Absa Group Ltd., South Africa’s third-largest bank by assets, is preparing to open a representative office in Dubai by early 2026.
Awaiting regulatory approval, the goal is to tap into the increasing flow of trade and investment between Africa and the Middle East.
Yasmin Masithela, CEO of Absa’s corporate and investment banking division, confirmed the plan. “We’re setting up a Dubai office in the first quarter of 2026,” she stated during an interview in Johannesburg. “We’re just waiting for regulatory approval.”
For Absa, the decision goes beyond expanding its footprint, to staying competitive. Several South African banks, including Investec, Standard Bank, Rand Merchant Bank, and Nedbank, already have a presence in Dubai, positioning themselves to benefit from the region’s economic growth. Absa is now making its move to ensure it doesn’t fall behind.
The Middle East has become highly important in Africa’s economic sector, with Gulf countries investing over $100 billion on the continent since 2014. The UAE’s trade with sub-Saharan Africa has surged by more than 30%, and Saudi-Africa trade has multiplied twelvefold in the same period.
The UAE’s trade deal with Kenya and Saudi companies like Jameel Motors expanding into South Africa are just recent examples of this growing engagement.
With the establishment of a base in Dubai, Absa aims to connect African businesses with Gulf investors and vice versa. Infrastructure development is a key part of this strategy. “You want to be closest to the clients that are driving the businesses that are aligned to your strategy, and infrastructure development has always been one of our strategic objectives,” Masithela explained.
This expansion builds on Absa’s existing international presence in the UK, the US, and a recently launched unit in China. However, while the bank expects moderate earnings growth this year, the impact of the Dubai office will be seen over time.
