الهيئة العامة للرقابة المالية

FRA Launches IPO Readiness Program for State-Owned Enterprises – Sunday 26 July 2026

• The program features seven core training modules covering the 20 temporarily listed companies on the Egyptian Exchange (EGX), alongside the remaining state-owned enterprises targeted for upcoming offerings.
• It delivers a complete simulation journey and practical technical training led by FRA’s dual training arms—the Financial Services Institute (FSI) and the Egyptian Institute of Directors (EIoD).

Dr. Islam Azzam, FRA Chairman:

• Marks the first national initiative dedicated to preparing state-owned enterprises for the government’s IPO strategy through targeted training and qualification.
• Focuses on building executive and technical capabilities to fast-track full compliance with listing and offering requirements.

Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, launches today, Sunday, its training program to build the readiness of state-owned enterprises temporarily listed on the Egyptian Exchange (EGX). Delivered through the FRA’s training arms—the Financial Services Institute (FSI) and the Egyptian Institute of Directors (EIoD)—the program stands as the first national initiative dedicated to supporting the government’s IPO strategy through training and qualification.

The launch featured an inaugural session attended by Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade; Dr. Hashem El-Sayed, Assistant Prime Minister and CEO of the State-Owned Enterprises Unit; Mr. Omar Radwan, Chairman of the Egyptian Exchange; along with leaders from FRA, EGX and executives from participating state-owned companies. Following the opening, the first module commenced across the FSI and EIoD facilities.

The training program is built around seven core pillars, including: Overview of the capital market legislative and regulatory framework, temporary and final listing mechanisms, financial and accounting readiness, corporate governance and sustainability requirements,

disclosures and offering prospectuses, execution mechanisms for public offerings, post-listing obligations.

Experts from FRA, EGX, and FRA-licensed IPO advisors deliver the sessions.

The program targets board chairs, board members, chief executive officers, chief financial officers, head accountants, disclosure and investor relations officers, governance and internal audit managers and executive leaders managing listing and offering portfolios.

Additionally, the program aims to elevate professional competencies across participating companies, foster financial literacy, complete technical and financial offering frameworks and cultivate a specialized national talent pool in public offerings.

By combining theoretical instruction with practical simulation, the program enables targeted companies to meet EGX listing requirements and apply corporate governance and disclosure best practices seamlessly.

Dr. Islam Azzam, FRA Chairman stated: “This readiness program reflects FRA’s integrated role spanning regulation, oversight, and awareness to build more efficient markets—particularly the capital market. The government’s IPO program will deepen, expand and enhance market attractiveness by listing top-tier state companies across diverse productive sectors, offering broader investment options.”

He commended the ongoing coordination with the State-Owned Enterprises Unit led by Dr. Hashem El-Sayed, emphasizing joint efforts to transfer global best practices, expedite regulatory compliance and ensure sustained post-listing adherence.

Dr. Islam Azzam added that while the program opens with the 20 companies currently temporarily listed by the Unit, it will expand to cover all remaining state companies slated for offerings across petroleum, mining, pharmaceuticals, tourism, construction, education, and manufacturing sectors.

The initial seven-day intensive course launched today hosts executive, financial, and managerial leaders from 14 temporarily listed companies. Subsequent cohorts will roll out progressively to cover all remaining targeted personnel.

Dr. Islam Azzam Reconstitutes Actuarial Tables Committee – Saturday 25 July 2026

• The Committee will evaluate market performance data collected since 2022 to assess updates to Egypt’s life actuarial tables.
• It will analyze key metrics submitted by insurers to drive more accurate, fair and efficient product pricing.

Dr. Islam Azzam, FRA Chairman has issued a decision to reconstitute the Egyptian Committee for the Development and Review of Life Insurance Actuarial Tables. The move falls under FRA’s ongoing strategy to modernize the insurance sector, enhance operational efficiency and empower companies to price insurance products with greater precision.

Under the new decision, Counsellor Reda Abdel Moaty, Senior Advisor to FRA Chairman will chair the Committee. Its membership will comprise officials from relevant FRA departments, managing directors of life insurance companies, and leading actuarial experts in the Egyptian market. A dedicated technical secretariat specializing in actuarial science and technical support will assist the Committee.

The Committee is mandated to compile, audit and analyze actual mortality and disability experience data submitted by life insurers since the release of the first national actuarial tables in 2022. It will benchmark these real-world statistics against the baseline rates set in the original tables.

Based on its findings, the Committee will conduct a technical study to determine whether a comprehensive or partial update to Egypt’s life actuarial tables is necessary, evaluating the potential impact on product pricing across the industry.

