Majid Al Futtaim partners with valU to present its unique redemption product “Sha2labaz”
- One-of-a-kind finance product will allow non-valU and valU customers to access valU’s convenient installment programs at Mall of Egypt and City Center Almaza after making purchases with any type of payment method .
Cairo, Egypt: Majid Al Futtaim, the pioneer of malls, communities, retail and leisure in the Middle East, Africa and Asia, has partnered with valU, the leading fintech platform enabling the Buy-Now, Pay-Later (BNPL) lifestyle of the MENA region. Through “Sha2labaz”, the unique refund product introduced by valU in November 2021, non-valU and valU shoppers at Mall of Egypt and City Center Almaza will receive cash refunds for any purchase they make. Payments can be made in installments by selecting one of valU’s paid payment terms on versatile installment plans ranging from 6 at 60 months. The amount refunded will vary depending on the customer’s value limit, providing instant access to easy payment solutions. “Sha2labaz” is a product that has allowed valU to extend its service offering to a wider audience, further underscoring the brand’s efforts to provide instant access to installment products.
Hanny El Messiry, General Manager of Majid Al Futtaim Western Region Shopping Centers – Properties, commented, “At Majid Al Futtaim Properties, we are constantly identifying and embracing new and innovative solutions that create elevated shopping experiences, and seek to provide our customers with greater convenience and comfort. This partnership with valU is a testament to this commitment, allowing us to continue to meet and meet the demand for flexible and efficient payment processes and plans in Egypt.We will remain committed to ensuring that customer experience is at the heart of our operations, ensuring that that we continue to pursue opportunities that create great moments for everyone, every day.”
‘Sha2labaz’ allows customers to redeem the value of purchases made at Majid Al Futtaim’s extensive range of outlets in Egypt and is not limited to just stores within the valU network. This supports the expansion of valU’s customer base and is part of the country’s desire for financial inclusion.
“We are delighted to introduce ‘Sha2labaz’ to Majid Al Futtaim’s flagship shopping malls in Egypt, in line with our continued efforts to provide convenient financial solutions to our customers and non-valued customers, as they benefit from the opportunity to leveraging valU’s transparent BNPL mockup Our longstanding partnership with Majid Al Futtaim Malls in Egypt has enabled both of us to provide customers with an enhanced experience in the budding retail space This unique product is a testament to the versatility and ingenuity of the valU team, as it reflects our clear focus on customer centricity, ensuring that our customers feel empowered at all times. we believe that customer trust deserves to be fulfilled through innovative solutions and a seamless customer experience,” added Walid Hassouna, CEO of the Non-Banking Financial Institutions (NBFI) platform at EFG Hermes Holding and CEO of valU.
valU has maintained its position as the market leader in BNPL solutions, serving as a platform through which consumers can access financing solutions across various industries. Having successfully developed its service offering in the retail sector, valU also focuses on key sectors such as healthcare, education, real estate, sports club financing and many others. Initiatives such as the ‘valU Family’ product and the ‘Ma3ak’ youth finance product reinforce valU’s commitment to meeting the needs of underserved market segments.
Majid Al Futtaim’s Mall of Egypt and downtown Almaza offer communities in Cairo’s East and West regions a range of unique offerings, including exclusive VOX cinemas, Magic Planet, various F&B outlets and Ski Egypt.
Disclaimer: All facts and figures contained in this release are correct at the time of publication.
For more information, please contact:
The EFG Hermes Holding Public Relations Team
May El Gammal
Group Chief Marketing & Communications Officer of EFG Hermes Holding
Email: [email protected]
Email: [email protected]
A subsidiary of EFG Hermes Holding established in 2017, valU is the leading buy now, pay later (BNPL) fintech platform offering convenient and customizable financing plans for up to 60 months. With over 5,000 outlets and over 330 websites, valU offers access to an extensive network of retail and e-commerce suppliers across a wide range of categories including 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 are able to receive instant credit decisions through their devices and gain access to ever-evolving platform partners.
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 represent only EFG Hermes Holding’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond management’s control and include, among other things, the financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future laws, regulations and regulatory actions. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the pioneer of shopping malls, communities, retail and leisure in the Middle East, Africa and Asia.
A remarkable business success, Majid Al Futtaim started from the vision of one man to transform the face of shopping, entertainment and leisure in order to “create great moments for everyone, every day”. It has since grown into one of the most respected and successful companies in the UAE, spanning 17 international markets, employing over 43,000 people and achieving the highest credit rating (BBB) among companies. private in the region.
Majid Al Futtaim owns and operates 29 shopping malls, 13 hotels and four mixed-use communities, with other developments underway in the area. The mall portfolio includes Mall of the Emirates, Mall of Egypt, Mall of Oman, City Center malls, My City Center neighborhood malls and five community malls which are in joint venture with the Sharjah government. The Company is the exclusive franchisee of Carrefour in more than 30 markets in the Middle East, Africa and Asia, operating a portfolio of more than 400 points of sale, including City+, the first cashless store in the region, and a boutique in line.
Majid Al Futtaim operates over 600 VOX Cinemas screens as well as a portfolio of world-class leisure and entertainment experiences in the region, including Ski Dubai, Ski Egypt, Dreamscape, Magic Planet, Little Explorers and iFLY Dubai. The company is the parent company of a fashion, home and specialty retail business representing international brands such as Abercrombie & Fitch, Hollister, AllSaints, lululemon athletica, Crate & Barrel, LEGO and That, a concept store and a Majid Al Futtaim fashion app. Additionally, Majid Al Futtaim operates Enova, a facilities and energy management company, through a joint venture with Veolia, a global leader in optimized environmental resource management.
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