Al Ansari Financial Services has announced its financial results for the full year 2023 and released its earnings for the first half of 2024.

Al Ansari Financial Services PJSC and its subsidiaries have released their review report and condensed interim consolidated financial statements for the six-month period ending on June 30, 2024, covering the second quarter of 2024.

Al Ansari Financial Services PJSC (AAFS) has signed an agreement to acquire BFC Group Holdings W.L.L. (BFCGH) for USD 200 million. This acquisition aims to expand AAFS's geographic presence and service portfolio, making it the leading provider of foreign exchange and remittance services in the Gulf Region. The combined entity will have over 410 branches across the UAE, Bahrain, Kuwait, and India, with a workforce of approximately 6,000 employees. The consolidated revenues for FY23 are projected to be around USD 385 million, a 22% increase from AAFS's reported revenue. The transaction is expected to close by Q1 2025, pending regulatory approvals and other conditions.

Al Ansari Financial Services PJSC, a leading financial services group in the UAE, has been awarded the Best Financial Institution IPO in the EMEA region for 2023 by EMEA Finance. The award recognizes the successful execution and high investor demand for the Group's IPO, which raised AED 773 million and saw demand exceed AED 12.7 billion. The award ceremony took place in London and highlighted notable deals and dealmakers in the region. Group CEO Rashed A. Al Ansari expressed his gratitude for the recognition and emphasized the company's commitment to delivering value to shareholders and stakeholders. The Group's subsidiaries, including Al Ansari Exchange, have established a specialized ecosystem for efficient money mobility. The recognition underscores the Group's strategic direction and its strong position in the financial services sector.