Equity Group Holdings Plc is expanding its global reach with the announcement of a new Representative Office in the United Arab Emirates (UAE), after a successful AGM held on the 25th of June in Nairobi, Kenya.
The move is still subject to regulatory approvals from both the Central Bank of Kenya as well as the Dubai equivalent.
The opening of the office is meant to foster deeper economic ties between East and Central Africa and the broader Middle East, India, and Central and South Asia.
Over the past couple of years, we have seen many wealthy Kenyans diversify their portfolio by investing in Dubai’s real estate market as well as set up businesses and branches.
Related: Investing in Dubai: A Growing Trend Among Kenyans
More than 50,000 Kenyans are living in the UAE, a number that is expected to continue growing.
With this in mind, Equity is looking to get a piece of this pie and start servicing not only Kenyans but also Africans who call the UAE home.
This also comes after the UAE and Kenyan governments have forged a trade agreement aimed at streamlining and increasing the amount of trade between the two nations.
What is a Representative Office?
Once approved, this office will not allow you to deposit or withdraw money.
In the banking world, a Representative Office is a non-transactional setup that allows a financial institution to maintain a physical presence in a foreign market without offering full banking services. This means:
It can:
- Promote the bank’s services and products
- Facilitate communication and business inquiries
- Conduct market research and build networks
- Support diaspora banking services and investor relations
It cannot:
- Accept deposits or offer loans directly
- Engage in trading or investment activities on behalf of clients
- Operate as a fully-fledged bank branch
A representative office usually acts as a business development hub, preparing itself for future opportunities while strengthening the bank’s brand presence in the region.
Related: How to Send Money to Kenya (M-Pesa & Bank Account) From the UAE (Dubai & Abu Dhabi) with Equity Bank
Speaking on the development, Prof. Isaac Macharia, Chairman of Equity Group Holdings Plc, had this to say:
“Despite a complex and evolving macroeconomic landscape in 2024, Equity Group remained resilient, agile, and purpose driven,” he said. “The establishment of a Representative Office in the UAE marks a strategic step in deepening regional and global connectivity.”
He added that the opening of the office aligns with Equity’s broader Africa Recovery and Resilience Plan, which includes expanding access to health insurance, enhancing clean energy availability, and boosting financial inclusion through MSME support.
Connecting Africa to Global Markets
Dr. James Mwangi, who is the Group Managing Director and CEO of Equity Group, also made a statement talking about how this move will enable the group to connect African economies to the global markets.
“Equity Group continues on a strong growth trajectory, driven by our commitment to innovation, regional expansion, and sustainable practices,” said Dr. Mwangi. “The establishment of a Representative Office in the UAE marks an exciting step in our journey to connect Africa with global markets, creating new opportunities for trade and investment.”
“We are committed to integrating sustainable practices into every aspect of our business, ensuring that we create value for all our stakeholders while protecting our planet for future generations.”
Why the UAE?
Dubai and the UAE as a whole have cemented their place amongst the top financial and investment hubs of the world. That is why many big corporations have a presence in the country.
Equity is looking at how it can be able to take part in this growth and position itself as a trusted partner, especially to Kenyans and Africans living, working, and investing in Dubai and the wider Middle East.
Some of the main objectives Equity will have in the long run will include:
- Connect with African entrepreneurs and investors abroad
- Facilitate cross-border trade and remittances
- Attract capital from investors looking toward Africa
Time will tell how the group will continue positioning itself as a solution for Africans abroad and those looking to invest there.
Related: Exclusive Interview: A Kenyan’s Perspective on Living & Working in Dubai
