The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

A European retreat opens the door to Middle East banks in Africa

Choice Concept With Doors
Photo: Getty Images

As European and Chinese banks scale back in Africa to cut costs and redeploy capital to core markets, Middle East lenders are happily jumping in to fill the gap, buying assets and putting more boots on the ground as bilateral trade between the regions increases.

The financial and commercial ties that bind the Middle East and Africa may never have been stronger than they are today. Almost every month there is news of an important deal involving investors on both sides.

In March 2022, the Islamic Corporation for the Insurance of Investment and Export Credit, part of the Saudi Islamic Development Bank, signed a deal to promote bilateral trade and investment with African Export-Import Bank.

In June, three Gulf-based sovereign wealth funds (SWFs), led by the investment authorities of Abu Dhabi and Kuwait, joined forces with nine African sovereign funds, including those from Egypt, Morocco and Nigeria. The result was a new platform for promoting investments in Africa, in sectors ranging from logistics and transportation to environmental protection.

Some of the deals are complex and multi-agency. Take the agreement signed in June by Dubai’s Etihad Credit Insurance and Israel Export Insurance to fund healthcare projects worth Dh540 million ($147 million) in Ghana.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

Tags

Elliot Wilson headshot.jpg
Global Private Banking and Wealth Management editor
Elliot Wilson is Greater China editor and Private Banking and Wealth Management editor. He joined the magazine in 2020 having been a regular contributor focusing on China and the Indian subcontinent, Russia and Eastern Europe/the CIS. He is based in Hong Kong.