RIYADH: United Bank for Africa Group is set to open its first presence in Saudi Arabia early next year, pending regulatory approval from the Kingdom, according to its chairman
Speaking to Arab News at the FII New Africa Summit in Riyadh, Tony Elumelu highlighted that they are exploring business opportunities within the Kingdom.
UBA operates 24 branches across multiple continents and countries, including the US, Europe, and Dubai, but establishing a presence in Saudi Arabia will further consolidate economic ties between the Kingdom and Africa.
“We are trying to open a bank in Saudi Arabia. We have applied to the Central Bank of Saudi Arabia, and we hope that will be successful soon. So that we can be the only first African bank with a presence in Saudi Arabia,” Elumelu said.
He continued: “You might ask me: ‘Why am I interested in having United Bank for Africa operate in Saudi Arabia?’ Because of the trade opportunities, because of investment opportunities, because we like what is happening in Saudi Arabia.”
The chairman underlined that this is an opportune time for the private sector to foster more robust trade and stronger investment ties between the Kingdom and Africa.
The frequent visits and business delegations between Saudi Arabia and the continent demonstrates a strong commitment to strengthening these connections.
Elumelu highlighted the growing interest from the Kingdom and its Public Investment Fund in investing in Africa, and he believes they see the continent’s infrastructure development as a promising opportunity.
He reflected on how the Kingdom’s authorities are working to connect Saudi investors eager to capitalize on the continent’s potential and facilitate the necessary financing for development with African projects.
“I listened to your finance minister who said there’s times they will feel that they are Africans. It was so exciting to hear him say that,” Elumelu said.
He added: “Let’s put resources together and bring to fruition those projects that we see on the African continent that have high returns, high return potential, as well as catalytic impact in helping to develop Africa.”
Elumelu went on to say: “Today’s world, people are not interested in profit taking. People want to make a profit at the same time; if making that profit can help to improve lives, they are happy to do so.”
The chairman concluded the interview by expressing his wish for a stronger economic relationship with Saudi Arabia.
“The bilateral relationship is growing. There’s room for significant improvement. But I look beyond today’s levels. I want to see deeper outcomes of that partnership, and that is why I keep talking about investment in infrastructure in Africa,” he said.
