Absa Group, led by Sello Moloko, to establish presence in Dubai

Key Points

• Absa Group is set to open a Dubai office in Q1 2026, reinforcing its strategy to leverage rising Africa-Middle East trade and investment flows.
• The expansion aligns with Absa’s focus on infrastructure financing and investment, joining South African banking peers in the UAE’s financial hub.
• With trade between the UAE and sub-Saharan Africa up 30%, Absa aims to bridge capital flows between African markets and Gulf investors.

Absa Group, a Johannesburg-based financial services provider led by South African businessman Sello Moloko, is set to expand its global footprint with a new representative office in Dubai in the first quarter of 2026. The move underscores Absa’s broader strategy to capitalize on deepening trade and investment flows between the Middle East and Africa.

Key PointStrengthening Africa-Gulf financial ties

Absa’s planned Dubai expansion will place it alongside South African banking rivals Investec, Standard Bank, Rand Merchant Bank, and Nedbank, all with established presences in the city,  aiming to better serve African clients pursuing opportunities in the Gulf while supporting Middle Eastern investors entering African markets. 

Yasmin Masithela, Interim CEO of Absa’s Corporate and Investment Banking unit, said the decision aligns with the bank’s focus on infrastructure financing and investment flows. She described Dubai as a critical gateway for Gulf investors targeting African sectors such as energy, logistics, and real estate. “We are setting up a Dubai office in the first quarter of 2026, pending regulatory approval,” Masithela said. 

The expansion will add to Absa’s existing international network in the UK, US, and China, reinforcing its role as a conduit for African businesses seeking global capital.

Absa’s expansion under Sello Moloko

Under Chairman Sello Moloko, Absa has strengthened its presence across Africa, serving more than 12 million customers in 10 countries. The bank has also ramped up its green finance commitments, becoming the first South African lender to pledge R100 billion ($5.6 billion) toward sustainable finance by 2025.

Dubai’s status as a financial hub and its concentration of investors focused on African infrastructure make it a strategic outpost for Absa. Gulf states have funneled over $100 billion into African economies since 2014, with trade between the UAE and sub-Saharan Africa surging more than 30 percent over the same period. Saudi Arabia’s trade with the region has expanded twelvefold, reflecting a broader realignment of economic ties.

Recent deals, including the UAE’s trade and investment pact with Kenya and Saudi auto distributor Jameel Motors’ planned entry into South Africa, signal growing financial integration between the two regions. By establishing a foothold in Dubai, Absa is positioning itself as a key player in facilitating Africa-Middle East trade and investment.