Absa Group, one of South Africa’s biggest banks, has opened its first office in the Gulf, setting up in Dubai to tap growing trade and investment flows between the Middle East and Africa.
The office in the Dubai International Financial Centre operates under a licence granted by the Dubai Financial Services Authority in July. It will not lend from its own balance sheet but will connect Gulf-based corporates, investors and institutions with Absa’s operations across 16 African markets.
- Non-oil trade between the United Arab Emirates and Africa reached $158 billion in 2025, up from about $112 billion a year earlier, according to UAE government figures
- Clinton Clarke, senior executive officer of Absa Bank Limited’s DIFC branch, told Reuters that infrastructure, energy, logistics and agriculture are attracting the strongest interest from Gulf investors, including sovereign wealth funds, asset managers and advisory firms
- Absa joins South African rivals Investec, Standard Bank Group and Nedbank Group in establishing a presence in Dubai
- Clarke acknowledged geopolitical tensions in the Middle East but said Dubai remained an attractive base for serving clients across the region, while stressing that the risks should not be underestimated
- He declined to provide a headcount target but said he expects the office to expand as cross-border trade and investment flows increase
