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Tuesday, 25 January 2022

Fawry looks to partner with local bank on prepaid cards

Fawry is looking to partner with a local bank to issue prepaid cards soon, Al Mal reports CEO and founder Ashraf Sabry as saying. Sabry’s comments came on the sidelines of the company’s launch of Fawry Yawmy, the region’s first fintech-based money market fund, in partnership with Misr Capital. Fawry earlier this week said it is eyeing a US listing, and the company is also looking to raise its capital by EGP 800 mn through a rights issue to existing shareholders. The capital increase will help fund pre-paid card plans as part of a strategy to turn the MyFawry app into a super app, Sabry said on an investor update call last week.

Wataniya Petroleum could debut on the EGX this year, according to Ayman Soliman, head of the Sovereign Fund of Egypt, which is currently restructuring the military-owned company, according to Al Arabiya.

We’ll find out “soon” which mining companies have been awarded gold exploration rights in the latest government tender. Oil Minister Tarek El Molla says that four companies have been handed concessions, Al Arabiya reports.

Other things we’re keeping an eye on this morning:

  • The National Egyptian Railway Industries Company has reached the final stages of negotiations with Hyundai Rotem to sign a contract to manufacture, assemble and supply 40 subway trains for the National Authority for Tunnels.
  • Online marketplace Noon has launched (pdf) its payment platform for SMEs, Noon Payments, in Egypt.
  • Banque Misr will provide car rental firm Zoomcar Egypt with online and mobile payment services (pdf) for its customers.
  • Samsung will start trial operations at its EGP 500 mn Beni Suef tablet factory in March, with an eye to kick off production in May.

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