Arab Finance: The Financial Regulatory Authority (FRA) has approved nine companies to operate in non-banking financial activities, in a move aimed at broadening access to financial services and supporting market stability and investment attractiveness, as per a statement.
The approvals include the establishment of Fawry Microinsurance Company to conduct microinsurance activities in line with the Unified Insurance Law, with a focus on reaching wider segments of society and advancing financial inclusion.
The regulator also approved the establishment of El Gamal Holding Group for Financial Investments and licensed GRW Holding to participate in the incorporation of companies issuing securities or in capital increases. In addition, Tameh Real Estate Investment Fund Company received approval to operate in REIT funds.
Further approvals covered the establishment of Spark Company for special purpose acquisition (SPAC) to conduct venture capital activities through acquiring equity stakes in companies, alongside licenses granted to Bokra Venture Capital Fund to operate investment funds and Bokra Private Equity Fund to operate private equity funds.
The authority also approved Trend Holding for Financial Investments to operate as a custodian, while granting Nawy Shares for Real Estate Investment Fund Management and Securities Underwriting and Promotion a license to receive subscriptions for investment fund units.
The FRA said the approvals are part of its mandate to regulate and supervise non-banking financial markets and instruments, including capital markets, futures exchanges, insurance, real estate finance, financial leasing, factoring, and securitization, as well as licensing companies operating in these sectors.
Decisions to establish and license companies are issued based on recommendations from the establishment and licensing committee for companies and their branches, which reviews applications for initial and final approvals, expansion of activities, branch operations, amendments to company bylaws, incentive systems, changes to legal structures, and requests related to liquidation or temporary suspension of activity.
