Data News > Jarir Marketing Co. Signs MOU with Aman Egypt for Consumer Finance Company
Jarir Marketing Co. Signs MOU with Aman Egypt for Consumer Finance Company
By KlickAnalytics Data Insights | December 31, 2024 11:05AM ET
- Jarir Marketing Company has exciting news to kick off the new year as they announce the signing of a non-binding memorandum of understanding with Aman Non-Bank Financial Services and Electronic Payments Company Egyptian Joint Stock Company (Aman Egypt).
- The memorandum includes plans to establish a consumer finance company with an initial capital of 100 million Saudi riyals, with Aman Egypt holding 49% of the shares, and Hamad bin Abdullah bin Suleiman Al-Manaya & Co. taking up 41%.
- This collaboration is set to pave the way for a fruitful partnership, pending the approval of regulatory licenses required for their venture.
This groundbreaking agreement was signed on December 31, 2024, marking a significant step towards the establishment of the proposed consumer finance company. The memorandum is valid for three months, with an option for extension, as both companies work towards obtaining the necessary regulatory approvals. While the financial impact of this collaboration is yet to be determined, Jarir Marketing Co. is committed to keeping investors and stakeholders informed of any material developments as they unfold.
With this partnership, Jarir Marketing Company is aiming to diversify its offerings and expand into the consumer finance sector, leveraging the expertise and resources of Aman Egypt. Stay tuned for more updates on this exciting new venture in the coming months.
- The memorandum includes plans to establish a consumer finance company with an initial capital of 100 million Saudi riyals, with Aman Egypt holding 49% of the shares, and Hamad bin Abdullah bin Suleiman Al-Manaya & Co. taking up 41%.
- This collaboration is set to pave the way for a fruitful partnership, pending the approval of regulatory licenses required for their venture.
This groundbreaking agreement was signed on December 31, 2024, marking a significant step towards the establishment of the proposed consumer finance company. The memorandum is valid for three months, with an option for extension, as both companies work towards obtaining the necessary regulatory approvals. While the financial impact of this collaboration is yet to be determined, Jarir Marketing Co. is committed to keeping investors and stakeholders informed of any material developments as they unfold.
With this partnership, Jarir Marketing Company is aiming to diversify its offerings and expand into the consumer finance sector, leveraging the expertise and resources of Aman Egypt. Stay tuned for more updates on this exciting new venture in the coming months.
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