The Financial Regulatory Authority (FRA), chaired by Islam Azzam, approved the establishment, registration, and licensing of 12 companies and entities to conduct non-banking financial activities, including investment funds and specialised companies operating in several areas.
The decisions form part of the authority’s efforts to expand the base of companies operating in the non-banking financial sector and diversify the financial services and products available in the market.
The approvals included the establishment of Taj Misr Investment Fund for Tourism Real Estate Assets and Taj Misr Real Estate Fund, both to operate as real estate investment funds, as well as Taj Misr for Securities Promotion and Underwriting and Real Estate Investment Fund Management.
The FRA also approved granting Lantis Securities and Investment Portfolio Management a licence to conduct securities portfolio formation and management, investment fund management, and securities promotion and underwriting activities.
The decisions further included granting Al Ahly Green Agricultural Investment Fund a licence to operate as an open-ended agricultural investment fund, and establishing El-Manzlawy Venture Capital to acquire ownership stakes in entities or companies established for the purpose of special purpose acquisition companies (SPACs).
Furthermore, the FRA approved granting MNT-Halan Financial Investments Holding and Azimut Egypt Investments licences to conduct custodial activities, supporting the development of services related to investment in securities and strengthening the service infrastructure of the capital market.
The authority 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.
The decisions also included granting Care Plus Medical Care a provisional licence to conduct specialised medical insurance (HMO) activities, bringing 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 grants these approvals as part of its constitutional and legal mandate to regulate and supervise non-banking financial markets and instruments, including capital markets, futures exchanges, insurance activities, real estate finance, financial leasing, factoring, securitisation, and consumer finance, as well as to approve the establishment and licensing of companies operating in these markets.
The authority issues establishment, registration, and licensing decisions based on recommendations from the Committee for the Establishment and Licensing of Companies and their Branches.
The committee is responsible for reviewing and issuing initial and final approvals for companies; applications to add activities and mechanisms; requests to open, close, and relocate branches; amendments to articles of association; approval and amendment of incentive and reward schemes; and changes to the legal framework governing companies operating in securities and consumer finance, whether through entry into or exit from the relevant law.
It also reviews applications for liquidation and voluntary temporary suspension of activities.
