UAE’s Al Ansari to buy stake in Omani exchange house

UAE remittance and foreign exchange house Al Ansari Financial Services has agreed to acquire a stake in Mustafa Sultan Exchange in Oman as part of its regional expansion plan.

The value of the undisclosed stake stands at AED23 million ($6.3 million), the company said in a statement to the Abu Dhabi Securities Exchange.

The move will allow Al Ansari to establish a presence in Oman, one of the region’s growing financial services markets.

The transaction is subject to approval by the Central Bank of Oman and the relevant regulators.

“Oman is an important market within the GCC, and the stake strengthens our regional footprint,” said group CEO Rashed Al Ansari.

Founded in 1988, Mustafa Sultan Exchange operates a network of 21 branches across Oman.

In May, Al Ansari Financial Services said net profit after tax dropped 29 percent year on year to AED77 million ($21 million) in the first quarter of 2026. Its network reached 441 branches across the UAE, Bahrain, Kuwait and India as of March 31.

The stock closed 0.9 percent lower at AED0.951 on Wednesday, up nearly 1 percent so far this year.

Al Ansari Holding owns 90 percent of the company.

Further reading:

• Conflict hits profit at remittance company Al Ansari
• Al Ansari says BFC buyout will lift revenues by a fifth
• Al Ansari board approves $41m interim dividend