Aman & Retail Giant Jarir to Launch Consumer Finance Joint Venture

Egyptian fintech Aman Holding has taken a step forward in its Saudi expansion plans after receiving preliminary approval from the Saudi Central Bank to establish a consumer finance company, according to a disclosure by its parent company, Raya Holding.

The proposed business will be set up as a joint venture under a memorandum of understanding with Saudi retail and wholesale group Jarir, which will hold a 49% stake. Aman will own 40%, while the remaining shares will be held by Hamad Bin Abdullah Bin Sulaiman Al Manea & Partners Trading Company, a Saudi closed joint stock firm.

The move builds on plans first signalled in April and is positioned as an effort to extend Egyptian fintech expertise into Gulf markets. Through the partnership, Aman gains access to Jarir’s established consumer base, supporting its strategy to scale consumer finance services in Saudi Arabia.

Raya Holding noted that the Saudi Central Bank’s preliminary approval does not constitute a final licence or authorisation to begin financing activities. The joint venture will be subject to additional regulatory approvals before operations can formally launch.