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valU eyes expansion in Saudi Arabia during Q1 2022

valU eyes expansion in Saudi Arabia during Q1 2022

ArabFinance: The board of directors of valU, a subsidiary of Egyptian Financial Group Hermes Holding (EFG Hermes) (HRHO), is seeking to obtain the final approval to enter the Saudi Arabian market and one of the North African markets in 2022, Amwal Al Ghad reported, citing the company’s CEO Walid Hassouna.

the company has fulfilled most of the conditions to enter the Saudi Arabian market; however, the Covid-19 pandemic has been an obstacle for this expansion, Hassouna said.

He also expected that valU would obtain all the final approvals from EFG Hermes Holding in the first quarter (Q1) of 2022.

The company seeks to extend its footprint in one of the markets in North Africa in 2022, he added.

Moreover, valU has received letters from its partners, informing the company that they will raise the prices of the offered services and products over the coming period, he revealed.

At the end of September 2021, the company’s net profit reached EGP 69 million, the CEO noted, adding that it targets recording sales of EGP 2 billion by the end of 2021.

valU also registered 70,000 financing transactions in November 2021, compared to 40,000 transactions in October 2021.

Furthermore, valU announced today the signing of a new partnership agreement with Marakez, a major projects development company in Egypt.

Under this agreement, Valu will provide limited-time offers that cover interest-free installment plans without a down payment and administrative fees over flexible periods that are up to 12 months.

These offers will be available for shoppers in the chain store affiliated with Mall of Tanta, which has over 60 stores.

valU was recently ranked the fifth among Forbes Middle East’s Top 15 fintech apps in the MENA region for 2021 as well as won the best fintech company prize for 2021 at the Gulf Business Tech Awards 2021.

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