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Monday, 4 July 2022

valU’s BNPL services are now available on Amazon Egypt

EFG Hermes’ subsidiary valU’s buy-now-pay-later installment plans are now available to customers of Amazon Egypt, according to a joint statement (pdf) out yesterday.

Amazon could soon be a valU shareholder: Amazon has the option of acquiring a 4.3% equity stake in valU after it invested USD 10 mn in EFG’s London-listed global depositary receipts in May. The e-commerce giant will be able to exercise its option to swap its GDRs for the equity stake if the Saudi Alhokair family acquires shares in valU. Under the terms of the agreement, Amazon can acquire the stake if a third-party investor invests in valU, or if valU is sold, IPOed, or otherwise listed.

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

  • Banque Misr and Turkish bank Ziraat Katilim will become the first international banks to operate in Somalia after the country’s central bank approved their bids to acquire banking licenses. (Statement, pdf)
  • The Suez Canal Authority has introduced lower transit fees for LNG and LPG carriers until the end of the year. (Al Mal)
  • Schneider Electric has signed an agreement with real estate developer Arab Developers Holding to collaborate on a number of local and international projects. (Statement, pdf)
  • Egypt’s Paysky has launched its Yalla card and super app in the UAE in partnership with Visa. (Zawya)
  • The Tourism Ministry launched a new promotional campaign to attract new Arab tourists to the country. (watch, runtime: 2:14)
  • Heliopolis Housing wants to hand 50% of work on its Heliopark project to subcontractors after developer Mountain View completes the master plan. (Al Shorouk)

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