First Abu Dhabi Bank’s (FAB) securities services franchise spent 2024 converting scale into concrete market share gains across the Middle East.
In its home market, the bank retained its position as the largest direct custodian, safeguarding roughly half of all assets held with licensed providers. This domestic strength was mirrored by rapid progress in Saudi Arabia, where FAB Capital surged from 32nd to sixth largest custodian within a single calendar year, an ascent that testifies to the appeal of its on-the-ground operating model and next-generation technology stack.
In Egypt, mandates from State Street and BNP Paribas expanded FAB’s sub-custody book and positioned the bank as joint-largest direct-custody network in MENA, now spanning seven markets with Qatar due to join shortly.
The bank’s specialist team, spread across six countries, averages 19 years of custody and securities-services experience
The bank’s specialist team, spread across six countries, averages 19 years of custody and securities-services experience from institutions such as BNY Mellon, Citi, HSBC and Northern Trust. This depth is supplemented by the bank’s technology offering: its single omni-channel platform automates back-office workflows, deploys interactive risk dashboards and minimises settlement delays, giving clients institutional-grade controls without the cost drag typically associated with bespoke infrastructure.
The year’s headline innovation was MENASSA – meaning “platform” in Arabic – an integrated suite of post-trade services tailored to MENA asset managers. MENASSA combines the breadth of FAB’s custody network with fund-administration engines powered by State Street, offering what amounts to the region’s largest coverage of fund jurisdictions from a single provider.
Early uptake has been swift: in its first 12 months the service attracted mandates exceeding $1 billion in assets under administration.
