Tony Elumelu, the chairman of the United Bank for Africa Group, during the FII New Africa Summit in Riyadh, said that the company is looking into business opportunities in the Kingdom and plans to open its first location in Saudi Arabia in early 2025, subject to regulatory approval from the Kingdom.
The establishment of a presence in Saudi Arabia will strengthen economic ties between the Kingdom and Africa, even though UBA already has 24 branches throughout several continents and nations, including the United States, Europe, and Dubai.
“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,” Tony Elumelu said.
“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,” he continued.
The chairman emphasised that now is a good moment for the private sector to promote stronger investment and more active trade between the Kingdom and Africa. A strong commitment to fortifying these ties is evident in the regular business delegations and visits between Saudi Arabia and the continent.
Tony Elumelu pointed out that the Kingdom and its Public Investment Fund are becoming more interested in making investments in Africa, and he thinks that the continent’s infrastructure development presents a bright future.
He considered how the Kingdom’s officials are attempting to link Saudi investors who are keen to take advantage of the continent’s potential with African projects to facilitate the funding required for development.
“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,” Tony Elumelu said.