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FINTECH-
Fintech giant Valu secured the initial green light from the Central Bank of Jordan to roll out BNPL services in the country as part of its regional expansion plans, according to a company statement(pdf). Valu has already partnered with local merchants and financial institutions and hired experienced professionals in the Jordanian market to support the rollout.
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What they said: “Expanding into Jordan with our BNPL services represents a major leap forward, unlocking new opportunities for consumers and merchants alike … The recent listing on the EGX and Amazon’s strategic investment reinforce our confidence in our growth trajectory and our commitment to transforming digital finance across the region,” Chief Strategy and Market Expansion Officer Habiba Naguib said.
Why Jordan? “Competing in markets like Saudi Arabia or the UAE, where giants like Tabby and Tamara dominate, doesn’t align with our vision. Instead, we’re focusing on Jordan, where we can build a strong presence and establish ourselves as a leader. This targeted approach allows us to concentrate our resources and maximize our impact,” CEO Walid Hassouna told us last month.
ENERGY
Canada-based oil and gas firm TAG Oil will participate in the bid by the Egyptian National Petroleum for Exploration and Development Company for various blocks, the company said in an announcement. TAG is particularly focused on expanding its position in the Western Desert, targeting the Abu Roash “F” (ARF) oil resource play. The bidding door will close on 31 August.
REAL ESTATE-
Mountain View tapped digital platform Core Livings as its exclusive partner for resale services across its projects and rental services in its Ras El Hekma project, with plans to expand to Cairo and Ain Sokhna next year, the real estate player said in a statement (pdf). Core Livings will allow owners and tenants to browse and manage Mountain View units through its digital platform.
DEBT-
Trella secures partial loan guarantee from DFC: Homegrown trucking startup Trella has secured a USD 4.2 mn partial loan guarantee from the US International Development Finance Corporation (DFC) to support a USD 6 mn debt facility from US sustainable lender ALMA, the DFC said on its website. The facility will help Trella expand its digital freight platform in Egypt, boost supply chain efficiency, and improve the incomes of local truckers.
Why does the US care? “Trella receives 15% of its revenue directly from American companies including Amazon, General Motors, Heinz, Coca-Cola, and Pepsi. In addition, 40% of its revenue comes from shipping via international ports, which could include third-party transportation of US goods,” DFC said.
