Power Letters 2024: Ahmed Abdelaal, group CEO, Mashreq

The year 2023, has been a monumental chapter in Mashreq’s history, marked by significant achievements, resilient performance, and a steadfast commitment to innovation and excellence.

Our financial performance in 2023 was outstanding, with a 118 per cent year-on-year growth in net profit, reaching Dhs5.7bn in the first nine months. This achievement is a testament to our solid operating performance, cost efficiencies, and prudent risk management. Our “Rise Every Day” positioning has transcended beyond a mere slogan to become the essence of our philosophy, driving our relentless pursuit of progress and dedication to our clients and communities.

In fostering a collaborative culture, we achieved an 84 per cent participation in our global Employee Engagement Survey, and relaunched our Employee Value Proposition, committed to supporting our employees in all their personal and professional endeavours.

The ‘Reignite’ programme marks a milestone in empowering women returning to work, offering training, mentoring, and upskilling opportunities. Strides in gender diversity with 48 per cent diversity scores in Mashreq Global Network (MGN) underscore our commitment to creating a more inclusive work environment for all; MGN India’s certification as the Best Organisation for Women further highlights our commitment to this agenda.

2023 was also a landmark year for our global expansion and digital transformation. We have received In-Principle Approval to establish a digital retail bank in Pakistan and a new banking license in Oman. Our collaboration with Etisalat by e&, in the Egyptian market, is a pioneering step in mobile banking, supporting financial inclusion. Through various strategic partnerships, Mashreq is poised at the forefront of the digital banking revolution.

Our unwavering commitment to sustainability aligns with the UAE’s Net Zero by 2050 initiative. Mashreq’s role in COP28, our aim to facilitate $30bn in sustainable finance by 2030, and our commitment to the Science-Based Targets Initiative (SBTi), demonstrate our dedication to a sustainable future.

The launch of the Climb2Change initiative marks our comprehensive approach towards environmental, social, and governance (ESG) concerns, establishing Mashreq as a leader in customer-focused and sustainable banking practices.

Mashreq to elevate customer experiences

Embracing AI and enhancing digital platforms across Neo propositions also remains a priority. We will continue to elevate customer experiences, strengthen our security measures, and optimise operations through automation.

This year, we proudly maintained our position as the ‘UAE Market Leader’, as named by Euromoney, and the best digital bank for the fourth consecutive year in a row.

This is a testament to our relentless focus on client experience and digital innovation. We will continue to leverage our digital capabilities to create unique client-centric experiences.

Our performance in 2023 has solidified our position as a modern, digitally empowered challenger bank, contributing significantly to the national economy. Enhancing our digital platforms, including Neo and NeoBiz, remains a key priority.

As we step into 2024, Mashreq is more committed than ever to lead the way in digital innovation, client experience, sustainability, and inclusive growth.

With a renewed focus on facilitating sustainable finance, aligning with global sustainability goals and the UAE’s vision for a greener future, we are excited for the opportunities that await us and are ready to rise every day to meet them, ensuring a greener, more sustainable future for all.