South Africa's Third-Largest Bank Absa Opens First Gulf Office to Tap Middle Eastern Capital
Absa has opened its first Gulf office in Dubai to connect Middle Eastern investors with African investment opportunities.
South Africa’s third-largest lender, Absa, has opened its first Gulf office, giving the bank a seat closer to Middle Eastern investors hunting for deals on the continent. According to Semafor, Absa CEO Kenny Fihla said the office would seek to benefit from advisory and credit-arrangement fees and help “connect capital from the region and from wider international markets with opportunities across Africa.”
Absa joins South African rivals Standard Bank, Nedbank, and Investec, which have already established a presence in Dubai. The move reflects a broader trend where Gulf Cooperation Council (GCC) countries have pumped more than $100 billion into Africa over the past decade. The United Arab Emirates is now Africa’s fourth-largest foreign investor behind China, the EU, and the US. As Gulf-backed ports, logistics, and energy projects expand along Africa’s eastern seaboard, continental banks are doubling down on East Africa and strengthening links with the Gulf.