Fawry becomes the first Egyptian tech firm to reach $1 billion market cap

Fawry has become the first publicly-traded Egyptian tech company to reach a market capitalisation of 15.56 billion Egyptian pounds ($1 billion), according to former Managing Director Mohamed Okasha.

The announced made after Fawry broke the barrier as its price jumped by 6.6 percent to 22 pounds at the end of Monday’s trading.

To date, Fawry’s shares are up about 182 percent since the beginning of the year.

In a post on his LinkedIn account, Okasha said the Egyptian digital bill payments company is officially a unicorn after making a $1 billion milestone.

Fawry would then join other bourse-listed firms with $1 billion market capitalisation, including the Commercial International Bank (CIB-Egypt), QNB Al-Ahly, Eastern Company, Abu Qir Fertilizers, Telecom Egypt, and El Sewedy Electric.