating in the Egyptian market with assets valued at 185 billion Egyptian pounds ($9.8 billion) as of March 31, according to the Al-Arabiya report.  

First Abu Dhabi Bank started its activity in the Egyptian market in 1975 as the second foreign bank and first Arab bank to invest in the country’s market. 


India seals $3bn LNG agreement with UAE

Updated 19 January 2026
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India seals $3bn LNG agreement with UAE

  • Leaders hold talks to strengthen trade, defense ties

NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.

The agreement was signed during a very brief two-hour visit to ‌India by UAE ‌President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian ‌Prime Minister Narendra Modi. 

They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.

Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.

ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.

“India is now the UAE’s largest customer and a ‌very important part of ADNOC Gas’ LNG strategy,” ‍the company said.

The UAE is ‍India’s third largest trading partner and Sheikh Mohammed was accompanied ‍by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.

Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.

“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in ‌particular ways in the conflicts of the region,” he said.