FAS Labs, owned by Fawaz Abdulaziz Alhokair Co. ("Alhokair"), the leading franchise retailer in Saudi Arabia, and Arabian Centres Company ("ACC"), have entered into a strategic partnership with valU for Consumer Finance S.A.E. ("valU") on the 5th of June 2022. 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 partnership agreement will result in FAS Finance being 65% owned by FAS Labs and 35% 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 throughout the entire purchase journey, from pre-purchase to post-purchase. 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.

In Saudi Arabia, 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.