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UAE’s Al Ansari set to buy majority stake in Omani firm

Al Ansari Oman Al Ansari Financial Services
Rashed Al Ansari, group CEO of Al Ansari Financial Services, says that Omani market will support its regional expansion goal

UAE remittance and foreign exchange house Al Ansari Financial Services has proposed to acquire a majority stake in an exchange company in Oman as part of its regional expansion plan.

The acquisition is subject to the necessary regulatory approvals and due diligence, the company said in a statement on Monday.

It is expected to be completed by the first quarter of 2024.  

The name of the Omani firm and other financial details of the potential transaction were not disclosed.

Rashed Al Ansari, group CEO of Al Ansari Financial Services, said: “The Omani market is attractive and one that we believe will support our goal of expanding our footprint in countries with a significant expatriate population and a resilient economy.” 

Oman will be Al Ansari’s second expansion in the region following Kuwait.

Al Ansari Exchange was established in 1966 and is licensed by the Central Bank of the UAE. It had over 226 branches across the UAE as of September 30, 2022. 

The company was listed on the Dubai Financial Market in April, which was the emirate’s first initial public offering in 2023.