Lulu Exchange acquires Al Falah Exchange Company


July 25, 2017 | By RetailME Bureau

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.

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /


Sunil Kumar, CEO, Spinneys

Starting as a shelf packer in 1994, Sunil Kumar saw his way 

Continue Reading

October 29, 2024 | By RetailME Bureau
Sunil Kumar and Debashish Mukherjee at MRF 2024

What does it take to sustain profitable growth in the post-IPO phase? 

Continue Reading

October 23, 2024 | By Anurima Das

Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in 

Continue Reading

October 7, 2024 | By Anurima Das
Naresh Kumar Bhawnani, Founder & Chairman, West Zone Group

“Retail is a people’s business. When building a retail brand or the 

Continue Reading

October 3, 2024 | By RetailME Bureau
Sunil Kumar, CEO, Spinneys

From being one of the first retailers in Dubai to ban single-use 

Continue Reading

October 1, 2024 | By RetailME Bureau
Walid Shabana, Co-founder & CTO, Rabbit

For starters, Rabbit is a growing e-commerce grocery platform in Egypt always 

Continue Reading

September 30, 2024 | By RetailME Bureau
Arunachalam Palaniappan, CTO, Choithrams

In 2024 grocery retail major Choithrams has achieved several milestones underscoring its 

Continue Reading

September 12, 2024 | By RetailME Bureau
#Topshelftalks session at Food Business Forum 2024

Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital 

Continue Reading

July 3, 2024 | By Anurima Das
#EdgeOfTomorrow session at Food Business Forum 2024

The regional grocery retail market is evolving fast keeping pace with constantly 

Continue Reading

July 3, 2024 | By Rupkatha B
#CartToCouch session at Food Business Forum 2024

If anything, the Middle East market is excited about quick commerce – 

Continue Reading

July 2, 2024 | By Rupkatha B
#EcoEchoes session at Food Business Forum 2024

From ethical and local sourcing to adopting cutting-edge technologies to curb food 

Continue Reading

July 2, 2024 | By Rupkatha B
#ByteSizedBreakthroughs session at Food Business Forum 2024

The regional grocery retail market is becoming more and more diverse, offering 

Continue Reading

July 2, 2024 | By Rupkatha B




Download Images RetailME Magazine