Abu Dhabi: Lulu International Exchange, a division of UAE-based Emke Group, is set for growth over the next year with plans to open a total of around 45 branches across the world in 2015, according to the exchange’s chief executive officer, Adeeb Ahmad. At least eight branches will be across the UAE.

The group has already identified potential locations where it is not present in the UAE, and has applied for branch licences from the Central Bank of the UAE.

With 30 branches across the emirate of Abu Dhabi, Dubai, Sharjah, and Ras Al Khaimah, the CEO said the business is looking into other emirates, but did not specify locations.

“Currently, Lulu Exchange has a market share of over four per cent in the ultra-competitive UAE market. We feel that this is indeed a good figure considering that our major competitors have been in the market for over three decades,” Ahmad told Gulf News.

The business is also looking to grow beyond the UAE borders, and is looking into other countries in the GCC.

“We plan to open at least 25 branches by the end of 2015 in the GCC region, subject to regulatory approval. Apart from opening branches, with an intention of strengthening our [Middle East and North Africa] remittance corridors such as Egypt, Lebanon, [and] Jordan, we are in talks with various banks of the region for banking arrangements and tie-ups,” Ahmad said.

Lulu Exchange currently has 75 outlets spread across five of the six GCC countries, with Saudi Arabia being the only market the business has not entered. This is due to regulations that do not allow obtaining an exchange license there.

However, the company is still studying the feasibility of entering the Saudi market, and Ahmad is optimistic that regulators in the Kingdom will open up the market to allow for the obtaining of an exchange licence.

Ambitious timeline

Globally, Lulu Exchange has just about every continent on their radar.

“We already have charted an ambitious timeline where we should have our operations in the UK or Spain by the end of 2016, and by 2020 target the Americas,” Ahmad said.

He added, “Our immediate focus is on the lucrative African market. We are aware of the potential that the African market holds, and will be planning to enter East Africa in 2015. Far Eastern countries such as Vietnam, Hong Kong, Thailand [are] also on our radar.”

As for India where the business has 25 branches operating under the name Lulu Forex, there are targets to open multiple outlets in the western and northern regions of the country.

“Apart from this, we have applied for the Authorised Dealer category II licence, which authorises us to do outward remittances. In addition to our now existing full-fledged money changer licence, we have also asked for a money transfer service scheme (MTSS) licence to permit us to do cash payouts to our customers through our outlets in India,” he said.

Seychelles

In 2014, the group launched its operations in the Philippines under the name Lulu Phils Inc, and plans to add three branches to its network there.

It will also launch operations in Seychelles in the first quarter of 2015.

Lulu Exchange, used by many customers for its remittance services, saw a continued trend in remittance during 2014, with India maintaining its upper hand as a recipient.

Other countries which topped the list in terms of money sent included the Philippines and other countries in South Asia.

“Compared to last year, remittance to India has grown by about 4.8 per cent through our exchange house. The Mena region seems to be the new emerging corridor and has seen a significant growth in remittances from the UAE in 2014,” Ahmad said.