UAE's biggest bank FAB seeks to raise $480mln from secondary offering
DUBAI - First Abu Dhabi Bank (FAB) , the UAE's biggest bank by assets, is looking to raise around $480 million from a secondary share sale, the bookrunner for the deal said on Friday.
The selling shareholder, whose name was not disclosed, is offering around 113 million shares at a price of 15.5 dirhams ($4.22) per share through an accelerated bookbuilding, said Citi, which is acting as bookrunner.
It added that books were fully covered as demand exceeded the deal size.
The offer price represents a 3.7% discount to FAB shares' closing price of 16.1 dirhams apiece on Abu Dhabi's bourse on Friday.
FAB, whose top shareholder is the $330 billion Abu Dhabi wealth fund Mubadala, held assets worth 1.31 trillion dirhams as of the end of March.
The bank has been seeking to expand including outside of the Gulf. Two years ago it said it had considered a bid for London-listed Standard Chartered.
($1 = 3.6726 UAE dirham)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
25 minutes ago
- Khaleej Times
First 10 authorised finfluencers revealed as UAE mandates licence
The UAE now requires finfluencers (financial influencers) to have a licence with the Securities and Commodities Authority (SCA) to share content on investments, trading, or offer financial advice to their audience. The finfluencer licence aims to bring more transparency, trust, and regulation to the growing world of financial content on social and digital platforms. Individuals who provide financial or investment recommendations, whether through social media, blogs, YouTube videos, podcasts, webinars, or in-person events, and that relates to regulated financial products or services in the UAE, must be licenced by the SCA. This advice may also include purchase, sale, or holding of a financial product or virtual asset, or regarding a financial service or any resource within the country. Along with the move, the authority waived the current registration, renewal and, legal consultation fees related to this service, for the next three years. Here are the first ten finfluencers who are licenced to carry out their activities in the UAE. 1. Saif Yousif Khamis Abdulla Al Naqbi - @Saifsyn A former banker and diplomat, Saif Al Naqbi is a financial advisor and an investor in global financial markets. The finfluencer, who has 193,000 followers on Instagram, is also the CEO of Saif Al Naqbi Group. 2. Abdulkareem Mohamed Ahmed Abdulkareem Almansoori - @theabdulkreem Professionally, Almansoori is identified as a private fund founder, indicating his involvement in investment management or private equity within the UAE. In 2017, Almansoori was selected as a recipient of the Sheikh Mohamed bin Zayed Scholars Program (SMSP), a prestigious initiative by NYU Abu Dhabi in collaboration with the Abu Dhabi Education Council. This program recognizes outstanding Emirati university students, offering them advanced academic and leadership development opportunities. 3. Muhannad Hassan Khalfan Hassan Alteneiji - @ Mohannad Al Taniji is a financial technology entrepreneur. The finfluencer and researcher has 662,000 followers on Instagram. He is also the founder of Matrix, a company that builds artificial intelligence applications. 4. Muhammad Omar Alamer - LinkedIn: Muhammad Alamer Muhammad Alamer, a private wealth specialist, trader and investor, comes with 17 years of experience in local UAE banks. The finfluencer also handles ultra-high-net-worth clients and develops financial strategies for clients. 5. Mansour Mohammed Alderei - @Trendzpodcast Mansour Mohammed Alderei is an Emirati entrepreneur and the founder and host of the podcast 'Madrasat Al Istithmar' (School of Investment), produced under Trendz Podcast. This podcast among the first of its kind in the country and focuses on entrepreneurship and investment. It has gained significant popularity, and ranks among the top podcasts in the UAE, Saudi Arabia, Oman, and Bahrain. 6. Mohammed Al Hattawi - @3ma7 Mohammed Al Hattawi is the Director of Media and Corporate Communications at Rees International. He is also involved with several ventures like Dewn and Signature Plates. 7. Sulaiman Rashid Al Kharusi - @Alkharusi.87 Al Kharusi has been creating content for several years and also endorses an online educational platform offering courses and lessons in financial market trading called Burashid Trading (BR Trading). 8. Ziad Qaimari - @ziadaq on X A seasoned financial analyst and capital markets expert, Ziad Qaimari has held several notable positions throughout his career, aside from being a financial commentator. This includes Head of Equity Capital Markets and Vice President and Investment Fund Manager. 9. Mohammad Abdulla Yousuf Al Qemzi - Independent analyst Mohammad Abdulla Yousuf Al Qemzi is an independent financial analyst based here, in the UAE. Abdallah Almansoori is an independent financial analyst based here, in the UAE.
