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First Saudi Arabian Banking License Launched in DIFC

FILE PHOTO: People walk outside the Gate Building at the Dubai International Financial Centre (DIFC) November 28, 2011. REUTERS/Nikhil Monteiro
FILE PHOTO: People walk outside the Gate Building at the Dubai International Financial Centre (DIFC) November 28, 2011. REUTERS/Nikhil Monteiro
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First Saudi Arabian Banking License Launched in DIFC

FILE PHOTO: People walk outside the Gate Building at the Dubai International Financial Centre (DIFC) November 28, 2011. REUTERS/Nikhil Monteiro
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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Ukraine Receives First 3 Bln Euro Tranche of G7 Loan from EU

An explosion of a drone after it hit an apartment building is seen in the sky during a Russian drone strike, amid Russia's attack on Ukraine, in Kyiv, Ukraine January 10, 2025. REUTERS/Gleb Garanich
An explosion of a drone after it hit an apartment building is seen in the sky during a Russian drone strike, amid Russia's attack on Ukraine, in Kyiv, Ukraine January 10, 2025. REUTERS/Gleb Garanich
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Ukraine Receives First 3 Bln Euro Tranche of G7 Loan from EU

An explosion of a drone after it hit an apartment building is seen in the sky during a Russian drone strike, amid Russia's attack on Ukraine, in Kyiv, Ukraine January 10, 2025. REUTERS/Gleb Garanich
An explosion of a drone after it hit an apartment building is seen in the sky during a Russian drone strike, amid Russia's attack on Ukraine, in Kyiv, Ukraine January 10, 2025. REUTERS/Gleb Garanich

Ukraine received its first 3 billion euro ($3.09 billion) tranche of the European Union's portion of the Extraordinary Revenue Acceleration (ERA) loan agreed for Ukraine by the G7 group of countries, its prime minister Denys Shmyhal said on Friday.

It was the first tranche of EU loan secured by profits from frozen Russian assets, Shmyhal wrote on the Telegram app.

G7 leaders in October agreed to provide some $50 billion in loans to Ukraine via multiple channels.
"Today, we deliver €3 billion to Ukraine, the 1st payment of the EU part of the G7 loan. Giving Ukraine the financial power to continue fighting for its freedom – and prevail," European Commission President Ursula von der Leyen said on social media platform X.

In other economic news, Ukraine's steel output rose by 21.6% in 2024 to 7.58 million metric tons, its producers union said late on Thursday, though fighting that is closing in on the country's only coking coal mine threatens to slash volumes this year.

Steel production has already suffered since Russia's invasion on Feb. 24, 2022, which has led to the destruction of leading steel plants.

Ukraine, formerly a major steel producer and exporter, reported a 70.7% drop in output in 2022 to 6.3 million tons. It fell to 6 million tons in 2023.

The steelmakers' union said in October the potential closure of the Pokrovsk mine, Ukraine's only coking coal mine, could cause steel production to slump to 2-3 million metric tons in 2025.
Advancing Russian forces are less than 2 km (1.24 miles) from the mine, Ukrainian military analyst DeepState said on Friday.
The mine's owner, steelmaker Metinvest BV, said last month it had already halted some operations at the mine and two industry sources said it was operating at 50% capacity.
Producers have said they hope to find coking coal from elsewhere in Ukraine should the mine be seized by Russian troops, but imports would inevitably be needed which would raise costs.