Al Ansari Financial Services, a prominent integrated financial services group based in the UAE, has announced its formal proposal to acquire a majority stake in a distinguished exchange company in Oman. The group has already secured preliminary approval for the proposal, subject to fulfilling the necessary regulatory requirements. Although the precise financial terms and the name of the Omani exchange company were not disclosed in the submission to the Dubai Financial Market, where Al Ansari Financial Services is listed, the strategic move marks a significant step in the group’s geographic expansion plans.
This expansion aligns with Al Ansari Financial Services Group’s strategy to grow its market share within the thriving GCC region. The group acknowledges the flourishing Omani economy, which has fostered increased global economic and business partnerships, resulting in a heightened demand for reliable exchange services.
Recognizing the potential of the Omani market, Al Ansari Financial Services aims to leverage its expertise and experience to deliver cutting-edge financial solutions to both residents and businesses in the sultanate. Rashed al Ansari, the CEO of Al Ansari Financial Services Group, noted, “The Omani market is very 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. We are confident that this expansion will contribute to further broadening our customer base.”
He further emphasized the strategic significance of the planned acquisition, highlighting the opportunity to bring Al Ansari Financial Services’ extensive experience and offerings to a new and promising market. Ansari underscored the commitment to the company’s strategic roadmap, designed to unlock shareholder value by exploring various avenues of growth and expansion, including inorganic growth through business acquisitions for market access.
The disclosure by the group specifies that the acquisition of the Omani exchange company is currently in its initial stages and subject to regulatory approvals and due diligence. The anticipated timeline for the completion of the acquisition is the first quarter of 2024. This venture into Oman represents Al Ansari Financial Services Group’s second expansion within the GCC region, the first being in Kuwait.
The group’s ongoing efforts to bolster its regional presence include the establishment of additional branches in the UAE as part of its commitment to cultivating a comprehensive financial service ecosystem.