DUBAI, UAE: Al Ansari Financial Services, a leading UAE-based financial services group, has announced that it has presented a formal proposal to acquire a majority stake in one of the prominent exchange companies in Oman. The group has received an initial approval subject to meeting the necessary regulatory conditions.

The acquisition is part of Al Ansari Financial Services’ geographic expansion plans to grow its market share in the attractive GCC region. Oman’s booming economy, combined with its enhanced global economic and business partnerships, has led to a surge in the demand for reliable exchange services. 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 A. Al Ansari, Group CEO of Al Ansari Financial Services, said: “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.”

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.

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 Q1 2024. The group said it would share any developments regarding this issue with the market as they unfold.