UAE grants licences to Saudi, Qatari banks

ABU DHABI — Central Bank of the UAE has granted banking licence to Saudi American Bank (SAMBA) and Doha Bank of Qatar licence to carry-out commercial operations in the country.

By A Staff Reporter

Published: Tue 1 Aug 2006, 10:34 AM

Last updated: Sat 4 Apr 2015, 2:01 PM

With the opening of the branches by Saudi Arabian and Qatari banks there will be representation of all GCC national banks in the UAE.

National banks from Oman, Bahrain and Kuwait have already been working in the country.

The banks may open branches and conduct commercial banking in the UAE. The central bank has also granted banks operating in the UAE licences to establish electronic banking units, which are mini branches linked to the main branch. These units' licences are also available to GCC banks operating in the country.

The central bank said its decision complies with a resolution by the Gulf Cooperation Council allowing Gulf banks to operate in each others' markets.

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