The first bank from the Kingdom to obtain a license to operate in the center
Saudi Arabia’s Samba uses Dubai International Financial as a platform for its international operations
The Dubai International Financial Center seeks to lead the future of the financial sector. From the source
Aref Amiri: “(Dubai International Financial) will provide the group with the largest integrated financial system in the region.”
The Dubai International Financial Center announced the joining of the Saudi «Samba Financial Group» to the list of active companies listed within the center.
The center stated in a statement yesterday that, according to this license, “Samba Financial” will become the first Saudi bank to conduct its business and open a representative office for it in the Dubai International Financial Center, as the group will benefit from the global platform provided by “Dubai International Financial”, to enhance its presence. The group’s global business, and enhancing customer service throughout the region, pointing out that this expansion comes as a continuation of the group’s plans to expand its business in the region, which began in 2008 when it began offering its comprehensive banking services in the UAE.
The statement stressed that this expansion confirms that the DIFC provides a set of world-class legal and regulatory frameworks, as well as a comprehensive and advanced financial system, which constitutes an incentive for companies seeking to achieve growth in providing regional banking services.
According to the statement, “Samba Financial Group” has a distinguished reputation in Saudi Arabia in the fields of innovation and providing financial solutions consistent with the vision of the Dubai International Financial Center to lead the future of the financial sector. As a financial and banking group, the group seeks to appreciate and recognize it as a model to follow in how The contributions of national companies to the economy and society.
Arif Amiri, CEO of the DIFC Authority, said: “We thank (Samba Financial Group), being the first bank from Saudi Arabia to establish an office in the DIFC, to provide its services to the UAE and the region, and to provide it with the largest integrated financial system on The level of the region with more than 2500 companies, including 820 companies specialized in the financial sector, which opens the way for many opportunities and important factors for growth.
He added: “Samba Financial has been distinguished in the Kingdom in terms of developing and transforming the financial services sector, in line with the vision of the Dubai International Financial Center, to lead the future of the financial sector, and we look forward to cooperating with the group to facilitate its access to the rapidly growing regional markets.”
In turn, CEO of "Samba Financial Group", Rania Nashar, said, "The strength of the legal, regulatory and infrastructure framework of the Dubai International Financial Center has provided us with an ideal platform, through which we can grow and continue to serve customers in the UAE and the region."
"The DIFC branch comes within the framework of (SAMBA's) strategic growth plans, and will be an important component of the group's business in the UAE," she added, expressing her thanks to everyone who participated in the licensing process. "I look forward to building a close and long-term relationship with the Dubai International Financial Center," she said.
Samba Financial Group
Samba Financial Group specializes in the financial sector and is among the fastest growing financial services companies in the region. The group has been classified as the most innovative financial institution in the Kingdom, as it provides a comprehensive range of services ranging from banking services to individuals, companies, institutions and banking services. Private and investment banking services, as well as banking services for small and medium-sized companies, played a key role in supporting businesses in the Kingdom.
300 new companies
Since its opening in 2004, the DIFC has attracted financial institutions around the world and continues to attract new clients, as it recently announced the joining of more than 300 new companies during the first six months of 2020.