United Bank for Africa Plc is set to enhance its presence in the Middle East with plans to establish a subsidiary in Saudi Arabia, the largest economy in the region.
This strategic expansion is anticipated to take place within the next year and will mark UBA’s second subsidiary in the Gulf, following its entry into the United Arab Emirates in 2022.
During a panel session at the 8th Edition of the Future Investment Initiative held in Riyadh, Saudi Arabia, UBA’s Group Deputy Managing Director, Muyiwa Akinyemi, shared insights on the bank’s vision for fostering growth in Africa through strategic partnerships and investments.
In an interview with Arise TV, Akinyemi emphasized the bank’s commitment to driving Africa’s development through infrastructure initiatives, youth empowerment, and sustainable collaborations with key global markets.
“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,” Akinyemi stated.
Highlighting Africa’s potential as a strategic investment hub, he remarked on the continent’s infrastructure challenges, which present significant opportunities for global investors.
“Africa’s infrastructure deficit is an opportunity for investors worldwide. Our pitch to the Gulf and Southeast Asia emphasizes that Africa must be part of their investment horizon. Today, food security is paramount as our population expands,” he noted.
Akinyemi also underscored UBA’s commitment to nurturing the entrepreneurial spirit among Africa’s youth.
He referenced the initiatives led by the bank’s Group Chairman in collaboration with the Tony Elumelu Foundation to support young entrepreneurs across various sectors, including technology, agriculture, and entertainment.
“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 affirmed.
In addition, Akinyemi reiterated UBA’s ongoing support for Small and Medium Enterprises recognizing their vital role in Africa’s economic landscape.
“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,” he added.
Through these initiatives, UBA aims to not only expand its operations but also to play a pivotal role in fostering economic growth and sustainable development across Africa and its connections with the Gulf region.
