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15 July 2024

ADX lists MBME Group on Growth Market

Published
By WAM

The Abu Dhabi Securities Exchange (ADX) announced today that it has listed MBME Group PLC, which operates the region’s largest online utility and government services payment platforms. The Group, the first fintech company to list on ADX, made its trading debut on the Growth Market under the trading symbol MBME.

This achievement enables MBME Group to expand its offerings, access new markets and sectors, increase organic growth, and broaden its geographical focus to include various regions, in addition to transforming smart touch point kiosks into augmented, mixed, and virtual reality experiences.

MBME, a family-owned business, is the 14th company to list on the ADX Growth Market, supporting the strategy of Abu Dhabi and the UAE to diversify the economy through the expansion of technology, financial services and other dynamic growth sectors. The Growth Market delivered robust performance last year. The value of shares traded in 2022 exceeded AED 29.8 billion, rising 88.1 percent year on year.

Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, said, “We welcome MBME Group, one of the largest online providers of payment solutions in the region, to the Abu Dhabi Securities Exchange. 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. Despite the current volatility in global markets, Abu Dhabi continues to be a safe investment haven, strengthened by the UAE government’s focus on creating a business-friendly environment.”

Ali Mohamed Saeed Albadi Al Dhaheri, Chairman of MBME Group, said, “Listing on the ADX Growth market is a crucial factor in our growth trajectory as we expand and develop at a rapid pace. As a result, we can continue investing in the expansion of our payment systems and maintain our leadership position in the market. It also offers us the potential to acquire funds and build brand value. Currently, we are in a good position to promote the adoption of cutting-edge digital payment solutions in the region with over 90 million transactions performed involving more than 3.2 million clients, more than 650 APIs, and 4,000 touchpoints across the UAE.

The digital consumer payment industry is a complex web of interlinked services that allow businesses to offer digital payment options to consumers for goods and services. In this dynamic landscape, MBME Group stands out as a leading provider of customised digitalisation solutions to government and government-related entities. Drawing on its extensive experience in digitalisation, MBME collaborates closely with its clients to develop state-of-the-art digital solutions that are tailored to meet specific needs. These solutions are not limited to development but also include long-term maintenance and upgrade services.

ADX’s Growth Market, which rebranded in March 2022, offers companies access to a wide investor base, together with support from the ADX on investor engagement. Listing and disclosure requirements are tailored to privately owned companies, family businesses and emerging companies, providing an attractive window for businesses to enhance their profile, increase brand equity and fuel their growth.