United Bank for Africa (UBA) Plc has announced its readiness to expand its operations in the Middle East with an ongoing plan to open a subsidiary in Saudi Arabia.

UBA said the move which is expected to occur 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 (UAE) in 2022.

UBA’s Group Deputy Managing Director, Muyiwa Akinyemi, disclosed this during a panel session at the 8th Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, and in a recent interview with Arise TV.

Akinyemi 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.

“This venture will further enable us to access Saudi expertise in food security, energy transition, and sustainable practices, which are all critical for Africa’s continued development.”

While emphasising the importance of Africa as a strategic investment destination for long-term capital, Akinyemi said: “Africa’s infrastructure deficit is an opportunity for investors worldwide.

“Our pitch to the Gulf and Southeast Asia emphasises that Africa must be part of their investment horizon. Today, food security is paramount as our population expands.”

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He further highlighted the bank’s dedication to nurturing Africa’s youth talent through entrepreneurship, saying: “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.”

The UBA DMD 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.

“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,” Akinyemi added.

Akinyemi further stressed UBA’s experience in Africa, saying it navigated an ever-evolving investment landscape.

He stated: “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.”

Akinyemi also noted the UBA’s approach to risk management on the continent, stressing that the bank’s 75-year history has uniquely equipped it with insights and strategies to navigate diverse markets.

The Star