Tabby allows customers to purchase products online without the need to enter credit or debit card details, and pay after 14 days or in monthly interest-free instalments. Photo: Tabby
Tabby allows customers to purchase products online without the need to enter credit or debit card details, and pay after 14 days or in monthly interest-free instalments. Photo: Tabby
Tabby allows customers to purchase products online without the need to enter credit or debit card details, and pay after 14 days or in monthly interest-free instalments. Photo: Tabby
Tabby allows customers to purchase products online without the need to enter credit or debit card details, and pay after 14 days or in monthly interest-free instalments. Photo: Tabby

Mubadala-backed Tabby and Paymob sign payments deal in Egypt


Sarmad Khan
  • English
  • Arabic

Dubai-based buy now, pay later platform Tabby and payments company Paymob have signed a deal that allows businesses in Egypt to process Tabby's interest-free flexible payments solution via Paymob’s gateway.

The partnership between the two regional FinTech companies will create a "seamless" BNPL solution for both in-store and online retailers, the companies said on Tuesday.

It will help to develop an ecosystem that delivers value to merchants as well as customers, they said.

“Today, there is a strong demand for greater financial freedom and flexibility to enable consumers to make their purchases,” Ahmed Khalil, Tabby Egypt’s general manager, said.

“Partnering with Paymob allows our technology to be instantly accessible to their network of over 120,000 retailers in Egypt.”

Tabby, which is backed by Abu Dhabi’s sovereign investment arm Mubadala Investment Company, expanded into the Egyptian market earlier this month to capitalise on the growing e-commerce sector in the most populous Arab country.

Tabby offers consumers interest-free, flexible payment options as the cost of living continues to rise in the Arab world’s third-largest economy. The move is aimed at helping Egyptians to stay in control of their spending and make the most out of their money, the company said at the time.

Egypt's annual core inflation rate increased to 16.7 per cent annually, up from 15.6 per cent in July, central bank figures show.

The BNPL business model, which allows consumers to make online purchases instantly and spread their payments out over interest-free instalments, has boomed since the onset of the Covid-19 pandemic, driven by millennials and Generation Z.

High inflation has further driven the popularity of the BNPL payment option globally, with consumers taking advantage of short-term financing to split payments and better manage their finances.

“The variety of innovative, customer-centric digital payment methods in the Mena region is skyrocketing,” Omar El Gammal, Paymob’s executive vice president for global business development, said.

“Our partnership with Tabby is key because it encompasses both physical, in-store and online e-commerce payments solutions to provide a better checkout experience, increased conversions and an expanded client base for merchants in Egypt.”

Egypt’s BNPL sector is projected to surge almost 133 per cent on an annual basis to reach $434.7 million in 2022, according to a report by Research and Markets.

BNPL payment adoption in Egypt is expected to increase at a compound annual growth rate of about 56 per cent between 2022 and 2028, while gross merchandise value is estimated to reach $6.23 billion by 2028, from $186.7m in 2021, the report said.

Tabby has helped "thousands of merchants" across Egypt, the UAE and Saudi Arabia increase their average order value by 33 per cent on average, the company said on Tuesday.

The platform has boosted merchants' overall conversion rate by more than 18 per cent and increased the number of returning customers by 40 per cent.

Tabby, which has more than two million active users and about 6,000 merchants in its network, went live in the UAE in February 2020. It expanded to Saudi Arabia in July 2020.

In August, the company raised $150m in debt financing from New York-based Atalaya Capital Management and existing investor Partners for Growth to help fund its global expansion.

It also raised $54m from Sequoia Capital India and Saudi Arabia’s STV in March, in a round which also had participation from existing investors.

Understand What Black Is

The Last Poets

(Studio Rockers)

The specs

Engine: 6.2-litre V8

Transmission: ten-speed

Power: 420bhp

Torque: 624Nm

Price: Dh325,125

On sale: Now

SPECS

Toyota land Cruiser 2020 5.7L VXR

Engine: 5.7-litre V8

Transmission: eight-speed automatic

Power: 362hp

Torque: 530Nm

Price: Dh329,000 (base model 4.0L EXR Dh215,900)

Ipaf in numbers

Established: 2008

Prize money:  $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.

Winning novels: 13

Shortlisted novels: 66

Longlisted novels: 111

Total number of novels submitted: 1,780

Novels translated internationally: 66

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

DIVINE%20INTERVENTOIN
%3Cp%3EStarring%3A%20Elia%20Suleiman%2C%20Manal%20Khader%2C%20Amer%20Daher%3C%2Fp%3E%0A%3Cp%3EDirector%3A%20Elia%20Suleiman%3C%2Fp%3E%0A%3Cp%3ERating%3A%204.5%2F5%3C%2Fp%3E%0A
Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 258hp from 5,000-6,500rpm

Torque: 400Nm from 1,550-4,000rpm

Transmission: Eight-speed auto

Fuel consumption: 6.1L/100km

Price: from Dh362,500

On sale: now

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction. 

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Brief scores:

Toss: Sindhis, elected to field first

Pakhtoons 137-6 (10 ov)

Fletcher 68 not out; Cutting 2-14

Sindhis 129-8 (10 ov)

Perera 47; Sohail 2-18

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

WE%20NO%20LONGER%20PREFER%20MOUNTAINS
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Inas%20Halabi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENijmeh%20Hamdan%2C%20Kamal%20Kayouf%2C%20Sheikh%20Najib%20Alou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Fast%20X
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Louis%20Leterrier%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Vin%20Diesel%2C%20Michelle%20Rodriguez%2C%20Jason%20Statham%2C%20Tyrese%20Gibson%2C%20Ludacris%2C%20Jason%20Momoa%2C%20John%20Cena%2C%20Jordana%20Brewster%2C%20Nathalie%20Emmanuel%2C%20Sung%20Kang%2C%20Brie%20Larson%2C%20Helen%20Mirren%20and%20Charlize%20Theron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Updated: September 27, 2022, 10:45 AM`