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Mashreq Expands Global Footprint with New Office in Türkiye

In a significant move, Mashreq, one of the preeminent financial institutions in the MENA region, has established a representative office in Türkiye. This expansion marks a pivotal enhancement of Mashreq’s global footprint, now encompassing 15 countries. The bank aims to deepen its commitment to supporting Turkish financial institutions and corporate entities, a strategic step poised to strengthen economic ties between Turkey and the international financial community.

A Strong Foundation in Türkiye

Mashreq has established itself as a crucial player within Türkiye's financial landscape, serving as one of the largest correspondent banks in the country. The bank has been instrumental in facilitating capital flow and channeling risk capacity to local banks and corporations. Notably, Mashreq has served as a key bookrunner on significant bond issuances by Turkish borrowers, showcasing its role as a vital financial partner in enabling access to global capital markets.

According to Ahmed Abdelaal, Mashreq’s Group Chief Executive Officer, the bank's entry into Türkiye is emblematic of its ongoing commitment to building a comprehensive global banking network. Abdelaal emphasized the strategic importance of Türkiye's geographical position, dynamic economy, and the robust trade relations it shares with the UAE. This new office is not merely an expansion; it represents an opportunity for increased collaboration and enhanced support for clients in the region.

Strengthening Economic Ties

The establishment of the Türkiye office comes at a time when bilateral trade between the UAE and Türkiye has been flourishing, with volumes exceeding $20 billion in 2024. The recently signed Comprehensive Economic Partnership Agreement (CEPA) further underscores these economic ties, aiming to double non-oil trade to reach a staggering $40 billion by 2031. Türkiye, recognized as one of Europe’s leading manufacturing hubs, plays a pivotal role in regional supply chains, making it an ideal location for Mashreq’s new office.

Joel Van Dusen, Group Head of Corporate and Investment Banking at Mashreq, articulated the importance of having a physical presence in Türkiye, stating that it bolsters the bank’s ability to provide customized solutions across various segments such as trade finance, capital markets, and treasury services. This enables Mashreq to deliver on-the-ground support in one of the region's most vibrant markets, enhancing responsiveness to client needs.

Leveraging its advanced digital infrastructure, Mashreq is well-positioned to facilitate cross-border trade and improve capital access. This commitment bolsters Türkiye's financial ecosystem while also aligning with Mashreq's vision of sustainable growth.

A Legacy of Innovation

Mashreq, which boasts a rich history of over half a century, remains at the forefront of financial innovation. It continues to evolve by adopting a challenger mindset, akin to a startup, while providing comprehensive services to a wide array of clients—from everyday consumers to significant corporate entities. This adaptability is a cornerstone of their mandate to help customers seize opportunities and navigate challenges, embodying their slogan to help clients ‘Rise Every Day.’

As Mashreq celebrates this milestone in its international journey, the establishment of the Türkiye office is not just an operational expansion. It reflects the bank's long-standing commitment to fostering sustainable, diversified growth while enhancing the financial connectivity between Türkiye and global markets.

In conclusion, Mashreq's strategic move into Türkiye exemplifies its dedication to creating robust financial partnerships that benefit both local and international stakeholders, positioning itself as a leader in the evolving financial landscape of the MENA region and beyond.