UAE-based Al Ansari Financial Services on Monday said that, it has sent a formal proposal to acquire majority stake in one of Oman’s prominent exchange companies. But, it has not disclosed the name of the Omani company or the terms of the potential deal.
The company said, it received an initial approval subject to meeting the necessary regulatory conditions. This strategic move aligns with Al Ansari’s geographic expansion plans to grow market share in the attractive Gulf Cooperation Council (GCC) region which includes, the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.
Al Ansari said that by recognising the potential of the Omani market, it aims to leverage its expertise and experience to provide standard financial solutions to Oman’s residents and businesses.
“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,” said Rashed Al Ansari, Group CEO of the company.
The UAE-based financial services provider said the Omani entity will be its second expansion in the region, following Kuwait. Al Ansari also revealed that, the deal is subject to the necessary regulatory approvals and due diligence. It is set for the first-quarter of 2024.
