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FAB gets securities licence in Saudi Arabia

Saudi Arabia, February 6, 2018

The bank can conduct arranging and advising activities in the securities sector

First Abu Dhabi Bank, the largest bank in the UAE by assets, has been given the go-ahead by Saudi Arabia's regulator to conduct arranging and advising activities in the securities sector, a source said.

In a statement on Monday, Saudi Arabia's Capital Market Authority said it had authorised First Abu Dhabi Investment Saudi Co to conduct arranging and advising activities in the securities business.

The source said the licence applied to FAB, which has participated in Saudi deals since its creation.

Last month, it was one of eight international banks to provide a $2.6 billion bridge syndicated loan to state-controlled utility Saudi Electricity Co. The bank does not currently have a branch or representative office in Saudi Arabia.

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