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In its quest to expand business operations in the Middle East, United Bank for Africa (UBA) Plc, has announced plans to open a subsidiary in Saudi Arabia, its largest economy.
This move, which is expected to happen within the next year, will mark the bank’s second subsidiary in the Gulf Region, following the expansion of its business to the United Arab Emirates in 2022.
Join our WhatsApp ChannelUBA’s Group Deputy Managing Director, Muyiwa Akinyemi, stated this at a panel session during the 8th Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia.
Akinyemi highlighted the bank’s strategic commitment towards fostering Africa’s growth through infrastructure development, youth empowerment, and sustainable partnerships across key global markets.
Highlighting the importance of the venture, the UBA Group’s Deputy Managing Director said: “Opening a presence in Saudi Arabia represents the next step for us in connecting the Africa-Gulf region. We are excited to bring UBA’s expertise in financial services to Saudi Arabia, where we aim to facilitate knowledge transfer and create strong economic linkages.”
He further stated this strategic move will further “enable us access Saudi expertise in food security, energy transition, and sustainable practices, which are all critical for Africa’s continued development.”
Akinyemi also pointed out that Africa’s infrastructure deficit makes it a strategic investment destination for long-term capital. “Africa’s infrastructure deficit is an opportunity for investors worldwide. Our pitch to the Gulf and South-east Asia emphasises that Africa must be part of their investment horizon. Today, food security is paramount as our population expands,” he stated.
He also highlighted the bank’s dedication to nurturing Africa’s youth talent through entrepreneurship. “Guided by our Group Chairman’s efforts with the Tony Elumelu Foundation, UBA is committed to supporting young entrepreneurs in tech, agriculture, and entertainment, which are all burgeoning sectors in Africa. With such a young and dynamic population, we see enormous potential for innovation and growth.”
He also reiterated the bank’s continuous support for Small and Medium Enterprises (SMEs) in Africa and beyond as he outlined the bank’s commitment to these businesses, which he referred to as key players in the African economy and vehicles for employment and economic growth.
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“SMEs are the backbone of economic development in Africa. They contribute significantly to job creation and value chains, particularly within Nigeria. Over the last year, UBA has committed billions to support SMEs across Africa, and our network of over 20 countries enables us to make a substantial impact.”
During the panel discussions, Akinyemi emphasised UBA’s longstanding experience on the continent as it navigates an ever-evolving investment landscape.
“As investors, we focus on infrastructure and sustainable projects that encourage economic prosperity while addressing pressing issues such as talent migration. Our goal is to ensure that people can thrive in Africa without needing to relocate. By investing in local talent and fostering growth sectors, we contribute to building the next generation of global innovators right here in Africa,” he added.
The DMD further articulated UBA’s approach to risk management on the continent, emphasising that the bank’s 75-year history has uniquely equipped it with insights and strategies to navigate diverse markets.
“With over seven decades of experience, Africa is what we know, and that knowledge allows us to manage risks effectively. We see tremendous opportunities in various sectors across the continent, and our continued investments are driven by a commitment to bring economic empowerment to communities, increase GDP, and improve socioeconomic quality. Our anniversary is a celebration of UBA’s legacy of contributing to Africa’s progress. We look forward to leveraging this milestone to drive even greater impact across sectors and empower future generations,” he said.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than 45 million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
