The largest bank in Kenya, Equity Group Holdings Plc, has announced plans to open an office in the United Arab Emirates by the fourth quarter of 2025.
The move is aimed at leveraging growing trade and investment flows between the Middle East and Africa.
The bank’s CEO, James Mwangi, confirmed that Equity is in the final stages of securing regulatory approvals for the expansion.
Once approved, Equity will join other leading African financial institutions—such as Absa Group, Standard Bank, and United Bank for Africa—that have recently extended their reach into the Gulf region.
According to Mwangi, the Middle East offers deep pools of capital, strong trade logistics, and increasing investment opportunities.
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He noted that rising demand from middle-income markets in India and China also makes the region an important hub for promoting African goods and services.
This strategic expansion comes as Gulf countries ramp up their investment in Africa.
Bloomberg reports reveal that in recent weeks alone, energy-related deals between African nations and Gulf states have amounted to over $6 billion.
The UAE, in particular, has seen a surge in bilateral trade with Africa, reaching $86 billion by the end of 2023—a 38% increase over two years, according to the African Export-Import Bank.
Major Gulf entities like Abu Dhabi’s Adnoc and Saudi Aramco are reportedly bidding for Shell’s downstream assets in South Africa, while Saudi Arabia’s Zahid Group is in talks to acquire Barloworld Ltd., a major distributor of Caterpillar equipment on the continent.
Equity’s UAE office is positioned to attract Gulf investors interested in Africa’s vast resources—ranging from critical minerals for green energy to fertile land for food production.
Image Credit: Bloomberg.com
