الهيئة العامة للرقابة المالية

• The approvals were granted to Awaed, Thndr, Nawy Shares, PFI Cayesh, Okaz and EFG

FRA Licensing and Incorporation Committee has approved licenses for six firms. The authorized activities span key non-banking financial sectors, specifically real estate fund, factoring, fund management and mortgage finance.

The Committee has approved the incorporation of Awaed Real Estate Fund Company and Thndr Fund Company. Additionally, Nawy Shares Fund Company has been officially licensed to operate within the same sector.

Furthermore, the Committee also licensed PFI Cayesh for factoring activities and officially added the company to Factoring Register. Regulatory approval was also granted to Okaz Asset Management to expand its mandate to include fund management. Similarly, EFG Financing Solutions received approval to add mortgage finance to its service portfolio.

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.