Absa Group, a financial titan in South Africa, is gearing up to make a strategic entry into the UAE by 2026, aiming to capitalize on the burgeoning economic ties between the Middle East and Africa. With plans to establish a presence in Dubai, this move signifies a major step in fostering deeper business collaborations across these dynamic regions.
Yasmin Masithela, CEO of Absa Group’s Corporate and Investment Banking unit, shared with Bloomberg News that the new office is expected to open in Dubai during the first quarter of 2026, subject to regulatory approval. This venture will position Absa closer to its clients, aligning with regional market strategies and facilitating increased investments.
The timing of Absa’s expansion is no coincidence. The World Economic Forum reported that Gulf companies announced foreign direct investment projects in Africa valued at over $53 billion in 2023 alone. Historically, since 2014, the region has funneled $100 billion into Africa, with the UAE leading the charge with $59.4 billion, followed by Saudi Arabia’s $25.6 billion and Qatar’s $7.2 billion.
Masithela emphasized the importance of being near the clients driving business strategies. “You want to be closest to the clients that are driving businesses that are aligned to your strategy,” she said. This strategic proximity is deemed crucial for addressing the needs of African businesses interested in the Gulf and Middle Eastern companies eyeing African markets.
Economic analysts suggest that Absa’s entry into the UAE could significantly amplify trade and investment flows between Africa and the Middle East. Dr. Ahmed Al-Fahad, an economist specializing in cross-border investments, notes, “The move by financial institutions like Absa to enter the UAE market symbolizes a strengthening bridge of economic cooperation between Africa and the Middle East.”
