Absa opens Dubai office to channel Gulf capital into African deals
South African lender Absa Group has opened its first Gulf office, in the Dubai International Financial Centre. The bank wants to connect Gulf investors with deals in infrastructure, energy, logistics and agriculture across Africa, including Kenya.
Absa Group has opened an office in the Dubai International Financial Centre (DIFC). Semafor reported that it is the bank's first presence in the Gulf. According to TechMoran, the Johannesburg-listed lender wants to channel Gulf investment and trade flows into African markets. The DIFC branch holds a Category 4 licence from the Dubai Financial Services Authority, effective July 15. The licence allows it to arrange deals in investments and advise on financial products. It can also arrange and advise on credit. Through the branch, Absa will offer eligible clients its corporate and investment banking products, drawing on its African network. Semafor reported that the office aims to earn advisory and credit-arrangement fees. The bank describes the move as part of its international corridor strategy, which links global capital and trade with African economies. It is targeting infrastructure, energy, logistics, agriculture and fast-moving consumer goods. Likely counterparties include regional corporates, sovereign-linked entities, institutional investors and trading houses in the Gulf Cooperation Council (GCC). Absa CEO Kenny Fihla said the office would help "connect capital from the region and from wider international markets with opportunities across Africa." Cheryl Buss, chief executive of Absa…
Read more 3 min read