Subject to regulatory approval, the new office will enable the bank to support its African clients looking to expand into Gulf nations while
also assisting Middle East-based businesses seeking opportunities in African markets.
Absa's decision is part of the Group's broader international strategy to enhance its global presence and connect clients with opportunities across key markets.
“You want to be closest to the clients that are driving the businesses that are aligned to your strategy, and infrastructure development has always been one of our strategic objectives,” said Yasmin Masithela, chief executive officer of Absa Group Ltd.’s corporate- and investment-banking unit.
By leveraging Dubai's status as a global financial centre, she said the expansion will provide access to a diverse pool of investors and strengthen trade and investment links between the Middle East and Africa.
This strategic move aligns with broader regional trends, as increasing trade and investment flows between the Middle East and Africa continue to reshape economic relationships.
More recently, the World Economic Forum reported that Gulf countries have invested more than $100bn in Africa since 2014. During that time, trade between the United Arab Emirates and sub-Saharan Africa grew by over 30%, while the value of trade between Saudi Arabia and the region surged twelvefold, according to the WEF.
Building on these growing economic ties, Absa's Dubai office will further expand its international portfolio, which already includes strategic corridors in the UK and US, as well as a non-banking unit established in China in 2024. Absa also intends to establish a branch there as part of its international growth ambitions.
This diversification underscores the Group’s commitment to strengthening its global footprint in key financial hubs.
Dentsu 13 hours
Mary Kyriakidi, Kantar 1 day
