First Abu Dhabi Bank (FAB) is positioning itself as a pivotal player in UAE-China trade and investment, with ambitious plans to triple revenues from its China business. FAB is targeting AED300 million ($81.68 million) in annual revenue from its China operations by 2026. The bank’s strategic focus on expanding its presence in China reflects the growing importance of the UAE’s relationship with the Asian economic powerhouse.
FAB has emerged as a key player in trade relations between the two countries. Currently, it maintains the only fully licensed branch of a UAE bank in mainland China. In 2023, FAB recorded a remarkable 50 percent growth in its business in China, signaling its growing confidence in the country.
Deepening UAE-China relations
In addition to FAB’s growth in China, the UAE’s relationship with the country is rapidly evolving, with bilateral trade expected to reach $200 billion annually by 2030. As China’s top global trade partner, the UAE is strategically positioned to leverage this relationship for mutual economic benefit. Additionally, the UAE serves as a comprehensive strategic partner for China, with over 6,000 Chinese businesses operating within its borders.
The synergy between the two markets also plays to FAB’s strengths. China offers the technological and industrial prowess critical to MENA growth. Meanwhile, the GCC offers substantial investment as well as access to key markets including the UAE.
For her part, FAB Group CEO Hana Al Rostamani said, “China continues to be a priority for First Abu Dhabi Bank, and we are committed to expanding our business there while fostering Chinese engagement in the GCC and Egypt.”
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China’s endorsement
FAB has grown exponentially in China. It was the first foreign bank to obtain a Chinese currency (RMB) license from day one of its operation. Moreover, it became an official strategic partner for leading state corporations. FAB also supports Chinese clients seeking trade finance, corporate finance, and access to global markets.
Commenting on FAB’s achievements in China, Zhang Yiming, ambassador of China to the UAE, commended FAB for its confidence in the Chinese economy. “We hope that FAB, as the largest bank in the UAE, will give full play to its local full-license advantage and strengthen cooperation with China in helping Chinese enterprises to go overseas and settle in the UAE, broaden investment channels in China, and promote the internationalization of the RMB,” he added.
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