{"id":703076,"date":"2026-05-18T00:00:00","date_gmt":"2026-05-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=703076"},"modified":"2026-05-18T02:49:38","modified_gmt":"2026-05-18T02:49:38","slug":"fawry-awaits-approval-on-inbound-cross-border-remittances-license","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/18\/fawry-awaits-approval-on-inbound-cross-border-remittances-license\/","title":{"rendered":"Fawry awaits approval on inbound cross-border remittances license"},"content":{"rendered":"

Good<\/strong> morning, friend<\/strong>s. <\/strong>After a pretty slow start to the week we have a busy issue to kick off this sunny Monday, with updates about our second IPO of the year leading the news well. <\/p>\n

Korra Energi released its IPO prospectus last night<\/strong>, giving us more details about the highly-anticipated offering, which kicks off for institutional investors within hours. <\/p>\n

Plus: <\/strong>Raya Holding is one step closer to exiting Ostool and Dealfuze is launching an AI platform that helps match MEA founders with international investors.<\/p>\n

***<\/strong><\/p>\n

WISH THIS MORNING\u2019S ISSUE was a podcast? We\u2019ve got you. Tap or click here<\/a><\/strong> to listen to Morning Drive, a 10-minute version of today\u2019s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.<\/strong>***<\/strong><\/p>\n

Waiting on the nod<\/p>\n

<\/a> Homegrown<\/strong> fintech giant Fawry is awaiting final approval for a license to<\/strong> receive inbound cross-border remittances<\/strong> after it filed an application with the Central Bank of Egypt, CEO Ashraf Sabry said during a roundtable attended by EnterpriseAM yesterday.<\/p>\n

Why it matters:<\/strong> The license would make Fawry the first non-banking financial institution to plug directly into Egypt\u2019s expat remittances pipeline \u2014 a channel historically dominated by banks and exchange houses. Remittances hit an all-time high of USD 41.5 bn<\/a> last year, and routing these inflows through digital platforms is part of the government\u2019s broader financial inclusion push to funnel more FX into the formal financial system.<\/p>\n

\n

Temporary listings keep rolling in <\/p>\n

<\/a> The <\/strong>Egyptian<\/strong> Contracting Company - Mokhtar Ibrahim has started the <\/strong>process for a temporary EGX listing this week. <\/strong>The state-owned contracting firm is preparing to float a stake of up to 45% if it reaches the trading floor, the Arabic press<\/a> reports, citing an unnamed government source. The company\u2019s name has been circulating as a potential addition to the group of temporary listings since late last month<\/a>.<\/p>\n

Why it matters:<\/strong> Divestment progress remains a cornerstone for the ongoing IMF mission currently in Cairo<\/a>. The state is pushing hard to build momentum on its asset-sale pipelines to demonstrate structural reform compliance to the Fund. An Executive Board vote is anticipated this summer, which would unlock a crucial USD 1.6 bn disbursement<\/a>.<\/p>\n

REMEMBER- <\/strong>The contractor\u2019s potential entry follows the temporary listing of four other state-owned companies just last week<\/a>, including Chemical Industries Development, Egyptian General Company for Tourism and Hotels, Misr Travel, and El Nasr Fertilizers and Chemical Industries. Much like those recent entries, Mokhtar Ibrahim\u2019s temporary listing will serve as a regulatory staging step to clear out listing paperwork \u2014 allowing the government to move fast if investors show interest.<\/p>\n

White list expands<\/p>\n

<\/a> The Finance Ministry<\/strong> is adding small businesses and startups to its <\/strong>tax <\/strong>and customs \u201cwhite list\u201d<\/strong> \u2014 a new classification that grants qualifying companies expedited customs clearance, accelerated tax refunds, and access to the customs green lane, a government official tells EnterpriseAM. Eligible businesses must be \u201ccompliant with tax regulations and enrolled under the simplified tax regime,\u201d the source adds.<\/p>\n

What is the white list, anyway? <\/strong>The white list<\/a> is a roster of trusted companies with clean operational records and no history of smuggling or customs value manipulation. The government is expanding the previously limited roster<\/a> to support local investments and boost corporate liquidity through perks like doubled immediate VAT refunds. The list may expand again during a potential second phase, with disbursements tied to performance-based criteria, we\u2019re told.<\/p>\n

\n

Correction<\/p>\n

In yesterday\u2019s story<\/a> on BP weighing selling off select natural gas assets in Egypt, we stated that BP\u2019s potential divestment targets \u201cfive offshore blocks.\u201d This was an error. BP did not specify how many assets it is considering selling \u2014 the five fields refer to the makeup of the West Nile Delta project, not the scope of the potential divestment. The story has been updated on our website.<\/p>\n

\n

PSA- <\/p>\n

WEATHER- The sun is a little bit nicer to us in Cairo today, though still baking<\/strong>, with a high of 38\u00b0C and a low of 23\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s much nicer in Alexandria<\/strong>, with a high of 28\u00b0C and a low of 18\u00b0C.<\/p>\n

\n

\n

<\/p>\n

In a market defined by geopolitical risk, inflation, currency volatility, and declining interest rates, knowing how to manage your money has never been more important, and yet few people are really good at it.<\/p>\n

The default in Egypt has traditionally been to dollarize, buy real estate, or stash your extra cash in a high-yield certificate of deposit, but that playbook is dying.<\/p>\n

With an illiquid real estate market, the era of ultra-high-yield deposits coming to an end, and a rapidly expanding ecosystem of digital investment options, investors are looking for new, smarter opportunities.<\/p>\n

In this four-part series, EnterpriseAM Money Matters will walk you through smart personal finance decisions regardless of your age, income, or starting point.<\/p>\n

