“Opening a Presence in Saudi Arabia”: UBA Makes Big Move After Declaring Massive Profit
- United Bank for Africa (UBA) Plc, has set the wheels in motion to expand its operations in the Middle East
- This move will mark the bank’s second subsidiary in the Gulf Region, following the expansion of its business to the UAE in 2022
- UBA Group Deputy Managing Director said that opening a presence in Saudi Arabia represents the next step
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Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
United Bank for Africa (UBA) Plc, Africa's global bank, has started the process of growing its business in the Middle East by aiming to establish a subsidiary in Saudi Arabia, the region's biggest economy.
Source: Getty Images
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 order to extend its operations in the Middle East, United Bank for Africa (UBA) Plc, Africa's Global Bank, has started the process of opening a subsidiary in Saudi Arabia, the region's largest economy.
New Telegraph reported that after expanding its operations to the United Arab Emirates in 2022, the bank will have its second subsidiary in the Gulf Region with this move, which is anticipated to take place within the next year.
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.
He said,
“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.”
While emphasizing the importance of Africa as a strategic investment destination for long-term capital, he said,
“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.”
Akinyemi also highlighted the bank’s dedication to nurturing Africa’s youth talent through entrepreneurship.
“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.”
UBA declares big profit despite challenges
Legit.ng reported that the Group Managing Director, United Bank for Africa has explained how it is able to report impressive profits despite foreign exchange issues in Nigeria.
Oliver Alawuba, said this in an interview on the sidelines of the just concluded World Bank/International Monetary Fund annual meetings in Washington DC, United States, Daily Trust reported.
This occurred as the bank recently declared an impressive N603 billion profit before tax for nine months compared to the same period of the previous year.
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Source: Legit.ng
