The Committee for the Establishment and Licensing of Companies, under the supervision of the Financial Regulatory Authority (FRA), has granted licences to four companies to expand their operations in Egypt's non-banking finance and investment sectors. Among the approvals, Al Ahli Kuwait – Egypt Leasing Company has been licensed to add factoring to its core activities, while IFS Financial Solutions is authorized to add leasing to its primary factoring operations. Additionally, Aspire Capital Holding for Financial Investments has been granted a licence to carry out investment fund activities, either independently or in partnership with other entities. AUR for Real Estate Finance has also been licensed to begin operations in the real estate financing sector. Furthermore, the committee approved the regularization of the status of Arab African International Bank and Bank of Alexandria, allowing them to register with the FRA for trading government securities and instruments on the secondary market. The Committee for the Establishment and Licensing of Companies, as defined under FRA Chairperson's Decision No. 3060 of 2023, is responsible for approving the formation of companies engaged in non-banking financial activities subject to FRA's supervision. It also oversees the licensing of these companies to begin operations and the addition of new activities to their existing operations. In addition to these functions, the committee is tasked with approving amendments to the articles of association for companies under FRA supervision, as well as providing final approval for employee incentive and remuneration schemes. It also grants approvals related to branch openings, relocations, closures, and liquidation requests for companies in non-banking financial sectors.