Additionally, the Committee is tasked with proposing a long-term framework for periodic reviews of the national actuarial tables. This framework will align with evolving market trends and international actuarial best practices.

Commenting on the decision, Dr. Islam Azzam, FRA Chairman stated: “Since the launch of Egypt’s first national actuarial tables four years ago—ending decades of reliance on English life tables—they have played a crucial role in enabling life insurers to price products fairly and accurately. This framework has empowered the market to introduce innovative solutions and deliver broader protection to policyholders.”

Dr. Azzam noted that re-forming the Committee aims to capture the latest indicators regarding mortality, disability, gender distributions and age brackets. This will allow the sector to adapt more efficiently to evolving health and social dynamics, streamline product pricing and launches and ensure precise calculation of technical reserves.

He emphasized that FRA remains committed to boosting insurance penetration and expanding coverage across Egypt. In continuous collaboration with the Insurance Federation of Egypt (IFE) and market players, FRA seeks to incentivize the rapid development of innovative insurance products that cater to the evolving needs of diverse demographic segments.

Dr. Islam Azzam Discusses Capital Market Developments, Short Selling and Market Maker Plans with World Bank Delegation – Friday 24 July 2026

Dr. Islam Azzam, FRA Chairman:

• FRA aims to diversify investment strategies to offer more attractive and competitive opportunities for investors.
• The Authority emphasizes that raising awareness of new financial instruments remains a critical priority requiring closer collaboration with market stakeholders.
• FRA is spearheading a plan for full technical and digital integration with companies across all non-banking financial sector.

Dr. Islam Azzam, FRA Chairman received a delegation from the World Bank to review the latest developments in Egypt’s capital market and discuss regulatory reforms aimed at deepening the market, enhancing liquidity and expanding the investor base in line with international best practices and Egypt Vision 2030.

The meeting highlighted the framework of an upcoming training program launched by the FRA—via its educational arms, the Financial Services Institute (FSI) and the Egyptian Institute of Directors (EIoD)—to prepare temporarily listed state-owned enterprises (SOEs) and their executive leadership for the government’s IPO program.

Discussions also focused on new investment tools and mechanisms currently being refined for activation on the Egyptian Exchange (EGX), most notably Short Selling, Market Maker and the development of derivatives market.

Dr. Islam Azzam, FRA Chairman stated: “FRA aims to diversify investment strategies and establish more dynamic, efficient pathways for market participants, boosting overall liquidity and deepening the market. We remain fully committed to deliver an integrated roadmap for capital market development to foster a more competitive and attractive investment landscape.”

FRA Chairman emphasized that raising awareness about new financial instruments remains a key focus. To address this, FRA is coordinating closely with the EGX, Misr for Central Clearing, Depository and Registry (MCDR) –  and market stakeholders to attract broader segments of domestic investors – including both institutional firms and retail investors, particularly youth under the age of 40, who are playing an increasingly vital role in driving growth across non-banking financial sector (NBFS) activities.

Dr.  Islam Azzam highlighted the digital platform framework for Real Estate Investment Funds , a new investment vehicle enabling citizens to invest indirectly in income-generating real estate assets. This model allows investors to diversify their portfolios without requiring direct property ownership while simultaneously unlocking new financing channels for real estate developers and integrating new investor demographics into funds.

To ensure institutional stability as a cornerstone of market competitiveness, FRA Chairman noted that the Authority is updating capital requirements, solvency rules and corporate governance standards. Financing companies are now required to implement Basel III standards, bolstering risk management capabilities, ensuring business sustainability and protecting consumer rights.

Highlighting tech adoption across the sector, Dr.  Islam Azzam pointed out that the number of tech-enabled non-banking financial service providers reached over 73 companies by the end of last year, generating approximately 190,000 digital contracts and facilitating more than 345,000 Electronic Know-Your-Customer (E-KYC) verification transactions.

He outlined FRA’s comprehensive plan for full technical integration with regulated entities across all NBFS sectors. The initiative aims to build unified, real-time databases using the standardized eXtensible Business Reporting Language (XBRL), paving the way for artificial intelligence (AI) integration to analyze market data, generate indicators and streamline incorporation, licensing and listing procedures online.

Members of the World Bank delegation commended the regulatory reforms and continuous product innovations underway within Egypt’s non-banking financial markets, particularly the capital market. They highlighted the critical role these initiatives play in supporting the Egyptian economy and attracting sustainable investments, reaffirming their commitment to ongoing cooperation and knowledge exchange on international best practices.

The meeting underscores the enduring partnership between FRA and the World Bank to advance Egypt’s capital market, insurance and financing sectors, maximizing their contribution to national economic growth and sustainable development goals.