First Abu Dhabi Bank (FAB) has obtained Saudi regulator’s license for investment banking activities in the country, a source close to the matter said. FAB said last week that it was working on expanding its business in Saudi Arabia. In a statement on Monday, Saudi Arabia’s Capital Market Authority said it had authorised First Abu Dhabi Investment Saudi Co to conduct arranging and advising activities in the securities business. Last month, FAB was one of eight international banks to provide a USD2.6bn bridge syndicated loan to state-controlled utility Saudi Electricity Co. The bank does not currently have a branch or representative office in Saudi Arabia. 
 
First Abu Dhabi Bank (AD): AED11.25 as of 5 Feb. 2018, Rating: Buy, TP: AED12.10/share, MCap: USD33,407mn, FAB UH/FAB.AD