Absa Group Ltd., South Africa’s third-largest bank by assets, plans to open a representative office in Dubai during the first quarter of 2026, pending regulatory approval. Yasmin Masithela, CEO of Absa’s corporate and investment banking division, stated that the move aims to capitalise on the growing trade and investment flows between Africa and the Middle East.
The strategic decision positions Absa alongside South African banking counterparts such as Investec, Standard Bank, Rand Merchant Bank, and Nedbank, all of which have established offices in Dubai. This expansion is part of Absa’s broader international strategy to enhance its global presence and connect clients with opportunities across key markets.
Dubai’s status as a global financial hub and its concentration of firms investing in African infrastructure make it an ideal location for Absa’s new office. The bank aims to support African clients seeking to expand into Gulf nations while assisting Middle Eastern businesses exploring opportunities in African markets. Masithela emphasised the importance of proximity to clients driving business aligned with Absa’s strategic objectives, particularly in infrastructure development.
The Middle East has become increasingly significant in Africa’s economic landscape, with Gulf countries investing over $100 billion on the continent since 2014. Trade between the UAE and sub-Saharan Africa has surged by more than 30%, and Saudi-Africa trade has expanded twelvefold during the same period. Recent developments, such as the UAE’s trade agreement with Kenya and Saudi companies like Jameel Motors entering the South African market, underscore the growing economic ties between the regions.
Absa’s expansion into Dubai adds to its existing international footprint, which includes operations in the UK, US, and a non-banking unit launched in China in 2024. The corporate and investment banking division anticipates mid-single-digit earnings growth in 2025, with some units expected to achieve growth exceeding 10%.
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