South African lender Absa opens Gulf office
The move gives the bank a seat closer to Middle Eastern investors hunting for deals on the continent.
South Africa's largest lender, Absa, has opened its first office in the Gulf, positioning the bank nearer to Middle Eastern investors actively seeking deals on the African continent. Absa joins South African banks Standard Bank, Nedbank, and Investec, all of which already have a presence in Dubai. Absa CEO Kenny Fihla stated that the new office, aimed at profiting from advisory and credit-arrangement fees, would facilitate the connection between capital from the region and wider international markets with opportunities across Africa.
The Gulf is witnessing the growth of ports, logistics, and energy projects along Africa's eastern coast, prompting continental banks to increase their focus on East Africa and enhance ties with the Gulf. Gulf Cooperation Council countries have invested over $100 billion in Africa over the past decade, with the United Arab Emirates now being Africa's fourth-largest foreign investor, following China, the EU, and the US.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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