الهيئة العامة للرقابة المالية

FRA Organizes Extended Meeting to Streamline Government IPOs – Thursday 18 June 2026

Dr. Islam Azzam – FRA Chairman:

“FRA remains fully committed to facilitate and secure the success of the government’s listing and IPO program.”

“Building professional expertise and fostering financial literacy are fundamental to drive the program’s success.”

Dr. Hashem El-Sayed Assistant Prime Minister:

“The program’s success requires collective effort… and we are moving forward with the temporary listing of new companies.”

Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, hosted a comprehensive meeting to explore mechanisms for streamlining the listing and public offering procedures of State-Owned Enterprises (SOEs) on the Egyptian Exchange (EGX). Dr. Hashem El-Sayed, Assistant Prime Minister and CEO of the State-Owned Enterprises Unit; Mr. Mohamed Al-Sayyad,  FRA Vice Chairman; Mr. Omar Radwan, EGX Chairman; and Mr. Mohamed Sabry, EGX Vice Chairman attended the meeting. It also brought together a large number of investment bankers, financial and legal advisors, auditors, and executive leaders from both FRA and EGX.

Dr. Islam Azzam emphasized FRA’s commitment to maintain continuous communication with all stakeholders involved in the IPO process. He stated that the Authority is keen to provide all possible technical and legal support to guarantee the success of government offerings. Dr. Azzam noted that the meeting builds on FRA’s strategy of deepening institutional dialogue with market participants to identify practical challenges and develop effective solutions.

FRA Chairman emphasized that fostering financial literacy and building professional capacity within IPO-bound companies are critical to achieve the program’s goals. These efforts ensure companies can seamlessly meet the legal and technical requirements for listing on the EGX. Consequently, he instructed the Financial Services Institute (FSI), FRA’s training arm, to launch specialized workshops and training programs on listing rules and procedures for SOE representatives.

Dr. Islam Azzam further expressed FRA’s readiness to provide full support to the target companies and all participating entities by streamlining and expediting procedures under the governing laws. This approach aims to strike a balance between developing company structures, ensuring the success of the IPO program, and fully protecting the interests of investors on the EGX.

On the other hand, Dr. Hashem El-Sayed reviewed the Unit’s work plan, noting that it has already finalized temporary listing procedures for 16 companies. The Unit is currently finalizing listings for additional enterprises ahead of scheduled offerings this year. This progress aligns with the strategic work plan approved by the Prime Minister last December, pursuant to Law No. 170 of 2025 which defined the Unit’s mandate to implement the second edition of the State Ownership Policy Document.

He pointed out that the Unit is currently mapping and classifying SOEs by their operational nature and readiness for IPOs, strategic partnerships, or restructuring. The core mission is to optimize SOE efficiency and maximize public asset returns through a framework built on transparency, strict governance and fiscal responsibility.

The success of this rollout hinges on ecosystem-wide collaboration. FRA and EGX were highly commended for their roles in safeguarding investor interests and ensuring market stability.

Furthermore, EGX Chairman Mr. Omar Radwan stated that the IPO program will deepen the market and diversify sector listings. Achieving this requires synchronized efforts across regulatory and government bodies to lift transparency standards, expand the investor base and enhance market appeal.

FRA Vice Chairman Mr. Mohamed Al-Sayyad emphasized that transparency is non-negotiable. Target companies must disclose historical audited financial statements and accounting methodologies to complete the review process, followed by clear disclosures regarding future business plans and asset utilization.

Attendees emphasized the need for a two-tier classification of government companies: those immediately ready for public offerings, and those requiring targeted development to refine their governance, financial, and technical structures. This approach enables financial advisors to accurately forecast performance and establish fair valuations, while ensuring complete alignment with corporate governance standards and regulatory mandates.

FRA Hosts Delegation from Algeria’s Commission for the Organization and Supervision of Stock Market Operations (COSOB) – Wednesday 17 June 2026

Dr. Islam Azzam, FRA Chairman:

“Fostering regional collaboration and exchanging expertise with our Arab and African peers is a core commitment. Knowledge-sharing sits at the very heart of FRA’s strategic priorities.”

Financial Regulatory Authority (FRA) received a delegation from Algeria’s Commission for the Organization and Supervision of Stock Market Operations (COSOB). FRA organized a professional knowledge-sharing program for the delegation from June 15 to 17. This initiative comes within the framework of strengthening joint cooperation and exchanging regulatory and supervisory experiences in the fields of capital markets and non-banking finance, thereby supporting efforts to develop financial markets and enhance their efficiency and sustainability.

Dr. Islam Azzam, FRA Chairman welcomed Mr. Youcef Bouzenada, Chairman of Algeria’s COSOB, and his accompanying delegation to Egypt. Dr. Azzam underscored the Authority’s strong commitment to foster regional collaboration m adding that exchanging expertise with Arab and African countries is a core commitment , alongside showcasing Egypt’s regulatory framework for governing non-banking financial activities and learning from international best practices.

FRA Chairman highlighted recent developments in the capital market, such as the launch of derivatives and the introduction of futures contracts. He also reviewed performance indicators for investment funds in Egypt, digital platforms for investing in real estate investment funds and other fintech-driven advancements.

