الهيئة العامة للرقابة المالية

• Approvals include Nawy Shares, Thndr Technologies, Co Wealth and CI Capital.

FRA Committee for Establishing and Licensing Companies has approved licenses for five companies. These approvals include

establishment of Real Estate Fund Companies, a Fund Management Company. In addition to granting licenses to engage in securities promotion and underwriting activities, securities portfolio management and REIFs management.

These approvals were issued for the establishment of Co-Wealth Company for Promotion and Underwriting. Additionally, the Committee approved the establishment of Co-Wealth Fund Company whose sole purpose is REIFs management.

The Committee further expanded its approvals by granting licenses to three additional entities. Nawy Shares Company was approved to engage in securities promotion and underwriting and REIFs management. Similarly, CI Capital for Fund Management and Venture Capital received a license to practice Venture Capital (VC) activities, augmenting its existing core business purpose. Finally, Thndr Technology was licensed to practice portfolio management activity and fund management, both of which have been officially added to the company’s core purpose.

As the designated body under FRA Chairman’s decree No. 3060 of 2023, this Committee is responsible for a broad mandate that extends beyond initial licensing. Its powers encompass approving the establishment and licensing of new non-bank financial companies, along with sanctioning requests for additional activities and mechanisms for existing firms.

The Committee also approves amendments to articles of association (both preliminary and final), and ratifies incentive and reward schemes. Furthermore, it provides opinions on suspending General Assembly resolutions for securities and consumer finance companies.

Additionally, the Committee approves the opening, relocation and closure of branches and processes requests for liquidation, temporary or voluntary suspension of activities. Finally, the Committee is responsible for the registration, renewal and delisting of founding agents for non-bank financial companies.