Absa Group, recognized as South Africa’s third-largest lender, is set to enter the UAE market in 2026. The decision comes as the bank aims to capitalize on the growing investment and business interests between the Middle East and Africa.

The bank plans to establish 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, highlighted that the initiative is focused on serving African businesses looking to engage with Gulf markets, as well as Middle Eastern companies seeking opportunities in Africa.

According to Zawya, Masithela said about the importance of being close to clients who align with Absa’s strategic goals, stating, “You want to be closest to the clients that are driving businesses that are aligned to your strategy.” This move is part of a broader trend, as Gulf companies announced over $53 billion in foreign direct investment projects in Africa in 2023, as reported by the World Economic Forum.

Since 2014, investments from the Gulf region into Africa have reached a total of $100 billion, with the UAE contributing $59.4 billion. Additionally, Saudi Arabia and Qatar have invested $25.6 billion and $7.2 billion, respectively, showcasing the growing economic ties between these regions.