ARABIAN TIMES NEWS NETWORK
Africa-UAE economic relations reached a defining moment today with the official launch of the CRDB Bank Dubai Representative Office at the Dubai International Financial Centre (DIFC), marking the first time a Tanzanian bank has established a presence within one of the world’s most influential financial hubs. The milestone positions Tanzania, together with the East and Central Africa region, directly within the global capital ecosystem, using a home-grown African financial institution as the bridge between regional opportunity and international finance.
The launch brought together senior leaders from international financial institutions, global investors, multinational corporates and development finance partners, reflecting growing global interest in Africa as the world’s next major growth frontier. The ceremony was officiated by Ambassador Mahmoud Thabit Kombo, Minister for Foreign Affairs and East African Cooperation, who delivered a keynote address on behalf of Samia Suluhu Hassan, President of the United Republic of Tanzania. Speaking on behalf of the President, Minister Kombo commended CRDB Bank for advancing Tanzania’s national economic vision through a strong domestic institution capable of operating at global standards.
He said the choice of Dubai was strategic, citing its role as a leading global capital hub and the strong regulatory framework of DIFC. “The presence of a Tanzanian bank in Dubai will deepen economic, trade and investment relations between Tanzania and the United Arab Emirates, building on bilateral trade that has already reached approximately USD 2.5 billion annually, while strengthening Tanzania’s linkages with global markets,” Minister Kombo Said. Tanzania, with more than 60 million people, has sustained average GDP growth of 6-7 percent for over two decades, maintained single-digit inflation and preserved macroeconomic stability even during periods of global disruption.
This stability has enabled Tanzania to evolve into a natural gateway economy, linking the Indian Ocean to landlocked markets across East and Central Africa. It is this gateway role that CRDB Bank has been built to serve. Founded 30 years ago, the Bank has grown alongside Tanzania’s economy and regional integration agenda. Today, the Group serves over six million customers across the region, with a balance sheet exceeding USD 9 billion. Its footprint in Tanzania, Burundi and the Democratic Republic of Congo mirrors the region’s most important trade, logistics and investment corridors.
In his remarks, Abdulmajid Nsekela, Group CEO of CRDB Bank, said the expansion into Dubai represents the logical next step in a regional strategy rooted in Tanzania’s economic geography and Africa’s integration agenda. “CRDB Bank was built to finance Tanzania’s growth. As Tanzania became a gateway, the Bank became regional,” he said. “Dubai now allows us to complete the triangle, inking global capital, Tanzania, and East and Central Africa through one trusted African institution.”
East and Central Africa together represent a market of nearly 400 million people, defined by rising intra-African trade, expanding infrastructure networks, vast mineral and energy resources, and one of the youngest labour forces in the world. Africa as a whole is home to 1.4 billion people, generates over USD 3.4 trillion in GDP, and is projected to account for a quarter of the global population by 2050. Despite this scale, access to long-term, structured capital remains a persistent constraint. The CRDB Bank Dubai Representative Office has been designed to address this gap by originating deals, structuring financing and mobilizing global capital for African projects that require both local understanding and international standards.
“Africa does not lack opportunity,” Mr. Nsekela noted. “What it often lacks is a bridge between capital and execution. This office is that bridge.” By establishing a Tanzanian banking presence at DIFC, CRDB Bank is expected to deepen trade finance, cross-border investment structuring and syndicated financing between the Gulf and Africa, using Tanzania as the anchor and East and Central Africa as the growth hinterland.
The office also strengthens Africa’s engagement with Islamic finance, a global market exceeding USD 4 trillion in assets. Neema Mori, Chairperson of the CRDB Bank Board of Directors, said the milestone reflects growing confidence in African institutions to operate at the highest global level. “This is a statement about governance, capability and trust,” she said.
“CRDB Bank’s presence in Dubai demonstrates that African banks can anchor global partnerships while remaining firmly aligned with Africa’s development priorities.” Leadership from the Dubai Financial Services Authority welcomed CRDB Bank into the DIFC ecosystem, noting that an African bank with deep regional roots strengthens the Africa–Middle East financial corridor and improves the flow of long-term capital into emerging markets.
