UAE’s MBME is first family-owned fintech to list on ADX growth market

MBME Group, which operates the region’s largest online payment platform for utilities and government services, made its growth market debut on Monday, becoming the first fintech company to list on the UAE’s financial market.

The fintech stock, which trades under the symbol MBME, opened at AED 12.000 on its first day and closed at AED 12.300.

MBME, a family-owned company, becomes the 14th company to list on the ADX Growth Market, which offers companies access to a broad investor base, ADX support for investor engagement and the opportunity to enhance brand equity.

Saeed Hamad Al Dhaheri, Managing Director and CEO of ADX, said: “The listing of MBME will bring further diversification to our dynamic exchange, provide investors with a wider range of unique growth opportunities, and strengthen ADX as a status as one of the leading exchanges.” .

“Listing in the ADX growth market is a key element in our growth trajectory as we rapidly expand and develop. We are well positioned to facilitate the adoption of cutting-edge digital payment solutions in the region, with over 90 million transactions executed in the UAE, Involving over 3.2 million customers, over 650 APIs and 4,000 touchpoints,” said Albadi Aldhaheri, Chairman of MBME Group, Ali Mohamed Saeed.

MBME Group is a leading provider of bespoke digital solutions to government and government-related entities. It develops state-of-the-art digital solutions that are tailored to meet specific client needs. These solutions also include long-term maintenance and upgrade services.

MBME will use the proceeds from the capital increase to advance global expansion and initiate horizontal and vertical integration through product launches and acquisitions of fintech companies.

“We review 500-600 deals on average and after due diligence and filtering process we focus on 50-60 deals and then we close 5-10 investments per year,” said Faisal Janahi, managing director of MBME Investment, the group’s investment arm. .

“Our expansion plan is focused on expanding beyond the UAE. The next step is to target the GCC and MENA region, as well as Southeast Asia, to expand our current services. We are also considering investing in fintech companies globally,” he added.

(Reporting by Bhaskar Raj; Editing by Seban Scaria)

(seban.scaria@lseg.com)