Skip to content Skip to Search
Skip navigation

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

By Pramod Kumar
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.

Latest articles

DSV Neom

Danish logistics partner rues Neom delays

Denmark’s DSV A/S, one of the world’s largest freight and logistics companies, said that expected profit from a $10 billion joint venture with Saudi Arabia’s state-backed Neom will be slower in coming than previously forecast due to delays in the so-called giga-project. Neom is a $500 billion futuristic desert city project on Saudi Arabia’s northern […]

Boy, Child, Male. Nord Anglia operates more than 80 schools in 33 countries, educating more than 90,000 students

Dubai Holding is a buyer of UK’s Nord Anglia schools

Dubai Holding, the personal investment portfolio of the ruler of the emirate, is among a group of companies that bought the UK school operator Nord Anglia Education for $14.5 billion. Other investors include the Swedish investment group EQT and Neuberger Berman from the US. Nord Anglia operates more than 80 schools in 33 countries, educating […]

Carbon Engineering Direct Air Capture (DAC) carbon capture plant with the Squamish Chief mountain in the background.

Aramco launches its first carbon capture facility

Saudi Aramco has launched its first facility to remove carbon dioxide (CO2)  from the air in a joint venture with Siemens. This is the company’s first direct air capture (DAC) facility as it seeks to curb CO2 emissions. The facility, a pilot project developed with Siemens Energy, is designed to remove 12 tonnes of CO2 […]

GWM cars on display at the 2024 Malaysia Autoshow. The company will build its facility in Algeria as a JV with an Algerian partner

China’s GWM to build its first car plant in Algeria

Great Wall Motor (GWM), one of China’s 10 biggest car manufacturers, plans to build its first factory in Algeria, joining others in the country including Fiat, Peugeot and Kia. GWM will build the car assembly plant as a joint venture with an Algerian partner, Elkhabar newspaper and other Algerian publications reported, without identifying the partner. A […]

Iran's oil minister Mohsen Paknejad (left). Analysts expect tighter US sanctions to reduce Iranian crude exports by one million bpd

Iran sanctions help push oil prices to second weekly gain

Oil prices rose on Friday and were heading for a second consecutive weekly gain as fresh US sanctions on Iran and the latest output plan from the Opec+ producer group raised expectations of tighter supply. Brent crude futures were up 12 cents, or 0.2 percent, at $72.12 a barrel by 08:50 GMT. US West Texas […]

Eid al-Fitr in Gurugram, India. The travel site Wego said there had been 1.6 million searches recorded on the site for holiday trips over Eid, with India, Pakistan, Egypt, Saudi Arabia, Jordan and Syria popular destinations

People in UAE to take longer Eid al-Fitr breaks this year

UAE residents are increasing the duration of their holiday break over Eid al-Fitr this year as celebrations ending Muslims’ Ramadan month of fasting coincide with the spring break for schools. The length of a typical Eid holiday this year may increase by half, up from an average eight days to 12, according to data supplied […]

Gulf Islamic Investments CEO Mohammed Alhassan says the company wants to double its US assets to $1.5bn within four years

Gulf Islamic Investments makes US expansion a priority

Gulf Islamic Investments, Dubai’s financial services company which has more than $3.5 billion of assets under management, is aiming to more than double the value of its business in the United States.  GII’s US assets total $750 million and include an 80 percent share in ZSpace, a virtual reality education technology company with a market […]

HudBay Mineral's Copper World project in Arizona is estimated to produce 85,000 metric tonnes of copper annually

Gulf investors in talks to buy stake in US copper project

Middle East investors are in talks with HudBay Minerals to buy a stake of as much as 30 percent in the Canadian company’s US copper project, a news report said. The stake sale in HudBay Mineral’s flagship Copper World project in Arizona has drawn interest from investors in Saudi Arabia, the UAE and Japan, Bloomberg […]

Crowd, Person, People Hamad International Airport Qatar Airport

Qatar airport expansion boosts capacity to 65 million

Qatar’s Hamad International Airport’s annual passenger capacity has reached 65 million passengers, following an expansion plan started in 2018. The terminal area has expanded by 14 percent to cover 845,000sqm, adding 17 new boarding gates to reach 62, the Government Communications Office said in a statement. The new concourses (D and E) will boost flight […]

The Xinyi Glass facility in Egypt is expected to produce 1.5 million tonnes of solar panel glass annually

China to invest in solar panel glass production in Egypt

A Chinese company will reportedly invest $700 million to establish a solar panel glass manufacturing facility in Egypt. Hong Kong-listed Xinyi Glass will develop the project in the Suez Canal Economic Zone in two phases, the Egypt Today newspaper reported. The facility is expected to produce 1.5 million tonnes of solar panel glass and 1.1 […]

Under the revised plan, Iraq will make the bulk of the contribution to the cuts followed by Kazakhstan and Russia

Opec+ sets out new oil cut plan to offset excess output

Opec+ on Thursday issued a new schedule for seven member nations to make further oil output cuts to compensate for pumping above-agreed levels. This will more than overtake the monthly production hikes the group plans to introduce next month. The plan will represent monthly cuts of between 189,000 barrels per day (bpd) and 435,000 bpd, […]

Sport Clubs operates 56 branches across 18 cities in Saudi Arabia

Sport Clubs gets nod to list 30% on Saudi bourse

Riyadh-based Sport Clubs Company has received approval to float 30 percent of its share capital on the Saudi stock exchange. The Capital Market Regulator has given its nod to sell 34.3 million shares on the main market. The approval will be valid for six months but is deemed cancelled if the initial public offering (IPO) […]