Al Ansari Exchange, the UAE-based foreign exchange and money transfer company, on Monday celebrated its 50th Anniversary, marking the occasion with a special conference at the Kempinski Hotel in the Mall of The Emirates.
As part of its Golden Jubilee celebrations, Al Ansari Exchange has pledged Dh50 million donation fund in support of humanitarian and philanthropic organisations. The pledge is part of the company’s corporate social responsibility agenda.
Mohammad Ali Al Ansari, chairman and managing director, Al Ansari Exchange, said: “Over the past 50 years, Al Ansari Exchange has managed to achieve a quantum leap from a company with only five employees in one branch to one of the leading companies specialising in foreign exchange and remittances in the UAE, backed by a countrywide network of 170 branches.”
Al Ansari Exchange expects a growth of 3-5 per cent in 2016 compared to a double-digit growth of 15 per cent in 2015, according to Rashed Al Ansari, general manager at Al Ansari Exchange.
The flow of foreign remittances last year reached more than Dh40 billion out of Dh120 billion outbound from the UAE, the company said. The company’s domestic market share has increased to more than 35 per cent.
The company expects to add at least 10 branches in the UAE this year to its existing 170 branches. It plans to open another 50 branches by 2020, bringing the total to 220, according to Al Ansari.
“In the next five years, we plan to spend around Dh200 million every year… this year, we will also spend Dh200 million to fulfil our expansion plan,” he said.
Most of the 10 outlets expected to open this year will be located in Dubai and Abu Dhabi, he said. “These are the two cities that are seeing the maximum amount of growth in terms of real estate projects and population growth. We want to also be in the northern emirates.”
Al Ansari said that the company will relocate up to three branches that are not performing well each year.
“5-10 per cent of the branches don’t perform or meet the target, but those are fine because as long as we have a healthy amount of customers coming there, we can retain those branches. But the branches that are severely making a loss will eventually end up being relocated,” he said.
Al Ansari Exchange has 2,500 employees serving more than 2.5 million customers per month.