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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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Oil Rises on Prospects of Wider Middle East War, Firmer Global Supply Caps Gains

A pumpjack extracts oil in the Inglewood Oil Field in Los Angeles, Wednesday, Sept. 25, 2024. (AP Photo/Eric Thayer)
A pumpjack extracts oil in the Inglewood Oil Field in Los Angeles, Wednesday, Sept. 25, 2024. (AP Photo/Eric Thayer)
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Oil Rises on Prospects of Wider Middle East War, Firmer Global Supply Caps Gains

A pumpjack extracts oil in the Inglewood Oil Field in Los Angeles, Wednesday, Sept. 25, 2024. (AP Photo/Eric Thayer)
A pumpjack extracts oil in the Inglewood Oil Field in Los Angeles, Wednesday, Sept. 25, 2024. (AP Photo/Eric Thayer)

Oil prices rose on Thursday as the prospect of a widening Middle East conflict that could disrupt crude oil flows from the key exporting region overshadowed a stronger global supply outlook.
Brent crude futures gained 80 cents, or 1.08%, to $74.7 a barrel as of 0405 GMT. US West Texas Intermediate crude futures gained 85 cents, or 1.21%, to $70.95.
"Following the initial jitters from geopolitical risks in the Middle East, we have seen some calm return to global markets, but of course, with market participants still keeping a side-eye on any upcoming Israeli response," said Yeap Jun Rong, a market strategist at IG.
"The question for oil now is whether Iran's energy infrastructure will be in Israel's crosshairs," said Yeap.
Israel bombed central Beirut in the early hours of Thursday, killing at least six people, after its forces suffered their deadliest day on the Lebanese front in a year of clashes against Iran-backed armed group Hezbollah, reported Reuters.
The strike comes a day after Iran fired more than 180 ballistic missiles at Israel in an escalation of hostilities, which have seeped out of Israel and occupied Palestinian territories into Lebanon and Syria.
"From here, it's a waiting game to see what the Israeli response will be and I suspect that comes after the conclusion of the Rosh Hashanah holiday tomorrow," said IG market analyst Tony Sycamore.
"I doubt that Israel will target Iranian oil infrastructure, as such a move would likely drive oil prices towards $80, which would be frowned upon by Israel's allies, who are making strides against inflation," Sycamore said.
Meanwhile, US crude inventories rose by 3.9 million barrels to 417 million barrels in the week ended on Sept. 27, the Energy Information Administration said, compared with expectations in a Reuters poll for a 1.3 million-barrel draw.
"Swelling US inventories added evidence that the market is well supplied and can withstand any disruptions," ANZ analysts said in a note.
Some investors remained unfazed as global crude supplies have yet to be disrupted by unrest in the key producing region, and spare OPEC capacity tempered worries.
"After Iran's attack, prices may stay elevated or remain more volatile for a little longer, but there's enough production, there's enough supply in the world," chief executive officer of East Daley Analytics, Jim Simpson, told Reuters.
OPEC has enough spare oil capacity to compensate for a full loss of Iranian supply if Israel knocks out that country's facilities.
"The effectively available spare capacity might be much lower if renewed attacks on energy infrastructure on countries in the region happen," said Giovanni Staunovo, a UBS analyst.