• Egypt’s FRA approved five companies for real estate fund management, IPO, underwriting, securities distribution, and venture capital activities.
• Co-Wealth, Nawy Shares, CI Capital, and Thndr received licenses to expand into fund, portfolio, and venture capital management.
• The approvals were granted by the FRA’s Committee under Chairman Decision No. 3060, overseeing non-banking financial services companies.

FRA

Egypt’s Financial Regulatory Authority (FRA) issued approvals for five companies. This is  regarding the establishment of real estate fund companies, as well as promoting, managing, and distributing securities for IPOs. Additionally, it includes licenses for fund and portfolio management, and venture capital activities.

The approvals were issues of the following companies:

• Nawy Shares
• Thndr
• Co Wealth
• CI Capital

Co wealth received approvals to engage in the promoting, managing, and distributing securities for IPOs. It also received approval to manage real estate investment funds and establish the Co-Wealth Fund Company. Furthermore, the company will focus on real estate investment fund activities.

The FRA also approved Nawy Shares to promote, manage, and distribute securities for IPOs and to manage real estate investment funds.  In addition, a license was granted to CI Capital for fund and venture capital management. This will allow the company to engage in venture capital activities in addition to its core business.  Meanwhile, Thndr was also licensed to carry out portfolio management and fund management activities as an addition to its core business purpose.

Committee

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 institutional agents of companies operating in non-banking financial activities.