Fawry Electronic Bill Services is aiming to enter UAE market within the last quarter of the ongoing year.
Eng. Ashraf Sabry, CEO of Fawry said his company is making the necessary procedures before entering the UAE market, explaining that UAE market is mature and this will push the firms to conduct studies before entering.
Fawry is using the rest value from the direct investment of International Finance Corporation(IFC) which has obtained in the beginning of 2014 worth US$4 billion , Sabry explained.
IFC has pumped US$6 million in early of the current year to invest in Fawry in Egypt, seizing 18% share from the company’s shares.
Fawry started with EGP77 million paid up capital, 75% owned by Egyptian banks and institutions including Amlak, Bank of Alexandria, Information Technology Development Fund, Arab African International Bank, Raya Holding Company and HSBC.