EGX-listed e-payments giant Fawry is planning to begin operating in Kuwait in 2023, with legal procedures currently underway, Fawry’s Investment, Financial Planning & Analysis, and IR Senior Manager Hassan Abdel Gelil told Enterprise. Abdel Gelil did not disclose further information about potential partners in Kuwait.

This will be the second international market outside Egypt where Fawry will have a presence, after it acquired an undisclosed minority stake in Sudan’s largest online classifieds platform and marketplace Alsoug in October last year. The investment was part of a USD 5 mn funding round co-led by Fawry and aimed at building out Alsoug’s fintech platform Cashi and developing its payments infrastructure.

No US listing on the horizon: The company still doesn’t think it is the right time to pull the trigger on its plans to list its shares in the US, CEO Ashraf Sabry told Al Mal.

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