First Gulf Bank was the first to be established back in 1979. It is a symbol of financial innovation within the UAE. Growth in a region means quick modernization and reach to the global world. Now here FGB thrived by adapting the changing needs of consumers as well as businesses. In 2016, it was cemented in the merger with National Bank of Abu Dhabi to create the largest bank by assets in the UAE-in First Abu Dhabi Bank, or FAB. That merger provided a new era for UAE banking and reflects the spirit of forward-thinking leadership that has long characterized FGB.

First Gulf Bank was founded in the Emirate of Abu Dhabi with the role of acting as an instrument to the growing economic and financial services of the UAE. During its nascent stages, the bank functioned solely through traditional banking services, but once the UAE become a financial global hub, the same FGB would adapt to suit the themes that define the nation’s financial life. The bank expanded its wholesale, consumer, as well as treasury banking sectors through the provision of business-to-business solutions and other retail customers. FGB had increased to three principal departments by the time it restructured itself in 2013, namely, the Wholesale Banking Group, the Consumer Banking Group, and the Treasury & Global Markets Group. Through this restructuring, FGB streamlined its operations as well as improved on its service delivery in the emerging markets, especially Islamic banking and bank assurance.

FGB was not satisfied with making only UAE its clients. It wanted to expand globally. The bank moved into the key international markets of Singapore, Qatar, and the UK. Its subsidiary reach increased through the India, South Korea, Hong Kong, and Libya representation offices. A significant point in the international strategy of the bank was marked by the launch of a Global Wealth Management service in Singapore in 2014. It offered wealth management solutions to high-net-worth clients, thus moving FGB into becoming a global player in the financial services sector. Along the same year, the bank expanded its presence by opening a new representative office in South Korea, hence establishing its strong global presence.

Far from being satisfied with this, however, its international ambitions didn’t stop there. It made headlines by coming out with the very first 250 million Australian-dollar Kangaroo bond, marking its debut in the Australian debt market. FGB was also able to make history again when it emerged as the first Middle Eastern bank to issue a bond in Japan’s Tokyo Pro-Bond market, sustaining its financial innovations on the world stage.

By 2014, FGB had emerged as one of the strongest financial institutions in the UAE. It held shareholder equity of AED 34.1 billion, positioning it among the largest in the region as an equity based bank. FGB produces strong financial results every year. In 2014, net profit reached AED 5.66 billion, 18% more than the previous year. The strength did not go unnoticed, and the international rating agencies commended it highly. Well, Capital Intelligence actually conferred an A+ Financial Strength Rating on FGB back in 2014, and it is also in this time when the RAM Ratings gave FGB that highly prized AAA score. Fitch also did not deviate and reconfirmed its rating as A+ long-term, showing that one would be wrong if he or she would say that financial robustness and stability are only concepts because, after all, it is part of FGB’s makeup.

2016 was also marked by history for FGB with the development of having shareholders approve a merger with National Bank of Abu Dhabi, or NBAD. This merged entity, in the format of a share swap, now became First Abu Dhabi Bank (FAB), the country’s largest bank in terms of assets. Under the arrangement, shareholders of FGB received 1.254 shares of NBAD for every share held of FGB, which provided it with financial muscle to compete on the global platform. The merger was the result of a dream to create a more powerful banking entity that could better serve both the UAE and international markets. The new entity FAB promptly became the largest bank in the MENA region and complemented the massive efforts of the UAE towards building up a quality financial sector. Already in 2014, FGB had started sending signals that it intended to modernize and rebrand. The bank announced a new logo, and the bank now goes by its acronym “FGB” to go with its forward-looking attitude. This was part of a long-term strategy to expand locally and internationally, as it maintained the relationship with its Emirati heritage.

Sponsorships were also strategic, such as FGB being a local sponsor of Ferrari World Abu Dhabi, which is the largest indoor Ferrari-branded theme park in the world. The bank also opened the FGB Arena at Zayed Sports City, which is a multi-use venue hosting sporting events, concerts, and exhibitions.

Originally established as the first local bank of Abu Dhabi emirate back in 1968, National Bank of Abu Dhabi, or NBAD, was one of the true pioneers of the banking scene in UAE. Over the passage of decades, the financial institution that began modestly as a domestic institution came to be one of the financial powerhouses, not just of the UAE but also of the entire Middle East and international level. This expansion strategy and innovative banking services paved its way to become the largest bank in the region, First Abu Dhabi Bank (FAB), after the merger with the First Gulf Bank (FGB) in 2016. Today, NBAD’s legacy lives through FAB’s activities, still dominating the MENA region.

National Bank of Abu Dhabi was established in 1968, under the guidance of the UAE’s visionary founder, Sheikh Zayed bin Sultan Al Nahyan. The aim of this bank was to establish a financial institution large enough to cater to the increasing economic requirements of Abu Dhabi and eventually other emirates. The banks specialized in retail and corporate banking services, later further developing their portfolios into wholesale, investment, and Islamic banking. It was in the 1970s when NBAD emerged as the first UAE bank to take its activities abroad, opening its first international branch in Cairo, Egypt in 1975. It continued its journey into Europe and North America by making a presence in London and the U.S. by end-1977, thereby granting its ambition of building a global presence.

