Saudi Arabia’s Samba Group chooses DIFC for international operations
First Saudi Arabian banking license launched in DIFC
Dubai: Samba Financial Group on Wednesday became the first Saudi Arabian bank to establish in Dubai International Financial Centre (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.
“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,” said Arif Amiri, Chief Executive Officer of DIFC Authority.
Samba Financial Group is known in Saudi Arabia for transforming the financial services sector.
“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 .
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.