Arab Finance: Aman Holding, a 76%-owned portfolio company of Raya Holding for Financial Investments, obtained the preliminary approval of the Saudi Central Bank (SAMA) to establish a consumer finance company with Jarir Marketing Company, according to a statement.

With an initial capital of SAR 50 million, the joint venture (JV) will operate in consumer microfinance activities in Saudi Arabia.

Under the signed non-binding memorandum of understanding (MoU), Aman Holding will own a 41% stake in the joint company, while Jarir will control 49%. Meanwhile, the remaining 10% will be allocated to Hamad bin Abdullah bin Suleiman Al-Manaya & Co.

Raya Holding affirmed that any material decisions will be promptly disclosed following the established protocols and in accordance with the disclosure and transparency rules for companies listed on the EGX.

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