Mashreq has already secured UAE Central Bank and SEZ authority approvals.
| Photo Credit:
STEVE CRISP
Mashreq Bank became the first UAE-based bank to receive an in-principle approval (IPA) to open a new International Financial Services Centre Banking Unit (IBU) within the Gujarat International Finance Tec-City (GIFT City) in Gujarat.
The upcoming branch is expected to go live by fourth quarter of 2025, subject to all regulatory clearances, stated an official release here. “We are excited to strengthen our presence in India through our new branch in GIFT City, India’s pioneering global financial services hub,” said Ahmed Abdelaal, Group CEO of Mashreq. businessline in June 2025 had reported that several banks from France and UAE including Mashreq had made formal applications to GIFT City for opening their IBUs.
“We are deeply confident in the potential of India’s dynamic financial ecosystem. 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,” he added.
Mashreq has already secured UAE Central Bank and SEZ authority approvals. It is now in the final stages of obtaining the IFSCA full license. Premises have been identified and recruitment for key roles are underway, the release added.
The GIFT City branch will offer a suite of services, including Foreign Currency Loans, Trade Finance Solution and Treasury and Risk Management Products.
With its proximity to Indian clients and the benefits of operating within a single time zone, the GIFT City branch will offer enhanced convenience and faster turnaround for customers. Additionally, regulatory incentives such as Tax Deducted at Source (TDS) exemptions in the initial years will support competitive structuring of financial solutions.
Mashreq’s entry into GIFT City builds on its longstanding presence in India and reinforces the country’s role as a key pillar in the bank’s global strategy.
Mashreq India has grown into one of the largest international businesses within the group globally, acting as a strategic hub for corridor banking across the GCC, Africa, Asia, Europe, and the Americas. This expansion underscores the bank’s deep and ongoing commitment to the Indian market.
The new IBU will enhance Mashreq’s ability to serve clients seamlessly across time zones and regulatory frameworks. The GIFT City branch is poised to play a pivotal role in supporting trade and investment flows, not only across the expanding India–UAE corridor, but across key corridors in the Middle East and beyond, the release added.
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Published on July 2, 2025