The two sides exchanged information regarding the legislative environment, regulatory and supervisory frameworks, and the incentives provided by both countries to investors to stimulate markets and support their national economies. They also discussed promoting financial inclusion which serves as a strategic objective for both Egypt and Algeria at the current stage.

The itinerary of the visit included a series of meetings and technical sessions that reviewed Egyptian expertise in developing legislative frameworks governing the capital, insurance, and financing markets. The sessions also addressed ways to enhance cooperation and knowledge exchange between both sides.

The Algerian delegation gained close insights into the organization of venture capital funds, including incorporation, licensing, and governance procedures. They also examined the mechanisms for regulating and monitoring investment funds, as well as FRA’s role in enhancing investor protection and improving the efficiency of periodic follow-ups in line with international best practices.

The program also highlighted the legislative and regulatory reforms introduced by FRA to develop the capital market. It outlined the Authority’s forward-looking strategy and key milestones, focusing on capacity building, accelerating financial literacy, driving financial inclusion, and raising public awareness of non-banking financial products and services.

Last day featured discussions on developing financial products and diversifying financing instruments. It also touched upon FRA’s experience in digital transformation, FinTech and regulatory technology (RegTech) applications, as well as new mechanisms in risk management and compliance which enhances market efficiency and raises standards of regulation and supervision.

The visit highlighted a shared commitment to technical cooperation aimed at enhancing bilateral regulatory frameworks and fostering closer integration among Arab regulatory authorities.

FRA and Healthcare Authority Partner to Boost Insurance Inclusion and Health Investments – Wednesday 17 June 2026

Dr. Islam Azzam: “Driving medical sector sustainability and investment through non-banking financial activities.”

“FRA Participates in Africa Health ExCon 2026 Conference and Exhibition.”

Dr. Islam Azzam, FRA Chairman and Dr. Ahmed El-Sobky, Chairman of Egypt Healthcare Authority (EHA), witnessed the signing of a joint Memorandum of Understanding (MoU). This agreement comes within the framework of mutual support for Egypt’s efforts to enhance insurance and financial inclusion, develop healthcare system and achieve integration between non-banking financial activities and medical sector, in line with the objectives of Egypt Vision 2030.

The signing of the MoU took place on the sidelines of Africa Health ExCon 2026 conference and exhibition. It aims to strengthen institutional cooperation and coordination between both sides in regulatory and technical areas of mutual interest. Additionally, it seeks to support the implementation of the Universal Health Insurance System, develop its related financing mechanisms and financial sustainability and facilitate the exchange of expertise, information, studies, and relevant statistics, thereby contributing to the advancement of health and financial services provided to citizens.

Dr. Islam Azzam emphasized that FRA places great importance on developing medical insurance and healthcare sector, considering it one of the most promising strategic sectors. He noted that the Authority is developing legislative and regulatory frameworks that support the growth of the insurance sector and stimulate investment flows.

He added that the MoU represents a significant step toward enhancing integration between the medical and economic sectors. This stands as a key priority in implementing the Unified Insurance Law No. 155 of 2024 which has been reflected in the regulatory decisions issued by the Authority to encourage expansion and growth opportunities within the sector. This includes establishing – for the first time – the regulatory framework for Third-Party Administrator (TPA) activities.

Furthermore, Dr. Azzam explained that innovative products and services within non-banking financial activities open up broad horizons for establishing the sustainability of the medical sector. This increases its attractiveness for both local and foreign investment, ultimately reflecting positively on the quality of health services provided to citizens.

The areas of cooperation outlined in the Memorandum of Understanding include studying and developing complementary health insurance mechanisms, supporting sustainable financing models for healthcare services and enhancing the integration of financial and insurance technology (FinTech and InsurTech) into the development of health services. In addition to exploring the applications of artificial intelligence and data analysis, thereby contributing to increased operational efficiency and an enhanced user experience.

The partnership will also develop tailored healthcare financial and insurance products to promote broader inclusion for all beneficiaries. To drive data-backed progress, both authorities will conduct joint studies and securely share statistics in full compliance with data privacy regulations.

Concurrently, FRA joined a panel discussion on healthcare investment opportunities. The session outlined key strategies for building an investment-friendly ecosystem, emphasizing the role of the Universal Health Insurance System in driving private sector participation. The panel also explored financing mechanisms for next-generation healthcare infrastructure to maximize both the economic and social returns on investment.

Dr. Tarek Seif, Executive Director of the Financial Services Institute (FSI) – FRA’s training arm – represented the Authority. Dr. Seif discussed the legislative and regulatory frameworks governing medical insurance under the Unified Insurance Law and the Authority’s subsequent regulatory decisions. He also highlighted how to capitalize on global advancements following the enactment of the Non-Banking Financial Technology Law (No. 5 of 2022) by innovating new service solutions and institutional models that boost healthcare efficiency and meet market demands.

The panel featured a lineup of prominent speakers, including Dr. Amir Eltelwany, CEO of Egypt Healthcare Authority (EHA); Dr. Ahmed Sobhy, Deputy CEO at e-Finance Investment Group; and Dr. Ayodeji Ajiboye, Health Economist at the World Bank Group. The discussion was moderated by Dr. Mohamed Badr, Head of the Central Administration for Executive Office Affairs at the EHA.