Dubai: ‘Have not yet made final decision’ on IPO, says Al Ansari Exchange

Dubai: ‘Have not yet made final decision’ on IPO, says Al Ansari Exchange

Family-owned company operates over 220 branches in UAE

Rashed Al Ansari, CEO of Al Ansari Exchange. File photo

Published: Fri 5 Aug 2022, 4:17 PM

Al Ansari Exchange, a major remittances and foreign exchange company in the UAE, is still in the early stage of launching an initial public offering (IPO) and no final decision has been made yet in this regard, its chief executive said.

Quoting people familiar with the matter, Bloomberg reported that the family-owned company is considering an IPO and Dubai listing in the first quarter of next year.

“We have been discussing the idea of going public for some time. However, we are still in the early stages and have not yet made any final decision,” Rashed Al Ansari, CEO of Al Ansari Exchange, said in a statement to Khaleej Times.

It currently operates a wide network of over 220 branches and employs more than 3,500 multilingual staff, serving over 3.5 million consumers, and recording an average of 120,000 transactions each day.

The company is one of the leading exchange and money transfer businesses in the UAE, claiming 38 per cent market share in 2021.

The UAE has seen a flurry of IPOs in the last few quarters including some government-backed entities such as