UAE-based foreign exchange and remittance company Lulu Exchange enters into an agreement to acquire 100% ownership of Al Falah Exchange Company in the UAE.
This, a first of its kind large-scale acquisition in the UAE, makes Lulu Exchange the second largest player in the GCC. With this acquisition, Lulu Exchange’s total branch count goes up by 30 branches to reach 73 in the UAE and 170 globally.
“We are delighted with this new acquisition, which will help us further consolidate our network of branches, thereby serving a much bigger customer segment. I would like to express my gratitude to the regulators and government entities for their continued support,” says Adeeb Ahamed, managing director, Lulu Exchange.
Launched eight years ago in Abu Dhabi, Lulu Exchange currently operates in Oman, Kuwait, Qatar, Bahrain, India, Bangladesh, Philippines and Seychelles.
“Our short-term goal over the next three years is to expand our footprint across South East Asia, followed by Europe. We are also looking to tap newer regional and international markets both regionally and globally, ” elaborates Ahamed.
“Being a highly service oriented business, reach is of paramount importance, and hence we believe that acquisitions are very integral to grow our numbers. I am pleased that our level of acquisition activity has picked up in the past five years, during which time we have added more than 80 branches to our portfolio and we are constantly on the lookout for opportunities that will further bolster our reach and network,” adds Ahamed.