Egypt’s financial regulator has issued a series of approvals for eight companies, including the establishment of new real estate investment funds and licenses to operate in investment and non-banking financial activities, the authority said in a statement on Sunday.
The Financial Regulatory Authority’s (FRA) committee for licensing companies approved the establishment of Bokra Private Equity Investment Fund and Bokra Venture Capital Investment Fund. It also licensed Bokra Investment in Metals Fund to operate as an investment fund.
The committee also approved the establishment of SAFE Real Estate Fund and SAFE for Underwriting and Real Estate Fund Management.
In other decisions, the committee granted Sahala for MSME Financing a license to practice medium and small enterprise financing, licensed Act Financial Holding to conduct investment fund activities, and approved the addition of underwriting to the original purpose of Sadara Holding.
The approvals were issued by the FRA’s committee for licensing companies which, according to a 2023 decision, is responsible for approving the establishment and licensing of companies operating in non-banking financial activities under the authority’s supervision.
The committee’s responsibilities also include approving requests to add new activities, changing the legal framework for companies operating in securities and consumer finance, and amending the articles of association for supervised companies.
Furthermore, the committee’s mandate includes approving employee incentive and motivation schemes, reviewing decisions from the general assemblies of securities and consumer finance companies, and approving the opening, relocation, or closing of branches for non-banking financial services companies. The committee also handles requests for liquidation, temporary suspension of activity, and the registration of founding agents for companies in the sector.
