Turkiye’s Ziraat Bank Launches Operations in DIFC

Turkiye’s leading financial institution Ziraat Bank has commenced operations at its new office in the Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region.

This move reflects the bank’s continued commitment to provide financial services to its customers in the UAE and beyond. The bank’s office in DIFC will focus on enhancing relationships with regional financial institutions and facilitating international operations of its clients, including Turkish businesses.

Moreover, it will play a pivotal role in supporting entrepreneurs from the UAE in establishing and expanding their businesses through Ziraat Finance Group’s extensive network in Turkiye and other countries.

Commenting on this significant milestone, Dr Ertan ALTIKULAÇ, Head of International Banking Group of Ziraat Bank Turkiye, said that the bank held the distinction of having the most extensive international service network among Turkish banks, with a presence in 19 countries and 123 service points globally.

The opening of our representative office in Dubai underscored their commitment to expanding the bank’s global footprint with promising business environment and strategic advantages offered by the DIFC, he said.

Reputed Financial Centre

Recognised as the deepest financial centre between London and Singapore, DIFC has earned the trust of 250 banks, including 27 of the top 29 globally systemically important banks (G-SIBs) with its 20-year-strong reputation for transparency, effective regulation, and knowledge-building.

Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, said that they were pleased that Turkiye’s state-owned lender Ziraat Bank has chosen DIFC as its home in the UAE to support its global expansion plans.

He also said that DIFC continues to attract some of the strongest financial institutions in the world, which is a testament to its world-class business ecosystem, legal and regulatory framework and infrastructure.

This announcement is a further testament to DIFC being the leading hub for regional champions from the Middle East, Africa and Turkiye, making it the region’s premier global financial hub, he added.

Last year, the UAE signed the Comprehensive Economic Partnership Agreement (CEPA) with Turkiye, which is expected to boost bilateral non-oil trade to more than $40 billion in the next five years, from about $19 billion as of 2023.

Furthermore, strong banking ties exist between the two nations, have been further solidified through various strategic investments and collaborations. These efforts underscore the commitment of both countries to fostering a robust financial partnership, which is poised to drive economic growth and innovation in the banking sector.

Ziraat Bank has a strong presence in the Gulf region, with branches in Bahrain, Jeddah, Baghdad, and Erbil, in addition to its representative office in Cairo. The inauguration of the office in DIFC is a testament to the bank’s strategic vision to provide extensive, reliable service across the region.

More Companies

UK-based insurance firm Aventum Group’s managing general agent (MGA) unit Rokstone and Campbell Lutyens, one of the leading global private capital advisors, also opened their offices in the DIFC last week.