Dubai: Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, on Tuesday attended the opening of the Dubai office of Samba, one of the largest banking groups in Saudi Arabia.
Eisa Al Eisa, Managing Director and CEO of Samba Financial Group, said: "With our premier standing in the industry, we are entering the UAE banking sector with great confidence.
"This is amply reflected in the ratings upgrades we have received from international rating agencies including Capital Intelligence, Moody's and Fitch Ratings which recently upgraded Samba's Long-Term Issuer Default Rating (IDR) to A+ from A."
In addition, he said, Samba also enjoys a venerable international reputation echoed by independent international award bodies which have made Samba the most internationally awarded financial institution in the region.
Al Eisa praised the strong ties between the UAE and Saudi Arabia as cross-border trade continues to grow especially in travel and tourism, real estate, manufacturing and trading.
He cited the increasing number of Emirati firms expanding into Saudi Arabia as well as Saudi companies expanding into the UAE.
"Having secured our 'house' in Saudi Arabia, we have been moving forward with our vision to expand Samba's presence internationally. In 2007, we acquired a majority stake in Crescent Commercial Bank of Pakistan, now a fully integrated member of the Samba group.
"Next year, we will be on the ground in Qatar, thanks to the Qatari authorities who have granted us a licence to operate in their brotherly state. Indeed, we are committed to forge ahead with our vision to reach beyond the borders of Saudi Arabia," he said.
Samba Financial Group will operate as a full-service bank in the UAE, offering a comprehensive range of services including corporate and investment banking.
