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Thursday, 19 May 2022

valU, Majid Al Futtaim launch consumer finance product

valU, MAF partner on consumer finance: EFG Hermes’ buy-now-pay-later platform valU is partnering with Majid Al Futtaim (MAF) to introduce its ‘Sha2labaz’ consumer finance product at MAF’s flagship Mall of Egypt and City Centre Almaza malls, according to a statement (pdf). Through Sha2labaz, shoppers can redeem the value of their purchases at MAF retail outlets for cash, which they then pay back to valU in installments over six months to five years. valU is aiming to make EGP 5 mn in sales per day from ‘Sha2labaz’ during August and September, CEO Walid Hassouna told Al Mal.

Saudi tech firm Brmaja’s Egypt-based subsidiary Brmaja Innovation is looking to list 35% of its shares on the Nilex within the next few months, investment director Ahmed Said told Enterprise. The company said last year that it was aiming for an IPO on the EGX in March, but now tells us that is a longer-term ambition. The group plans to move its headquarters from the KSA to Egypt within the next three months, Said added. Brmaja’s Egypt arm is also still planning to acquire its Saudi parent company in a reverse acquisition, and is currently in the process of getting the necessary approvals from both countries.

Mubarak family cleared of corruption charges -Gamal Mubarak: The Mubarak family have been cleared of all charges of corruption pressed against them by EU courts and others over the past decade, the son of late president Hosni Mubarak, Gamal, said in a video statement Tuesday (watch, runtime: 20:55). The family’s public statement was prompted by what Mubarak called “a consistent international media campaign of false allegations of corruption.” “My family has decided that we simply cannot stay silent anymore in the face of such persistent defamatory reporting. It is time that the family responds, and directly,” he said.

This comes nearly a month after Swiss prosecutors dropped a decade-long probe into alleged money laundering by the family. The Swiss decision followed.a ruling by the EU General Court to uphold the annulment of EU sanctions against the family, unfreezing mns in assets. You can read a transcript of the statement here (pdf).

Other things we’re keeping an eye on this morning:

  • Egyptian corn farmers will soon be able to sell their produce via contract farming agreements at a minimum price of EGP 6k per ton. (Agriculture Ministry)

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