Absa Group Ltd., which is listed on the Johannesburg Stock Exchange and South Africa’s third-largest bank by assets, has announced plans to open a representative office in Dubai in the first quarter of 2026, pending regulatory approval.
This strategic move aims to capitalise on the increasing trade and investment flows between the Middle East and Africa. The Absa Bank Dubai office will allow the lender to serve its clients on the continent seeking to do business in Gulf nations as well as Middle East-based businesses wanting to access African markets.
Yasmine Masitela, Chief Executive of Absa’s Corporate and Investment Banking division, highlighted that the Dubai office will serve as a pivotal hub for clients seeking to engage in cross-border business between the two regions. “We are opening an office in Dubai in the first quarter of 2026,” Masitela stated in Johannesburg. “We are just waiting for regulatory approval.”
The United Arab Emirates (UAE) has emerged as a significant investor in Africa, with Gulf countries collectively investing over $100 billion in the continent since 2014. During this period, trade between the UAE and sub-Saharan Africa has surged by more than 30%, underscoring the deepening economic ties.
Masitela emphasised that Dubai’s concentration of clients interested in African infrastructure investment was a key factor in the decision. “You want to be closer to customers who are running businesses that are aligned with your strategy, and infrastructure development has always been one of our strategic goals,” she noted.
Dubai’s concentration of clients interested in African infrastructure investment was a key factor in the decision. In January, the UAE signed an agreement with Kenya to boost trade and facilitate investment, further exemplifying the strengthening relationships between the Gulf and African nations.
Absa’s decision to establish a presence in Dubai aligns with its broader international expansion strategy. The bank has previously opened advisory offices in the UK, US, and China, aiming to facilitate global investment into Africa. The Dubai office will complement these existing operations, providing a strategic base to serve clients in the Gulf Cooperation Council (GCC) countries.
The move also positions Absa alongside other South African banks with operations in Dubai, such as Investec Ltd., Standard Bank Group Ltd., Rand Merchant Bank, and Nedbank Group Ltd. This collective presence highlights the importance of the Middle East as a gateway for African financial institutions seeking to tap into global capital flows.
Absa’s Corporate and Investment Banking division anticipates continued profit growth, with earnings projected to increase in the mid-single digits. Certain divisions, including corporate banking, are expected to achieve growth exceeding 10%. This optimistic outlook reflects the bank’s strategic initiatives and its focus on expanding its international footprint.
The establishment of the Dubai office is part of Absa’s ongoing efforts to enhance its global corridors, facilitating investment and trade between Africa and key international markets. By positioning itself in strategic global financial centres, Absa aims to provide comprehensive banking solutions to clients operating across multiple regions.
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