Deloitte successfully advises Al Ansari Financial Services on its initial public offering on Dubai Financial Market

Dubai, United Arab Emirates – 6 April 2023: Deloitte successfully advised Al Ansari Financial Services (ALANSARI) on its initial public offering on the Dubai Financial Market. Al Ansari is a leading integrated financial services group, which primarily operates the largest money exchange and remittance business in the UAE.  

The IPO generated strong demand, with the offering being 22 times oversubscribed, raising AED 773 million (USD 210 million) for a 10% flotation, valuing the company at AED 7.735 billion (USD 2.1 billion). Following the IPO, Al Ansari expects to pay AED 600 million (USD 164 million) in annual dividends, implying a 7.77% yield.  

Deloitte was appointed as the independent due diligence advisor, providing the customary due diligence services on the project. As part of delivering the work, Deloitte worked closely with a large consortium of advisors, led by Emirates NBD Capital and including Abu Dhabi Commercial Bank, EFG Hermes, and Ibrahim & Partners.

Adnan Fazli, Equity Capital Markets Partner, Financial Advisory at Deloitte Middle East said, “This is a landmark transaction, as it represents the first listing of the year on the Dubai Financial Market and the first large family-owned business coming to the public market. This demonstrates a practical option for family businesses to consider for their monetization and to achieve their capital raising objectives.”

Scott Whalan, Deloitte Middle East’s Family Enterprise Leader said, “Al Ansari’s IPO shows that the capital markets could help family enterprises accelerate their transformation and help fulfill their true potential. We are proud to have supported Al Ansari throughout this journey to IPO which marks another successful UAE listing.”

About Deloitte & Touche (M.E.) LLP:

Deloitte & Touche (M.E.) LLP (“DME”) is the affiliate for the territories of the Middle East and Cyprus of Deloitte NSE LLP (“NSE”), a UK limited liability partnership and member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”).

DME is a leading professional services firm established in the Middle East region with uninterrupted presence since 1926. DME’s presence in the Middle East region is established through its affiliated independent legal entities, which are licensed to operate and to provide services under the applicable laws and regulations of the relevant country. DME’s affiliates and related entities cannot oblige each other and/or DME, and when providing services, each affiliate and related entity engages directly and independently with its own clients and shall only be liable for its own acts or omissions and not those of any other affiliate.DME provides audit and assurance, consulting, financial advisory, risk advisory and tax, services through 29 offices in 15 countries with more than 5,900 partners, directors and staff. 

About Deloitte:

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL, NSE and DME do not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 people worldwide make an impact that matters at www.deloitte.com.