Absa to Open Dubai Office to Capture Gulf-Africa Investment Flows
TLDR
- Absa Group Ltd., South Africa’s third-largest bank by assets, plans to open a representative office in Dubai in early 2026
- The Dubai office will serve African clients seeking Gulf business opportunities and Middle East-based companies eyeing African markets
- Absa will join rivals Investec, Standard Bank, Rand Merchant Bank, and Nedbank in Dubai
Absa Group Ltd., South Africa’s third-largest bank by assets, plans to open a representative office in Dubai in early 2026 to strengthen its presence in the growing Middle East-Africa investment corridor. The lender’s corporate and investment banking (CIB) unit is awaiting regulatory approval, CEO Yasmin Masithela said in an interview.
The Dubai office will serve African clients seeking Gulf business opportunities and Middle East-based companies eyeing African markets. Dubai was chosen due to its concentration of firms investing in African infrastructure, a key strategic area for Absa. “You want to be closest to clients aligned to your strategy,” Masithela said.
Absa will join rivals Investec, Standard Bank, Rand Merchant Bank, and Nedbank in Dubai. The move adds to Absa’s international expansion, which includes operations in the UK, US, and a non-banking unit launched in China in 2024. Absa CIB expects mid-single-digit earnings growth in 2025, with some units delivering above 10%.
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Key Takeaways
Gulf countries have significantly increased investments in Africa over the last decade. According to the World Economic Forum, more than $100 billion has flowed from the Gulf into Africa since 2014. Trade between the UAE and sub-Saharan Africa rose by over 30%, while Saudi-African trade expanded twelvefold. This surge is driven by Gulf sovereign wealth funds and corporations seeking infrastructure, logistics, and agriculture assets across Africa. Deals like the UAE’s trade pact with Kenya and Jameel Motors’ planned entry into South Africa reflect this trend. Banks like Absa are positioning themselves as bridges for capital flows, helping clients navigate both African and Gulf markets. Dubai has emerged as a financial hub linking these two regions, with a growing number of African banks opening offices there. For Absa, aligning with infrastructure-focused Gulf investors supports its strategy to finance Africa’s development, while tapping into a deep pool of capital increasingly focused on the continent.
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