MBME, 100% Emirati family business, is the first fintech company to list on the Abu Dhabi Stock Exchange – News

The shares opened at Dh12 and jumped to Dh12.3 by the end of the day

From left: Saeed Mohamed Saeed Albadi Aldhaheri – CEO of MBME, Ali Mohamed Saeed Albadi Aldhaheri – Chairman of MBME Group and Abdelhadi Mustafa Mohamed – CEO of MBME Group ring the ceremonial bell at the start of the listing of the company on ADX on Monday. – Attached picture

MBME Group, a 100 percent Emirati family business, became the first fintech company to be listed on the 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 payment platforms for online utilities and public services. The shares opened at Dh12 and jumped to Dh12.30 by the end 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, CEO, MBME Group, told Khaleej Times. “This is a great achievement. This gives us the motivation to implement our strategy.”

He praised the country’s visionary leadership for creating an investor-friendly environment and progressive policies.

“The listing reflects our commitment to transparency, accountability and corporate governance. And we are eager to continue to add value for our shareholders,” noted Abdelhadi.

Abdelhadi Mustafa Mohamed Abdelgadir

Saeed Hamad Al Dhaheri, Managing Director and CEO, ADX, welcomed the IPO of one of the largest online payment solutions providers in the region.

“MBME’s listing will add further diversification to our dynamic exchange, offering investors a wider range of unique growth opportunities and reinforcing 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, bolstered by the UAE government’s focus on creating a business-friendly environment.”

Ali Mohamed Saeed Albadi Aldhaheri, Chairman, MBME Group, expressed his delight at engaging in the equity markets.

“Listing on the ADX Growth market is a decisive factor in our growth trajectory as we expand and develop at a rapid pace. As a result, we can continue to invest in the expansion of our payment systems and maintain our leadership position in the market. It also gives us the potential to raise funds and build brand value. As the first fully integrated online payment platform in the UAE, we are incredibly proud to provide our customers with a fast and secure payment process.”

Faisal Esam Yusuf Abdulla Abdulkarim Janahi

Massive expansion planned

Faisal Esam Yusuf Abdulla Abdulkarim Janahi, CEO, MBME Investment, said it is the “perfect time” to list in the market.

“We have been in the market for more than 15 years. We found that currently is the perfect time to (list) because we have expanded our customer base to 3.2 million users, serving more than 4,000 touch points across the UAE. So we felt the timing was right.”

The digital consumer payment industry is a complex web of interconnected 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 supplier of tailored digitization solutions for authorities and authority-related entities. Based on its extensive experience in digitization, MBME works closely with its customers 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 emphasized that the group is ready for a major expansion in the region and Southeast Asia.

“We are looking now, not only to stay in the UAE, but for global expansion. This is our intention. We have built a good track record and experience based on which we can use it to expand in other regions.”

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 its economy through the expansion of technology, financial services and other dynamic growth sectors. The growth market delivered robust results last year. The value of the shares traded in 2022 exceeded Dh29.8 billion, rising 88.1 percent year-on-year.

Janahi is “optimistic” that more Emirati-owned family businesses will list in the UAE’s financial markets.

“It is a great feeling that MBME Group has been listed as the first Emirati family in the fintech sector.”

ADX’s Growth Market, which was rebranded in March 2022, gives companies access to a broad investor base, along with support from ADX on investor engagement. Listing and disclosure requirements are tailored for privately held companies, family businesses and emerging companies, providing an attractive window for businesses to improve their profile, increase their brand equity and stimulate their growth.