Dubai, UAE — In a significant step towards strengthening UAE-India financial ties, Mashreq has announced that it is the first UAE-based bank to receive an In-Principle Approval (IPA) to establish an International Banking Unit (IBU) at GIFT City, India’s pioneering global financial services hub.
This landmark approval marks a strategic milestone for Mashreq, underscoring the bank’s deepening commitment to India’s dynamic financial sector and its vision to facilitate seamless cross-border trade and investment.
The upcoming branch at GIFT City will provide a comprehensive suite of wholesale banking services, including foreign currency lending, trade finance, treasury, and risk management solutions. The expansion aims to support businesses by offering future-ready financial services that bridge India with the Middle East and other key global markets.
Commenting on this achievement, Ahmed Abdelaal, Group CEO of Mashreq, said:
“”This milestone complements our commitment to fostering innovation, investment and facilitating trade between India and multiple key corridors in the Middle East and across the world, as we aim to leverage our extensive global network. With the support of India’s Prime Minister’s visionary leadership and the CEPA agreement between India and the UAE, we are well-positioned to deliver world-class financial solutions that meet the evolving needs of our clients.”
Mashreq’s presence at GIFT City aligns with its strategy to connect clients to high-growth markets through innovative financial solutions and trusted banking expertise, reinforcing its role as a catalyst for regional and global economic integration.
