UAE exchange firm Al Ansari considers Dubai IPO

UAE’s Al Ansari Exchange is considering an initial public offering (IPO) early next year, according to people familiar with the matter.

The UAE-based money-exchange firm held initial talks with potential advisers about the Dubai listing that may happen in the first quarter of 2023, the people said, asking not to be identified as the information isn’t public. Details are preliminary and may change, they said.

“Al Ansari Exchange has been evaluating the idea of going public for some time, however no final decision has been made yet,” CEO Rashed Al Ansari said in response to a request for comment. The company will monitor the market and “make an announcement accordingly,” he said.

The region has largely been a standout market for IPOs during the first half. High oil prices have contributed to a flurry of share sales and significant equity inflows, in sharp contrast to most other global markets where listings have slowed to a trickle due to soaring inflation and concerns about a potential economic recession.

After being among the world’s best performers at the start of the year, the region’s main equity indexes have since given up many of their gains.

Al Ansari Exchange was set up almost 60 years ago and currently has over 200 branches in the UAE, making it one of the largest exchange companies in the country. In addition to exchange services it offers remittances, services for paying domestic workers and savings schemes.

Earlier this year, Dubai’s Tecom Group raised approximately Dhs1.7bn through an IPO. While, Union Coop became the first consumer cooperative in the UAE to list its shares on the Dubai Financial Market (DFM), which started on July 18.

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