MBME Group, which operates the region’s largest payment platforms for online utilities and public services, became the first fintech company to list on the UAE financial market when it made its trading debut on the Growth Market on Monday.
The fintech stock, trading under the symbol MBME, opened at AED12,000 and closed at AED12,300 on its debut day.
MBME, a family-owned business, became the 14th company to list on the ADX Growth Market, which offers companies access to a broad investor base, support from ADX on investor engagement and an opportunity to enhance brand equity.
“MBME’s listing will add further diversification to our dynamic exchange, offer investors a wider range of unique growth opportunities and reinforce ADX’s position as one of the leading exchanges in the region,” said Saeed Hamad Al Dhaheri, Managing Director and CEO of ADX. .
“Listing on the ADX Growth Market is a decisive factor in our growth trajectory as we expand and develop at a rapid pace. We are in a good position to promote the use of cutting-edge digital payment solutions in the region with more than 90 million executed transactions involving more than 3.2 million customers, more than 650 APIs and 4,000 touch points across the UAE,” Ali Mohamed Saeed Albadi Aldhaheri, Chairman of MBME Group, said.
MBME Group is a leading supplier of tailored digitization solutions for authorities and authority-related entities. It develops state-of-the-art digital solutions that are tailored to meet specific customer needs. These solutions also include long-term maintenance and upgrade services.
MBME will use the proceeds from the capital increase to promote global expansion and initiate horizontal and vertical integrations via product rollouts and acquisitions of fintech companies.
“We review an average of 500-600 deals and after due diligence and filtering process we focus on 50 to 60 deals and then close five to 10 investments per year,” said Faisal Janahi managing director MBME Investment, the group’s investment arm. .
“Our expansion plan focuses on expanding outside the UAE. The next step is to target the GCC and MENA region and Southeast Asia to expand our current services. We are also looking at investing in fintech firms on a global scale,” he added.
(Reporting by Bhaskar Raj; Editing by Seban Scaria)
