Mashreq, one of the leading banks in the United Arab Emirates, has announced its partnership with the Abu Dhabi Securities Exchange (ADX), marking a significant step in the growth and development of the UAE’s financial ecosystem.
The ADX, established in 2000, is the second-largest stock exchange in the UAE, providing a platform for trading a wide range of securities and financial products, including equities, bonds, and mutual funds. The exchange has witnessed steady growth in recent years, with a total market capitalization of around AED 667 billion as of March 2023.
Mashreq’s partnership with ADX is expected to enhance the exchange’s capabilities and increase liquidity in the market. The bank will provide a range of services to ADX, including settlement and clearing, and will act as a custodian for the exchange’s securities.
Commenting on the partnership, Abdul Wahed Al Fahim, Chairman of ADX, said, “We are delighted to partner with Mashreq, one of the most reputable and established banks in the UAE. This collaboration will bring a wealth of experience and expertise to the ADX, and we are confident that it will further strengthen our position as a leading stock exchange in the region.”
For Mashreq, the partnership with ADX represents a significant opportunity to expand its footprint in the UAE’s financial services sector. The bank has been investing heavily in technology and innovation in recent years, and this partnership is expected to further enhance its capabilities in the digital space.
“Partnering with ADX is an important milestone for Mashreq, and we are excited to collaborate with the exchange to drive growth and innovation in the UAE’s financial ecosystem,” said Ahmed Abdelaal, Group CEO of Mashreq Bank. “Our expertise in digital banking and financial services will enable us to provide ADX with innovative solutions that will enhance the exchange’s capabilities and help it achieve its strategic objectives.”
The partnership between Mashreq and ADX comes at a time when the UAE is looking to further develop its financial ecosystem and attract more foreign investment. The country has been making significant strides in this direction, with a number of initiatives and reforms aimed at improving the ease of doing business and attracting more foreign capital.
The UAE has also been investing heavily in technology and innovation, with a particular focus on digital transformation. The government’s “Smart Dubai” initiative aims to make the city one of the most advanced and innovative in the world, with a focus on areas such as artificial intelligence, blockchain, and the Internet of Things.
Mashreq, which has been operating in the UAE for more than 50 years, has been at the forefront of this digital transformation. The bank has been investing heavily in technology and innovation, with a particular focus on digital banking and mobile solutions. It was one of the first banks in the UAE to launch a mobile banking app, and it has continued to innovate in this space, launching a range of new services and features to meet the evolving needs of its customers.
The partnership with ADX is expected to further enhance Mashreq’s capabilities in the digital space, enabling the bank to offer innovative solutions to the exchange’s customers. This could include, for example, the development of new trading platforms or the integration of blockchain technology into the exchange’s operations.
In addition to its digital capabilities, Mashreq is also known for its strong risk management practices and its commitment to sustainability. The bank has been recognized for its efforts in these areas, receiving a number of awards and accolades from industry bodies and international organizations.
The partnership with ADX is expected to further strengthen Mashreq’s position in the market and help it to achieve its strategic objectives. The bank has set ambitious targets for growth and innovation in the coming years, and this partnership is expected to play a key role in achieving these goals.
