United Bank for Africa (UBA) Plc actively prepares to expand its Middle East operations by opening a new subsidiary in Saudi Arabia. This strategic expansion aligns with UBA’s commitment to long-term investments in Africa, promoting sustainable development through focused initiatives across Africa. UBA, recognized as Africa’s Global Bank, established its presence in the UAE in 2022, reinforcing its long-term investments in Africa.
Group Deputy Managing Director Muyiwa Akinyemi shared important updates during a panel discussion at the Future Investment Initiative in Riyadh, Saudi Arabia.
In a recent interview, he emphasized UBA’s ongoing mission to foster growth in Africa through crucial areas like infrastructure development and youth empowerment.
He noted, “Opening a presence in Saudi Arabia represents the next step for us in connecting the Africa-Gulf region.” Moreover, this venture aims to leverage UBA’s financial expertise, enabling valuable knowledge exchange and fostering stronger economic linkages. Through key partnerships with Saudi experts, UBA intends to address food security, energy transition, and sustainable practices critical to Africa’s development.
Emphasizing Africa’s role as a prime destination for long-term capital investment, Akinyemi stated, “Africa’s infrastructure deficit is an opportunity for investors worldwide.” Additionally, he highlighted that expanding sectors, such as agriculture and energy, are essential to meeting Africa’s growth needs.
UBA’s long-term investments in Africa are thus designed to support its large and growing population.
As part of its dedication to Africa’s youth, UBA is actively fostering talent through various entrepreneurial opportunities and initiatives. “Guided by our Group Chairman’s work with the Tony Elumelu Foundation, UBA actively supports young entrepreneurs in Africa’s growing sectors,” Akinyemi stated. He also added that with its young, dynamic population, Africa holds great potential for transformative innovation.
Furthermore, Akinyemi reiterated UBA’s strong commitment to supporting Small and Medium Enterprises (SMEs), which he considers vital to Africa’s economy. “SMEs are the backbone of economic development in Africa,” he emphasized.
Over the last year, UBA has committed billions to support SMEs across Africa, leveraging its extensive network. This approach enables the bank to make a substantial impact on local economies and businesses.
During panel discussions, Akinyemi underscored UBA’s deep experience on the continent. He states, “As investors, we focus on infrastructure and sustainable projects that encourage economic prosperity.” UBA prioritizes long-term investments in Africa’s growth sectors to counter issues like talent migration and build pathways for prosperity.
UBA’s GDMD outlined the bank’s approach to risk management, based on 75 years of insights across Africa’s diverse markets. “With over seven decades of experience, Africa is what we know, and that expertise enables us to manage risks effectively.” UBA’s legacy of supporting African communities continues to drive efforts to increase GDP, improve socioeconomic conditions, and empower future generations.