Coming straight to your inbox. Stay tuned.<\/p>\n

\n

\n

\n

The big story abroad<\/p>\n

We got a raft of business and geopolitical updates this morning.<\/strong> The US and Iran seem no closer to a final resolution, with President Donald Trump warning<\/a> Tehran that \u201cthe clock is ticking.\u201d Iranian media claims that Washington has demanded the removal of the nation\u2019s uranium stockpile without proposing tangible concessions in return. A drone strike on the UAE\u2019s Barakah nuclear power plant has heightened tensions in the region.<\/p>\n

Meanwhile, in the world of M&A:<\/strong> French advertising group Publicis Groupe is acquiring<\/a> data collaboration company LiveRamp in a USD 2.2 bn transaction, expanding its foothold in the AI marketing space. The move will allow the group to create proprietary data for clients and develop intelligent AI agents.<\/p>\n

And on Wall Street: <\/strong>Investors are sounding the alarm<\/a> over an apparent market paradox, where bullish sentiment prevails in stocks while bond yields rise sharply<\/a>, leading some to believe that a drastic shift is overdue. Despite positive market sentiment over robust first-quarter earnings and AI-related developments, higher yields portend costlier corporate spending and a safe haven to draw investors away from equities.<\/p>\n

<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p>\n

In today\u2019s issue:<\/strong> Egypt\u2019s private education powerhouses deliver a rare look at the sector\u2019s existential roadblock: a critical deficit of qualified teachers capable of running an AI-driven, 2030-ready curriculum.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. After a pretty slow start to the week we have a busy issue to kick off this sunny Monday, with updates about our second IPO of the year leading the news well. Korra Energi released its IPO prospectus last night, giving us more details about the highly-anticipated offering, which kicks off for […]<\/p>\n","protected":false},"author":1,"featured_media":703077,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12573],"tags":[72,519,276,879,67,81,587,69,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-703076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today-10","tag-enterpriseam","tag-fawry","tag-finance-ministry","tag-new-urban-communities-authority","tag-privatization","tag-privatization-watch","tag-state-privatization-program","tag-tax","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"701f45be-5b1a-49c3-8af4-564359fb6279","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/5\/1014.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fawry awaits approval on inbound cross-border remittances license","related_issue":[703074],"teaser":""},"yoast_head":"\nFawry awaits approval on inbound cross-border remittances license - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/18\/fawry-awaits-approval-on-inbound-cross-border-remittances-license\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fawry awaits approval on inbound cross-border remittances license\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. 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The retail tranche covered 5% of the company\u2019s shares. The company also sold 21.2% to strategic investors\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/EGX-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595915,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/14\/egypts-first-ipo-this-year-sees-shares-up-31-on-the-first-day-of-trading\/","url_meta":{"origin":703076,"position":1},"title":"Egypt\u2019s first IPO this year sees shares up 31% on the first day of trading","author":"enterpriseam admin","date":"14 August 2019","format":false,"excerpt":"IPO WATCH- Fawry IPO \u2015 the first this year \u2015 sees shares up 31% on the first day of trading: The IPO of e-payments platform Fawry got off to a good start on the first day of trading, with shares closing up 31.2% to EGP 8.48 per share on Thursday.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/782.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561255,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/31\/burnin-up\/","url_meta":{"origin":703076,"position":2},"title":"Burnin\u2019 up","author":"enterpriseam admin","date":"31 March 2021","format":false,"excerpt":"\u2026And while we\u2019re on the subject of IPOs: We could see five or six new listings hitting the EGX in 2021, which may pave the way for the return of institutional investors into the market, EGX Chairman Mohamed Farid tells Al Arabiya. Farid didn\u2019t provide any further details on the\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/368.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595622,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/01\/egyptian-e-payments-platform-fawrys-private-placement-more-than-6x-oversubscribed\/","url_meta":{"origin":703076,"position":3},"title":"Egyptian e-payments platform Fawry\u2019s private placement more than 6x oversubscribed","author":"enterpriseam admin","date":"1 August 2019","format":false,"excerpt":"IPO WATCH- Fawry private placement more than 6x oversubscribed: The private placement portion of e-payments platform Fawry\u2019s initial public offering, which closed yesterday, was c.6.5x oversubscribed, sources close to the matter told the local press. The private placement constitutes 10% of the offering, which will see Fawry sell 36% of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597445,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/28\/fawry-sets-ipo-price-as-subscription-gets-underway\/","url_meta":{"origin":703076,"position":4},"title":"Fawry sets IPO price as subscription gets underway","author":"enterpriseam admin","date":"28 July 2019","format":false,"excerpt":"IPO WATCH- Fawry sets IPO price at EGP 6.46 \/ share as private placement gets underway: Egyptian e-payments giant Fawry has set its share price for the upcoming IPO at EGP 6.46\/share for its private placement and retail offering, a discount from its EGP 6.9 fair value price, the company\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/Fawry-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569115,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/13\/banque-du-caire-ipo-could-go-ahead-in-mid-april\/","url_meta":{"origin":703076,"position":5},"title":"Banque du Caire IPO could go ahead in mid-April","author":"enterpriseam admin","date":"13 February 2020","format":false,"excerpt":"PRIVATIZATION WATCH- State-owned Banque du Caire (BdC) shares could start trading on the EGX by the middle of April, the local press reports, citing unnamed industry sources. The bank, which is reportedly set to sell a 45% stake to investors, go ahead with a classical offering to both institutional and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/703076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=703076"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/703076\/revisions"}],"predecessor-version":[{"id":703121,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/703076\/revisions\/703121"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/703074"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/703077"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=703076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=703076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=703076"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=703076"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=703076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}