Dubai: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has become the first registered Omnibus Account Operator with the Dubai Central Securities Depository (Dubai CSD), following the recently published Omnibus Account rules from Dubai CSD.

The Omnibus Accounts model enables clients to access Dubai CSD eligible securities through a pooled account, reducing market entry requirements and eliminating the need for Power of Attorney for general meetings and voluntary events from the beneficial investor. Dubai CSD looks forward to working with other regulated eligible entities to open omnibus accounts to hold and trade securities on behalf of beneficial owners through a single investor number (NIN).

FAB has played an active role in developing the Omnibus regulations in the UAE, providing formal feedback and suggestions to the Securities & Commodities Authority (SCA), and engaging in ongoing discussions regarding the proposed operating mechanisms with the depositories.

“We are pleased to have partnered with SCA and the Dubai CSD to formalise the Omnibus Account structure in the UAE, and we are equally delighted to be the first to offer this service.  One of FAB’s core objectives is to collaborate with the local market infrastructure to create the most efficient conditions for our Global Intermediary clients and local investors to access the UAE market. The introduction of the DFM omnibus account structure is a great example of such an initiative.  We believe this is a positive initial step that will particularly assist local asset managers and international broker dealers with their operational activities with the UAE markets,” said Ahmad Naseer, Managing Director, Head of UAE Securities Services & Product Development.

Hamed Ali, CEO of DFM and Nasdaq Dubai, said, "We welcome the efforts of FAB, to become the first registered Omnibus Account Operator and to be a catalyst in the development of Omnibus regulations in the UAE. This is an integral part of our goal to promote the growth of capital markets in Dubai and drive its development in line with our international peers. Through this initiative, we aim to provide investors with greater participation and access to diversified investment opportunities in Dubai's capital markets, while enabling them to achieve significant operational and cost efficiencies."

The introduction of DFM Omnibus Accounts meets the market accessibility and market quality requirements of the MSCI Market Accessibility Criteria.

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About Dubai Financial Market:

Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body. DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000 and became the first Islamic Shari’a-compliant exchange globally since 2007. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20 per cent of its paid-up capital of AED 8 billion, DFM became a public joint stock company, and its shares were listed on 7 March 2007 with the trading symbol (DFM). Following the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company through Borse Dubai Limited. www.dfm.ae

About First Abu Dhabi Bank PJSC:

FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s focus is to create value for its employees, customers, shareholders and communities to grow through differentiation, agility and innovation.

Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is a trusted adviser and regional partner to major institutions, emerging companies    and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and  facilitating trade flows across developed and emerging markets.

With total assets of over AED 1.1 Trillion (USD 302 Billion) as of December-end 2022, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively - the strongest combined ratings of any bank in the MENA region. The Bank has been    ranked by Global Finance as the Safest Bank in the UAE and the Middle East since 2011, and #31 Safest Bank globally in 2022. The Banker’s Top 1000 World Banks 2021 rankings, measured by Tier 1 capital, ranked FAB as #1 in the UAE, #3 in the Middle East and #91 across the globe. FAB is also a regional sustainability leader (MSCI ESG rating of ‘A’), and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.

For further information, visit: www.bankfab.com.

Media contacts
FAB:
Bana Dajani
Weber Shandwick
Email: BDajani@webershandwick.com
DFM:
Noora Al Soori
Dubai Financial Market
Email: nalsoori@dfm.ae
Shraddha Sundar  
Edelman Smithfield
Email: shraddha.sundar@edelmansmithfield.com