All UAE Exchange branches were closed since March 2020.
PHOTO BY EXPAT MEDIA
DUBAI – UAE Exchange is expected to restart operations soon after a revamp of its debt-ridden parent company, Finablr Group.
Abu Dhabi’s Royal Strategic Partners and Prism Group of Israel reached a deal in December to acquire Finablr for $1. The consortium also appointed Moelis & Company as its advisor.
In a statement, the consortium said this will “lead to the swift re-opening of UAE Exchange, the Abu Dhabi-based remittance house”.
Its sister company, Xpress Money, is also expected to restart operations soon, according to the consortium.
“In addition, the consortium has been funding urgent working capital needs to stabilise the business and to preserve value and is seeking to restart operations and develop a business plan for the group going forward,” the consortium added.
All UAE Exchange branches were closed since March 2020 following scandals related to its billionaire founder and chairman BR Shetty, who left for India with huge debts. ICA/Expat Media
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