FRA Approves the Establishment and Licensing of Six Companies in Investment Fund

The Companies Incorporation and Licensing Committee of the Financial Regulatory Authority (FRA) and its branches has approved the establishment and licensing of six companies to operate in the activities of real estate investment funds, factoring, investment fund management, and real estate finance.

Real Estate Investment
The approvals included the establishment of Awad Investment Fund for Real Estate Investment and Thunder Fund for Investment in Real Estate Assets to operate as real estate investment funds, in addition to granting a license to Nawy Shares Fund to carry out the same activity.

Factoring Activity
The Committee also approved granting a license to B.F.E Cash to operate in the factoring activity and its registration in the relevant official register. In addition, approval was granted to Okaz Asset Management to add the activity of investment fund management to its original purpose, and to EFG Financial Solutions to add the activity of real estate finance to its existing licensed activities.

Company Incorporation
Pursuant to FRA Chairman’s Decision No. 3060 of 2023, the Companies Incorporation and Licensing Committee of the Financial Regulatory Authority and its branches is responsible for approving the establishment of companies operating in non-banking financial activities subject to the Authority’s supervision and control, as well as licensing them to commence operations.

The Committee is also responsible for approving requests to add new activities and mechanisms for companies operating in non-banking financial activities, and for changing the applicable legal framework—whether by entering or exiting—for companies operating in the securities sector and consumer finance companies.

Amendments to Articles of Association
The Committee’s mandates further include approving amendments to the articles of association of companies subject to the FRA’s supervision and control, issuing preliminary or final approvals thereon, approving remuneration and incentive schemes and any amendments thereto, and providing opinions on the suspension of resolutions of general assemblies of securities and consumer finance companies.
In addition, the Committee approves requests related to the opening, relocation, and closure of branches of companies operating in non-banking financial activities, as well as requests for liquidation, temporary suspension of activity, voluntary suspension, and the registration, renewal, and deregistration of incorporation agents for companies operating in the non-banking financial sector.

Source: Press Release