Press releases, Reports & Disclosures for First Abu Dhabi Bank

First Abu Dhabi Bank P.J.S.C has invited its shareholders to attend the annual general meeting on 5th March 2024, at the bank's headquarters in Abu Dhabi. The meeting will also be accessible virtually via an electronic link sent to shareholders. The agenda includes discussion and approval of the bank's activities and financial statements for the financial year ending 31/12/2023, the external auditors' report, internal Shari’ah Supervision Committee annual report, and the bank's balance sheet and profit and loss statement. The board will also propose provisions and reserves, and the distribution of profits. Other items include board remuneration, discharge of board members and auditors, appointment of auditors and ISSC members for 2024, and the issuance of bonds or Islamic sukuk. Shareholders must register their attendance electronically to vote. The meeting will be recorded and shareholders are entitled to discuss agenda items and ask questions.

The Consolidated Financial Statements for the year ending 31 December 2023 are currently under audit. Final approval is pending from the Central Bank of UAE and will subsequently be presented to shareholders for adoption at the Annual General Meeting.

First Abu Dhabi Bank (FAB) has announced plans to lend, invest, and facilitate over AED500 billion (USD135 billion) in sustainable and transition financing by 2030, marking an 80% increase from its 2021 commitment. This represents the largest sustainable finance commitment by any bank in the Middle East and North Africa region to date. FAB's commitment accounts for more than half of the AED1 trillion (USD270 billion) pledge made by UAE banks for sustainable finance at COP28. The bank will also include transition financing projects and early-stage innovative climate solutions in its target. The new target is seen as a minimum, not a maximum.

First Abu Dhabi Bank (FAB), the largest bank in the UAE, has become the first bank in the MENA region to publish a climate report in line with the Task Force for Climate-Related Financial Disclosures (TCFD) framework. The report outlines FAB's progress in four key areas: governance, strategy, risk management, and metrics and targets related to climate change. The TCFD framework encourages organisations to outline the resilience of their strategies to climate-related risks and opportunities. The report is expected to help FAB's investors and stakeholders understand how the bank considers and assesses climate-related risks and opportunities.