Russian banking giant VTB Capital is set to establish a presence in the UAE for the first time.
Arabian Business reports that the company has received a licence from the Dubai Financial Services Authority to act as an authorised firm in the Dubai International Finance Centre (DIFC).
The company's move to commercial property in Dubai will expand its global presence beyond its base of operations in Moscow. It also has branches in London and Singapore.
Nasser Al Shaali, chief executive officer of the DIFC Authority, said that the approval came as a response to growing interest in opportunities in Russian and CIS markets.
"As a leading Russian investment bank that has vast experience in international capital markets, VTB Capital is well placed to service this growing demand," he said.
In February, the bank won the EMEA Finance's Best Structured House in CEE achievement award and has followed on from this success with a number of other honours.