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Banking skyscraper in Johannesburg city centre seen from below, Johannesburg is also known as Jozi, Jo'burg or eGoli, is the largest city in South Africa. Image used for illustrative purpose. Image courtesy: Getty Images/ THEGIFT777
Absa Group, one of the largest lenders in South Africa, will enter the UAE market in 2026 to tap into the increasing investment and business interests between the Middle East and Africa, Bloomberg reported.
The company is set to open an office in Dubai during the first quarter of 2026, pending regulatory approval, Yasmin Masithela, CEO of Absa Group’s corporate and investment banking unit told Bloomberg News.
Absa, which is listed on the Johannesburg Stock Exchange and has presence in the UK and the US, wants to cater to African businesses who are interested in the Gulf, and Middle East companies eyeing the African markets.
“You want to be closest to the clients that are driving businesses that are aligned to your strategy,” Masithela said.
In 2023, Gulf companies announced several foreign direct investment projects in Africa worth more than $53 billion, according to the World Economic Forum. Since 2014, countries in the region have poured $100 billion into the continent, with investments from the UAE amounting to $59.4 billion and those from Saudi Arabia and Qatar reaching $25.6 billion and $7.2 billion, respectively.
(Writing by Cleofe Maceda; editing by Seban Scaria)
