By Business Reporter
Dubai- Africa–UAE economic relations marked a significant milestone on Tuesday with the official opening of the CRDB Bank Dubai Representative Office at the Dubai International Financial Centre (DIFC), making CRDB the first Tanzanian bank to establish a presence in one of the world’s leading global financial hubs.
The move positions Tanzania, along with the wider East and Central African region, directly within the global capital ecosystem, using a home-grown African financial institution as a conduit between regional investment opportunities and international finance.
The launch event brought together senior executives from international financial institutions, global investors, multinational corporations, diplomats and development finance partners, underscoring growing global interest in Africa as a major long-term growth frontier.
The ceremony was officiated by Ambassador Mahmoud Thabit Kombo, Tanzania’s Minister for Foreign Affairs and East African Cooperation, who delivered a keynote address on behalf of President Samia Suluhu Hassan.
Speaking for the President, Minister Kombo praised CRDB Bank for advancing Tanzania’s national economic vision through the development of a strong domestic institution capable of operating at international standards. He described Dubai as a strategic choice, citing its role as a global financial gateway and the robust regulatory environment offered by 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, home to more than 60 million people, has maintained average GDP growth of between 6 and 7 percent for over two decades, alongside single-digit inflation and macroeconomic stability, even during periods of global economic disruption. This performance has helped position the country as a natural gateway linking the Indian Ocean with landlocked markets across East and Central Africa.
CRDB Bank has grown alongside this transformation. Founded 30 years ago, the bank now serves more than six million customers across the region and has a balance sheet exceeding USD 9 billion. Its operations in Tanzania, Burundi and the Democratic Republic of Congo align with key regional trade, logistics and investment corridors.
Group Chief Executive Officer Abdulmajid Nsekela said the Dubai expansion represents the next phase in CRDB’s regional strategy.
“CRDB Bank was built to finance Tanzania’s growth. As Tanzania became a gateway, the Bank became regional,” Mr. Nsekela said. “Dubai now allows us to complete the triangle—linking 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, driven by rising intra-African trade, expanding infrastructure, vast mineral and energy resources, and one of the youngest labour forces globally. Across the continent, Africa’s population of 1.4 billion generates more than USD 3.4 trillion in GDP and is projected to account for a quarter of the world’s population by 2050.
Despite this scale, access to long-term and structured financing remains a major constraint. CRDB Bank said its Dubai Representative Office has been established to address this gap by originating transactions, structuring financing solutions and mobilising global capital for African projects that require both local expertise 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.”
The Dubai presence is expected to strengthen trade finance, cross-border investment structuring and syndicated financing between the Gulf and Africa, with Tanzania serving as the anchor market and East and Central Africa as the broader growth hinterland. The office also enhances Africa’s engagement with Islamic finance, a global industry with assets exceeding USD 4 trillion.
Neema Mori, Chairperson of the CRDB Bank Board of Directors, said the development reflects rising confidence in African institutions’ ability 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.”
Officials from the Dubai Financial Services Authority (DFSA) welcomed CRDB Bank into the DIFC ecosystem, noting that the entry of an African bank with deep regional roots strengthens the Africa–Middle East financial corridor and supports the flow of long-term capital into emerging markets.
