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Wed, Nov 06, 2024 | Jumada al-Awwal 4, 1446 | DXB
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MBME, 100% Emirati family business, is first fintech firm to list on Abu Dhabi exchange
Shares opened at Dh12 and jumped to Dh12.3 at close of the day
From left: Saeed Mohamed Saeed Albadi Aldhaheri - MD of MBME, Ali Mohamed Saeed Albadi Aldhaheri - Chairman of MBME Group and Abdelhadi Mustafa Mohamed - MD of MBME Group ring the ceremonial bell at start the listing of the company at ADX on Monday. - Supplied photo
MBME Group, a 100 per cent Emirati family business, became the first fintech company to list on Abu Dhabi Securities Exchange (ADX).
MBME celebrated the listing of shares on the Growth Market – ADX’s second market, with an official bell ringing ceremony on Monday. MBME operates the region’s largest online utility and government services payment platforms. Its shares opened at Dh12 and jumped to Dh12.30 at close of the first day of trading.
“We are proud to be the first Emirati family in the fintech sector to be listed on the Abu Dhabi Securities Exchange,” Abdelhadi Mustafa Mohamed Abdelgadir, managing director, MBME Group, told Khaleej Times. “This is a major achievement. This gives us the motivation in implementing our strategy.”
He lauded the visionary leadership of the country for creating an investor-friendly environment and progressive policies.
“The listing reflects our commitment to transparency, accountability and corporate governance. And we’re eager to continue to add value for our shareholders,” Abdelhadi noted.
Abdelhadi Mustafa Mohamed Abdelgadir
Saeed Hamad Al Dhaheri, managing director and CEO, ADX, welcomed the listing of one of the largest online providers of payment solutions in the region.
“MBME’s listing will bring further diversification to our dynamic exchange, offering investors a wider range of unique growth opportunities and reinforces ADX’s position as one of the leading exchanges in the region. Despite the current volatility in global markets, Abu Dhabi continues to be a safe investment haven, strengthened by the UAE government’s focus on creating a business-friendly environment.”
Ali Mohamed Saeed Albadi Aldhaheri, chairman, MBME Group, expressed his delight to engage with equity markets.
“Listing on the ADX Growth market is a crucial factor in our growth trajectory as we expand and develop at a rapid pace. As a result, we can continue investing in the expansion of our payment systems and maintain our leadership position in the market. It also offers us the potential to acquire funds and build brand value. As the first completely integrated online payment platform in the UAE, we are incredibly proud to provide our customers with a quick and secure payment process.”
Faisal Esam Yusuf Abdulla Abdulkarim Janahi
Massive expansion planned
Faisal Esam Yusuf Abdulla Abdulkarim Janahi, managing director, MBME Investment, said that it’s the “perfect time” to list on the market.
“We have been in the market for more than15 years. We found that currently it’s the perfect time to (list) because we have expanded our customer base to 3.2 million users, operate more than 4,000 touch points across the UAE. So, we felt that timing is right.”
The digital consumer payment industry is a complex web of interlinked services that allow businesses to offer digital payment options to consumers for goods and services. In this dynamic landscape, MBME Group stands out as a leading provider of customised digitalisation solutions to government and government-related entities. Drawing on its extensive experience in digitalisation, MBME collaborates closely with its clients to develop state-of-the-art digital solutions that are tailored to meet specific needs. These solutions are not limited to development but also include long-term maintenance and upgrade services.
Janahi underlined that the Group is set for a major expansion into the region and Southeast Asia.
“We are looking for now, not just staying in the UAE, but for global expansion. This is our intention. We have built a great track record and experience based on which we can use it to expand in other regions.”
Robust ADX Growth Market
MBME, a family-owned business, becomes the 14th company to list on the ADX Growth Market, supporting the strategy of Abu Dhabi and the UAE to diversify the economy through the expansion of technology, financial services and other dynamic growth sectors. The Growth Market delivered robust performance last year. The value of shares traded in 2022 exceeded Dh29.8 billion, rising 88.1 per cent year on year.
Janahi is “optimistic” that more Emirati-owned family businesses will list in UAE’s financial markets.
“It’s a great sentiment that MBME Group has been listed as the first Emirati family in the fintech sector.”
ADX’s Growth Market, which rebranded in March 2022, offers companies access to a wide investor base, together with support from the ADX on investor engagement. Listing and disclosure requirements are tailored to privately owned companies, family businesses and emerging companies, providing an attractive window for businesses to enhance their profile, increase brand equity and fuel their growth.
Ashwani Kumar
Ashwani Kumar is a versatile journalist who explores every beat in Abu Dhabi with an insatiable curiosity. He loves uncovering stories that are informative and help readers form their own opinions.
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