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Dubai’s DIFC grants banking licence to Samba Financial Group

Dubai’s DIFC grants banking licence to Samba Financial Group

Samba Financial Group’s presence in DIFC will facilitate its access to regional markets

Dubai International Financial Centre (DIFC) has granted its banking licence to Saudi Arabian bank, Samba Financial Group.

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 across the region.

The expansion complements Samba Financial Group’s UAE full-service banking presence, which was established in 2008.

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 the 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.”

“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,” added Rania Nashar, chief executive officer of Samba Financial Group.

Since its establishment in 2004, DIFC has attracted the world’s leading financial institutions, and has recently announced that over 300 new companies had joined during the first six months of 2020.

Also read: Revealed: Key facts about the new data protection law issued by Dubai’s DIFC

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