Back to the complete issue
Thursday, 24 March 2022

valU to enter Saudi Arabia in 1H2022

EFG Hermes’ consumer finance platform valU will set foot in Saudi Arabia before the end of 1H2022, marking its first cross-border expansion, EFG Hermes Finance CEO Walid Hassouna told Bloomberg Asharq. The fintech platform is also looking at the Moroccan and Tunisian markets in cooperation with EFG Hermes’ e-payments subsidiary PayTabs.

The expansion to Saudi has been part of valU’s plans for some time now: Hassouna had flagged last year that valU would tap Saudi in 2022.

valU is on a spending spree, with a couple of acquisitions in the cards: The company is planning to acquire two unnamed companies in a field that complements consumer finance, Hassouna said. The two transactions are worth a combined USD 20 mn, with one acquisition set to be announced in mid-April. The transaction is currently pending board approval after due diligence has been completed.

New markets = more money: The company is looking to double its revenues to EGP 5 bn this year from EGP 2.4 bn in 2021.

Separately: valU has allocated around USD 40 mn this year to investments, which will fund the targeted acquisitions, infrastructure upgrades, and marketing, he said.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.