South African lender Absa opens Gulf office

The move gives the bank a seat closer to Middle Eastern investors hunting for deals on the continent. South Africa’s third-largest lender, Absa, opened its first Gulf office, giving the bank a seat closer to Middle Eastern investors hunting for deals on the continent. Absa joins South African rivals Standard Bank, Nedbank, and Investec, which have already established a presence in Dubai. Absa CEO Kenny Fihla said the office, which is looking to benefit from advisory and credit-arrangement fees, would help “connect capital from the region and from wider international markets with opportunities across Africa.” Gulf-backed ports, logistics, and energy projects are expanding along Africa’s eastern seaboard. The trend has incentivized continental banks to double down on East Africa and strengthen links with the Gulf. Capital from that region has become more visible across the continent: Gulf Cooperation Council countries have pumped more than $100 billion into Africa over the past decade. The United Arab Emirates is now Africa’s fourth-largest foreign investor behind China, the EU, and the US.