19th February 2019, Dubai, UAE: Majan Exchange has been rebranded as Joyalukkas Exchange. The rebranding is aimed at maintaining consistency across its Exchange business vertical and to give its patrons more confidence and trust with the group company’s brand name. Majan Exchange LLC Oman was acquired from Hatton National Bankby Joyalukkas Group in September 2013. Post acquisition the business operations committed in January 2014 with just 2 branches and now have grown to 21 branches across the country.
Speaking on the occasion of rebranding, Mr. Joy Alukkas, Chairman & MD, Joyalukkas Group quoted, “Our Oman exchange division has been a story of success with excellent growth shown over the years. Joyalukkas is a brand that our patrons trust and the rebranding will surely inspire more confidence”.
The Oman division has continued to show promise with over 800% growth in net profits and 57% growth in the number of transactions recorded in the last financial year. The staff numbers have also grown significantly from 17 at the initiation to 175 at present. The company has stringently adhered to the local regulatory bodies Omanization plan and has over 100 Omani staff currently working with more expected in the near future. With a presence in Oman, UAE and Kuwait, Joyalukkas Exchange has the vision to have 100 Money Exchange branches by 2022.
“Oman is a key destination in our future development plans, and we aim to target 30 branches by next year. We shall continue to innovate, adapt technology and constantly find new ways to make exchange services easy and convenient for our patrons.” Said Mr. Antony Jos, Director, Joyalukkas Exchange.
Joyalukkas Exchange – an integral part of the Multi-Billion Joyalukkas Group is a relatively new venture of the group that has been gaining favor and is expanding rapidly. Since a short time since its inception, the company has already established its presence across UAE, Kuwait, and Oman has 42 branches spread across these 3 countries.