Mashreq Expands Its Global Presence with New Office in Turkey

Mashreq, one of the prominent financial institutions operating in the MENA region, has officially announced the opening of its representative office in Turkey. This strategic move reinforces the bank's commitment to support Turkish financial institutions and businesses, marking a significant milestone in its global expansion efforts.

With the establishment of this new office, Mashreq now operates in 15 countries, reflecting its ongoing dedication to enhancing its global footprint. The bank plays a critical role in the Turkish financial landscape, particularly in guiding capital flows and risk capacity for local banks and corporations. By facilitating important bond transactions, including capital issuances from leading Turkish banks, Mashreq solidifies its position as a strategic financial partner, connecting Turkey with global capital markets.

The opening of the Turkey representative office represents a continuation of Mashreq's collaboration with top Turkish institutions in areas like syndication loans, trade finance, payment solutions, treasury services, and capital markets. This expansion aligns with the bank's regional growth strategy, contributing to its broader goal of increasing international presence and enhancing service offerings.

Ahmed Abdelaal, the Group Chief Executive Officer of Mashreq, emphasized the significance of this venture, stating, "Our expansion into Turkey reflects Mashreq's ongoing commitment to building a truly global banking network that connects major economic corridors. Turkey's strategic location, dynamic economy, and strong trade and investment ties with the UAE present significant opportunities for collaboration. This strategic step not only enhances our capacity to deliver world-class financial solutions to customers in Turkey and the surrounding regions but also propels our vision of sustainable and diversified growth forward."

As of 2024, Turkey and the UAE are crucial economic partners, with bilateral trade volumes expected to exceed USD 20 billion. Following the Comprehensive Economic Partnership Agreement signed in 2023, it is projected that non-oil trade will see significant growth, potentially reaching USD 40 billion by 2031. Turkey stands out as one of the top three manufacturing hubs in Europe, playing a key role in regional supply chains.

Joel Van Dusen, Group Head of Corporate and Investment Banking at Mashreq, highlighted the importance of the new office in Turkey by stating, "Opening a representative office in Turkey demonstrates our commitment to supporting a diverse customer base in one of the region's most dynamic and strategically important markets. Our presence in the field enables us to provide faster and more tailored solutions in trade finance, capital markets, and treasury services. Leveraging Mashreq's digitally prioritized infrastructure and global expertise, we are well-positioned to facilitate cross-border trade, enhance capital access, and make a meaningful contribution to Turkey's financial ecosystem."

The launch of the Turkey Representative Office is another significant milestone on Mashreq's international growth journey, further expanding the bank's global operating network to encompass 15 countries. This strategic expansion is expected to bolster Mashreq's ability to cater to the financial needs of a growing customer base in Turkey and strengthen its ties with global market partners, paving the way for a more integrated financial future between Turkey and the MENA region.

Mashreq CEO Ahmed Abdelaal