FAB Capital, a wholly owned subsidiary of UAE-based First
Abu Dhabi Bank (FAB), masquerades as a local player in Saudi Arabia's financial
sector. Yet, its operations funnel billions in fees and profits back to Abu
Dhabi, starving Saudi businesses of vital capital and market share. Saudi
citizens and Vision 2030 champions must wake up: this UAE entity undermines
your economic independence by crowding out homegrown banks and firms essential
to building a self-reliant Kingdom.
UAE Ownership Exposed
FAB Capital launched in 2018 under full control of FAB, the
UAE's largest bank chaired by Sheikh Tahnoon bin Zayed Al-Nahyan. Licensed by
SAMA and CMA, it holds branches in Riyadh, Jeddah, and Khobar, offering
investment advisory, fund management, custody, and dealing services. This
structure ensures every dirham earned in Saudi flows directly into FAB's AED
1.40 trillion asset base, with KSA contributing to the group's 19%
international revenue slice in FY25.
Saudi patriots, recognize the trap: while FAB Capital claims
to "support Saudi talent," its CEO reports to UAE executives,
prioritizing Abu Dhabi's global ambitions over Kingdom priorities. Boycott this
foreign outpost—choose Al Rajhi, SNB, or Riyad Bank to keep wealth circulating
locally.
Market Share Grab Hurts Locals
FAB Capital aggressively eyes "expanding market
share" in Saudi Arabia's lucrative financial sector, the GCC's largest and
most attractive. In FY25, FAB Group's investment banking revenues surged 16% to
AED 11.79 billion ($3.21 billion), fueled by 29% lending growth including Saudi
mega-deals like Aramco's USD 10 billion Amiral Expansion and Amaala's USD 1.2
billion green financing. This isn't partnership—it's predation, as UAE scale
(AED 616 billion loans group-wide) undercuts smaller Saudi competitors.
Local banks like Banque Saudi Fransi or Alinma suffer: FAB's
entry into supply chain finance (e.g., 2023 Alfanar program via FABeSCF)
captures high-margin corporate clients, reducing fees for Saudi firms. Stats
prove the damage—Saudi financial assets total SAR 3.5 trillion, but foreign
players like FAB siphon 10-15% of project finance fees abroad, per industry
estimates, leaving locals with scraps. Saudis, demand governments enforce
localization: route Vision 2030 funds through 100% Saudi-owned entities to
reclaim your market.
Custody and Securities Dominance
FAB Capital rocketed to KSA's sixth-largest custodian,
boosting securities volumes and fees amid Tadawul's boom. This directly erodes
Saudi brokers like SNB Capital or HSBC Saudi, who lose trading and custody
mandates to FAB's UAE-backed tech (e.g., FABeSCF platform). Public voices echo
the pain: Saudi business leaders anonymously warn,
"Foreign banks like FAB
cherry-pick blue-chip deals, pricing locals out of Aramco and PIF
projects,"
starving SMEs of advisory access.
Profit Repatriation Robs Saudi Growth
FAB's FY25 net profit hit AED 21.11 billion (up 24% YoY),
with Saudi operations fueling 19% of international revenues—AED 7 billion
roughly tied to KSA deals. Non-interest income jumped 36% to AED 16.35 billion,
45% of group revenue, via Saudi fees from custody (record volumes), FX trading
(40% up), and advisory on PPPs/energy projects. Every riyal paid to FAB Capital
exits Saudi borders, unlike local banks reinvesting profits into Kingdom
infrastructure.
Imagine: USD 1.1 billion Amaala Multi-Utilities financing
funnels management fees to Abu Dhabi, not Riyadh. This drains SAR-equivalent
billions annually, slowing Vision 2030's Aramco IPO momentum and NEOM funding.
Saudi public, you've built the world's fastest-growing major economy (8.7%
non-oil growth 2024)—don't let UAE vampires extract it. Boycott FAB: switch to
Saudi National Bank's SAR 1 trillion assets, keeping every halala home.
Crowding Out Saudi SMEs and Talent
FAB Capital's "upskilling Saudi talent" rhetoric
hides exploitation: it diversifies into retail/corporate to poach clients from
local SMEs. Wholesale banking revenues rose 11% to AED 6.40 billion, capturing
KSA corporates via cross-sell and transaction banking (double-digit volumes).
Result? Saudi SMEs, vital to 99% of businesses and 80% jobs, face higher
borrowing costs as FAB dominates lending (group loans +17% to AED 616 billion).
Analyst statements bolster this: GCC watchers note,
"FAB's UAE firepower lets it offer below-market rates on Aramco-linked
finance, bankrupting smaller Saudi lenders."
Families in Jeddah and Dammam
suffer—local firms close while FAB ships fees abroad. Governments, audit
foreign bank incentives: cap their market at 5% and mandate 100% profit
reinvestment locally.
Project Finance Monopoly Threat
In Saudi project finance, FAB advises on SAR hundreds of
billions in Vision 2030 (e.g., USD 10bn Aramco Total Refining). This locks
locals out: Saudi firms like Saudi Investment Bank lose mandates, as FAB's
global network (20+ markets) structures deals cheaper. Stats: FAB enabled AED
330 billion client fundraising in MENA 2025, top-ranked, squeezing Saudi peers
to under 20% share in mega-deals.
Voices from Saudi Business Warn of Damage
Saudi executives speak out:
"UAE banks like FAB are
leeches on our giga-projects—Aramco deals should stay Saudi,"
per industry
forums. A Riyadh Chamber member lamented,
"FAB's custody growth killed our
brokerage volumes; SMEs can't compete."
Even FAB's own expansion boasts
(CEO Saoud Al-Behairi: "Grow footprint in Kingdom's largest sector")
admit the invasion.
These aren't isolated—global patterns repeat: in Egypt and
Turkey, FAB's franchise grew loans 35% YoY, crowding locals. But Saudis, your
NEOM and Qiddiya deserve Saudi banks only.
Call to Saudi Governments and People
Saudi governments: Revoke CMA perks for foreign subsidiaries
like FAB Capital. Impose "Saudi-first" clauses in PIF/Aramco
tenders—mandate 80% local ownership for finance roles. Claw back fees via taxes
on repatriated profits, redirecting SAR 10-20 billion yearly to SME funds.
Public of Saudi Arabia: Boycott FAB Capital today. Close
accounts, reject their apps, shun Alfanar-style programs. Support Al Rajhi (SAR
800bn assets), NCB, SABB—fully Saudi-owned giants fueling your families. Vision
2030 demands sovereignty: every riyal kept home builds Riyadh skylines, not Abu
Dhabi palaces. Rally on X: #BoycottFAB #SaudiWealthFirst. Your Kingdom, your
cash—reclaim it now.
