Latest news with #FABGroup
Cision Canada
3 days ago
- Business
- Cision Canada
DEAL HOLDINGS LAUNCHES FAB GROUP, THE REGION'S NEW CULINARY AND LIFESTYLE FORCE
FAB Group set to elevate hospitality offerings across the Middle East Flagship destinations to open in major cities across the GCC, including a minimum of 25 in the UAE over the next five years Over 800 jobs to be created in the UAE hospitality sector alone DUBAI, UAE, Aug. 19, 2025 /CNW/ -- FAB Group, a lifestyle and culinary venture created by UAE-based investment and development company, DEAL Holdings, launches today with the aim of leading innovation in hospitality, dining and brand development across the MENA region. Through the combination of a forward-thinking approach and exceptional local insight, FAB Group will launch popular boutique brands featuring Michelin-star talent from the UK and Europe across the region, while also creating immersive culinary and lifestyle experiences, elevating MENA's position on the global hospitality map. Fully supported by DEAL Holdings, a local investment and development company, FAB Group is committed to delivering long-lasting impact across the region, with a minimum of 25 new locations set to open in the UAE over the next five years, with additional flagship destinations arriving in Riyadh, Jeddah, Doha and the Red Sea. Along with enhancing the region's ever-growing reputation as a global culinary hub, the launch of FAB Group will support local talent, providing access to employment opportunities with roughly 800 jobs set to be created in the UAE alone over the next five years, and more across the wider GCC. Andrew Cullen, FAB Group Regional F&B Director, said: "Over the course of the next few months, we will be making some hugely exciting announcements which will significantly enhance the region's F&B offerings and redefine how the industry is perceived both on a regional and global level. "The Middle East is already widely regarded as a leader in this space, with many of the world's biggest brands now operating in the region. Our ambition is to build on the fantastic work which has already been carried out and strengthen MENA's global status." Abdalla Al'Mheiri, DEAL Holdings CEO, added: "We are thrilled to introduce FAB Group to the Middle East market, marking a significant moment for the region's hospitality sector, which continues to thrive. "Created by DEAL Holdings, FAB Group has big ambitions, and we are fully committed to making strategic investment, enabling the brand to evolve with a clear direction while achieving its long-term objectives." FAB Group's portfolio will span fine dining, contemporary cuisine, café culture, nightlife, wellness concepts, and luxury brand collaborations. Several flagship projects are already in development and will be announced in the coming months. A major investment and development company, DEAL Holdings boasts a substantial number of branded residences, hospitality projects and commercial real estate across the MENA region.
Zawya
13-03-2025
- Business
- Zawya
FAB's shareholders approve highest-ever dividends of $2.26bln for 2024
Abu Dhabi – The equityholders of First Abu Dhabi Bank (FAB), during the annual general meeting approved the distribution of AED 8.30 billion in cash dividends for 2024. The approved amount is equivalent to 75 fils per share and will be disbursed for the shareholders registered on 21 March 2025; those purchasing shares on or before 19 March 2025, according to a press release. In addition to approving FAB's highest-ever cash dividend payout, the shareholders underlined a period of consecutive annual revenue growth and improved profitability, demonstrating steady progress against the FAB Group strategy as the UAE's global bank. Chairman of FAB, Sheikh Tahnoon Bin Zayed Al Nahyan, said: 'FAB's performance in 2024 cements consecutive years of expanded scale and improved profitability, demonstrating steady progress against our group strategy as the UAE's global bank, expanding capabilities and driving sustainable growth.' Al Nahyan added: 'The bank's strong performance reflects also the resilience of the national economy and the country's position as a leading global financial hub.' He added: 'FAB has played to its unique strengths at home to extend its position as the undisputed market leader in the UAE, while leveraging the competitive advantage of an international franchise that connects clients to the vast majority of the UAE's trade flows.' The Chairman noted: 'Looking ahead, FAB will remain vital to driving the UAE leadership's future vision, fostering sustainable growth and innovation, and connecting local, regional, and international economies within a world-class financial ecosystem.' 'Our region continues to grow and expand, and the opportunities to link the UAE and the Middle East with the rest of the world are immense. As the UAE's global bank, FAB's strategy is designed to help our clients maximise those opportunities, and has produced robust results in the UAE, our thriving home market and the foundation of our growth, while powering the expansion of our international franchise,' Al Nahyan commented. He concluded: 'In 2024, we achieved a net profit of AED 17.10 billion and revenue of AED 31.60 billion. Profit before tax was up 13% to AED 19.90 billion, and we continued to deliver greater value to our clients in line with our strategic goals as the UAE's global bank.' FAB's profit before tax in 2024 was driven by higher client activity, strong business volumes, diversified income streams, and continued operational efficiencies. This strong performance positions FAB for continued success and growth, reflecting its ability to capitalize on market opportunities and deliver sustained value to its shareholders. The bank has made strides in expanding its presence across 20 global markets, fostering stronger client relationships in key economic centers. This expansion has fueled growth in customer deposits and loans, resulting in double-digit revenue increases across the GCC, North Africa, Asia, and Europe, and Americas. In 2024, FAB launched its AI Innovation Hub with Microsoft, further accelerating AI adoption in banking by forming key partnerships with global AI leaders, including Microsoft, G42, and Presight. The bank's digital growth is evident, with a 46% increase in digital transactions and over 96% of service requests now processed digitally. Source: Mubasher
