Cairo – Mubasher: Aman Holding, a subsidiary of Raya Holding for Financial Investment, penned a strategic partnership deal with Jarir Marketing Company (Jarir Bookstores) and Al Manea, according to a press release.
This collaboration, which marks Aman’s entry into the Saudi financial market, aims to establish a specialised consumer finance company with an initial capital of SAR 100 million.
The joint venture (JV) is set to offer tailored financial solutions designed to meet the needs of individuals and entrepreneurs in Saudi Arabia.
Ahmed Khalil, Managing Director of Raya Holding, commented: "This step aligns with our strategic expansion plan to enter the Saudi market more comprehensively, introduce more of our portfolio companies, and strengthen our regional presence while maximizing value for our shareholders."
Hazem Moghazi, CEO of Aman Holding, said: "This initiative will contribute to enhancing financial inclusion and supporting sustainable economic growth. We are confident that this partnership will serve as a successful model for strategic collaboration.”
Abdulkarim Al Agil, CEO of Jarir, mentioned: "Through Aman’s entry into the Saudi market via this partnership, we aim to achieve leadership and accomplishments in the consumer finance sector, leveraging Aman's deep expertise in financial services.”
“We are confident that this partnership will play a significant role in enhancing financial inclusion, supporting individuals and entrepreneurs, and contributing to sustainable economic growth in line with Saudi Vision 2030,” Al Agil highlighted.
This partnership represents Raya Holding's third major milestone in the last quarter of 2024 after securing a $40 million investment in Raya Foods by Helios Investment Partners and a $15 million funding in Raya Data Center by Africa50.
