Current Context: Mashreq, a leading UAE bank, received in-principle approval from IFSCA to open an International Banking Unit in GIFT City, Gujarat, making it the first UAE bank to do so.

 About Mashreq at Gift City

• Expected operational launch in Q4 2025, pending final licensing.
• Services will include overseas trade finance, foreign-currency loans, treasury & risk management.
• Aligned with global expansion of UAE investments via GIFT City, including ADIA initiatives and strategic India-UAE financial ties .

About Gift city

• India’s first greenfield smart city and International Financial Services Centre (IFSC) located between Ahmedabad and Gandhinagar on the Sabarmati River.
• Area & Structure: Spans ~886 acres (≈ 6 km²), including a 261-acre SEZ and a Domestic Tariff Area (DTA).
• Governance: Developed by Gujarat Urban Development Company and IL&FS; overseen by the GIFT City Company Ltd