By Eman Hamed
Misr Italia Properties’ Egypt ‘s leading real estate developer, and leading Buy-Now Pay-Later (BNPL) fintech platform valU, announced today that they have signed an agreement to offer Misr Italia clients home improvement and finishing financing through the valU platform.
The agreement was signed today during a ceremony attended by, Mohamed Khaled El Assal, CEO and Managing Director of Misr Italia Properties and Walid Hassouna, CEO of the Non-Bank Financial Institutions (NBFI) platform at EFG Hermes and CEO of valU.
valU will provide Misr Italia Properties’ clients with its home improvement financing solutions, with facilities extending to include property finishing and furnishing costs backed with easy payment plans, allowing clients to pay in installments for up to 48 months at a value of up to EGP 2.4 million per client.
Mohamed Khaled El Assal, CEO and Managing Director of Misr Italia Properties said: “Life is starting in the New Administrative Capital. As Misr Italia Properties was the first private real estate developer to start delivering in the New Capital with its project, IL BOSCO. This partnership with valU is part and parcel of our strategy to provide a variety of integrated benefits to our clients. MIP is offering its clients internal finishing services for their homes in collaboration with top-notch interior designer TDF. Homeowners will have different payment plans and financing facilities over up to 48 months through valU. We’re happy to be once again partnering with EFG Hermes’ NBFI platform to help us meet our strategic growth needs.”
Walid Hassouna, CEO of the NBFI platform at EFG Hermes and CEO of valU said: “Capitalizing on valU’s long-standing presence in home improvement financing in the real estate space, we’re thrilled to be partnering with one of the leading developers in the market today to provide their clients with financing solutions that meet their lifestyle needs. As MENA’s first and Egypt’s leading BNPL platform, our central mission is to provide seamless and swift access to financing through our wide-ranging, tailored solutions — and we could not think of a better partner than Misr Italia Properties to drive this mission forward.”
The collaboration also forms part of EFG Hermes’ strategy to optimize synergies between its business lines and promote cross-selling opportunities across its NBFI platform.
In October, EFG Hermes Corp-Solutions, one of Egypt’s leading leasing and factoring companies, signed a sale and leaseback agreement amounting to EGP 750 million with Misr Italia Properties to refinance its state-of-the-art Garden 8 Mall.
Misr Italia Properties is a premier Egyptian real estate developer specializing in luxury residential, commercial, hospitality, and leisure properties. Its developments include IL BOSCO, VINCI & VINCI Street in the New Administrative Capital, La Nuova Vista, Garden 8, Cairo Business Park and Hilton Garden Inn in New Cairo, IL BOSCO City New Cairo, and Kai Sokhna and Hilton Ain El Sokhna.
valU has made numerous strides to expand its service offering in numerous sectors, from education to healthcare, e-commerce to retail and, more recently home improvement financing in the real estate sector.
valU has been recognized for these pioneering endeavors numerous times this year alone, winning “Fintech Company of the Year” at both Entrepreneur Middle East’s Tech Innovation Awards 2021 and the inaugural Gulf Business Tech Awards 2021, valU also ranked 5th in the Forbes Middle East Top Fintech Apps in the Middle East 2021 listing.