Table of Contents
Key Points
- Aman Holding partners with Jarir Marketing in Saudi Arabia, investing $26.6 million.
- The joint venture will offer tailored financial services, supporting Saudi Vision 2030.
- Raya Holding reports 42.4% revenue growth, expanding its regional market presence.
Aman Holding, a unit of Raya Holding for Financial Investment—led by Egyptian tycoon Medhat Khalil—has debuted in the Saudi Arabian financial market. This move involves a $26.6 million partnership with Jarir Marketing Company (Jarir Bookstores) and Al Manea Group.
This entry reflects the conglomerate’s ambition to broaden its regional presence and highlights its dedication to diversifying financial services across the Middle East.
The partnership will establish a specialized consumer finance company with an initial capital of SAR 100 million ($26.6 million). The venture aims to provide tailored financial solutions for individuals and entrepreneurs, supporting Saudi Arabia’s Vision 2030 initiative to promote financial inclusion and economic resilience.
A step toward financial inclusion and growth
“This step aligns with our strategic plan to deepen our presence in the Saudi market, expand our portfolio, and create enhanced value for our shareholders,” said Ahmed Khalil, Managing Director of Raya Holding.
Hazem Moghazi, CEO of Aman Holding, emphasized the partnership’s potential to enhance financial inclusion and drive sustainable growth. He noted that the collaboration could serve as a model for cross-border financial innovation.
Meanwhile, Abdulkarim Al Agil, CEO of Jarir, described the venture as pivotal in transforming Saudi Arabia’s consumer finance landscape. He added that it aligns with Saudi Vision 2030’s broader goals of fostering innovation and economic strength.
Since its inception in 2016, Aman Holding has become a key player in Egypt’s fintech sector. Through subsidiaries like Aman E-Payments, Aman for Consumer Finance, and Aman for Microfinance, the company has revolutionized financial services by leveraging cutting-edge technology to deliver seamless solutions.
Raya Holding’s expanding horizon
Founded in 1999 through a merger between Medhat Khalil’s entities and Orascom Group, Raya Holding has become a cornerstone of Egypt’s investment landscape. Khalil, who retains a 17.99 percent stake, has consistently steered the company into new markets and industries.
Recent initiatives illustrate Raya’s forward-thinking approach. In December, the company secured $25 million from Africa50 to develop a Tier III data center in Egypt, positioning the country as a leader in regional tech infrastructure. Additionally, Raya raised $40 million from Helios Investment Partners to fuel its ambitious growth plans.
Raya’s financial performance underscores its success. In the first nine months of 2024, the conglomerate reported revenues of EGP32.3 billion ($637 million), marking a 42.4 percent year-on-year increase. Foreign currency revenues accounted for 30 percent of the total, demonstrating Raya’s successful shift toward international markets.
