Tanzania has marked a major milestone in regional economic diplomacy with the official launch of CRDB Bank’s representative office at the Dubai International Financial Centre (DIFC), one of the world’s leading financial hubs.
This is the first time a Tanzanian bank and one from East and Central Africa has expanded its footprint into Dubai, signaling a new era for the region’s engagement with global capital markets.
The move positions Tanzania and the wider East and Central African region, whose combined economies approach USD 800 billion, as a direct gateway for international investors seeking opportunities in Africa.
CRDB Bank will serve as a bridge, connecting regional growth projects with global capital and financial expertise.
The launch event brought together leaders from global financial institutions, investors, major corporations, and development partners, reflecting growing global interest in Africa as the next frontier for economic growth.
Presiding over the event on behalf of President Samia Suluhu Hassan, Ambassador Mahmoud Thabit Kombo, Minister of Foreign Affairs and East African Cooperation, praised CRDB Bank for advancing Tanzania’s economic vision through proactive economic diplomacy.
He described the Dubai expansion as strategic, citing the city’s global financial prominence and robust regulatory framework.
“The presence of a Tanzanian bank in Dubai will strengthen trade and investment ties between Tanzania and the UAE, boosting bilateral trade which currently stands at approximately USD 2.5 billion annually. It also enhances regional integration, linking East and Central Africa with global markets,” Minister Kombo said.
Zanzibar’s Finance Minister, Dr. Juma Akili, noted that the expansion reflects the increasing sophistication of Tanzania’s financial sector.
“This step demonstrates the maturity of our financial institutions and their ability to compete on the global stage,” he said.
With over 60 million people, Tanzania has maintained macroeconomic stability for more than two decades, achieving average annual GDP growth of 6–7 percent while keeping inflation in single digits.
This stability positions Tanzania as a strategic economic gateway connecting the Indian Ocean to landlocked markets in East and Central Africa.
CRDB Bank, established 30 years ago, has been a key driver of regional economic growth. Today, it serves over six million customers across East and Central Africa, managing assets exceeding USD 9 billion, with operations in Tanzania, Burundi, and the Democratic Republic of Congo.
Abdulmajid Nsekela, Group Chief Executive Officer of CRDB Bank, described the Dubai office as a natural extension of the bank’s regional strategy.
“CRDB was founded to finance Tanzania’s growth. As the country has grown into a regional economic gateway, CRDB has grown alongside it. Our Dubai office now enables us to link international capital with opportunities in Tanzania and East and Central Africa,” Nsekela said.
East and Central Africa is home to nearly 400 million people, with expanding intra-African trade, growing infrastructure projects, abundant natural resources, and one of the world’s youngest workforces.
Africa as a whole has a population of 1.4 billion, a combined GDP of USD 3.4 trillion, and is projected to account for a quarter of the global population by 2050.
Despite this potential, long-term investment capital remains a challenge. CRDB Bank’s Dubai office aims to bridge this gap by structuring financing, initiating projects, and mobilizing international capital for development initiatives in the region.
“Africa has abundant opportunities; what is often missing is the bridge between capital and implementation. This office is that bridge,” Nsekela explained.
The Dubai presence is expected to strengthen trade financing, attract investment, and promote collaboration with international financial institutions.
It will also expand the region’s participation in global Islamic finance markets, valued at over USD 4 trillion worldwide.
Neema Mori, Chairperson of CRDB Bank’s Board of Directors, said the move reflects growing confidence in the bank’s governance, capacity, and international credibility.
“CRDB Bank Dubai demonstrates that African banks can form global partnerships while staying true to Africa’s development priorities,” Mori said.
Dubai Financial Services Authority officials welcomed CRDB Bank to DIFC, highlighting the bank’s role in enhancing financial corridors between Africa and the Middle East and facilitating long-term capital flows to emerging markets.