By Edson Baraukwa | Africa Guardian
United Bank for Africa (UBA) Plc, a leading Pan-African financial institution, is set to establish its second Gulf Region subsidiary in Saudi Arabia, following its successful expansion into the United Arab Emirates in 2022. The new subsidiary, expected to launch within the next year, underscores UBA’s commitment to connecting Africa with the Middle East while advancing sustainable development across the continent.
Speaking at the 8th Future Investment Initiative (FII) in Riyadh, Saudi Arabia, UBA’s Group Deputy Managing Director, Muyiwa Akinyemi, highlighted the bank’s strategic focus on long-term investments in Africa and fostering partnerships across global markets. “Expanding to Saudi Arabia is the next step in bridging the Africa-Gulf region,” Akinyemi said. “This venture will facilitate knowledge transfer, strengthen economic linkages, and provide access to Saudi expertise in areas critical for Africa’s development, including food security, energy transition, and sustainability.”
A Strategic Focus on Africa’s Growth
Akinyemi emphasized Africa’s immense potential as a destination for global investment, particularly in addressing infrastructure deficits and food security challenges driven by a growing population. “Africa’s infrastructure gap represents a significant opportunity for international investors,” he noted.
Additionally, UBA’s commitment to nurturing Africa’s youth talent and supporting entrepreneurs remains a cornerstone of its strategy. Guided by the Tony Elumelu Foundation, the bank actively invests in emerging sectors such as technology, agriculture, and entertainment. “With Africa’s youthful and dynamic population, the potential for innovation and growth is limitless,” Akinyemi said.
Empowering SMEs and Strengthening Local Economies
UBA also continues to prioritize Small and Medium Enterprises (SMEs), recognizing them as the backbone of Africa’s economy. “SMEs are critical to job creation and economic development,” Akinyemi explained. “Over the past year, UBA has dedicated billions of naira to supporting SMEs across Africa, leveraging our presence in over 20 countries to drive substantial impact.”
Building a Sustainable Future in Africa
During panel discussions, Akinyemi reinforced UBA’s focus on sustainable projects that promote economic prosperity while addressing key challenges such as talent migration. “Our goal is to create opportunities that allow people to thrive within Africa, reducing the need for relocation. By investing in local talent and growth sectors, we are building the next generation of global innovators on the continent,” he said.
UBA’s Legacy of Navigating Africa’s Investment Landscape
With a 75-year history, UBA has developed unparalleled expertise in managing risks and identifying opportunities across Africa’s diverse markets. “Africa is our home, and our decades of experience have equipped us to navigate its complexities effectively,” Akinyemi stated.
UBA’s expansion to Saudi Arabia aligns with its mission to connect people and businesses across the globe. With a presence in New York, London, Paris, Dubai, and 20 African countries, UBA continues to lead in retail, commercial, and corporate banking, alongside cross-border payments, trade finance, and remittance solutions.
As UBA celebrates its legacy, Akinyemi reaffirmed the bank’s commitment to empowering communities, increasing GDP, and driving socioeconomic progress. “We look forward to leveraging this milestone to make an even greater impact across sectors and empower future generations,” he concluded.
About UBA:
United Bank for Africa Plc serves over 45 million customers worldwide, with 1,000 business offices and customer touchpoints. The bank’s innovative approach to banking continues to foster growth and connectivity across Africa and beyond.
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