Mashreq expands global reach with new office in Turkiye

26/06/2025 05:16 AST

Mashreq, one of the leading financial institutions in the MENA region, has announced the opening of its representative office in Turkiye, reinforcing its long-standing commitment to supporting Turkish financial institutions and corporates.

As one of the largest and most active correspondent banks operating in Turkiye, Mashreq has played a vital role in channeling risk capacity and capital flows to Turkish banks and corporates. Mashreq is also a leading Bookrunner on key bond transactions by Turkish borrowers, including capital issuances for prominent Turkish banks. These efforts underscore Mashreq's position as a strategic financial partner, facilitating access to global capital markets and strengthening the financial connectivity between Turkiye and its global partners.

The establishment of the Turkiye office follows a period of accelerated engagement between Mashreq and leading Turkish institutions across syndicated loans, trade finance, payments, treasury services, and capital markets. This expansion also aligns with the bank's regional growth strategy and complements its expanding global presence.

Ahmed Abdelaal, Group Chief Executive Officer at Mashreq, said: "Our expansion into Turkiye reflects Mashreq's ongoing commitment to building a truly global banking network that connects key economic corridors. Turkiye's strategic location, dynamic economy, and strong trade and investment ties with the UAE present significant opportunities for collaboration. This strategic milestone strengthens our ability to support clients in Turkiye and the broader region with world-class financial solutions, while advancing our vision for sustainable and diversified growth."

The UAE and Turkiye are major economic partners, with bilateral trade volumes exceeding US$20 billion in 2024. Under the recently signed Comprehensive Economic Partnership Agreement signed in 2023, non-oil trade is projected to grow significantly, aiming to reach US$40 billion by 2031. Turkiye also ranks among the top three manufacturing hubs in Europe and plays a critical role in regional supply chains.

Joel Van Dusen, Group Head of Corporate and Investment Banking at Mashreq, said: "Establishing a representative office in Turkiye reinforces our commitment to supporting a wide spectrum of clients in one of the region's most dynamic and strategically important markets. This on-the-ground presence enables us to deliver more responsive, tailored solutions across trade finance, capital markets, and treasury services. Leveraging Mashreq's digital-first infrastructure and global expertise, we are well-positioned to facilitate cross-border trade, enhance capital access, and contribute meaningfully to Turkiye's financial ecosystem."

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