FAS Labs, owned by Fawaz Abdulaziz Al Hokair & Company (Alhokair), the leading franchise retailer in Saudi Arabia, and Arabian Centers Company (ACC), the leading owner, developer, and operator of lifestyle shopping centers in Saudi Arabia, have formed a strategic partnership with Cairo-based valU Consumer Finance (valU).
The agreement will accelerate the geographical expansion of the MENA region’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, providing digital consumer finance solutions in Saudi Arabia through FAS Finance.
The latest partnership will result in FAS Finance being 65 percent owned by FAS Labs and 35 percent by valU. FAS Labs was recently established to lead the joint digital initiatives of Alhokair and ACC, offering Saudi customers a range of accessible and customizable digital consumer finance solutions, to build and scale a fully integrated shopping platform that engages consumers from pre- to post-purchase.
Mohamad Mourad Group MD & CEO Fawaz Al Hokair
“Arabian Centres and Alhokair share a pioneering history and a strong team with longstanding partnerships contributing to a robust retail footprint in Saudi Arabia. The launch of FAS Finance and the strategic partnership with valU are perfectly aligned with our commitment to drive a robust omnichannel experience. Through the integration of innovative payment solutions, we offer greater affordability and value for our customers, all available through one digital platform. In addition, our tenants have access to added value and benefits through this cohesive purchase platform.”
valU’s existing platform, technological capabilities, and proven track record will expedite FAS Finance’s ability to develop and scale a fully integrated shopping platform leveraging accessible digital financing solutions.
The solutions will be available across Alhokair’s expansive retail network of more than 1,000 stores, as well as online on Vogacloset and the monobrand websites, including 14 in Saudi Arabia. It will also extend to other vendors, retail networks, and merchants to include and cover the entire Saudi market.
“We are delighted to enter this strategic partnership. valU has retained its position as the market leader in BNPL solutions in the MENA region and Alhokair choosing us further cements this. valU’s launch in KSA comes as a natural progression of our strong partnership with Alhokair and is our first move outside of Egypt with other similar moves to follow soon. We will also be utilizing the extensive network that we have built with valU for brands that have a presence in the Saudi market and extending our services to include them” said Mr. Walid Hassouna, CEO of valU.
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