A leading South African bank Absa Group is preparing for a large-scale entry into the Middle East market, Bloomberg has reported. In the first quarter of 2026, the bank plans to officially open a new office in Dubai, which will be another step in its global expansion and the desire to strengthen ties with investors from the Gulf countries. The company is currently waiting for approval from the relevant regulatory authorities, but is already forming a team and strategy to start operations in the UAE financial center.
Absa‘s decision was dictated by the increased interest of Arab investors in the African market. According to Yasmin Masithela, head of the bank’s corporate investment division, Dubai was not chosen by chance: it is here that the largest number of companies that are already investing or plan to invest in Africa are concentrated. The new office will serve both Middle Eastern firms looking to enter African markets and African clients looking for capital or partners in the Gulf region.
Absa joins Dubai bank club
With the opening of its Dubai office, Absa will become another major South African bank with a presence in the UAE financial hub. Existing players include Standard Bank, Investec, Nedbank and Rand Merchant Bank. Masithela explains that the Dubai office will be an important springboard for business growth in sectors such as infrastructure, energy, logistics and agriculture, which Gulf investors see as strategic opportunities on the African continent.
Interest in Africa from the UAE and Saudi Arabia is growing rapidly. Over the past decade, trade between the Emirates and sub-Saharan Africa has increased by more than 30%. Saudi capital is showing even greater momentum, with trade volumes up 12-fold. Sovereign wealth funds such as ADQ, Mubadala and PIF are increasingly looking to Africa as a new strategic vector for long-term investments.
Against this backdrop, Absa is seeking to strengthen its position as a key intermediary between Middle Eastern investors and African projects. A presence in Dubai opens the door to new deals, allows it to respond more quickly to client requests and raise capital for ambitious infrastructure initiatives across the continent. Looking ahead, the bank sees the Middle East as one of the main growth drivers for its corporate investment business over the next five years.
The Gulf is investing in Africa
According to the World Economic Forum, since 2014, investment from the Gulf countries to Africa has exceeded US$100 billion. This is evidence of a changing global economic balance, with Africa no longer just a “region of potential” but now a scene of active investment projects. The UAE-Kenya Deep Trade Partnership agreement and Abdul Latif Jameel Motors’ recent announcement to enter the South African market are just the latest examples of this dynamic. Absa, which has been expanding its presence in the US, UK and China in recent years, is looking to expand its footprint.
The bank is forecasting modest earnings growth of around 5% in 2025, but key businesses have the potential to grow by more than 10% annually. The UAE entry is part of Absa’s long-term strategy to become a global leader in African banking while fuelling economic growth on the continent through new financing channels. The Dubai office is expected to be operational in early 2026, subject to regulatory approvals. With the opening of this representative office, Absa Group will gain a new foothold in the global financial system – and another tool for strengthening African-Arab business ties.