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.

The years Ramadan fell in May

1987

1954

1921

1888

New UK refugee system

 

  • A new “core protection” for refugees moving from permanent to a more basic, temporary protection
  • Shortened leave to remain - refugees will receive 30 months instead of five years
  • A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
  • To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
  • Under core protection there will be no automatic right to family reunion
  • Refugees will have a reduced right to public funds
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BUNDESLIGA FIXTURES

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 
RB Leipzig v Freiburg (4.30pm) 
Hoffenheim v Hertha Berlin (4.30pm) 
Fortuna Dusseldorf v Paderborn  (4.30pm) 
Augsburg v Wolfsburg (4.30pm) 
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

Ferrari
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Abu Dhabi race card

5pm Abu Dhabi Fillies Classic Prestige Dh110,000 1,400m

5.30pm Abu Dhabi Colts Classic Prestige Dh110,000 1,400m

6pm Abu Dhabi Championship Listed Dh180,000 1,600m

6.30pm Maiden Dh80,000 1,600m

7pm Wathba Stallions Cup Handicap Dh80,000 1,400m

7.30pm Handicap (TB) |Dh100,000 2,400m

Indoor cricket World Cup:
Insportz, Dubai, September 16-23

UAE fixtures:
Men

Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final

Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final

MATCH INFO

Liverpool 0

Stoke City 0

Man of the Match: Erik Pieters (Stoke)

Under 19 Cricket World Cup, Asia Qualifier

Fixtures
Friday, April 12, Malaysia v UAE
Saturday, April 13, UAE v Nepal
Monday, April 15, UAE v Kuwait
Tuesday, April 16, UAE v Singapore
Thursday, April 18, UAE v Oman

UAE squad
Aryan Lakra (captain), Aaron Benjamin, Akasha Mohammed, Alishan Sharafu, Anand Kumar, Ansh Tandon, Ashwanth Valthapa, Karthik Meiyappan, Mohammed Faraazuddin, Rishab Mukherjee, Niel Lobo, Osama Hassan, Vritya Aravind, Wasi Shah

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Ireland (15-1):

Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy

Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour

Coach: Joe Schmidt (NZL)

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Updated: September 27, 2022, 10:45 AM