UBA Strengthens Africa Investment, Plans Saudi Expansion
United Bank for Africa (UBA) Plc has announced plans to extend its presence in the Middle East with a new subsidiary in Saudi Arabia, marking its second office in the Gulf region following its UAE expansion in 2022.
UBA’s Group Deputy Managing Director, Muyiwa Akinyemi, revealed the bank’s Saudi Arabia initiative during the Future Investment Initiative (FII) in Riyadh. Speaking at the event, Akinyemi explained that UBA’s expansion into Saudi Arabia aligns with its strategic commitment to connect the Africa-Gulf region and strengthen long-term investment in Africa.
“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,” Akinyemi said. He further highlighted Saudi Arabia’s potential to support Africa’s needs in areas such as food security, energy transition, and sustainable practices.
Discussing Africa’s importance as an investment destination, Akinyemi emphasised the continent’s infrastructure needs, which he views as 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 remarked.
Akinyemi also discussed UBA’s commitment to youth empowerment, particularly through the Tony Elumelu Foundation’s support of young entrepreneurs in sectors like technology, agriculture, and entertainment. “With such a young and dynamic population, we see enormous potential for innovation and growth,” he said, underscoring the bank’s focus on developing Africa’s next generation of talent.
In addition, Akinyemi reiterated UBA’s dedication to Small and Medium Enterprises (SMEs) as vital contributors to Africa’s economy. “SMEs are the backbone of economic development in Africa. They contribute significantly to job creation and value chains, particularly within Nigeria,” he noted, adding that UBA has invested billions to support these enterprises across its 20-country network.
Reflecting on UBA’s 75-year presence in Africa, Akinyemi highlighted the bank’s unique approach to risk management and its ongoing dedication to sustainable projects that encourage economic stability. “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 stated.
With over 45 million customers across 20 African countries and additional offices in New York, London, Paris, and Dubai, UBA is a leading Pan-African financial institution dedicated to promoting growth and connectivity across the continent. Zenith Bank Staff and Two Others Fatally Shot in Abia State
