Absa expands into Dubai to target new business links between Africa and the Gulf

Absa Group, one of Africa’s largest diversified  financial services providers, is positioning itself to capture more cross-border financing as Gulf investors deepen their exposure to African markets, opening a Dubai office to connect businesses, investors and capital across the two regions. 

The move gives the South African lender a presence in one of the Gulf’s major financial centres, where sovereign wealth funds and companies are seeking opportunities in African agriculture, minerals, energy, infrastructure and logistics. Absa International CEO Cheryl Buss said the office would support trade and investment flows into Africa. 

The expansion comes as Gulf investment in Africa has exceeded $100 billion since 2014, according to the World Economic Forum. Over the same period, trade between the United Arab Emirates and sub-Saharan Africa grew by more than 30%, while trade between Saudi Arabia and the region increased twelvefold.

Dubai strengthens Absa’s cross-border banking network 

Absa’s Dubai office is designed to serve two groups: African clients seeking business opportunities in Gulf countries and Middle Eastern companies looking to enter or expand across African markets. 

The Dubai Financial Services Authority has issued the office a Category 4 licence, allowing it to arrange investment deals, advise on financial products, and arrange and advise on credit. 

The bank joins South African competitors Investec, Standard Bank and Nedbank, which also have offices in Dubai. Its presence adds a Gulf connection to an international network that already includes business corridors in the United Kingdom and United States, as well as a non-banking unit opened in China in 2024. 

For Absa, the office provides another channel to connect African businesses with international financing and investors, while broadening its reach beyond its established markets.

Profit concentration drives expansion 

Absa’s international push comes as the lender seeks to reduce its reliance on a handful of markets. South Africa, Kenya and Ghana accounted for more than 80% of its profit in the six months through June, leaving the group exposed to the performance of its largest businesses. 

The bank has pursued several transactions and expansion plans to broaden its geographic reach and financial services. In 2025, it bought Standard Chartered’s wealth and retail banking business in Uganda. It also increased its stake in its Kenyan operation to 72%, short of its 85% target. 

Absa plans to convert its representative office in Nigeria into a merchant bank and is exploring the possibility of opening a representative office in Angola.

It is also expanding wealth management services in Mozambique, Kenya and Mauritius. In Tanzania, the group is combining the operations of its two banks to streamline its presence in the East African market.

Gulf investors offer another source of capital 

The Dubai office adds a route for Absa to pursue business linked to investment from the Gulf, where sovereign wealth funds and companies are active across sectors that require substantial financing. 

Buss said the bank’s focus was on supporting trade and investment by connecting global capital flows with African opportunities.

Absa Group, headquartered in Johannesburg, operates in 16 African countries and employs more than 41,000 people. Its businesses span retail and business banking, corporate and investment banking, wealth management and insurance. 

The Dubai opening extends that network beyond the continent as Absa seeks to diversify its earnings and build stronger links between African markets and international sources of capital.