The expansion of NBAD was centered on the West-East Corridor, as defined by the bank as the geographical area from West Africa to East Asia. During this period, the bank expanded a strong international presence through branches, subsidiaries, and representative offices in 17 countries, including Malaysia, India, Hong Kong, China, and South Korea. Thus, focusing on the emerging markets in Asia and Africa, the bank was planning to become a global player in the financial ecosystem. Its international expansion included partners in the industries too with companies like Unilever and Siemens where it can use banking capabilities across other businesses. By 2015, NBAD had established a regional finance base in India with this development underpinning the intentions of deepening its penetration in the South Asian market.

In June 2016, NBAD announced that it would merge with First Gulf Bank (FGB), a move that was to transform the financial landscape both in the UAE and the wider MENA region. The deal that was completed in December 2016 formed First Abu Dhabi Bank, which has since become the largest Middle East and North Africa bank by assets. It was structured on a share-for-share basis whereby FGB shareholders were made to receive 1.254 NBAD shares for every FGB share owned. This strategic move was in the name of meeting the objective of establishing a bank with the competitive power to compete in the international arena, combined with greater financial muscle and a broadened services profile. Today, FAB stands as a symbol of the strength of the union between NBAD and FGB whose operations now traverse five continents.

NBAD also played a leading role at the leadership level in Islamic banking in the UAE. NBAD also offered Sharia-compliant banking through its subsidiary, Abu Dhabi National Islamic Finance Company (ADNIF), established in 2008, given growing demand for ethical banking solutions within the region. The bank’s range of Islamic banking products primarily consisted of retail, corporate, and investment banking services, which helped it to attract a diverse customer base. In the financial services sector, the bank was also innovating into modern wealth management, private banking, and property management. The capability of NBAD to be responsive and change according to the needs of the market has helped the bank to be placed among the safest and most stable banks in the world.

The rating agencies that are internationally recognized also gave high credit ratings to NBAD. In fact, in 2013, Standard & Poor’s raised the credit rating of the bank on account of close relations with the government of Abu Dhabi and recognition of the importance of the bank for the financial system. The Moody’s agency, Fitch, and other agencies constantly ranked NBAD among the safest banks in the world.

Based in the Middle East since 1966, the engineering and construction firm, Drake & Scull, has grown to become one of the leader companies, initially starting as an Abu Dhabi office to eventually becoming a global player. With projects across the Middle East, Europe, and North Africa, the firm played a crucial role in shaping some of the region’s most important landmarks. Today, Drake & Scull is doing leads for innovative solutions in engineering, oil & gas, and water treatment—nothing matched in the industry, rather setting new standards.

The firm’s history dates back to 90 years ago in the United Kingdom; however, crossing borders to the Middle East in 1966 was the point at which the firm began moving toward expansion. From humble beginnings in Abu Dhabi, Drake & Scull International is today the leader with its one-stop-shop, best-of-class packages of construction and engineering that can satisfy any requirement. DSI operates projects throughout Europe and North Africa.  Today, it operates out of its offices in all the key markets being Dubai, Kuwait, Egypt, Jordan, Algeria, and India. This impressive reach indeed speaks of the company’s expertise, innovation, and adaptation to the shifting demand of the global market.

Drake & Scull is one of those stalwarts of the Middle East and beyond in continuous leadership and working on some of the iconic infrastructure projects around the region. The company is segregated into three main operating companies: Drake & Scull Engineering DSE; it serves Mechanical, Electrical, and Plumbing MEP solutions. Further, the company has Drake & Scull Oil & Gas DSOG; for the oil industry and facility-specific services onshore and offshore. It also houses Passavant Energy & Environment PE&E, which offers up-to-date water and wastewater treatment solutions. Such distinctions have enabled Drake & Scull to gain the reputation for quality and efficiency, which has subsequently allowed the company to successfully execute large-scale projects across vast sectors such as residential, commercial, industrial, and hospitality.

In just five decades, Drake & Scull has grown from a regional engineering firm into a global, multi-billion-dollar organization. A landmark moment in the company’s history would be in 2008, where it floated 55% of its shares to the public through an Initial Public Offering (IPO). The IPO was very successful with the oversubscription running over 101 times. It was consequently recognized by Ernst & Young that ranked it within the top 20 global IPOs of the year. This has made Drake & Scull a company that records sustainable profitability and growth even during challenging times. The company attributes this through innovative business models, strategic expansion, and commitment to quality standards.

As the core of Drake & Scull’s operations include a commitment to sustainability, safety, and quality. The company’s Integrated Management Systems align with international standards on quality management that include ISO 9001:2015, environmental management or ISO 14001:2015, and occupational health and safety management or ISO 45001:2018. It ensures adherence to high-rating building and safety regulations and sound environmental and energy management practice. Drake & Scull has gone a long way in becoming environmentally friendly. This is further delivered by the PE&E division, offering cutting-edge water treatment and waste management solutions. Focusing on sustainable practices, this company is not only working to address current environmental challenges but also strives for ensuring a better future for generations to come.

Strong adaptability and innovation have been at the forefront of Drake & Scull’s success in its great growth. The company has expanded significantly in recent years by focusing on digital transformation and technological advancements, hence enabling improved efficiencies and better project delivery at reduced operational costs. Such new technology assists Drake & Scull in remaining at the forefront of the engineering and construction industry and indeed a new benchmarking mark for quality and performance.

Guided by a vision for future growth and a firm commitment to excellence, Drake & Scull is geared to continue to be the global leader in engineering. Its portfolio of projects has diversity that ensures its focus on sustainability and innovation leads to it being a big player in the future of this region.