The economic relationship between the UAE and Africa has reached a significant milestone with the official launch of the CRDB Bank representative office in the Dubai International Financial Centre (DIFC).
This marks the inaugural establishment of a Tanzanian bank within one of the world’s most influential financial hubs.
This strategic move positions Tanzania, along with the East and Central African regions, at the heart of the global capital framework, leveraging a local African financial institution as a bridge to connect regional opportunities with international financing.
The launch event gathered prominent leaders from international financial institutions, global investors, multinational corporations, and development finance partners, highlighting the growing global interest in Africa as the next major growth frontier.
The Dubai Financial Services Authority welcomed the CRDB Bank into the DIFC ecosystem, noting that the presence of a regionally rooted African bank enhances the financial corridor between Africa and the Middle East while improving long-term capital flows into emerging markets.
The ceremony was presided over by Ambassador Mahmoud Thabit Kombo, the Minister of Foreign Affairs and East African Cooperation, who delivered a keynote speech on behalf of Samia Suluhu Hassan, the President of the United Republic of Tanzania.
In his address, Minister Kombo praised CRDB Bank for its role in advancing Tanzania’s national economic vision through a strong local institution capable of meeting global standards, emphasizing that the choice of Dubai was a strategic decision due to its status as a leading global capital center and the robust regulatory framework of the DIFC.
Minister Kombo asserted that the establishment of a Tanzanian bank in Dubai would deepen the economic, trade, and investment ties between Tanzania and the UAE, based on a bilateral trade volume that has already reached approximately $2.5 billion annually, enhancing Tanzania’s connections to global markets.
Tanzania, with a population exceeding 60 million, has maintained a GDP growth rate of 6-7% for over two decades while keeping inflation in the single digits and achieving macroeconomic stability even during global upheavals.
This stability has allowed Tanzania to evolve into a pivotal economy and a natural gateway linking the Indian Ocean with landlocked markets across East and Central Africa, a central role that CRDB Bank was established to serve. Since its founding 30 years ago, the bank has grown alongside Tanzania’s economy and the regional integration agenda.
The bank now serves over six million clients across the region, with a balance sheet exceeding $9 billion, reflecting its footprint in Tanzania, Burundi, and the Democratic Republic of Congo, key trade and logistics corridors in the area.
In his remarks, Abdulmajid Nsekela, the CEO of CRDB Bank, stated that the expansion into Dubai is a logical next step in a regional strategy deeply connected to Tanzania’s economic geography and the African integration agenda.
He explained, “CRDB Bank was established to finance Tanzania’s growth. As Tanzania transforms into a gateway, the bank has expanded regionally. Dubai now allows us to complete the triangle by linking global capital with Tanzania and East and Central Africa through a trusted African institution.”
The East and Central African region collectively represents a market of nearly 400 million people, characterized by increasing intra-African trade, expanding infrastructure networks, vast mineral and energy resources, and one of the world’s youngest labor forces.
Africa, as a whole, is home to 1.4 billion people and generates a GDP exceeding $3.4 trillion, projected to account for a quarter of the world’s population by 2050. Despite this immense potential, access to long-term structured capital remains a persistent challenge.
The CRDB Bank representative office in Dubai is designed to bridge this gap by creating deals, structuring finance, and mobilizing global capital for African projects that require local understanding and international standards. Nsekela remarked, “Africa is not lacking in opportunities; what it often lacks is the bridge between capital and execution, and this office is that bridge.”
By establishing a Tanzanian banking presence in the DIFC, CRDB Bank is expected to enhance trade financing, structure cross-border investments, and engage in co-financing between the Gulf and Africa, using Tanzania as a hub and East and Central Africa as a platform for growth.
Additionally, the office will promote Africa’s involvement in Islamic finance, a global market with assets exceeding $4 trillion.
For her part, Nema Muri, Chair of the Board of CRDB Bank, stated that this achievement reflects the growing confidence in African institutions to operate at the highest global standards.
She added, “This is a statement about governance, capability, and trust. The presence of CRDB Bank in Dubai proves that African banks can underpin global partnerships while remaining strongly aligned with Africa’s development priorities.”