By Nabimara Benson
In a bold move to capitalize on the burgeoning trade and investment corridor between the Middle East and Africa, Equity Group Holdings Plc, Kenya’s largest bank by market share, has announced plans to open a representative office in the United Arab Emirates (UAE) by the fourth quarter of 2025. This strategic expansion marks the bank’s first venture outside the African continent and positions it as the first Kenyan bank to establish a foothold in the Middle East, a region increasingly vital for global capital flows.
Equity Group’s decision to set up an office in Dubai comes at a time when economic ties between the Middle East and Africa are strengthening. The UAE, a global financial hub with deep capital reserves and robust logistics infrastructure, serves as a gateway for trade and investment. Dr. James Mwangi, Equity Group’s Managing Director and CEO, emphasized the strategic importance of the move, stating, “The UAE office is a strategic bridge that links Africa’s entrepreneurial energy with global capital. Our customers will gain access to new markets, while Gulf investors will enjoy a direct line into Africa’s fastest-growing region.”
The UAE office, expected to be operational by early 2026 pending regulatory approvals from the Central Bank of Kenya and UAE authorities, will focus on facilitating trade, raising capital, and providing market insights. It will cater to the East African diaspora in the Gulf, offering personalized financial services such as remittance and mobile-money solutions. Simultaneously, it will serve as a conduit for Middle Eastern investors seeking opportunities in East Africa’s dynamic markets, particularly in agribusiness, energy, infrastructure, and digital finance.
The Middle East’s growing interest in Africa is driven by the continent’s vast resources, including minerals critical for the global transition to cleaner energy and arable land for food security. Equity Group’s expansion aligns with this trend, as African banks like Absa Group Ltd., Standard Bank Group Ltd., and United Bank for Africa Plc have also ventured into the Middle East to tap into these opportunities. The UAE’s proximity to sovereign wealth funds and its role as a logistics hub make it an ideal base for Equity Group to connect African markets with global capital.
Dr. Mwangi highlighted the UAE’s role as a “strong center for investment,” noting that the office will support Gulf-based investors looking to enter East Africa’s fast-growing sectors. With its extensive experience in regional banking and project financing, Equity Group is well-positioned to facilitate cross-border partnerships and drive economic growth.
The UAE hosts millions of East Africans, and Equity Group’s Dubai office will enhance banking services for this diaspora, including seamless remittance and mobile-money solutions. This move aligns with the bank’s broader mission to deepen financial access for Africans globally while fostering economic resilience. The initiative is part of Equity Group’s Africa Recovery and Resilience Plan, which focuses on post-pandemic growth through investments in health, education, food systems, and technology.
Beyond diaspora services, the office will provide trade facilitation and capital-raising support, positioning Equity Group as a key player in unlocking long-term capital for infrastructure and green projects. The bank’s expertise in sustainability-linked lending and regional banking will further strengthen its appeal to investors.
Equity Group Holdings Plc, with a market share of 12.2% and total assets of approximately KSh 1 trillion (around $12 billion USD) as of 2024, ranks as Kenya’s second-largest bank by assets, trailing only Kenya Commercial Bank (KCB). The bank operates in seven African countries and recently integrated Cogebanque in Rwanda and launched a health insurance subsidiary in Kenya, underscoring its regional momentum.
The decision to expand into the UAE was approved by shareholders at Equity Group’s 21st Annual General Meeting on June 25, 2025, reflecting strong confidence in the bank’s global strategy. The bank also reported a robust financial performance, with a dividend payout of KSh 16 billion (approximately $124 million USD) for the year ending December 2024, translating to KSh 4.25 per share.
While the UAE expansion offers significant opportunities, it comes with challenges. Political risks in some African markets, such as instability in gas-rich Mozambique or the detention of foreign executives in countries like Nigeria and Mali, could deter investors. Additionally, Africa faces an annual financing gap of approximately $402 billion, highlighting the need for innovative capital-raising strategies. Equity Group’s UAE office aims to address this gap by connecting African markets with the Middle East’s deep capital sources.
The bank’s move also reflects the broader trend of African financial institutions expanding globally to capture capital flows. Citigroup Inc.’s head of African markets, George Asante, noted a surge in investment from the U.S. in Africa’s critical minerals sector, with over 400 deals valued at $32.5 billion in the first half of 2024. Equity Group’s presence in the UAE positions it to compete for similar investment flows from the Middle East.
Equity Group’s UAE office marks a historic milestone as the first Kenyan bank to establish a presence in the Middle East. By leveraging the UAE’s strategic position, the bank aims to enhance trade, investment, and remittance flows while supporting Africa’s economic transformation. As Dr. Mwangi aptly stated, “This is not just about scale—it’s about impact.”
With its strong financial foundation, regional expertise, and forward-looking strategy, Equity Group is poised to redefine the role of African banks in the global financial landscape. The UAE office is not just a new branch—it’s a gateway to connecting Africa’s potential with the world’s capital.
