First FAB branch in KSA boosts UAE-KSA trade ties

The ribbon-cutting ceremony was attended by Dr. Ahmed Abdulkarim Alkholifey, Khaldoon Khalifa Al-Mubarak, and other officials.
Updated 06 May 2019

First FAB branch in KSA boosts UAE-KSA trade ties

First Abu Dhabi Bank (FAB) has officially inaugurated its Saudi operations during a ceremony at its new Riyadh branch. The opening is expected to further strengthen commercial ties between the UAE and Saudi Arabia.

The ribbon-cutting ceremony was attended by Dr. Ahmed Abdulkarim Alkholifey, governor of the Saudi Arabian Monetary Authority (SAMA); Khaldoon Khalifa Al-Mubarak, chairman of the board executive committee of FAB; Jassim Mohammed Al-Siddiqi, chairman of the board audit committee of FAB; Dr. Fahad Ibrahim Alshatri, deputy governor for censorship at SAMA; and Abdulhamid Saeed, group chief executive officer of FAB; along with other members of the bank’s senior leadership.

The new branch, located in Al-Cayan Tower, Riyadh, joins FAB’s international network that spans five continents.

Sheikh Tahnoon bin Zayed Al-Nahyan, FAB chairman, said: “It gives me great pleasure to open our first Saudi Arabian branch and make a further contribution toward the Kingdom’s growth story by financing businesses, providing financial services to individuals and investing in the digital economy. Our expansion into Saudi Arabia represents an important milestone in our international business strategy as well as a testament to the strong ties between the UAE and Saudi Arabia. 

The Kingdom is of strategic importance to both FAB and the UAE, and it is for that reason we chose Saudi Arabia as the first destination in our international expansion plans since our merger. We look forward to growing our presence in the Kingdom and thank the Saudi Arabian Monetary Authority and Capital Market Authority for their invaluable guidance and support throughout this auspicious journey.”

SAMA governor Alkholifey thanked FAB’s board of directors and the senior leadership for their interest in entering the Saudi market, highlighting it as a positive step toward strengthening competitiveness and providing a more diversified range of products and services in the Saudi banking sector.

Alkholifey said that the opening of the FAB branch coincides with an unprecedented period in the Saudi financial sector, underlining the impact of the Financial Sector Development Program and its continued role in developing a thriving ecosystem, in line with the objectives of Saudi Vision 2030. 

“The Kingdom’s financial sector is characterized by a high degree of financial solvency, operational efficiency and high liquidity, it nonetheless requires the continued support and growth of varied credit facilities from banks to sustain this momentum, whether for the corporate sector, individuals or mortgage finance,” he added.

Layth Al-Shaiban is the country chief executive officer of FAB’s commercial banking operations in Saudi Arabia while Mona Al-Tawil leads the investment banking business in the Kingdom as chief executive officer of FAB Capital.

Bentley marks 100 years at Monterey Car Week

Updated 21 August 2019

Bentley marks 100 years at Monterey Car Week

As part of its centenary celebrations, Bentley hosted a number of events during the Monterey Car Week, from Aug. 15 to 18.

To mark the occasion, two models debuted — the new Flying Spur luxury four-door grand tourer, and the EXP 100 GT: A vision of luxury mobility in 2035.

The third-generation Flying Spur sets new standards of driving enjoyment and luxury, showcasing Bentley’s application of modern technology, while integrating the latest British craftsmanship and innovation features.

The new Flying Spur will be the most advanced luxury grand touring four-door available. 

Alongside its totally new and advanced aluminum and composite chassis, it features optional electronic all-wheel steering — a first for a Bentley, coupled with active all-wheel drive and the Bentley Dynamic Ride active anti-roll system powered by a 48V architecture.

The Flying Spur was put on display on Aug. 16 at the Quail — a motorsports gathering and at the Home of Bentley for the remainder of the weekend.

It was joined by the EXP 100 GT concept car, which made its US debut. With the EXP 100 GT, Bentley has reimagined the idea of grand touring for the future.

The EXP 100 GT is pure Bentley, inspired by the company’s deep understanding of the desires of its forward-thinking customers. It embraces artificial intelligence (AI) as a means to reassert the car as a place for creating, experiencing and capturing extraordinary human experiences and emotions.

It displays the future of luxury craftsmanship with a seamless fusion of materials and the intelligent curation of technology. The vehicle’s battery system will power four motors that deliver superior performance. Projected performance figures include a 0-60 mph time of less than 2.5 seconds, a top speed of 186 mph, and maximum torque of 1,500 Nm.

Ahead of the EXP 100 GT’s Americas debut, Bentley launched a new and dedicated app for Apple devices.

Released on Aug. 12, the “Bentley 100 AR” app uses a printable QR code to provide an augmented reality experience of the EXP 100 GT, allowing users to explore the exterior and interior of the concept car. Users can even interact with a virtual version of the car in full scale, by using the app at selected Bentley retailers.

Bentley was a featured marque at Pebble Beach Concours d’Elegance, where numerous classic models competed in Bentley Centennial classes, including Vintage 4 Cylinder, Vintage 6 Cylinder, Derby and Postwar.