Residents with any information have been urged to contact the concerned authority
emergencies9 hours ago
Lulu Exchange, the leading foreign exchange and remittance company, announced that it has entered into an agreement to acquire 100 per cent ownership of Al Falah Exchange Company in the UAE.
This is a first of its kind large scale acquisition in the UAE, making 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 UAE and 170 globally.
Speaking about the takeover, Adeeb Ahamed, managing director, Lulu Exchange said, "We are very excited 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."
Launched eight years ago in Abu Dhabi, Lulu Exchange currently operates in Oman, Kuwait, Qatar, Bahrain, India, Bangladesh, Philippines and Seychelles.
Elaborating on the expansion plans of Lulu Exchange, Ahamed said, "Our short-term goal (three years) is to expand our footprint across South East Asia, followed by Europe. We are also looking to tap newer markets both regionally and globally."
"Being a highly service oriented business, reach is of paramount importance, 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," added Adeeb.
"Emerging technologies are driving change in the financial services industry and we are constantly innovating our method of doing business. Our digital app is in its advanced stage of development and it will encapsulate all services that are available in our brick and mortar branches. We are currently awaiting final approval from various regulators. Effectively, we aim to move 30 per cent of our transactions on to the digital platform by 2020," concluded Ahamed.
- business@khaleejtimes.com
Residents with any information have been urged to contact the concerned authority
emergencies9 hours ago
Northeastern University in Boston says the action was taken after some protesters resorted to virulent anti-Semitic slurs
world9 hours ago
The church has been built on 4.37 acres of land, and stands opposite the BAPS Hindu temple
uae9 hours ago
A detailed guide on where to apply, the steps involved, and criteria for eligibility
uae10 hours ago
The Emirates called for strengthening the international humanitarian response and providing urgent relief to those in need
mena10 hours ago
Photonics is the study of light and has several applications including LED, VR, holograms, high-speed internet and solar panels among other things
uae10 hours ago
A delegation from Egypt arrived in Israel on Friday hoping to revive the truce negotiations
mena10 hours ago
The decision aims to protect the safety and security of pilgrims
gulf11 hours ago