A Jordanian bank enters ADGM with a full banking licence
On 24 September 2026 one of Jordan's leading banks — Bank al Etihad — announced its entry into the UAE market. The bank signed a Memorandum of Understanding (MoU) with Abu Dhabi-based Ethmar International Holding (EIH) and a group of UAE-based investors to set up a new bank in Abu Dhabi Global Market. The proposed entity will operate under a Category 1 licence — a full-fledged banking authorisation that allows accepting deposits and a complete product suite — under supervision of the Financial Services Regulatory Authority (FSRA).
Who signed and what exactly was agreed
The parties to the MoU:
- Bank al Etihad — headquartered in Amman, listed on Amman Stock Exchange (ticker ETHD). The bank's international footprint currently covers Jordan and Iraq; ADGM would become its third jurisdiction and the first in the GCC.
- Ethmar International Holding (EIH) — an institutional investment holding group in Abu Dhabi, listed on Abu Dhabi Securities Exchange since May 2023. Portfolio spans energy, real estate, investment, technology, healthcare and sports.
- Additional UAE-based investors also joined the arrangement; the public press release does not disclose their names.
The capital size, launch timeline and names of the MoU signatories have not been disclosed publicly. The parties explicitly state that the launch remains subject to all necessary official approvals — in practice, final FSRA authorisation and, where applicable, the Jordanian regulator, plus concurrent compliance with the regulatory requirements of both countries.
What Category 1 actually means at FSRA
ADGM uses a five-tier prudential classification (Category 1–5), where Category 1 is the top rung for full-fledged banks. It authorises Accepting Deposits — taking deposits from an unrestricted client base — plus the associated financial services (lending, investment banking, corporate accounts, cross-border payments). The FSRA minimum base capital is US$10 million, risk-based capital minimums of at least 6% CET1 and 8% Tier 1, a regular ICAAP and full compliance with the ADGM prudential regime.
For contrast, most ADGM licences are issued in categories 3A/3B/3C (intermediation and investment services) and 4 (advisory). Only full-fledged banks hold Category 1 — placing the new bank in the same tier as ADCB, First Abu Dhabi Bank, Emirates NBD and other major Category 1 banks operating within the ADGM perimeter.
Who the bank will serve
Per the press release, the bank is targeted at corporate, institutional and high-net-worth (HNWI) clients. Core focus areas — cross-border transactions and serving companies doing business outside the UAE mainland. No retail banking is mentioned in the announcement.
For international investors and entrepreneurs, this means a potential new channel for a UAE corporate bank account with an ADGM structure — especially for those already working with the Jordanian or Iraqi market and looking for a single banking partner across three jurisdictions. UAE supervision by FSRA plus dual compliance (UAE and Jordan) is a strong signal for MENA clients.
What this changes for the ADGM ecosystem
Adding another Category 1 bank inside ADGM fits Abu Dhabi's strategy to position the zone as a global financial hub. In recent months ADGM has attracted several major names — EQT AB (September 2026, Middle East platform launch), Sullivan & Cromwell (Abu Dhabi office, September), new Category 1 banking structures. The partnership with a Jordanian bank adds a Jordan-UAE corridor, aligned with the UAE's broader policy of deepening ties across the MENA region.
For readers tracking UAE business regulation in 2026, the deal is another example of how the UAE uses the ADGM model (English common law, an independent court, FSRA) to attract institutional players rather than only mass-market retail flows.
What we cannot claim yet
We deliberately flag the limits of this news. As of 24 September 2026:
- No launch date for the bank has been announced — there is only an in-principle agreement (MoU) and a stated intention.
- The initial capital size and ownership structure are not disclosed.
- The identities of the additional UAE-based investors in the consortium are not named publicly.
- The final FSRA licence has not been issued. Until all regulatory approvals are received, the bank cannot start business.
Further detail — capital size, executive team, timeline — will come through the FSRA authorisation process. We will update this piece as soon as the next official announcement is issued.