Khaleej Times
40 minutes ago
- Khaleej Times
Majid and Lynn Jafar honoured by top US university
The University of Massachusetts Chan Medical School has honoured Majid Jafar, CEO of Crescent Petroleum, and his wife Lynn Barghout Jafar, co-founders of the Loulou Foundation, for their work in advancing medical research and innovation and for supporting children with special needs through the High Hopes Therapy Center in the UAE. The honorary doctorate degrees, presented at the university's 2025 Commencement ceremony by Chancellor Michael Collins, highlight their role in accelerating scientific and therapeutic progress in the field of rare diseases — an area that remains significantly underdiagnosed and underserved, with the vast majority of conditions still lacking approved treatments. More than 350 million people are affected by rare diseases worldwide, with 70% of them children. While over 7,000 rare diseases have been identified, 95% still lack approved treatments. Majid Jafar commented: 'We are deeply honoured by this recognition from UMass Chan Medical School. It affirms what can be achieved when purpose-driven collaboration meets urgency — especially in the field of rare diseases, where so many families are still waiting for new treatments. The UAE has long recognised the importance of medical innovation, and we remain committed to contributing to this global effort to improve children's lives and accelerate meaningful change.' Umass Chan Medical School is among the leading medical schools in the United States and last year entered into a strategic partnership agreement with Mohammed bin Rashid University (MBRU) of Medicine and Health Sciences in Dubai. The commencement ceremony also conferred honorary doctorate degrees on Dr Marcia McNutt, President of the U.S. National Academy of Sciences, and Dr Carolyn Clancy, Assistant Under Secretary for Health at the U.S. Veterans Health Administration. Lynn Barghout Jafar, co-founder of the Loulou Foundation and Founder of the High Hopes Therapy Center in Dubai, added: 'When our own daughter was diagnosed with a rare disease, what began as a personal journey quickly became a global mission to connect families and scientists in the pursuit of answers. We are grateful to be part of a growing community that is transforming the future of rare disease research through science, collaboration, and hope'. In March this year Majid and Lynn Jafar personally hosted a Charity Suhoor in support of Al Jalila Foundation's Child Fund in the UAE, raising Dh50 million — the largest donor-led fundraiser since the Foundation's inception in 2013. Held under the theme 'An Evening of Hope', the gathering brought together business leaders and philanthropists to support life-saving medical treatment and research for children in need. In addition to his work with Loulou Foundation which as supported more than 100 research projects in labs around the world since its founding in 2015, Majid Jafar co-chairs the international campaign for Cambridge Children's Hospital, serves on the advisory board of the Oxford-Harrington Rare Disease Centre — chaired by former UK Prime Minister David Cameron — and is a member of the Board of Fellows and co-chairs the Discovery Council at Harvard Medical School. In his professional capacity, in addition to serving as CEO of Crescent Petroleum, the Middle East's oldest private oil and gas company, Majid Jafar is the Board Managing Director of Dana Gas and Vice Chairman of the Crescent Group, headquartered in Sharjah in the UAE. Lynn Barghout Jafar established High Hopes Pediatric Therapy Center in 2017 as an early intervention facility in the UAE that caters to over 300 children with moderate to complex special needs - a place where they can develop, progress, and also have fun under the supervision of the most experienced and specialized therapists.
Khaleej Times
40 minutes ago
- Khaleej Times
Emirates Coin Investment LLC obtains virtual asset license in the UAE from SCA
Emirates Coin Investment LLC (EmCoin) has made history as the first company in the UAE to be licensed by the Securities and Commodities Authority (SCA) to offer fully regulated Virtual Asset services. This milestone marks a new chapter in the UAE's financial journey ushering in a smarter, safer, and more inclusive era for investors of all levels. With its regulatory approval in place, EmCoin is set to launch a cutting-edge investment platform that brings together digital assets and traditional finance all within a single, seamless mobile experience. Users will soon be able to trade Virtual Assets, invest in UAE and global equities, buy commodities, and access expert-managed portfolios with full transparency and trust. 'This is a landmark moment,' said Yasin Arafat, Chief Operating Officer of EmCoin. 'We're building a secure bridge between old and new finance. Thanks to the SCA's vision, EmCoin gives everyday investors the tools to take control of their financial future with clarity, compliance, and confidence. The future of finance is tokenized, decentralized, and inclusive and EmCoin is leading that charge.' EmCoin is designed to eliminate the complexity of fragmented platforms and unregulated providers. Whether you're investing in crypto, global stocks, or managed funds, EmCoin brings it all together with simplicity, security, and expert support. EmCoin is working closely with the SCA to introduce regulated Initial Coin Offerings (ICOs) unlocking innovative new ways for businesses to raise capital and for investors to participate in previously inaccessible opportunities. These developments reinforce the UAE's position as a forward-looking global hub for digital finance. Backed by cutting-edge technology and strategic partnerships, EmCoin is more than a financial app it's a trusted ecosystem. Built on the foundation of strong regulation and investor empowerment, EmCoin is redefining how people and businesses interact with financial markets from Abu Dhabi to the world.
