Samba Financial Group has opened a branch in Doha, becoming the first Saudi bank to establish a presence in Qatar. The new branch is situated in the Tornado Tower in West Bay, the most prestigious business district in the Qatari capital. Samba has been licensed as a category one financial institution, which means it is authorized 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. Samba chairman Eissa 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 told Arab News. He said Doha has a promising financial market that is experiencing extensive growth. He added that the Qatar branch would contribute significantly to realizing the bank's vision of expanding its regional presence. Al-Eissa thanked the Qatari authorities for granting Samba a license 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 also acknowledged the historic ties between Saudi Arabia and Qatar as well as the growing economic, financial and cultural cooperation between the two countries.
