Aman Holding, a portfolio company of Raya Holding for Financial Investments, signed a non-binding memorandum of understanding (MoU) with Jarir Marketing Company, according to a bourse statement. 

This agreement aims to establish a consumer finance company in Saudi Arabia with an initial capital of SAR 100 million.

Subject to obtaining the regulatory approvals, Aman Holding will hold a 41% stake in the joint venture, while Jarir will own 49% equity.

The remaining 10% of shares will be allocated to Hamad Bin Abdullah bin Sulaiman Al Manea & Partners Trading Company, a Saudi closed joint stock company, or other shareholders.

Jarir is one of the leading retail and wholesale businesses in Saudi Arabia and the Gulf region.

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