Mashreq Bank, one of the leading financial institutions in the UAE, has become the first UAE-based bank to receive in-principle approval from India’s International Financial Services Centres Authority (IFSCA) to establish a branch in GIFT City, Gujarat. The branch is expected to begin operations by the fourth quarter of 2025.

Key Highlights:

• Mashreq received approvals from the IFSCA, UAE Central Bank, and SEZ authorities to establish an International Banking Unit (IBU) in GIFT City.
• The upcoming branch will offer foreign currency loans, trade finance, treasury, and risk management solutions tailored for cross-border clients.
• GIFT City’s time zone proximity to the UAE will help Mashreq offer faster and more convenient services for clients across regions.
• The bank will benefit from initial tax exemptions such as TDS waivers, helping it offer competitive financial products.
• This move is seen as a key milestone in India–UAE financial cooperation and will enhance GIFT City’s position as a global financial hub.