With plans to build a subsidiary in Saudi Arabia, the largest economy in the area, United Bank for Africa (UBA) Plc has begun steps to extend its activities in the Middle East.

After expanding to the United Arab Emirates in 2022, this move, which is anticipated to take place within the next year, would establish the bank’s second subsidiary in the Gulf Region.

In an interview with Arise TV and during a panel discussion at the 8th Future Investment Initiative (FII) in Riyadh, Saudi Arabia, UBA Group Deputy Managing Director Muyiwa Akinyemi revealed this, highlighting the bank’s strategic commitment to supporting Africa’s growth through infrastructure development, youth empowerment, and long-term partnerships across important international markets.

“The next step for us in connecting the Africa-Gulf region is opening a presence in Saudi Arabia,” he stated. We are thrilled to introduce UBA’s financial services experience to Saudi Arabia, where we hope to foster strong economic ties and information sharing. We will also have access to Saudi knowledge in sustainable practices, energy transition, and food security through this endeavour, all of which are vital to Africa’s ongoing progress.

He stated, “Africa’s infrastructure deficit is an opportunity for investors worldwide,” while highlighting the continent’s significance as a crucial location for long-term capital investments. Africa must be in their investment horizon, we stress in our presentation to the Gulf and Southeast Asia. As our population grows, food security is becoming increasingly important.

Akinyemi also emphasised the bank’s commitment to using entrepreneurship to develop Africa’s young potential. “Under the direction of our Group Chairman’s work with the Tony Elumelu Foundation, UBA is dedicated to assisting young entrepreneurs in the rapidly growing fields of technology, agriculture, and entertainment in Africa,” he said. We see tremendous possibilities for innovation and growth with a population this youthful and vibrant. As he described the bank’s dedication to SMEs, which he described as important contributors to the African economy and engines of job creation and economic expansion, he also reaffirmed the bank’s ongoing support for SMEs in Africa and beyond.

“SMEs are the foundation of Africa’s economic growth. Especially in Nigeria, they provide a substantial contribution to value chains and the generation of jobs. UBA has committed billions to help SMEs in Africa over the last year, and we can have a significant impact because to our network of more than 20 countries.