Abu Dhabi, 14 September 2020 – Before the end of the year, Sberinvest Middle East Limited expects to obtain its final authorisation from the Financial Servcies Regulatory Authority, the ADGM regulator and open an office in Abu Dhabi.
Sberbank has secured regulatory approval in Russia and in-principle approval from Abu Dhabi Global Market to open an office in the United Arab Emirates. The final authorization from Financial Servcies Regulatory Authority, the ADGM regulator, may come before the end of the year.
The company aims to position itself as a bridge between Russian and Middle Eastern investors.
Oleg Ganeev, Deputy Chairman of the Executive Board of Sberbank, Chairman of the Board of Sberinvest Middle East:
“ Last week we obtained an in-principle approval from the local regulator to open Sberinvest Middle East Limited, which followed an approval from the Russian watchdog. We have been closely monitoring how the UAE has been evolving and transforming into an international business hub connecting the East and the West. The result of this is a new office of the Sberbank Group in Abu Dhabi. A physical presence in the region will position us to directly promote partnerships with Middle Eastern investors for their projects in Russia, as well as the export of Russian products to the Middle Eastern countries. We also have big plans to export Russian food products to the Gulf states and to develop traditional Islamic finance products through the expertise of the Sberinvest Middle East team.”
Sberinvest Middle East Limited is a subsidiary of Sberbank Investments LLC, which is part of Sberbank’s Corporate and Investment Business Unit.
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