First Saudi Arabian banking license launched in DIFC
DIFC presence will help Samba Financial Group access the regional markets
Dubai, UAE, 12th August 2020:
Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region is welcoming the leading Saudi Arabian Bank, Samba Financial Group to its ever growing client list.
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. Samba Financial Group’s reputation in Saudi Arabia for innovation and delivering groundbreaking financial solutions aligns with DIFC’s vision to drive the future of finance. Samba Financial Group strives to be a role model for how corporate citizens should contribute to the economy and the community. 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.”
On receiving the license to operate in DIFC, Ms. Rania Nashar, Chief Executive Officer of Samba Financial Group said: “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.
“I would like to thank everyone who was involved in the licensing process and looking forward to building a close and long-lasting relationship with DIFC.”
DIFC has attracted the world’s leading financial institutions since it opened in 2004. The Centre continues to attract new clients and recently announced over 300 new companies had joined during the first six months of 2020.
Samba Financial Group is a powerhouse in the financial landscape and is amongst the fastest growing financial service corporations in the region. The Group has been consistently rated as the Kingdom’s most innovative financial institution, providing a comprehensive suite of services ranging from Retail, Corporate, Institutional, and Private and Investment banking services. Small and Medium Enterprise banking services have also played a strong role in supporting businesses in the Kingdom.