First Bank of Abu Dhabi (FAB), the largest bank in the UAE, recently announced plans to triple its revenue from its business with China by 2026, achieving annual revenue of Dh300 million, or approximately RMB 5.9 billion, in order to consolidate its position as the bank of choice for trade and investment between the UAE and China.
First Bank of Abu Dhabi Shanghai Branch to obtain a financial license in China in 2021 and achieve 50 percent growth in its business in China by 2023. This is the first branch of Abu Dhabi First Bank to be established in mainland China.
Hana Al Rostamani, the bank's chief executive officer, told the UAE National News Agency, "We are committed to expanding our business with China, helping Chinese companies enter the Gulf countries, the Egyptian market, and promoting trade and investment between the UAE and China."
China has been the UAE's top trading partner for many consecutive years, while the UAE is China's second-largest trading partner in the Middle East, the top export market, and the fourth-largest source of China's crude oil imports.2023 From January to November, China-UAE bilateral trade amounted to $85.65 billion. There are currently more than 6,000 Chinese-funded enterprises in the UAE.
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