Mashreq has reinforced its leadership position in the Middle East’s corporate banking sector through a bold digital transformation and expanded international reach.
The bank’s ability to serve the complex needs of large corporates through tailored, forward-looking solutions makes it a standout winner of this year’s award.
Performance translates into results. The bank delivered exceptional financial performance in 2024, with operating revenues surging 24% and a return on equity (ROE) of 29%, despite economic headwinds. The corporate and investment banking group delivered an operating income of Dh4.8 billion ($1.3 billion), contributing 36% of bank’s total income.
Digital is a key enabler of Mashreq’s success. Now counting over 200 members, the bank’s digital studio was established in 2020, with an aim to develop and deploy cutting-edge solutions in analytics, customer journeys and fintech partnerships.
At the heart of Mashreq’s corporate banking transformation is the newly launched digital corporate platform Neo Corp. Built on a flexible microservices and API-based architecture, Neo Corp delivers personalised dashboards, real-time payment tracking, data-driven insights and role-based interfaces that cater to the operational needs of their clients. The platform also integrates several products under a single intuitive interface. The platform was launched in 2024 in Qatar, Kuwait and Bahrain, with additional countries on the roll-out plan for 2025.
A core advantage of Mashreq is combining deep regional expertise with a growing international footprint
Mashreq was also one of the first banks to offer API-enabled instant payments services for their corporate and institutional clients in UAE, fully integrated with the UAE Central Bank’s Aani platform. Mashreq continues to be at the forefront of innovation through leveraging advanced technologies such as artificial intelligence or blockchain-based trade finance aiming to enhance the client experience.
Sustainability is another core pillar. Mashreq aims to facilitate over Dh110 billion in sustainable finance by 2030, with a track record of landmark ESG transactions across the GCC. One notable example is Mashreq’s partnership with Landmark Retail, established in 2024, marking Qatar’s first private sector sustainability-linked loan. This agreement supports Landmark Retail’s initiatives to enhance renewable energy capacity, implement advanced energy management solutions, and expand responsible sourcing practices, including increased use of “Better Cotton” in its products.
The bank’s ability to structure both conventional and Islamic sustainable finance deals positions it as a trusted partner for clients pursuing green growth and responsible business practices. It also committed an additional Dh1 billion in financing to bolster the UAE’s industrial sector. This initiative, aligned with the National Strategy for Industry and Advanced Technology (Operation 300bn), aims to enhance the sector’s growth, competitiveness and productivity.
A core advantage of Mashreq is combining deep regional expertise with a growing international footprint. Operating in 15 key markets, the bank expanded its operations in Oman and Pakistan in 2024, while enhancing its capabilities in Egypt and the UK. Mashreq maintains a dominant position in the UAE and GCC, providing its corporate clients with cross-border capabilities and local expertise in rapidly growing regional hubs.
