Fawry Invests $1.6 Million in Three Egyptian Fintech Firms
Feb 27, 2025
Fawry has invested $1.6 million (EGP 80 million) in three Egyptian fintech companies - Dirac Systems, Virtual CFO and Code Zone - acquiring equity stakes of 51.0% in Dirac Systems, 56.6% in Virtual CFO, and 51.0% in Code Zone.
Established in 2008, Fawry is Egypt's largest e-payment platform, offering electronic bill payments, mobile top-ups, and various financial services. The latest acquisitions aim to enhance digital transformation, support Egypt's cashless economy, and drive technological innovation across industries.
Dirac Systems specialises in Enterprise Resource Planning (ERP) software and business automation, helping businesses streamline operations. Virtual CFO provides financial and accounting services for SMEs and startups, focusing on cash flow, compliance, and financial management. Code Zone, meanwhile, develops business management tools, including CRM, HR, and financial management solutions, with a particular focus on the healthcare sector.
These investments align with Fawry's strategy to expand its business solutions ecosystem, Fawry Business, by integrating advanced financial and enterprise management tools into its portfolio.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
an hour ago
- See - Sada Elbalad
AUC Appoints Hala El Said As University Counselor
Yara Sameh The American University in Cairo (AUC) announced the appointment of Hala El Said, economic advisor to the President of Egypt and former minister of planning and economic development, as the new University Counselor. El Said will succeed Tarek Shawki, former minister of education and technical education, who served as University Counselor since May 2023. Shawki will return to his academic role as a faculty member in AUC's Department of Mechanical Engineering at the School of Sciences and Engineering (SSE). 'I am pleased to announce the appointment of Dr. Hala El Said as the new University Counselor. As a member of AUC's senior leadership, Dr. El Said will play a key role in advancing our relationships with national universities, the Supreme Council of Universities and the Egyptian government,' said AUC President Ahmad Dallal, in his message to the AUC community. Dallal also recognized Shawki and extended appreciation for his dedicated service and longstanding commitment to AUC, noting that 'during his term, Dr. Shawki strengthened AUC's collaboration with government bodies and national institutions, supporting the University's mission of public service.' El Said is a distinguished economist, public servant and academic leader. She served as Minister of Planning, Monitoring and Administrative Reform from 2017 to 2019 and as Minister of Planning and Economic Development from 2019 to 2024, where she oversaw the development and update of Egypt's Vision 2030. El Said was previously Chair of The Sovereign Fund of Egypt, the first elected Dean of the Faculty of Economics and Political Science at Cairo University, and a member of the Central Bank of Egypt's Board of Directors. Earlier in her career, El Said was Executive Director of the Egyptian Banking Institute, leading it to become the first internationally accredited financial training body in the Middle East and North Africa. She holds a PhD in Economics from Cairo University and has published extensively on financial reform, international finance and economic development. 'I am deeply honored to join AUC as University Counselor, a role dedicated to advancing the University's relationships with national universities, the Supreme Council of Universities, and the Egyptian Government,' said El Said. El Said added that AUC has long served as a beacon of intellectual rigor and innovation, fostering the critical thinking and collaborative spirit that the region needs to navigate today's complex challenges. 'As we stand at a moment of profound technological and societal change, universities like AUC play an essential role in shaping leaders who can bridge cultures, drive sustainable development, and transform knowledge into meaningful impact. Through strengthening these vital institutional partnerships, I look forward to contributing to AUC's mission of empowering generations of change makers who will not only excel in their fields but also serve as catalysts for progress across Egypt, the region, and beyond,' El Said emphasized. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated
Egypt Independent
2 hours ago
- Egypt Independent
PM lauds Egypt-JBIC cooperation in financing projects
