Al Ansari completes acquisition of BFC Group with $200 million deal
The $200 million deal reinforces AAFS's position as the largest non-banking financial institution (NBFI) in the GCC by branch network, significantly expanding its presence in Bahrain, Kuwait, and India.
The acquisition boosts AAFS's customer base by 29 per cent and increases its branch network by 60 per cent, enhancing operational scale and geographic diversification.
Rashed A. Al Ansari, group CEO of Al Ansari Financial Services, called the move a pivotal step in the company's growth strategy, emphasising its commitment to innovation and shareholder value. 'We are confident this acquisition will deliver long-term benefits, supported by stronger cash flows post-integration,' he said.
With an expanded footprint and reinforced digital capabilities, AAFS is poised to drive sustainable growth across key markets, exploring new partnerships and innovation opportunities in major remittance corridors, Al Ansari said.
AAFS, known for its digital leadership in financial services, plans to extend its award-winning digital solutions — including its AI-driven platforms for efficiency and fraud prevention — to BFC's operations. This integration is expected to reinforce AAFS's dominance as a digital-first NBFI while unlocking new revenue streams and improving profitability.
Financially, the deal is immediately earnings-accretive, with projections indicating a 20 per cent rise in operating income, a 13 per cent increase in Ebitda and a similar growth in net profit after tax. The strengthened cash flow is also expected to enhance dividend potential for investors.
Strategically, the acquisition bolsters AAFS's market leadership in remittances and foreign exchange, securing the top position in Bahrain, the third spot in Kuwait, and a broader foothold in India. The combined entity aims to leverage operational synergies, cost efficiencies, and BFC's fintech expertise to accelerate growth.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Emirates 24/7
an hour ago
- Emirates 24/7
DEWA commissions record number of 11 kV distribution substations in first half of 2025
Dubai Electricity and Water Authority (DEWA) commissioned a record 924 new 11 kV distribution substations across Dubai in the first half of 2025, up from 558 in the same period in 2024, HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, has said. The construction and associated works involved 654,456.30 man-hours, all completed under stringent quality, efficiency and safety standards. Al Tayer stressed that the achievement reflects DEWA's commitment to strengthen Dubai's infrastructure to meet growing electricity demand driven by rapid urban, population and economic growth. 'Given that investment in infrastructure is the primary driver of the economy and comprehensive development, we are committed to strengthening the pioneering model established by DEWA in building advanced and comprehensive infrastructure that contributes to achieving the Dubai Economic Agenda D33 and the Dubai 2040 Urban Master Plan. Thanks to the directives of the wise leadership and the adoption of innovation, sustainability, the latest technologies, research and sound scientific planning, the quality and competitiveness of our infrastructure have become among the best in the world, with DEWA ranked first globally in 12 KPIs within its areas of work,' said Al Tayer. 'In 2024, DEWA recorded the world's lowest electricity transmission and distribution network losses at just 2%, compared to 6%-7% in Europe and the US. DEWA also set a world record for the lowest customer minutes lost, achieving just 0.94 minutes per year, compared to an average of 15 minutes across the European Union,' added Al Tayer. Rashid Bin Humaidan, Executive Vice President of Distribution Power at DEWA, said there were now 62 33 kV substations and 64,084 medium voltage (11 kV and 6.6 kV) substations in service.
The National
2 hours ago
- The National
Gulf Connections: When water is more precious than oil
Earlier this summer the UAE began to export the technology required to extract one of the essential commodities in the world we live in today. Not oil or gas but water. In May it was announced that the country would send 14 mobile desalination plants, which make seawater potable, to Cyprus, currently facing a water crisis exacerbated by a prolonged drought. It might seem strange, even contradictory, for a desert country, arid for much of the year, to come to the rescue of another entirely surrounded by water. But few people understand the value of water for life like those in the Emirates. Searching for water was a daily task until the 1960s. Desert wells were essential for nomadic life, while in the town of Abu Dhabi, water was obtained by digging 'scrapes' in the sand to a depth where the salinity was reduced to permit drinking. Rulers recognised the importance of water above almost everything. Sheikh Shakhbout, Ruler of Abu Dhabi from 1928 to 1966, regarded the search for clean water as equal if not important as finding oil. In the later 1950s, just as oil was being discovered in the Emirate, Sheikh Shakhbout even resorted to employing two English colonels who claimed to be water diviners, promising them generous rewards if successful. Unfortunately they were not. Technology proved a better bet. In 1961, the Ruler ordered one of the earliest examples of an industrial desalination plant from the British engineering company Richardson & Westgarth of West Hartlepool. After teething problems caused by the heat, by the following year the plant was producing 50,000 litres of clean water a day, distributed across Abu Dhabi in cans carried by donkeys. At a price of around one dirham a gallon (4.55 litres) it was more expensive than the market price of crude oil. Later a pipeline was laid to carry water from wells in Al Ain over 130 kilometres to Abu Dhabi, held in a huge water tank in Khalidiya. It can still be seen to this day. Today the UAE has about 70 desalination plants producing over 40 per cent of the country's drinking water using a process known as reverse osmosis. Abu Dhabi's Taweelah plant, operated by Emirates Water and Electricity (Ewec) is the largest of its type in the world, producing over 800,000 cubic metres a day. The expertise the UAE enjoys in water technology is now shared with the rest of the world. UAE Water Aid (Suqia UAE) was established in 2015 in Dubai to provide clean water in 10 countries including Afghanistan, Pakistan, India and Iraq. Funded by donations, in the first year alone over Dh180 million was raised across the Emirates. The annual Mohammed bin Rashid Al Maktoum Global Water Award supports initiatives to support global water security with US$1 million in prize money. In the words of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai 'In our country, water is a great blessing. Our ancestors had been deprived of water, thus they knew its value.'
Khaleej Times
3 hours ago
- Khaleej Times
Apple's iPhone 17 Pro to debut with higher price tag? Here's what we know
Apple's upcoming iPhone 17 lineup is already stirring buzz among tech fans and industry watchers and a trusted leaker has just revealed some key details about storage and pricing that hint at Apple's evolving strategy. According to Setsuna Digital, known for accurate Apple leaks, the iPhone 17 Pro will finally start with 256GB of storage, doubling the base capacity from the current iPhone 16 Pro's 128GB. (For context, the larger iPhone 16 Pro Max already starts at 256GB.) Setsuna noted, 'In 2025, Pro will finally start at 256GB. This is really not easy for Apple.' While this looks like good news for users wanting more onboard storage, there's a catch: the starting price is expected to rise by $50, and subsequently in UAE's currency. That means the base iPhone 17 Pro could cost around $1,049, or possibly $1,149 if factoring in the additional $100 Apple currently charges for 256GB models. This follows a trend we've seen recently with Apple's pricing approach. For instance, the iPhone 15 Pro Max also started at 256GB storage, eliminating the 128GB entry-level option. As for the non-Pro models, the iPhone 17 is expected to maintain the same $799 starting price as the iPhone 16. However, the iPhone 17 Air, which is rumoured to replace the iPhone 16 Plus priced at $899, could cost more, possibly $949 or even $999, tech analysts say, to fill the gap left by the higher-end Pro models. Apple fans won't have to wait long to get official details, as the tech giant is widely expected to announce the iPhone 17 lineup in early September, with a likely event date around September 9.
