• FRA approves five firms covering real estate funds, SME finance, and microleasing in Egypt’s non-banking financial sector.
• Saqr and Nawwy get licenses for real estate fund management and underwriting services.
• NBE and QNB are now approved to trade government securities in Egypt’s secondary market.

FRA

Egypt’s Financial Regulatory Authority (FRA) just granted approval to five new companies across real estate investment, SME lending, and microfinance.

The approvals cover two real estate investment funds — Saqr Real Estate Investment Fund and Nawwy Shares Real Estate Investment Fund. It also approved the formation of Saqr for Underwriting Promotion and Real Estate Investment Fund Management and Nawy Shares for Underwriting Promotion and Real Estate Investment Fund Management.

Qardy, an SME financing company, was granted a license to finance small and medium enterprises (SMEs). Meanwhile Al Ahly Tamkeen for Microfinance, was granted a license to add micro leasing to its existing activities. Additionally, Erada Microfinance got licensed to add SME financing to its activities as well. 

The FRA committee also approved the National Bank of Egypt (NBE) and Qatar National Bank (QNB) to be listed in the FRA’s registry as dealers in government securities on the secondary market.

Committee’s Role

The Committee for the Establishment and Licensing of Companies (لجنة تأسيس وترخيص الشركات الخاضعة) under the supervision of the Financial Regulatory Authority granted these approvals. It was set up under FRA Chairman Decision No. 3060 (2023). 

It is responsible for approving the establishment and licensing of companies operating in non-banking financial services under the FRA’s supervision. Additionally, it handles requests to add activities and mechanisms for companies in the non-banking financial sector. 

It also approves the opening, relocation, or closure of branches for non-banking financial companies. It also processes requests related to liquidation and temporary or voluntary suspension of operations. In addition to the registration, renewal, or removal of company founders’ agents.