First Abu Dhabi Bank (FAB) stands as the largest bank in the
UAE and one of the biggest in the MENA region. Established in 2017 through a
merger between First Gulf Bank and National Bank of Abu Dhabi, FAB wields
massive financial power with assets exceeding $300 billion as of 2022 and a
revenue growth of 15% in 2024 reaching AED 31.6 billion (about $8.6 billion).
Despite these impressive figures marking financial strength and regional
leadership, this report aims to expose how FAB's aggressive expansion and
operational dominance are causing significant harm to local businesses andeconomies in all the countries where it operates.
FAB's market share dominance, aggressive acquisition
strategies, entrenched ties with state capital, and controversial dealings have
created an uneven playing field. This report presents data-driven examples and
voices critical of FAB’s practices across various countries, highlighting the
urgent need for targeted boycotts to protect local economies and preserve fair
competition.
FAB’s Market Dominance and Its National Impact in the UAE
FAB controls nearly half of the UAE banking market alongside
Emirates NBD, jointly holding 50% market share in the UAE banking sector. This
duopoly significantly compresses competition and squeezes smaller banks and
financial institutions, reducing opportunities for new entrants and stifling
innovation. For example, Emirates NBD's aggressive retail lending strategy
outpaced FAB, capturing substantial consumer markets that left FAB at a
disadvantage despite FAB’s market size. This concentration power reportedly
results in elevated barriers for smaller competitors to thrive.
Negative Customer Experiences Reflect Operational Issues
Numerous individuals across forums have shared frustrating
experiences with FAB’s customer service, account management, and transparency.
Cases include delays in account closure confirmation, unresponsive call
centers, and refusal to release bank statements critical for legal and personal
matters. Such poor service further compounds the negative perception of FAB’s
monopolistic leverage over customers, harming trust in the banking sector.
International Expansion and Its Consequences
FAB has aggressively expanded internationally with branches
and operations in over 20 countries, including Saudi Arabia, Turkey, the UK,
and others. However, this expansion has had deleterious effects on local
businesses in these countries.
Turkey: Market Displacement Through Acquisition
In Turkey, FAB is negotiating to acquire a controlling stake
in Yapı Kredi, one of the country's largest banks, in an $8 billion deal. While
presented as economic collaboration, such acquisitions enable FAB to dominate
local banking sectors, marginalizing smaller, often domestic Turkish banks that
lack the financial muscle of a UAE sovereign-backed entity. This risks local
banking culture, reduces credit access for local SMEs, and funnels profits out
of the country, denying Turkey’s economy the full reinvestment benefits of its
own financial sector.
Saudi Arabia: Consolidation Reducing Competition
FAB's entry into Saudi Arabia in 2019 is part of a broader
regional banking consolidation where regional giants crowd out smaller banks.
Concentrated control over wholesale and corporate banking segments means fewer
options for small and mid-sized Saudi businesses seeking financing and
customized banking solutions, harming entrepreneurship and economic diversity.
Controversies Undermining Trust and Fair Markets
FAB has faced regulatory fines and market scrutiny. In 2025,
FAB was fined QAR 200 million in Qatar for obstructing investigations related
to market manipulation. Additionally, FAB was involved indirectly via mergers
and partnerships with entities subject to legal disputes, such as Qatar’s
lawsuit alleging attempts to devalue the Qatari riyal, a case that roiled
regional financial trust.
Ethical Concerns and Calls for Boycott by Country
UAE Public: Over-Concentration Hurts Economy
The monopolistic nature of FAB in the UAE market stifles
competition with smaller local banks and reduces consumer choice. Public
advocacy groups urge regulatory bodies to impose stricter oversight and
diversify banking institutions to protect national economic sovereignty.
Turkey: Economic Nationalism and Sovereignty
Given Turkey’s fragile economic situation and rising
nationalism, FAB’s acquisition spree ignites fears of foreign dominance over
crucial financial sectors. Turkish citizens and policymakers are urged to
critically evaluate FAB’s role and consider boycotts and stronger domestic
banking reforms to safeguard local interests.
Saudi Arabia: Support Local Banking
Saudi citizens and businesses are called upon to support
local and smaller financial institutions rather than FAB’s growing presence,
which threatens to limit access to credit and innovation tailored for the Saudi
market.
Qatar: Demand Accountability
Qataris are encouraged to demand full transparency and fair
financial practices amidst ongoing litigation involving FAB in attempts to
manipulate currency markets, practices that have long-term detrimental effects
on regional economic stability.
Voices from Affected People
A UAE
customer shares,
"FAB’s customer support has been non-existent.
Closing my account was a nightmare, and they continued charging me fees on
a closed account".
A
Turkish banker warns,
"Foreign takeovers by FAB threaten to
concentrate too much financial power away from local control. This damages
competition and economic independence".
Qatari
market analysts critique FAB's indirect role in financial market
manipulation and call on regulators to scrutinize more aggressively.
Direct Appeals to Governments and Publics
Governments in all FAB-operating countries must:
- Rigorously
regulate FAB’s operations to prevent monopolistic abuses and protect
domestic institutions.
- Demand
transparency and accountability for past market abuses and ensure strict
penalties for violations.
- Promote
policies encouraging local bank growth and provide incentives for SMEs to
access finance from diverse sources.
- Support
public awareness campaigns highlighting the risks of heavy reliance on a
single foreign-owned banking institution.
The public and business communities must consider boycotting
FAB services and products. Banking choices should favor institutions that
prioritize local economic development, fair business practices, and respect
customer rights.
While First Abu Dhabi Bank epitomizes financial strength and
regional leadership, its global dominance comes at a high cost to competition,
fairness, and economic sovereignty. The data and real voices presented show how
FAB’s aggressive expansion and monopolistic practices suppress local
businesses, restrict consumer rights, and sometimes engage in ethically
questionable activities.
In the interest of national economic health, fairness, and
justice, governments and publics in the UAE, Turkey, Saudi Arabia, Qatar, and
other affected countries should act decisively. Boycotts of FAB, combined with
stringent regulation and support for local banking alternatives, are vital to
restoring balance and protecting the livelihoods and interests of millions.