Egyptian Prime Minister Mostafa Madbouly praised the cooperation between Egypt and the Japan Bank for International Cooperation (JBIC), especially regarding the financing of projects that are a priority for the Egyptian state, notably projects in the field of renewable energy. Madbouly made the remarks on Thursday 21/8/2025 during his meeting with JBIC Governor Hayashi Nobumitsu, in the presence of Rania Mashat, Minister of Planning, Economic Development, and International Cooperation, and Ambassador Mohamed Abu Bakr, Egypt's Ambassador to Japan. The meeting took place on the sidelines of Madbouly's participation on behalf of President Abdel Fattah El Sisi in the 9th Tokyo International Conference on African Development (TICAD 9) summit in Yokohama, Japan. Madbouly expressed appreciation for cooperation in issuing 'Samurai' bonds, voicing hope to continue collaboration in this regard. He highlighted Egypt's success in achieving positive indicators for the Egyptian economy as a result of implementing the economic reform program adopted by the government. He pointed out the current important opportunity to establish a Japanese industrial zone in Egypt's Suez Canal Economic Zone, noting that Japan is one of Egypt's major partner countries. He also referred to Egypt's membership in various economic blocs and partnership agreements that help manufactured goods produced in Egypt reach many markets. 'Additionally, many incentives and advantages are granted to investors in Egypt,' he noted. The premier explained several advantages of investing in the Suez Canal Economic Zone, including the ability of investing companies to export directly to Europe and neighboring markets. He emphasized the government's keenness to increase the volume of Egyptian exports in the coming period, noting that the incentives offered to investors in this regard are attractive for more Japanese companies to work in Egypt. During the meeting, Minister Mashat reviewed the government's efforts for cooperation with JBIC and the available opportunities to deepen cooperation between the two sides. She pointed to the success of Egypt's economic program in achieving positive indicators recently and the government's efforts to support the private sector's role in many economic activities. For his part, JBIC Governor Hayashi Nobumitsu highlighted the importance of increasing the presence of Japanese companies in the Egyptian market and expanding their activities in light of the improvement and stability achieved by the Egyptian economy in recent times. He noted that he has conveyed this positive outlook to many Japanese companies. He pointed out his awareness of the special advantages of investment in the Suez Canal Economic Zone and his constant efforts to convey this image to Japanese companies. He clarified that there are many sectors where cooperation is possible, especially in renewable energy. He added that there is an opportunity for cooperation between Japanese companies and firms from other countries, such as Gulf countries, for joint investment in Egypt.
Al-Ahram Weekly
16 hours ago
- Al-Ahram Weekly
Overhauled floating hotel Eugenie relaunched in Aswan - Urban & Transport
The Port Said Engineering Works and Shipbuilding Company, a subsidiary of the Suez Canal Authority (SCA), announced the relaunch on Wednesday of the floating hotel Eugénie in Aswan after completing extensive maintenance and repairs. The ceremony was attended by the ambassadors of Kenya, Tanzania, and Uganda, alongside senior local officials and security leaders from the governorate. The 72-metre-long, 13-metre-wide vessel, weighing 1,600 tons, underwent a comprehensive overhaul that included the replacement of 30 tons of damaged steel and extensive repairs supervised by the Polish Classification Society. Further works—including electrical and mechanical upgrades, insulation of the engine room, servicing of deck equipment, and repainting of the superstructure—will continue after the vessel's return to the water. In a speech delivered on his behalf, SCA Chairman Admiral Osama Rabie highlighted the authority's progress in upgrading its shipyards and subsidiaries as part of a broader strategy to maximise asset utilisation, diversify revenue streams, and reinforce the SCA's developmental and service roles in line with presidential directives. He noted that the modernisation drive is creating new opportunities to localise marine industries and to position Egypt as a regional hub for vessel maintenance in Africa and the Middle East. In a recorded address, Aswan Governor Major General Dr Ismail Kamal praised the SCA's contribution to development and tourism. He described the expansion of the company's facilities in Aswan as a significant boost for Nile tourism ahead of the upcoming season, in line with President Abdel-Fattah El-Sisi's directives to promote river tourism. Company Chairman Eng Yasser Nour El-Din said the new expansions represent an essential step in strengthening the company's regional standing. He noted that hotel vessel lifting and launching operations in Aswan are carried out using advanced airbag technology, supervised by Alexandria University's Faculty of Engineering and approved by the River Transport Authority. Mustafa El-Gendy, owner of the Eugénie and Honorary Vice-President of the Pan-African Parliament, thanked the SCA and the company for completing the project on schedule. He also announced plans to begin maintenance on another floating hotel, Kasr Ibrim, and expressed hope for broader cooperation to promote Egyptian shipbuilding and repair services across Africa. This expansion marks the company's first operations behind the High Dam, with its new site on Lake Nasser dedicated to servicing floating hotels and tourist vessels operating between Abu Simbel and Aswan—routes unable to cross the dam. Follow us on: Facebook Instagram Whatsapp Short link:
