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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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Saudi Arabia Leads Global Efforts Against Desertification at COP16

Saudi Arabia establishes principles for combating desertification and drought (SPA)
Saudi Arabia establishes principles for combating desertification and drought (SPA)
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Saudi Arabia Leads Global Efforts Against Desertification at COP16

Saudi Arabia establishes principles for combating desertification and drought (SPA)
Saudi Arabia establishes principles for combating desertification and drought (SPA)

Saudi Arabia is leading international efforts to address desertification and its negative impacts on economies, societies, and environments worldwide. This initiative comes as the Kingdom prepares to host the 16th Conference of the Parties to the United Nations Convention to Combat Desertification (COP16).

To support sustainable development goals, Saudi Arabia sent a high-level delegation to the 79th United Nations General Assembly, led by Foreign Minister Prince Faisal bin Farhan Al Saud.

This delegation launched a significant initiative involving the upcoming three COP conferences on climate change, biodiversity, and desertification.

The aim is to create comprehensive solutions that enhance the outcomes of these agreements, which have been working for 30 years to improve life on Earth and ensure the sustainability of natural resources.

Speaking to Asharq Al-Awsat, Dr. Osama Ibrahim Faqeeha, Deputy Minister of Environment, Water, and Agriculture in Saudi Arabia and advisor to COP16, emphasized that recent meetings are part of ongoing efforts that began when Saudi Arabia announced it would host one of the largest global environmental conferences.

This decision highlights the international community’s trust in the Kingdom’s leadership on these critical issues, according to Faqeeha.

The deputy minister also mentioned Saudi Arabia’s recent call to governments at the United Nations General Assembly, urging them to take decisive action at COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh in early December.

Saudi Arabia’s Preparations for COP16

As COP16 approaches, Saudi Arabia is taking on a crucial role at both regional and international levels to host the conference.

Faqeeha noted that the Kingdom has launched the “Middle East Green Initiative,” a unique coalition designed to address climate change through regional cooperation.

This initiative aims to create a sustainable future by diversifying the economy, generating jobs, and attracting private sector investments.

It focuses on two main goals: increasing tree planting and reducing carbon emissions in the region.

Additionally, Saudi Arabia is establishing regional centers and programs to help achieve these objectives and promote investments in the circular carbon economy and reforestation efforts.

Faqeeha highlighted that Saudi Arabia’s efforts have earned global trust, making it the ideal host for COP16.

He pointed out that during its G20 presidency, the Kingdom launched an initiative, aiming to unify global efforts for innovative solutions in land restoration and drought resilience.

This initiative is vital for food and water security, especially as a quarter of the world's population faces drought conditions, with projections suggesting that three out of four people may experience water scarcity by 2050.

In terms of preparations for COP16, Faqeeha noted that the conference will showcase Saudi Arabia’s dedication to tackling climate change and finding effective solutions for land degradation.

The Kingdom has implemented proactive measures and revised environmental laws to reaffirm its commitment to international agreements.

“We have worked hard to bring together the world’s best minds and resources in Riyadh to pave the way for a sustainable future,” Faqeeha told Asharq Al-Awsat.

As part of the preparations for this 30th anniversary of the UN Convention to Combat Desertification, Faqeeha said: “We will present evidence to delegations showing that significant financial returns are possible for the global community, along with real benefits for society, in line with global development goals.”