The Financial Regulatory Authority (FRA) in Egypt, led by Islam Azzam, has approved the establishment, registration, and licensing of 12 companies and entities to conduct non-banking financial activities. This move aims to expand the base of companies operating in the non-banking financial sector and diversify the available financial services and products. The FRA's decisions are part of its efforts to regulate and supervise non-banking financial markets and instruments.
Among the approved companies are Taj Misr Investment Fund for Tourism Real Estate Assets and Taj Misr Real Estate Fund, which will operate as real estate investment funds. Additionally, Taj Misr for Securities Promotion and Underwriting and Real Estate Investment Fund Management has been approved. Lantis Securities and Investment Portfolio Management has also been granted a licence to conduct securities portfolio formation and management, investment fund management, and securities promotion and underwriting activities.
The FRA has also approved granting Al Ahly Green Agricultural Investment Fund a licence to operate as an open-ended agricultural investment fund. El-Manzlawy Venture Capital has been established to acquire ownership stakes in entities or companies set up for special purpose acquisition companies (SPACs). Furthermore, MNT-Halan Financial Investments Holding and Azimut Egypt Investments have been granted licences to conduct custodial activities, supporting the development of services related to investment in securities.
The authority has also approved the registration of Trusty Debt Collection and Field Investigation, Prime Solutions Middle East, and Taswia Consultancy and Debt Collection in the register of companies collecting financial receivables and entities operating in non-banking financing activities. This brings the number of companies registered in the register to 11 to date. These companies will play a crucial role in providing financial services and products to the market.
In addition to these approvals, Care Plus Medical Care has been granted a provisional licence to conduct specialised medical insurance (HMO) activities. This brings the number of companies holding provisional licences for this newly regulated activity to two under the Unified Insurance Law No. 155 of 2024. The FRA's decisions are based on recommendations from the Committee for the Establishment and Licensing of Companies and their Branches.
The Committee for the Establishment and Licensing of Companies and their Branches is responsible for reviewing and issuing initial and final approvals for companies. The committee also reviews applications for liquidation and voluntary temporary suspension of activities. The FRA's approvals reflect its constitutional and legal mandate to regulate and supervise non-banking financial markets and instruments.
The FRA's move is expected to enhance the non-banking financial sector in Egypt, providing more services and products to the market. The authority's efforts aim to promote the development of the capital market and strengthen the service infrastructure. Key players in the sector, such as Azimut Egypt and MNT-Halan Financial Investments Holding, have been granted licences to conduct various activities.
Key points
- The Financial Regulatory Authority has approved 12 companies and entities to conduct non-banking financial activities in Egypt.
- The approved companies include real estate investment funds, securities portfolio management, and custodial activities.
- The FRA's decisions aim to expand the base of companies operating in the non-banking financial sector and diversify available financial services and products.
