{"id":580250,"date":"2022-12-15T13:09:29","date_gmt":"2022-12-15T13:09:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/15\/this-evening-valu-to-spend-usd-25-mn-on-regional-and-product-expansion-companies-have-another-two-weeks-to-register-with-finmins-e-invoicing-system\/"},"modified":"2022-12-15T13:09:29","modified_gmt":"2022-12-15T13:09:29","slug":"this-evening-valu-to-spend-usd-25-mn-on-regional-and-product-expansion-companies-have-another-two-weeks-to-register-with-finmins-e-invoicing-system","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/15\/this-evening-valu-to-spend-usd-25-mn-on-regional-and-product-expansion-companies-have-another-two-weeks-to-register-with-finmins-e-invoicing-system\/","title":{"rendered":"THIS EVENING: valU to spend USD 25 mn on regional and product expansion + Companies have another two weeks to register with FinMin\u2019s e-invoicing system"},"content":{"rendered":"

Good afternoon, friends.<\/strong> It\u2019s finally time to slide into the weekend \u2014 and winter break for some kids.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

<\/a> valU to spend USD 25 mn on regional + product expansion:<\/strong> EFG Hermes\u2019 buy-now-pay-later platform valU expects to invest some USD 25 mn to complete its expansion to Saudi Arabia and roll out new products in early 2023, valU CEO Walid Hassouna said, according to Zawya<\/a>. valU signed a sale and purchase agreement to buy a 35% stake in new Saudi consumer finance player Fas Finance earlier this year<\/a>, which will pave the way for valU to enter the Saudi market. The agreement is currently pending approval from Saudi\u2019s central bank, according to Hassouna. The company is also in talks with two unnamed companies to acquire \u201csignificant\u201d minority stakes, as well as a third company valU is looking to acquire in full, Hassouna said.<\/p>\n

<\/a> PSA- E-invoicing deadline pushed till the end of the month: <\/strong>Companies have until the close of play on 31 December to register with the Tax Authority\u2019s e-invoicing system, after the Finance Ministry pushed the deadline from today. Only 150k companies had signed up to the new system as of the end of November<\/a>, well below a sought goal of 1 mn companies to register under the system.<\/p>\n

REMEMBER- The self-employed have a later deadline:<\/strong> The Finance Ministry<\/a>pushed the<\/a>deadline<\/a> for self-employed professionals \u2014 including doctors, pharmacists and lawyers \u2014 to 30 April 2023 after<\/a>widespread opposition<\/a> to the system.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

The Bank of England enacted a 50 bps interest rate hike today<\/strong>, bringing its bank rate to 3.5%, according to a statement<\/a> from its monetary policy committee. This marks the ninth consecutive rate hike, as the central bank tries to put a cap on spiraling inflation. The story is leading the conversation in the international business press this afternoon, with front-page coverage from the Financial Times<\/a>, Reuters<\/a>, the Wall Street Journal<\/a>, and CNBC<\/a>.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n