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First Saudi Arabian Banking License Launched in DIFC

First Saudi Arabian Banking License Launched in DIFC

Thursday, 13 August, 2020 - 04:45
FILE PHOTO: People walk outside the Gate Building at the Dubai International Financial Centre (DIFC) November 28, 2011. REUTERS/Nikhil Monteiro

Samba Financial Group on Wednesday became the first Saudi Arabian bank to be established in the Dubai International Financial Centre (DIFC).

“DIFC’s legal and regulatory framework and infrastructure provides us with the ideal platform to grow, not just in the UAE, but across the region. Our presence reinforces Samba’s commitment to the UAE, is part of the Group’s strategic growth plans and will also allow us to enhance our client coverage in the region,” said Rania Nashar, Chief Executive Officer of Samba Financial Group.

Deputy CEO for Business at Samba Financial Group Shujaat Nadeem thanked concerned authorities for their support throughout the process of obtaining the license and said that the group looks forward to a long-term partnership with the Dubai Financial Services Authority and the Dubai International Financial Centre.

Nadeem also added that the group looks forward that the existing branch in the DIFC serves as an important addition to its presence in Dubai, and to significantly enhance its service capabilities, and reaffirm its commitment to the UAE and the region.

Arif Amiri, Chief Executive Officer of DIFC Authority said: “We would like to thank Samba Financial Group for being the first bank from Saudi Arabia to establish a presence in the DIFC to service UAE and the region. Being part of the region’s largest and comprehensive financial ecosystem of more than 2,500 companies, including 820 financial firms will be a catalyst for their growth.

Samba Financial Group is known in Saudi Arabia for transforming the financial services sector which aligns perfectly to DIFC’s vision to drive the future of finance. We are looking forward to helping them access the fast-growing markets across the region.”

Samba Financial Group will become the first Saudi Arabian bank to establish in DIFC. The group will use DIFC to build an international presence by enhancing client coverage with professional clients across the region. The expansion complements Samba Financial Group’s UAE full-service banking presence, which was established in 2008.

The DIFC’s robust legal and regulatory framework, alongside its highly developed and comprehensive financial ecosystem, continues to be a catalyst for growth in regional banking.

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