{"id":547051,"date":"2022-06-07T03:58:43","date_gmt":"2022-06-07T03:58:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/07\/from-cairo-to-riyadh-valu-moves-into-saudi-in-partnership-with-alhokair-family\/"},"modified":"2022-06-07T03:58:43","modified_gmt":"2022-06-07T03:58:43","slug":"from-cairo-to-riyadh-valu-moves-into-saudi-in-partnership-with-alhokair-family","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/07\/from-cairo-to-riyadh-valu-moves-into-saudi-in-partnership-with-alhokair-family\/","title":{"rendered":"From Cairo to Riyadh: ValU moves into Saudi in partnership with Alhokair family"},"content":{"rendered":"

<\/a> valU enters Saudi Arabia:<\/strong> EFG Hermes\u2019 buy-now-pay-later platform valU is set to enter Saudi Arabia by acquiring a stake in new Saudi consumer finance player Fas Finance, the companies said in a joint statement (pdf)<\/a> yesterday. Under the partnership, valU will purchase a 35% stake in the Shariah-compliant lender from Fas Labs, a joint venture owned by leading Saudi retailer Fawaz Abdulaziz Alhokair Company<\/a> (Alhokair) and mall developer Arabian Centres Company<\/a> (ACC).<\/p>\n

The details:<\/strong> valU has signed a sale and purchase agreement to buy 35% of Fas Finance\u2019s SAR 55 mn paid-up capital from Fas Labs, Alhokair and ACC said in separate filings with the Saudi stock exchange (here<\/a> and here<\/a>). The transaction, valued at around SAR 19.3 mn (EGP 95.75 mn) by our math, will trim Alhokair and ACC\u2019s indirect stakes in Fas Finance to 32.5% each.<\/p>\n

The partnership marks valU\u2019s first cross-border expansion<\/strong>. Its BNPL services will be available at Alhokair\u2019s network of more than 1k retail outlets as well as online at Vogacloset, in which Alhokair owns a minority stake<\/a>, and other brand webstores under the Alhokair umbrella.<\/p>\n

Another first:<\/strong> valU will also start issuing cash loans for the first time alongside its BNPL service through the agreement, said valU CEO Walid Hassouna, without going into details.<\/p>\n

The expansion to Saudi has been part of valU\u2019s plans for some time now:<\/strong> Hassouna had previously flagged<\/a> that valU would tap Saudi in 1H 2022<\/a>. The fintech platform is also looking at the Moroccan and Tunisian markets in cooperation with EFG Hermes\u2019 e-payments subsidiary PayTabs.<\/p>\n

What\u2019s next? <\/strong>Fas Labs in January received preliminary approval to set up Fas Finance from the Saudi central bank and is now waiting for the authorities to give final approval, and sign off on the acquisition.<\/p>\n

ANOTHER EGYPTIAN FIRM IS EXPANDING IN THE GULF-<\/strong><\/p>\n

Raya Customer Experience will set up a new company in Dubai <\/strong>under the name Raya Gulf Customer Experience, the company announced yesterday in a bourse disclosure (pdf)<\/a>. The board of directors unanimously approved the decision to establish the new company, which will be funded entirely by Raya CX.<\/p>\n

How will the new firm impact Raya CX\u2019s existing Gulf business? <\/strong>It\u2019s not yet clear what the relationship of the new firm will be to Gulf CX, in which Raya CX acquired an 85% stake for USD 12 mn<\/a> last year. Gulf CX operates in Bahrain and Saudi Arabia, where it\u2019s expanding operations with a new 400-seat facility set to be launched this quarter, according to its parent company\u2019s latest earnings release<\/a>. Raya CX also operates in the UAE. Gulf operations provided 12% of the company\u2019s revenues<\/a> in 1Q 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

valU enters Saudi Arabia: EFG Hermes\u2019 buy-now-pay-later platform valU is set to enter Saudi Arabia by acquiring a stake in new Saudi consumer finance player Fas Finance, the companies said in a joint statement (pdf) yesterday. Under the partnership, valU will purchase a 35% stake in the Shariah-compliant lender from Fas Labs, a joint venture […]<\/p>\n","protected":false},"author":1,"featured_media":547052,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7323],"tags":[84,72,183,614,219,515],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-efg-hermes","tag-enterpriseam","tag-fintech","tag-raya-holding","tag-saudi-arabia","tag-valu","wpautop","entry"],"acf":{"mongo_id":"57585b4e-9ad9-4ce6-ac4c-ee4307e080fb","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/170.jpg","photo_position":"above","related_issue":[547044],"teaser":"","voice_url":""},"yoast_head":"\nFrom Cairo to Riyadh: ValU moves into Saudi in partnership with Alhokair family - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/07\/from-cairo-to-riyadh-valu-moves-into-saudi-in-partnership-with-alhokair-family\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"From Cairo to Riyadh: ValU moves into Saudi in partnership with Alhokair family\" \/>\n<meta property=\"og:description\" content=\"valU enters Saudi Arabia: EFG Hermes\u2019 buy-now-pay-later platform valU is set to enter Saudi Arabia by acquiring a stake in new Saudi consumer finance player Fas Finance, the companies said in a joint statement (pdf) yesterday. 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Brothers Fawaz Abdulaziz Alhokair, Salman Abdulaziz Alhokair, and Abdul Majeed Abdulaziz Alhokair have agreed to acquire the stake through a USD\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610401,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/20\/alhokair-unit-could-invest-up-to-usd-1-5-bn-here-next-year\/","url_meta":{"origin":547051,"position":1},"title":"Alhokair unit could invest up to USD 1.5 bn here next year","author":"enterpriseam admin","date":"20 November 2023","format":false,"excerpt":"Other participating companies could make announcements today","rel":"","context":"In \"EnterpriseAM\"","block_context":{"text":"EnterpriseAM","link":"https:\/\/enterpriseam.com\/egypt\/tag\/enterpriseam\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1029.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548808,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/23\/valu-acquires-paynas\/","url_meta":{"origin":547051,"position":2},"title":"valU acquires PayNas","author":"enterpriseam admin","date":"23 August 2022","format":false,"excerpt":"EFG Hermes\u2019 consumer finance arm valU has acquired 100% of digital HR and payroll platform Paynas, valU said in a statement (pdf) yesterday, without disclosing the value of the transaction. 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