May 20, 2024

Majid Al Futtaim Malls in Egypt and valU cross EGP 1bln in sales

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Majid Al Futtaim, one of the leading shopping mall, communities, retail, and leisure pioneers across the Middle East, Africa, and Asia, and valU, considered one amongst MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platforms, announced recently that they had surpassed a total of EGP 1 billion in buy-now, pay-later (BNPL) sales across Majid Al Futtaim’s shopping malls in Egypt since the start of their partnership, namely at Mall of Egypt, City Centre Almaza, City Centre Alexandria and City Centre Maadi. To celebrate this milestone and long-term partnership, valU will launch an exclusive one-day 0-0-0-6 offer (zero purchase fees, zero down payment and zero interest over six months) on February 13, 2023. Both companies strive to continually deliver customer-centric initiatives that are value accretive and have worked together closely for years to bring a revolutionised shopping experience to the Egyptian market.  

Majid Al Futtaim’s shopping malls have achieved this substantial sales record with valU’s products and special promotions. This includes ‘Sha2labaz’, which helps customers redeem their transaction value in cash and pay it back through instalments over the preferred tenure plan. As both firms seek to reinforce their long-term strategic partnership, they have availed ‘Sha2labaz’ at Mall of Egypt and City Centre Almaza in March 2022, allowing customers to receive cash reimbursements for their purchases at Majid Al Futtaim’s retail outlets beyond valU’s merchant network.

The highest sales recorded through the utilisation of valU’s unique products and promotions were achieved by the following tenants: Bershka, Carrefour, Dream 2000, EGO, El Araby Group, Hub Furniture, LC Waikiki, L’azurde, Miss L, Mobilaty, Mazaya, Pull & Bear, Raya Electronics, Select, Sharaf DG, Tradeline, Vodafone, Xiaomi, Zara, and 2B.

Rasha Azab, Managing Director of West Region Shopping Malls at Majid Al Futtaim – Properties, commented: “As responsible members of the community, we at Majid Al Futtaim strongly believe in our role to continue providing the Egyptian public with added convenience and choice. Our long-term partnership with valU has shown unparalleled success, reflected in the EGP 1 billion in sales. This significant milestone proves the strength of this strategic collaboration and the commitment of both entities. We look forward to continuing to drive growth while identifying opportunities that provide our community with flexible payment solutions for an unmatched shopping experience.” 

Walid Hassouna, CEO of valU, added, “Our successful partnership with Majid Al Futtaim confirms valU’s commitment to creating impactful financial solutions and long-term value for the people who rely on our disruptive fintech services daily. We aim to bring to the market financial solutions that provide affordability to all and, in return, help merchants across the retail industry in Egypt grow their businesses sustainably despite market headwinds. This milestone comes at a key time in valU’s history as we also celebrate surpassing 2 million transactions on valU since inception. Through continued successful partnerships such as this, we look forward to playing an even greater role in driving innovation in the market, benefiting individuals and businesses.”

The one-day 0-0-0-6 exclusive offer is available exclusively at Mall of Egypt, City Centre Almaza, City Centre Alexandria, and City Centre Maadi on February 13, 2023.

Source

Also read the articles:

1. Microsoft teams up with Majid AL Futtaim to support regional start-ups

2. valU forms a partnership with Geidea

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