First Abu Dhabi Bank (FAB)

Day 1 of the CAPM Hackathon set the stage with comprehensive portfolio management and optimisation sessions. Our experts guided participants through the principles that drive successful investments, including the Capital Asset Pricing Model (CAPM) and mean-variance optimisation. This foundational knowledge is critical for making informed investment decisions. Stay tuned for tomorrow’s exciting sessions.

Today, we celebrate the achievements of our people for being recognised among the World’s 500 Most Sustainable Companies in TIME magazine’s inaugural global list. FAB is the highest-ranked company from the Middle East and Africa to be included in the list, and the only one from the GCC and Africa. Our inclusion highlights FAB’s comprehensive sustainability strategy, and our reputation as a regional pacesetter in sustainable finance and climate action. FAB’s unwavering commitment to sustainability is inspired by our leadership, who model climate change action for our region and for the world, and it will continue to be a hallmark of our operations.

At #FAB, we're not just watching the digital currency evolution, we're leading it. By forging key international partnerships and pioneering cross-border digital currency initiatives, FAB is actively shaping the future of finance in the UAE and beyond. Our recent collaboration with Bank of China underlines our commitment to the China-UAE digital currency corridor, enhancing financial inclusion and streamlining cross-border transactions. With initiatives like the mBridge project and our recent pilot with J.P. Morgan’s Coin Systems, we are at the forefront of utilising blockchain for seamless, secure cross-border payments. This not only boosts economic efficiency but also reduces costs, supports large migrant workforces, and ensures swift financial transactions free from traditional banking barriers. Stay tuned as we continue to innovate and transform digital banking, keeping you one step ahead.

Another positive close for the S&P500 in the U.S. overnight was its seventh consecutive daily gain and, as such, its longest positive streak since last November, according to Bloomberg data. The subliminal, cautiously dovish tone from Fed chair Powell in his two semi-annual testimonies this week has been a tonic for market sentiment and the macroeconomic outlook. Indeed, notwithstanding the amount of data and narrative that we have had to digest this week, global markets have remained calm and reasonably well-behaved.

The pulse of financial technology beats towards a fully digital future, with 63% of consumers seeing money’s future as entirely virtual. At #FAB, we're ahead of the curve with Payit: our pioneering digital wallet launched in 2018, guiding the UAE towards a seamless cashless society. In a world where 60% may soon use digital wallets daily, FAB is not just keeping pace, we’re setting the pace, ensuring every transaction is not only convenient but also secure and forward-thinking.

Global markets are trading under a veil of cautious optimism this morning as we await the first of Fed chair Powell’s semi-annual testimonies. Powell will address the Senate Banking Committee at 18.00 UAE time this evening and then again – with largely the same text – testify before the House Financial Services Committee tomorrow (July 10) at the same time. Mandated by the Humphrey–Hawkins Full Employment Act of 1978, which require the Federal Reserve to formally report on its activities to Congress (twice a year), these testimonies are colloquially known as the Humphrey Hawkins testimonies.

Politics are driving early sentiment this week, in the wake of the UK General Election last Thursday and the second round of voting in the French National Assembly elections yesterday. While there was a nervous tone to the market across much of the European continent ahead of the French vote, on concern of either a far left or far right victory, in the end the result appears to be more market-friendly.

FAB hosted clients for a truly unforgettable cycling experience in Florence, Italy. The event featured the #UAETeamEmirates presentation, bike tours along with the athletes and the grand depart of the Tour de France.

Swipe to see the impactful highlights from our ESG Report 2023. From reducing GHG emissions to pioneering carbon trading, empowering financial inclusion, and fostering a culture of learning and community engagement. Access the full report here: https://shorturl.at/sQihc

We’re proud to unveil our ESG Report 2023, reflecting our commitment to sustainability, governance, and social responsibility. Discover our key achievements and milestones here: https://shorturl.at/a2iDv