Ziraat Bank, Türkiye’s leading financial institution, has commenced operations at its new office in the Dubai International Financial Centre (DIFC).

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.

In a statement on 16 October, the bank said it will also "play a pivotal role in supporting entrepreneurs from the UAE in establishing and expanding their businesses through Ziraat Finance Group’s extensive network in Türkiye and other countries".

Dr. Ertan ALTIKULAÇ, head of international banking group of Ziraat Bank Türkiye, said: “Ziraat Bank holds 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 underscores our commitment to expanding our global footprint with promising business environment and strategic advantages offered by the DIFC.”

DIFC hosts 250 banks, including 27 of the top 29 globally systemically important banks.

Salmaan Jaffery, chief business development Officer of the DIFC Authority, said: “We are pleased that Turkish state-owned lender Ziraat Bank has chosen DIFC as its home in the UAE to support its global expansion plans.

"The Centre 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 Türkiye, making it the region’s premier global financial hub.”

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

Ziraat Bank already has branches in the Gulf region, namely Bahrain, Jeddah, Baghdad, and Erbil, in addition to its representative office in Cairo.