Egypt’s FRA licenses 8 money market companies in 7M 2020

Egypt’s Financial Regulatory Authority (FRA) approved the establishment of eight new companies engaged in money market activities between January and July 2020, according to FRA Chairperson Mohamed Omran. 

Omran added that of the eight companies: four focus on issuing securities to raise capital; one is in the fund management sector; one is in venture capital; one is in brokerage; and another has been set up as a holding company in securities portfolio establishment and management.

The FRA Chairperson added that in the first seven months of 2020, a total of 16 companies have obtained the required licences to engage in additional capital market activities. This includes six companies that gained the licence required to practice financial consulting on securities without carrying out the financial evaluation. Five companies were also licensed to participate in establishing companies that issue securities or increasing their capital, with one company granted the licence to trade in bonds.