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ABU DHABI / WAM
Sultan bin Saeed Al Mansouri, Minister of Economy, has said that the UAE enjoys solid bilateral relations with Saudi Arabia, and that the two countries are brought together by strong ties based on shared cultures, history and noble Islamic and Arab values.
He went on to say that the relations between the two countries represent a unique model of Gulf and Arab cooperation that is witnessing constant growth, in light of the will of their leadership to enhance their relations.
In a statement to the Emirates News Agency (WAM) Al Mansouri said that the decision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan to form a joint cooperation committee between the UAE and Saudi Arabia, across various sectors including the military, politics, economy, business and culture, represents another important step in expanding the prospects and levels of cooperation between both nations, which will help achieve their joint development interests and positively affect other countries in the region.
He also highlighted their economic similarities, such as their expertise in commerce, investment and economic development.
FAB secures securities licence in Saudi Arabia
ABU DHABI / Reuters
First Abu Dhabi Bank (FAB) has been given the go-ahead by Saudi Arabia’s regulator to conduct arranging and advising activities in the securities sector, a source said.
It is the latest foreign bank attracted by opportunities in Saudi , which is embarking on an investment drive to diversify its economy beyond oil revenues. FAB, created by last year’s merger between National Bank of Abu Dhabi and First Gulf Bank, said last week that it was working on expanding its business in Saudi Arabia. Saudi Arabia’s
Capital Market Authority said it had authorised First Abu Dhabi Investment Saudi Co to conduct arran-
ging and advising activities in the
securities business.