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Saudi Samba opens branch in Doha

JEDDAH — The Samba Financial Group has become the first Saudi bank to open a branch in Doha and establishing a presence in Qatar.

The new branch is situated in the Tornado Tower in West Bay, a prestigious business district in the Qatari capital.

Samba has been licenced as a category one financial institution, which means it is authorised to conduct various banking activities such as deposit taking, dealing in investment, providing credit facilities, arranging credit facilities, managing investments and advising on Shariah-compliant investments.

Eissa Al Eissam, Samba chairman, thanked the Qatari authorities for granting Samba a licence to open the Doha branch.

“We look forward to engaging in banking activity in the State of Qatar and contributing to the development of Qatar’s banking industry,” he said.

He acknowledged the historic ties between Saudi Arabia and Qatar as well as the growing economic, financial and cultural cooperation between the two countries.

Al Eissam said the newly-established presence in Qatar underlines the success of the bank’s regional expansion strategy.

“It also demonstrates the financial strength of Samba and reflects the prudent selection of investment opportunities to promote the group’s growth,” he said, and added Doha has a promising financial market that is experiencing extensive growth.

Eissa Al Eissam said that the Qatar branch would contribute significantly to realising the Saudi Arabian bank’s vision of expanding its regional presence.

· habib@khaleejtimes.com