JEDDAH: Eissa Al-Eissa, managing director and CEO of Samba Financial Group, recently inaugurated the new Samba head office in Dubai, making Samba the first Saudi bank to establish a formal presence in the United Arab Emirates. The launch ceremony was held at the new Samba Dubai head office, followed by a gala dinner at Burj Al-Arab Hotel attended by key UAE dignitaries as well as members of the business community and the media.
Al-Eissa thanked Sheikh Mohammad bin Rashid Al-Maktoum, vice-president and prime minister of the UAE and ruler of Dubai, for granting Samba the opportunity to operate in “this very important and promising market” and for sending his deputy, Sheikh Maktoum bin Mohammad bin Rashid Al-Maktoum, deputy Ruler of Dubai, to the inauguration ceremony.
Al-Eissa unveiled Samba’s long-standing vision to establish a full presence in the UAE, inspired by the unprecedented growth and exciting opportunities in the country. He expressed great pride in seeing this vision finally fulfilled.
He praised the strong ties between the UAE and Saudi Arabia as cross-border trade continues to grow, especially in travel and tourism and real estate.
He added: “With our premier standing in the industry, we are entering the UAE banking sector with great confidence. This is amply reflected in the rating 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.”
Al-Eissa confirmed that Samba would operate as a full-service bank in the UAE, offering a comprehensive range of services including corporate and investment banking, retail banking, private banking, treasury and wealth management. “We aim to offer products designed to suit the local banking needs. We are confident of becoming a significant player in corporate finance and traditional corporate banking products,” he added.
