Al Ansari secures initial approval to acquire stake in Omani exchange firm

By Shilpa Annie Joseph, Official Reporter
  • Follow author on
Al Ansari Financial Services
Rep. Image

UAE-based Al Ansari Financial Services has presented a formal proposal to acquire a majority stake in one of the Sultanate of Oman’s prominent exchange companies.

The Group has received an initial approval subject to meeting the necessary regulatory conditions. This strategic move is in line with Al Ansari Financial Services Group’s geographic expansion plans to grow market share in the attractive GCC region.

Recognizing the potential of the Omani market, Al Ansari Financial Services aims to leverage its expertise and experience to provide state-of-the-art financial solutions to the country’s residents and businesses.

Rashed Al Ansari-Al Ansari Financial Services
Rashed Al Ansari
CEO – Al Ansari Financial Services

“The Omani market is very attractive and one that we believe will support our goal of expanding our footprint in countries with a significant expat population and a resilient economy. We are confident that this expansion will contribute to further broadening our customer base. The planned acquisition of a prominent exchange in Oman will provide us with the opportunity to bring the best of Al Ansari Financial Services to a new and exciting market given our deep expertise and market experience.”

“We are committed to delivering on our strategic roadmap designed to unlock shareholder value by exploring various growth and expansion opportunities, including inorganic growth through acquiring businesses to gain access to new markets,” Mr. Al Ansari added.

The company said that “the acquisition is still in its initial stage and is subject to the necessary regulatory approvals and due diligence. The anticipated schedule for the acquisition is set for the first quarter of 2024.”

The Sultanate of Oman will be the Group’s second expansion in the region following Kuwait. The Group continues to bolster its presence in the region by opening more branches in the UAE and seeks to further develop a financial service ecosystem, offering clients a more integrated and seamless experience, as per the statement.

Related: ADGM’s FSRA grants financial services permission to crypto exchange Rain