Overview
First Abu Dhabi Bank is the largest financial institution in the United Arab Emirates by total assets and one of the largest banks in the Middle East and North Africa region. FAB was created through the 2017 merger of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) — a consolidation that combined two of Abu Dhabi’s most established banking franchises into a single institution with the scale to compete across regional and international markets.
The bank’s total assets exceed $300 billion. Its market capitalisation places it among the most valuable listed companies on the Abu Dhabi Securities Exchange. FAB provides a full spectrum of financial services — corporate and investment banking, retail banking, private banking, wealth management, and global markets — to clients across the UAE, the broader Middle East, and international markets.
Formation and Merger
National Bank of Abu Dhabi was established in 1968, predating the formation of the UAE itself. It was the emirate’s first bank and served for decades as the primary banking institution for the Abu Dhabi government, managing sovereign accounts and providing financing for government development projects.
First Gulf Bank was established in 1979 and grew into one of the most profitable banks in the UAE, with a strong retail franchise and significant exposure to the real estate and corporate lending markets.
The 2017 merger was directed at the strategic level, reflecting Abu Dhabi’s broader consolidation agenda across state-linked entities. The combined bank offered immediate advantages: a larger balance sheet capable of underwriting major government and corporate financings, improved cost efficiency through branch and operational rationalisation, and enhanced competitiveness against regional banking groups in Saudi Arabia and Qatar.
Ownership and Governance
The Abu Dhabi government, through the Abu Dhabi Investment Council and other sovereign entities, holds a significant ownership stake in FAB. This sovereign backing provides the bank with implicit and explicit credit support, contributing to FAB’s strong credit ratings — among the highest of any bank in the MENA region.
The board of directors includes senior figures drawn from Abu Dhabi’s government and business leadership. FAB’s chief executive officer manages a team spanning multiple business divisions and geographic operations.
Business Lines
Corporate and Investment Banking serves government-related entities, major corporations, and institutional clients. FAB is the lead arranger and bookrunner for many of the largest debt issuances and project financings in Abu Dhabi and the broader UAE.
Retail Banking provides consumer lending, deposits, mortgages, and credit card services to individual customers across the UAE. The merged entity inherited an extensive branch network from both predecessor banks.
Private Banking and Wealth Management serves high-net-worth individuals and family offices, providing investment advisory, portfolio management, and estate planning services.
Global Markets operates the bank’s treasury and trading functions, including foreign exchange, fixed income, derivatives, and commodity markets. FAB is a significant participant in regional and international capital markets.
International Operations span offices in major financial centres including London, Paris, Hong Kong, Singapore, and New York. FAB maintains a growing presence in key markets across Asia, Europe, and the Americas.
Role in Abu Dhabi’s Development
FAB serves as the primary banking partner for many of Abu Dhabi’s largest development initiatives. The bank provides financing for infrastructure projects, real estate developments, energy sector investments, and government capital expenditure programmes. Its balance sheet size and sovereign credit support enable it to underwrite transactions at a scale that smaller regional banks cannot match.
The bank has been a significant participant in ADNOC’s bond issuances, Abu Dhabi government sukuk programmes, and the financing of major real estate and infrastructure projects. Its investment banking division advises on mergers, acquisitions, and IPOs involving Abu Dhabi government-related entities.
FAB’s role extends beyond financing. As the largest listed company on ADX by market capitalisation, FAB anchors the exchange’s market activity and provides the liquidity and benchmark weighting that attract institutional investors to Abu Dhabi’s capital markets.
Role in Abu Dhabi Economic Vision 2030
The Economic Vision 2030 identifies financial services as a target diversification sector and calls for the development of a deep, liquid, and competitive financial system within the emirate. FAB’s creation through the NBAD-FGB merger and its subsequent growth directly support these objectives.
A banking institution of FAB’s scale provides the credit intermediation, capital markets capability, and international connectivity necessary for a diversifying economy. The bank finances the private sector growth that the vision targets, provides the market-making activity that deepens capital markets, and serves as an international ambassador for Abu Dhabi’s financial credibility.
Institutional Significance
FAB is the financial sector’s equivalent of ADNOC — the anchor institution around which the broader industry operates. Its balance sheet, credit rating, and government relationship make it the institution of first resort for the largest and most complex financial transactions in the emirate. The bank’s health and performance are systemic indicators of Abu Dhabi’s broader economic trajectory.