Al Ansari Financial Services, a prominent UAE-based remittance and foreign exchange house, has announced plans to acquire a stake in Mustafa Sultan Exchange, an Omani exchange house, as part of its strategic expansion into the Sultanate.
The value of the transaction, which is reported to be AED 23m ($6.3M), was disclosed in a statement to the Abu Dhabi Securities Exchange.
This acquisition will facilitate Al Ansari’s entry into Oman, a rapidly developing market for financial services within the GCC. The agreement is contingent upon the approval of the Central Bank of Oman and other relevant regulatory bodies, highlighting the importance of compliance in cross-border financial ventures.
Rashed Al Ansari, the group CEO, underscored the significance of the Omani market in the broader GCC landscape, emphasising that this investment will enhance the firm’s regional presence.
Mustafa Sultan Exchange boasts a network of 21 branches throughout Oman, aligning with Al Ansari’s objectives for growth and market access.
In the first quarter of 2026, Al Ansari Financial Services reported a 29% decline in net profit after tax, totalling AED 77M ($21M) YoY.
The firm’s branch network spans 441 locations across the UAE, Bahrain, Kuwait, and India.
Al Ansari’s stock experienced a slight decline of 0.9%, closing at AED 0.951 on Wednesday, although it has seen nearly a 1% increase since the beginning of the year. Al Ansari Holding maintains a 90% ownership stake in the firm.
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