Ecobank has announced the opening of a representative office in Dubai, in a move calculated to facilitate capital flows between the Middle East and Africa .A statement by the bank quoted its Chief Executive, Arnold Ekpe as having said that with an increasing number of African businessmen sourcing goods from Dubai and Middle Eastern companies investing substantially across Africa, there is scope for Ecobank to provide customers with banking, financial and investment consulting services.
"The need for Ecobank to establish a presence in Dubai is justified by the existing untapped opportunities to move into the growing business exchanges between Africa and the Middle East ," he said.
The CEO of Ecobank Corporate, Mr. Albert Essien, said "Our Dubai office will also enable us to facilitate Middle East private and bilateral flows leveraging on our pan African banking platform."
In recent years, Middle Eastern companies have been steadily acquiring companies across sub-Saharan Africa or going into joint business ventures in sectors such as telecommunications, air and sea transport, real estate, construction, mining and management services.
Ecobank further pointed out that its decision to set up an office in Dubai will be seen in business circles as a bold pioneering move.