Absa Bank Group plans expansion to the Middle East in 2026

Kenyan lender Absa Bank will soon open its doors in Dubai, a move that is set to grow trade and investment between the East African region and the Middle East.

The Bank, which is part of a Unit of South Africa’s third-largest Bank, is planning the Middle East expansion in 2026.

This was revealed by Absa Group Chief Executive Officer (CEO) Yasmin Masithela during an interview in Johannesburg.

The CEO stated that they are waiting for approvals from the regulatory authorities.

“We’re just waiting for regulatory approval,” she affirmed.

According to Yasmin, the office to be opened in Dubai will allow the lender to serve their clients in Africa who are seeking to do business in the Gulf region as well as Middle East businesses wanting to access the African market.

She clarified that they particularly settled on Dubai because of concentrated clients seeking to invest in African infrastructure.

“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,” she stated.

By opening offices in Dubai, Absa will be joining its rivals Investec, Standard Bank Group, Rand Merchant Bank, and Nedbank Group with offices in Dubai.

The new office will add to its international business portfolio, which includes so-called corridors in the UK and the US and a non-banking unit that was opened in China in 2024.

This is even as the Group’s CIB expects earnings to continue to grow this year.

The World Economic Forum indicates that Gulf countries have invested more than US$100 billion in Africa since 2014.

Over the last ten years, imports and exports between the United Arab Emirates and sub-Saharan Africa increased by more than 30%, and the value of trade between Saudi Arabia and the region increased 12 times, according to the WEF.

In January, the UAE signed a pact with Kenya to boost trade and promote investments.