Mashreq Receives In-Principle Approval to Establish Branch Operations in GIFT City
Ahmedabad: Mashreq, a leading financial institution in the MENA region, has received In-Principle Approval (IPA) from the International Financial Services Centres Authority (IFSCA) to open a new International Financial Services Centre Banking Unit (IBU) within the Gujarat International Finance Tec-City (GIFT City).
Key Highlights:
- Mashreq becomes the first UAE-based bank to receive IPA from IFSCA.
- The branch is expected to go live by Q4 2025, subject to all regulatory clearances.
- The GIFT City branch will offer Foreign Currency Loans, Trade Finance Solutions, and Treasury and Risk Management Products.
Ahmed Abdelaal, Group CEO of Mashreq, said, “We are excited to strengthen our presence in India through our new branch in GIFT City. We are deeply confident in the potential of India’s dynamic financial ecosystem.”
Tushar Vikram, CEO, Mashreq India, said, “The new branch at GIFT City reinforces Mashreq’s strong commitment to customer-centric approach and transformation journey. These offerings are designed to provide greater access to capital, simplified cross-border flows, and value-added advisory for Indian corporates, investors, and trade partners.”
The GIFT City branch will enhance Mashreq’s ability to serve clients seamlessly across time zones and regulatory frameworks, supporting trade and investment flows across key corridors in the Middle East and beyond.
