United Bank for Africa (UBA) Plc, a leading pan-African financial institution, is preparing to establish a subsidiary in the Kingdom of Saudi Arabia. This strategic move aligns with UBA's vision of expanding its global footprint and enhancing its presence in key economic regions.
The establishment of the Saudi Arabia subsidiary, targeted for completion within the upcoming year, will mark UBA's second subsidiary in the Gulf region, following its successful expansion into the United Arab Emirates in 2022.
During a panel discussion at the 8th Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, UBA’s Group Deputy Managing Director, Muyiwa Akinyemi, shared insights about the bank’s dedication to promoting Africa’s growth through infrastructure development, youth empowerment, and sustainable partnerships in major global markets.
“Establishing a presence in Saudi Arabia is a significant step in strengthening the connection between Africa and the Gulf region. We are eager to leverage UBA’s financial services expertise in Saudi Arabia, aiming to facilitate knowledge exchange and build robust economic ties. This initiative will also allow us to tap into Saudi Arabia's expertise in areas such as food security, energy transition, and sustainable practices, all of which are vital for Africa's ongoing development,” he stated.
He further highlighted Africa's potential as a strategic investment destination for long-term capital, noting, “The infrastructure challenges in Africa present a unique opportunity for global investors. Our message to stakeholders in the Gulf and Southeast Asia is that Africa should be included in their investment considerations. With our population growth, ensuring food security is more critical than ever.”
Akinyemi emphasized the bank's commitment to fostering youth talent in Africa through entrepreneurship. He stated, “In alignment with our Group Chairman’s initiatives through the Tony Elumelu Foundation, UBA is dedicated to empowering young entrepreneurs in sectors such as technology, agriculture, and entertainment, all of which are rapidly growing in Africa. Given our youthful and vibrant population, we recognize the vast potential for innovation and development.”
He further underscored the bank’s ongoing support for Small and Medium Enterprises (SMEs) across Africa and beyond, describing these businesses as essential contributors to the African economy and vital for job creation and economic advancement.
“SMEs serve as the foundation for economic progress in Africa, playing a crucial role in job creation and value chains, especially in Nigeria. Over the past year, UBA has invested billions to support SMEs throughout Africa, and our presence in more than 20 countries allows us to make a significant difference,” he remarked.
During the panel discussions, Akinyemi highlighted UBA’s extensive experience on the continent as it adapts to a constantly changing investment environment. He noted, “As investors, we prioritize infrastructure and sustainable projects that promote economic growth while tackling urgent challenges like talent migration. Our aim is to create an environment where individuals can succeed in Africa without the need to move abroad. By investing in local talent and nurturing growth sectors, we are helping to cultivate the next generation of global innovators right here in Africa.”
The Deputy Managing Director elaborated on UBA's risk management strategy across the continent, highlighting that the bank's extensive 75-year history has provided it with valuable insights and methodologies for navigating various markets.
"With more than seventy years of experience, we possess a deep understanding of Africa, which enables us to manage risks proficiently. We recognize significant opportunities in multiple sectors throughout the continent, and our ongoing investments reflect our dedication to fostering economic empowerment in communities, enhancing GDP, and elevating socioeconomic standards. Our anniversary marks a celebration of UBA's enduring contribution to Africa's advancement. We are eager to utilize this milestone to amplify our impact across sectors and empower future generations," he stated.