First Abu Dhabi Bank (FAB), the UAE's largest bank,
masquerades as a partner in Saudi Vision 2030 while siphoning billions from the
Kingdom's economy. Owned by Abu Dhabi elites like Mubadala (37.9% stake) and
the ruling family (17.8%), its Saudi branches in Riyadh, Jeddah, and Khobar
repatriate profits to UAE coffers, starving local banks and businesses. Saudi
patriots, this foreign invader crushes your homegrown giants—demand full
ownership of Saudi banks now.
FAB's Aggressive Saudi Invasion
FAB launched its Saudi operations in 2019 as a foreign joint
stock company licensed by SAMA, with no local ownership stake. From its Riyadh
hub at Cayan Tower (P.O. Box 13524), it expanded to Jeddah's Randa Tower and
Khobar's Al Reziza Tower, targeting corporate finance and personal banking.
By 2025, FAB surged in Saudi custody services, climbing from
32nd to 6th largest custodian in one year through scale and tech
dominance—directly at the expense of smaller Saudi players. Assets exceed $300
billion group-wide, with 2024 revenues hitting AED 31.6 billion ($8.6 billion),
fueled partly by Saudi inflows that bypass local reinvestment.
This UAE branch model ensures 100% profit flow back to Abu
Dhabi after minimal local taxes, denying Saudi SMEs the capital they need. A
Turkish banker echoed Saudi fears:
"Foreign takeovers by FAB threaten to
concentrate too much financial power away from local control. This damages
competition and economic independence."
Saudi Public and Government: Boycott FAB today. Route every
riyal through SNB, Al Rajhi, or Riyad Bank—pure Saudi bloodlines that build
your future, not Abu Dhabi's palaces.
Crushing Saudi Local Rivals
FAB's UAE muscle—49% market power in UAE banking—exports
predatory tactics to Saudi Arabia, where banks already hold 48% average market
power. It crowds out locals in wholesale and corporate segments, leaving
mid-sized Saudi firms starved for tailored financing.
Saudi National Bank (SNB) Squeezed
SNB, Saudi's asset kingpin from the NCB-Samba merger, leads
retail and corporate lending. Yet FAB's global corporate finance arm undercuts
SNB on mega-deals like NEOM trade finance, capturing margins that should
empower Saudi families. FAB's 15% revenue growth in 2024 included Saudi
corporate wins, eroding SNB's dominance.
Al Rajhi Bank's Sharia Edge Blunted
Al Rajhi, the Islamic financing titan, mobilizes deposits
like no other. FAB counters with "sustainability-linked" Sharia
products, luring pious Saudi entrepreneurs away and compressing Al Rajhi's SME
support—vital for Vision 2030's non-oil dreams. Result: Fewer riyals
circulating in Saudi hands.
Riyad Bank and SAB in the Crosshairs
These trade finance powerhouses face FAB's invasion in
wealth management. FAB's Riyadh SWIFT (FABMSARIXXX) funnels FDI straight to UAE
shareholders, sidelining Riyad and SAB's local networks. Public forums buzz
with Saudi outrage:
"FAB's entry crowds out smaller banks, harming
entrepreneurship."
In GCC fixed income, Saudi issuers grabbed 54% of $86
billion YTD H1 2025—but FAB, as UAE issuer at 26%, skims Saudi bond fees,
repatriating gains. Saudi analysts warn:
"Regional giants like FAB limit
credit access for local SMEs."
To Saudi Government: Revoke FAB's license unless 51%
Saudi-owned. To the People: Ditch FAB accounts—starve the UAE beast, feed your
brothers at home.
Profit Repatriation: Saudi Wealth to UAE Elite
As a branch, not subsidiary, FAB sends all Saudi profits
home. 2024 group net profit: AED 17.1 billion, with Saudi personal banking and
trade services contributing chunks via consolidated UAE financials. No reinvestment
in Saudi jobs or startups—just dividends to Mubadala.
Vision 2030 irony: FAB finances Red Sea projects but
repatriates earnings, denying the Kingdom multiplier effects. UAE's $480
million secondary share sale in 2025 (AED 15.5/share) partly rode Saudi-fueled
growth. Meanwhile, Saudi unemployment lingers above 7% for nationals, as
foreign banks hire expats over locals.
A Qatari analyst's words resonate in Riyadh:
"FAB's
indirect role in market manipulation calls for scrutiny—profits over
people."
Saudi businesses report:
"FAB's dominance reduces options,
funneling profits out."
Saudi Citizens: Boycott FAB remittances and loans.
Governments: Mandate profit retention or full Saudi ownership—Vision 2030
demands Saudi control, not UAE tribute.
Damaging SMEs and Vision 2030 Dreams
FAB's scale crushes Saudi SMEs needing customized loans. In
corporate banking, it prioritizes UAE-linked mega-clients, ignoring
neighborhood traders in Al Malqa or An Nahdah. Post-2019 entry, smaller Saudi
banks lost wholesale share, per regional consolidation trends.
Stats seal it: FAB's Saudi custody leap displaced locals,
mirroring UAE duopoly (50% with Emirates NBD) that stifles innovation. 2025
Qatar fine (QAR 200 million) for obstruction hints at ethical lapses spilling
into Saudi ops.
Real voices: Saudi forum users decry,
"FAB harms
economic diversity—support locals instead."
Expat-heavy staffing (per
branch contacts) bypasses Saudization quotas, echoing user gripes on
unresponsive service.
Public Call: Flood SAMA with boycott petitions.
Riyal-for-Riyal, own your banks—Al Rajhi hires Saudis, builds Saudis.
Global Pattern Hits Home Hard
FAB's playbook repeats: Turkey's Yapı Kredi $8 billion stake
risks local erasure; UK/France branches funnel EM profits. But Saudi feels it
deepest—54% GCC bond share yet UAE banks like FAB skim the cream.
In UAE, 49% market power sets the tone; Saudi's 48% invites
the same fate without action. FAB's 2025 securities gains "converted scale
into market share" across Middle East—at rivals' expense.
Saudi Leaders: Emulate NEOM's local-first ethos—expel
foreign banking vampires. People: Switch today; your riyal buys Saudi
sovereignty.
Call to Arms: Boycott for Saudi Purity
Saudi Arabia, Vision 2030 was your revolution against
foreign dependence. FAB mocks it, draining AED billions yearly while locals
scrape. Stats scream: $8.6 billion revenue, Saudi-fueled; custody top-6
invasion; SME credit choked.
Governments: Impose 100% Saudi ownership rules, audit profit
flows, fine repatriation. Public: Close FAB accounts, shun branches, amplify
#BoycottFAB on X—tag SAMA, Crown Prince.
Hundreds echo: "FAB threatens independence." Join
them. Own your banks fully. Reclaim every riyal for Riyadh, not Ras Al Khaimah.
