The Financial Regulatory Authority (FRA), chaired by Islam Azam, has approved 13 applications for a range of non-banking financial activities as part of efforts to enhance the competitiveness and quality of sectors under its supervision, attract investment, and broaden access to financial services.
The approvals include the establishment of Wellesley Real Estate Investment Fund, and Ametar Capital Financial Investments which will engage in securities promotion and underwriting activities.
FRA also approved the incorporation of Ahly Tamkeen Consumer Finance. The company had submitted its licensing and incorporation application before the authority suspended the acceptance of new consumer finance license applications based ona decision issued in February.
Other approvals covered the establishment of Initiates SP Financial Advisory in the financial consultancy sector and Tameh for Securities Promotion, Underwriting and Real Estate Investment Fund Management.
In addition, the FRA authorised Ahly Capital for Microfinance to expand into financing small and medium-sized enterprises, while Nile Leasing was permitted to add factoring services to its activities.
The authority also approved the addition of mortgage finance activities for International Leasing Company (Incolease), and granted Saqr for Securities Promotion and Underwriting and Tycoon Securities Brokerage licences to receive subscriptions for investment fund units.
Further approvals included registering Dahab Zaman Gold for Trading as an eligible counterpart for investment funds trading in precious metals, and listing EgyServ and Egyptian International in the register of debt collection companies serving the non-banking financial sector.
