First Abu Dhabi Bank Unlocks New Business Excellence Opportunities With Core42, Supported By Microsoft

(MENAFN- Mid-East) Dubai, United Arab Emirates – First Abu Dhabi Bank (FAB), the UAE's largest bank, has joined forces with Core42, a G42 company and full-spectrum AI enablement solutions provider, to accelerate the migration of its data centre and workload to Microsoft Azure. The collaboration is aligned with FAB's digital transformation journey, and will harness the cutting-edge capabilities of Microsoft's highly trusted and intelligent Azure cloud platform to optimise operations across various divisions within the bank, including Retail, Corporate, SME, Investment Banking, Risk, and Finance. The collaboration also enables FAB to benefit from Core42's sovereign controls platform build on Microsoft Azure to help achieve data sovereignty and meet its UAE regulatory obligations, along with access to the pioneering cloud and AI solutions available on Microsoft Azure .

Suhail Bin Tarraf, Group Chief Operating Officer at First Abu Dhabi Bank, said:“We continue to invest in technology and innovation as the Group seeks to deliver value to our customers who are at the heart of everything that we do. This partnership with Core42 is a key part of FAB's digital transformation journey and will enable us to leverage Microsoft's Azure cloud platform to bolster our operations and deliver an enhanced experience for our customers across the board.”

FAB is also working closely with Core42 and Microsoft to drive innovation around generative AI, advanced analytics, and other AI scenarios, through a dedicated Centre of Excellence, with the aim to bring value through AI adoption to every function of the organisation.

Kiril Evtimov, Chief Executive Officer at Core42, stated:“By seamlessly integrating Microsoft Azure with Core42's sovereign cloud capabilities and Jais AI large language model, we are empowering First Abu Dhabi Bank with a platform to drive rapid innovation and scale efficiently. As Core42, we are honored to be a partner in this collaboration and serve as an enabler for FAB in their pursuit to be on the forefront of technological advancements and delivering outstanding service to their customers.”

Naim Yazbeck, General Manager, Microsoft UAE, noted that the collaboration marks a significant step in the digital transformation of the regional financial landscape.“By embracing the latest cutting-edge cloud and AI technologies, FAB is paving the way for a more efficient, innovative, and customer-centric future for the financial services industry. We are excited to support them in realising this future through the advanced capabilities of Microsoft Azure, to help deliver smarter and engaging customer experiences.”

This extends the ongoing collaboration between FAB and Microsoft, along with Core42, in leveraging Azure's broad array of analytics and AI solutions, to make the value of useful data central to the bank's operations and deliver better experiences for customers in the region.

About First Abu Dhabi Bank:

Headquartered in Abu Dhabi with a strategic global footprint across 20 markets, FAB is the finance and trade gateway to the Middle East and North Africa region (MENA). With total assets of AED 1.2 trillion (USD 318 billion) as of December-end 2023, FAB is among the top 50 banks globally by market capitalisation and one of the world's largest banking groups. The bank provides financial expertise to its wholesale and retail client franchise across four business units: Investment Banking, Corporate and Commercial Banking, Consumer Banking, and Global Private Banking. FAB is listed on the Abu Dhabi Securities Exchange (ADX) and rated Aa3/AA-/AA- by Moody's, S&P and Fitch, respectively, with a stable outlook. On sustainability, FAB holds an MSCI rating of 'A', also ranked among the top 10% of banks globally by Refinitiv's ESG Scores and the best performer in the MENA region.

About Core42:

Core42, a G42 company, is a full-spectrum AI enablement solutions provider. Being at the core of the G42 ecosystem, Core42 serves as a trusted partner who innovates and implements at speed and scale. Building on our global partnerships and comprehensive set of capabilities across cloud, cybersecurity, AI & data, and digital services, our purpose is to accelerate what people, enterprises and nations can achieve with AI.

About Microsoft:

Microsoft (Nasdaq“MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more. Microsoft opened its Dubai-based headquarters in 1991, which, today, oversees operations across the region.

MENAFN07032024005446012082ID1107950428