South Africa's third-largest lender, Absa Group, has opened a new office in Dubai as part of an international expansion strategy aimed at capturing rising trade and investment flows between the Middle East and Africa, Bloomberg reported. The branch operates under a Category 4 license issued by the Dubai Financial Services Authority, enabling the institution to arrange investment deals, advise on financial products, and arrange and advise on credit.
The Dubai presence allows Absa to support African clients pursuing business in Gulf Cooperation Council nations while assisting Middle East entities seeking access to African markets. The lender joins South African peers Investec, Standard Bank, and Nedbank in operating offices in Dubai.
Cheryl Buss, chief executive officer of Absa International, stated in an interview with Bloomberg Television that the expansion is focused on facilitating global trade and capital flows into Africa. She noted that sovereign wealth funds alongside corporations in agriculture, minerals, energy, infrastructure, and logistics are primary drivers of Middle Eastern interest in the continent.
According to data cited from the World Economic Forum, Gulf nations have directed more than $100 billion in investments into Africa since 2014. During this timeframe, bilateral trade between the United Arab Emirates and sub-Saharan Africa expanded by over 30%, while trade values between Saudi Arabia and the region multiplied twelvefold.
The Dubai branch expands Absa's international footprint, which already encompasses corridors in the United Kingdom and the United States as well as a non-banking unit established in China in 2024. The international push aligns with the group's objective to diversify revenue away from its primary earnings contributors—South Africa, Kenya, and Ghana—which generated more than 80% of its profit in the six months ended June.
Sources
- Bloomberg · 2026-10-29
