Fayed: Green economy is on top of Egypt’s agenda, especially with hosting COP27 in November next year.
Fayed: FAB seeks to forge sustainable strategic partnerships in the field of FinTech, to enhance the banking sector and support the country’s financial inclusion strategy.
First Abu Dhabi Bank (FAB) participated in the third edition of Egypt Economic Summit (EES), held today, to discuss economic and investment opportunities in Egypt. The summit is held under the auspices of H.E. Dr. Mostafa Madbouly, Prime Minister, and attended by ministers including H.E. Dr. Hala El Said, Minister of Planning and Economic Development; H.E. Nevine Gamea, Minister of Trade and Industry.
The Egypt Economic Summit is an annual event held to lead the discussions on business and economy, while introducing new paradigms towards sustainable development and economic growth. Each year, the summit sees high profile industry trailblazers participate in noteworthy panel discussions in their areas of expertise, in line with Egypt Vision 2030 and sustainable development strategy.
In a session entitled, “Digital Transformation and its Role in Boosting Investment & Finance in the New Republic,” Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank in Egypt praised the monetary policy mechanisms that were applied in Egypt to confront the global inflation wave. As well as praising the Central Bank’s strategy to implement financial inclusion and attract investments, and the state’s efforts to adopt green finance as one of the tools for transforming towards a green economy, in line with the UN sustainable development goals.
Fayed said, “A green economy is on top of Egypt’s agenda, especially with it hosting the upcoming COP27, which paves the way for all sectors to transform towards a green economy, especially the banking sector. The transformation will also serve as a catalyst for those seeking financial facilities while considering the environmental aspect. Recently, within a consortium of 10 Gulf and international banks, FAB Group disbursed a USD 3 billion loan to the Egyptian Ministry of Finance, split between Green financing, as well as another tranche for financing in accordance with Islamic Shariah law,” he added.
As for the bank’s plans for digitization and encouraging customers to deal electronically, Fayed said: “First Abu Dhabi Bank is keen on providing many technological services and digital products, supported by FAB Group’s successful global experiences. The bank is also working to digitize all its transactions to reduce customer traffic in branches, with currently over 50% of the bank’s transactions being digitized. FAB seeks to forge sustainable strategic partnerships in the field of FinTech, such as the partnership with Lucky Egypt and Visa, to support the Egyptian banking sector and the State’s financial inclusion strategy in line with Egypt Vision 2030.”
It is worth noting that First Abu Dhabi Bank announced its acquisition of 100% of the capital of Bank Audi – Egypt by signing the final acquisition agreement in January 2021, and the merger is expected to be completed during 2022. The acquisition contributes to increasing the size and scope of the activity of First Abu Dhabi Bank in Egypt, making it one of the largest foreign banks operating in Egypt in terms of assets.
About FAB Egypt
First Abu Dhabi Bank – Egypt, is the Egyptian branch of one of the largest bank in the United Arab Emirates, and one of the world’s largest and safest financial institutions. The bank strives to achieve the best value for its employees, customers, shareholders, and the communities in which it operates. Headquartered in Abu Dhabi, the bank’s international network spans five continents. It offers global relationships, extensive experience, and financial strength to support local, regional, and international companies seeking to manage their businesses at home and abroad.
First Abu Dhabi Bank – Egypt offers an extensive range of tailor-made solutions, and products and services specially designed to suit the needs of its customers across governorates in Egypt, which represents the bank’s promise to support its stakeholders’ growth ambitions, hence empowering the local economy at large.
With total assets of AED 983 Billion (USD 268 Billion) as of September-end 2021, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively – the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Finance as the Safest Bank in the UAE and the Middle East, and the 32nd Safest Bank globally. The Banker’s Top 1000 World Banks 2021 rankings, measured by Tier 1 capital, ranked FAB as #1 in the UAE, #3 in the Middle East and #94 across the globe. FAB is also a regional sustainability leader (MSCI ESG rating of AA, ‘Leader’ category), and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.