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MBME Group, which operates the region’s largest online utility and government services payment platforms, became the first fintech company to list on the UAE’s financial market when it made its trading debut on the Growth Market on Monday.
The fintech stock, under the trading symbol MBME, opened at AED12.000 and closed at AED12.300 on the debut day.
MBME, a family-owned business, became the 14th company to list on the ADX Growth Market, which offers companies access to a wide investor base, support from the ADX on investor engagement and an opportunity to enhance their brand equity.
“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,” said Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX.
“Listing on the ADX Growth Market is a crucial factor in our growth trajectory as we expand and develop at a rapid pace. We are in a good position to promote the adoption of cutting-edge digital payment solutions in the region with more than 90 million transactions performed involving more than 3.2 million clients, more than 650 APIs, and 4,000 touchpoints across the UAE,” Ali Mohamed Saeed Albadi Aldhaheri, Chairman of MBME Group, said.
MBME Group is a leading provider of customized digitalisation 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 deploy the proceeds of the capital increase to advance global expansion and initiate horizontal and vertical integrations via product roll-outs and acquisitions of fintech companies.
“We review on an average 500-600 deals and after due diligence and filtration process, we focus on 50 to 60 deals and then we close five to ten investments per year,” Faisal Janahi Managing Director MBME Investment, the group’s investment arm, said.
“Our expansion plan focuses on expanding outside the UAE. Next step is targeting the GCC and MENA region and South-East Asia to expand our current services. We also look at investing in fintech firms on a global scale,” he added.
(Reporting by Bhaskar Raj; editing by Seban Scaria)
