Cairo – First Abu Dhabi Bank Misr (FABMISR), a subsidiary of the UAE’s First Abu Dhabi Bank Group (FAB), has opened its 63rd branch in Egypt within the Suez Canal Economic Zone (SCZone).

The new branch is located in Ain Sokhna and aims to provide banking services to businesses and individuals in the area which has emerged as an important hub for trade and exports in Egypt, according to a press release.

The importance of this town is largely due to the presence of Sokhna Port and the Sokhna Industrial Zone, which currently has 12 developers.

CEO and Managing Director of FABMISR, Mohamed Abbas Fayed, said: “FABMISR recognises the importance of infrastructure development in the region. Sokhna Port is undergoing substantial enhancements to accommodate increasing trade volumes.”

Fayed noted: “Our presence in Ain El-Sokhna equips us to provide financial support for these developments, fostering partnerships with the port authorities for mutual growth and prosperity.”

He added: "As we expand our footprint across Egypt, we remain committed to our mission of delivering innovative and customer-centric banking solutions in close proximity to everyone.”

In May 2023, FABMISR launched its payment gateway, Access by FABMISR, as part of its strategy to support Egypt’s plan for digital transformation and financial inclusion.

It is worth mentioning that FAB’s unit in Egypt achieved net profits worth EGP 6.60 billion during the period from January to June 2023 while its customer deposits totalled EGP 149.50 billion.

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