• Majid Al Futtaim Egypt and MENA’s leading Buy-Now, Pay-Later (BNPL) fintech platform, valU, roll out exclusive one-day offer at zero purchase fees, zero down payment and zero interest over six months (0-0-0-6) in celebration of the milestone and long-term partnership on February 13
  • The offer is available exclusively at Mall of Egypt, City Centre Almaza, City Centre Alexandria, and City Centre Maadi

Cairo: Majid Al Futtaim, the leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa, and Asia, and valU, MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, announced today that they had surpassed a total of EGP 1 billion in buy-now, pay-later (BNPL) sales across Majid Al Futtaim’s shopping malls in Egypt since the start of their partnership, namely at Mall of Egypt, City Centre Almaza, City Centre Alexandria and City Centre Maadi. To celebrate this milestone and long-term partnership, valU will launch an exclusive one-day 0-0-0-6 offer (zero purchase fees, zero down payment and zero interest over six months) on February 13. Both companies strive to continually deliver customer-centric initiatives that are value accretive and have worked together closely for years to bring a revolutionised shopping experience to the Egyptian market.  

Majid Al Futtaim’s shopping malls have achieved this substantial sales record with valU’s products and special promotions — including ‘Sha2labaz’, which helps customers redeem their transaction value in cash and pay it back through instalments over the preferred tenure plan. As both firms seek to reinforce their long-term strategic partnership, they have availed ‘Sha2labaz’ at Mall of Egypt and City Centre Almaza in March 2022, allowing customers to receive cash reimbursements for their purchases at Majid Al Futtaim’s retail outlets beyond valU’s merchant network.

The highest sales recorded through the utilisation of valU’s unique products and promotions were achieved by the following tenants: Bershka, Carrefour, Dream 2000, EGO, El Araby Group, Hub Furniture, LC Waikiki, L’azurde, Miss L, Mobilaty, Mazaya, Pull & Bear, Raya Electronics, Select, Sharaf DG, Tradeline, Vodafone, Xiaomi, Zara, and 2B.

Rasha Azab, Managing Director of West Region Shopping Malls at Majid Al Futtaim – Properties, commented: “As responsible members of the community, we at Majid Al Futtaim strongly believe in our role to continue providing the Egyptian public with added convenience and choice. Our long-term partnership with valU has shown unparalleled success, reflected in the EGP 1 billion in sales. This significant milestone proves the strength of this strategic collaboration and the commitment of both entities. We look forward to continuing to drive growth while identifying opportunities that provide our community with flexible payment solutions for an unmatched shopping experience.” 

Walid Hassouna, CEO of valU, added, “Our successful partnership with Majid Al Futtaim confirms valU’s commitment to creating impactful financial solutions and long-term value for the people who rely on our disruptive fintech services daily. We aim to bring to the market financial solutions that provide affordability to all and, in return, help merchants across the retail industry in Egypt grow their businesses sustainably despite market headwinds. This milestone comes at a key time in valU’s history as we also celebrate surpassing 2 million transactions on valU since inception. Through continued successful partnerships such as this, we look forward to playing an even greater role in driving innovation in the market, benefiting individuals and businesses.”

The one-day 0-0-0-6 exclusive offer will be available exclusively at Mall of Egypt, City Centre Almaza, City Centre Alexandria, and City Centre Maadi only on February 13.

-Ends-

Disclaimer: All facts and figures in this release are accurate at the time of issuance.

About Majid Al Futtaim

Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa, and Asia.

A remarkable business success story, Majid Al Futtaim started from one man’s vision to transform the face of shopping, entertainment, and leisure to ‘create great moments for everyone, every day’. It has since grown into one of the United Arab Emirates’ most respected and successful businesses spanning 17 international markets, employing more than 43,000 people, and obtaining the highest credit rating (BBB) among privately held corporates in the region.

Majid Al Futtaim owns and operates 29 shopping malls, 13 hotels, and four mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, Mall of Egypt, Mall of Oman, City Centre malls, My City Centre neighbourhood centres, and five community malls which are in joint venture with the Government of Sharjah. The Company is the exclusive franchisee for Carrefour in over 30 markets across the Middle East, Africa, and Asia, operating a portfolio of more than 400 outlets, including City+, the region’s first checkout-free store, and an online store.

Majid Al Futtaim operates more than 600 VOX Cinemas screens as well as a portfolio of world-class leisure and entertainment experiences across the region, including Ski Dubai, Ski Egypt, Dreamscape, Magic Planet, Little Explorers, and iFLY Dubai. The Company is parent to a Fashion, Home, and Specialty retail business representing international brands such as Abercrombie & Fitch, Hollister, AllSaints, lululemon athletica, Crate & Barrel, LEGO, and THAT, a Majid Al Futtaim fashion concept store and app. In addition, Majid Al Futtaim operates Enova, a facility and energy management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management.

https://maf.am/Majid_Al_Futtaim_EN

Please follow us on
   https://www.facebook.com/MajidAlFuttaim
   https://www.instagram.com/majidalfuttaim
   https://www.tiktok.com/@majidalfuttaim
   https://www.youtube.com/user/majidalfuttaim
   https://twitter.com/majidalfuttaim
   https://www.linkedin.com/company/majid-al-futtaim
   https://majidalfuttaim.medium.com/

About valU

A subsidiary of EFG Hermes Holding established in 2017, valU is the leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform offering convenient and customizable financing plans for up to 60 months. With more than 5,000 points of sale and over 550 websites, valU provides access to a vast network of retail and e-commerce providers across a diverse array of categories, including home appliances, electronics, home finishing, furniture, residential solar solutions, healthcare, education, travel, and fashion, among others. As the first platform of its kind in the MENA region, valU customers can receive instant credit decisions through their devices and gain access to the ever-growing platform’s partners.

Learn more about us at https://www.valu.com.eg/home & stay connected with us on:

For media inquiries, please contact:  
The Public Relations team of EFG Hermes Holding
E: PublicRelations@efg-hermes.com
May El Gammal
Group Chief Marketing & Communications Officer of EFG Hermes Holding
E: melgammal@efg-hermes.com
Omar Salama
Communications Manager of EFG Hermes Holding
E: osalama@efg-hermes.com
Memac Ogilvy
Haidy Nabawy
E: haidy.nabawy@ogilvy.com
Mounir El Ghannam
E: mounir.elghannam@ogilvy.com

Note on forward-looking statements

In this press release, EFG Hermes Holding may make forward-looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Hermes Holding’s belief regarding future events, many of which, by their nature are inherently uncertain and are beyond management’s control and include among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.