Al Ansari Financial Services, the UAE money and exchange company, received initial approval to acquire a majority stake in one of Oman's major exchange companies as part of its plan to expand in the Gulf region.
The acquisition, which is subject to regulatory approvals and due diligence, is expected to be completed in the first quarter of 2024, Al Ansari said on Monday in a filing to the Dubai Financial Market, where its shares are traded.
It did not name the Omani acquisition target.
“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," Rashed Ali Al Ansari, group chief executive of Al Ansari Financial Services, said.
"We are confident that this expansion will contribute to further broadening our customer base."
The planned acquisition in Oman is part of Al Ansari's wider plans to grow its footprint in the Gulf region. The move marks Al Ansari's second foray into the GCC market after entering Kuwait.
Al Ansari Exchange was set up nearly 60 years ago and has 231 branches in the UAE, offering exchange services, remittances, a system to pay domestic workers and savings plans. The company opened its first exchange branch in the UAE in 1966 and also operates in Kuwait.
The UAE is the second-largest outward personal remittances market globally, with a total value of $48 billion, Al Ansari said in March, citing a report by Edgar, Dunn and Company.
Al Ansari registered 22 million personal remittance transactions last year, with the money remitted increasing by 4.8 per cent year-on-year to Dh737 million in 2022.
Remittance flows to poor and middle-income countries are expected to increase by 1.4 per cent to $656 billion in 2023 amid a slowdown in global economic conditions, the World Bank said in June. This comes as economic activity in remittance source countries is set to soften, limiting employment and wage gains for migrants, it said.
India was the top recipient country for remittances last year, receiving funds worth $111 billion, followed by Mexico at $61 billion, China at $51 billion, the Philippines at $38 billion and Pakistan at $30 billion, the Washington-based lender said.
Three in four people in the Middle East who transfer money to loved ones back home expect their volume of remittances to increase over the next 12 months amid rising inflationary challenges for households, according to a March survey by Western Union.
Nearly three quarters of 30,600 consumers said they were transferring more money than in previous years because of economic challenges, such as a higher cost of living around the world, while 79 per cent of receiving consumers said they intended to ask for more money, the poll found.
"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," Mr Al Ansari said.
“We are committed to delivering on our strategic road map designed to unlock shareholder value by exploring various growth and expansion opportunities, including inorganic growth through acquiring businesses to gain access to new markets."
The company made its debut on the Dubai Financial Market in April. It drew $3.45 billion in bids for its initial public offering that raised $210 million from the sale of a 10 per cent stake, with the offering oversubscribed 22 times on average.
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
UAE currency: the story behind the money in your pockets
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Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
UAE currency: the story behind the money in your pockets
Results
2pm Handicap (PA) Dh85,000 1,800m
Winner AF Al Baher, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
2.30pm Maiden (TB) Dh75,000 1,400m
Winner Alla Mahlak, Fabrice Veron, Rashed Bouresly.
3pm Handicap (TB) Dh80,000 1,400m
Winner Davy Lamp, Adrie de Vries, Rashed Bouresly.
3.30pm Handicap (TB) Dh105,000 1,400m
Winner Ode To Autumn, Richard Mullen, Satish Seemar.
4pm Handicap (TB) Dh80,000 1,950m
Winner Arch Gold, Pat Dobbs, Doug Watson.
4.30pm Maiden (TB) Dh75,000 1,800m
Winner Meqdam, Pat Dobbs, Doug Watson.
5pm Handicap (TB) Dh90,000 1,800m
Winner Native Appeal, Sam Hitchcott, Doug Watson.
5.30pm Maiden (TB) Dh75,000 1,400m
Winner Amani Pico, Tadhg O’Shea, Satish Seemar
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
The view from The National
Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
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