Saudi Jarir, Aman Egypt to establish over $26mln finance company

Jarir Marketing Company (Jarir Bookstores) signed, on 31 December 2024, a non-binding memorandum of understanding (MoU) with Aman Non-Bank Financial Services and Electronic Payments Company Egyptian Joint Stock Company (Aman Egypt).

The parties will join forces to establish a consumer finance company with an initial capital of SAR 100 million, according to a bourse disclosure.

After obtaining the necessary regulatory licenses, Aman Egypt will hold a 49% stake in the joint venture’s shares.

Meanwhile, Hamad Bin Abdullah bin Sulaiman Al Manea and Partners Trading Company, a Saudi joint stock closed firm, will own the remaining 10% equity.

Jarir highlighted that the agreement holds a tenor of three months extendable.

In the first nine months (9M) of 2024, Jarir registered net profits valued at SAR 698.60 million, compared to SAR 699.90 million in 9M-23.