الهيئة العامة للرقابة المالية

Dr. Tarek Seif, FSI Director represents Financial Regulatory Authority at the IAIS Meetings in Morocco – Tuesday 30 June 2026

• This participation comes after Egypt officially joined the IAIS Protection Gaps Task Force (PGTF).

 Financial Regulatory Authority (FRA), represented by Dr. Tarek Seif, Executive Director of the Financial Services Institute (FSI) – FRA’s training arm- participated in the joint meeting of the Emerging Markets and Developing Economies (EMDE) and the Protection Gaps Task Force (PGTF). The meeting, organized by the International Association of Insurance Supervisors (IAIS), was hosted in the Moroccan capital, Rabat.

This participation follows the selection of Dr. Tarek Seif as a member of the IAIS Protection Gaps Task Force (PGTF), making him the first Egyptian to join this specialized committee representing FRA.

The IAIS is the global standard-setting body for insurance supervision and regulation, encompassing more than 200 regulatory authorities worldwide. It aims to promote financial stability, protect policyholders and develop regulatory frameworks in accordance with international best practices.

During the meeting, participants discussed risk-based solvency regimes, digital innovation, cybersecurity risks, consumer value propositions, and public-private partnership (PPP) insurance programs.

Discussions centered on ways to support regulators and policymakers in developing the necessary regulatory frameworks to bridge insurance protection gaps. The sessions also explored enhancing the capacity of insurance markets to provide more efficient and sustainable risk management solutions, in cooperation with several international institutions, led by the World Bank.

Egypt’s participation underscores the growing stature of the Financial Regulatory Authority (FRA) within international insurance organizations and forums. It also reflects the rising global confidence in Egyptian expertise and its ability to contribute to discussing and shaping global issues related to insurance and sustainability.

Furthermore, Egypt’s inclusion in the IAIS Protection Gaps Task Force (PGTF) will enhance its international footprint regarding the future of the insurance industry, while facilitating the exchange of expertise with global regulators and international institutions.

FRA Chairman Holds Extensive Meeting with Insurance Brokers – Monday 29 June 2026

FRA Chairman:

“The Authority seeks to expand insurance penetration, driving greater economic growth.”

Dr. Islam Azzam, FRA Chairman affirmed the Authority’s commitment to develop the insurance and reinsurance brokerage sector. This effort is part of FRA’s broader strategy to advance Egypt’s insurance industry, boost insurance penetration, maximize its contribution to the national economy and enhance its attractiveness to investments, while improving the quality of services and products provided to citizens.

This came during a comprehensive meeting held by FRA Chairman with representatives from all insurance and reinsurance brokerage firms. The session was attended by FRA Vice Chairman Dr. Ahmed Abdel Aziz, Assistant to Chairman Mr. Hamdy Badawy and several key officials from relevant departments.

Dr. Islam Azzam explained that the meeting with insurance and reinsurance brokers reflects FRA’s permanent approach to foster community dialogue. He emphasized the Authority’s keenness to maintain continuous communication with all stakeholders across the sectors under its supervision to discuss market development proposals, build capacities and enhance efficiency.

Attendees put forward several proposals and observations which FRA Chairman promised to study and take the necessary actions under existing legal obligations and regulatory frameworks, while taking into account market needs and conditions.

FRA Chairman Rings EGX Opening Bell to Mark Temporary Listing of Four State-Owned Companies – Sunday 28 June 2026

Dr. Islam Azzam – FRA Chairman:

• “Listing three petroleum firms and one tourism company strengthens the capital market, offering diversified, balanced, and risk-resilient portfolios.”
• “Sector diversity and high-capacity firms are key to attracting sophisticated investors who can develop assets.”
• “The FRA partners in IPO success by streamlining procedures and ensuring a supportive regulatory environment.”
• “We prioritize training ‘temporarily listed’ companies in governance and transparency to boost investor confidence.”

This morning, Dr. Islam Azzam, FRA Chairman participated in the opening bell-ringing ceremony at the Egyptian Exchange (EGX). The event celebrated the temporary listing of four state-owned companies—three from the petroleum sector and one from the tourism sector. This move marks a new executive milestone under the state-owned enterprises (SOE) IPO strategy, aimed at broadening ownership, enhancing asset management efficiency, stimulating capital market activity and attracting more domestic and foreign investment.

The temporary listing includes Engineering for the Petroleum and Process Industries (Enppi), the Egyptian Linear Alkyl Benzene Company (ELAB), Petroleum Marine Services Co. (PMS) alongside El- Maamoura for Construction and Tourism Development Company, a subsidiary of the Holding Company for Tourism and Hotels. This step serves as a critical regulatory precursor to complete the offering process, helping to elevate levels of disclosure and corporate governance, ensure company readiness for the capital market, and expand investment horizons for institutions and individual investors alike.

The temporary listing mechanism allows companies to initiate preliminary registration procedures and prepare draft prospectuses. It grants them a legally defined grace period to fulfill the requirements for free-float share percentages and minimum shareholder counts—a flexible framework designed to accelerate offering readiness and enhance capital attraction.

The ceremony was attended by high-ranking officials, reflecting the vital economic significance of the event. Key attendees included Dr. Hussein Issa, Deputy Prime Minister for Economic Affairs; Eng. Karim Badawi, Minister of Petroleum and Mineral Resources; Dr. Hashem El-Sayed, Assistant Prime Minister and CEO of the State-Owned Enterprises Unit; Mr. Omar Radwan, Chairman of the Egyptian Exchange (EGX); and Mr. Mohamed Sabry, Vice Chairman of the EGX, alongside senior leadership from the petroleum and capital market sectors and heads of the listed companies.

In his keynote address, FRA Chairman Dr. Islam Azzam affirmed that all regulatory and government authorities fully support the state IPO program as a primary vehicle for implementing the State Ownership Policy Document and targets of Egypt Vision 2030, particularly as the Egyptian Exchange continues to demonstrate its efficiency, resilience and growing appeal.

He added that deepening the capital market and expanding the base of listed companies represent core pillars of the Authority’s strategy, a goal directly supported by the temporary listing mechanism. He noted that the inclusion of companies from the petroleum sector diversifies the market’s foundation, enabling investors to build more diverse portfolios across different economic sectors. This diversification mitigates risks associated with concentrating investments in a single company or sector, thereby attracting institutional and strategic investors capable of long-term asset development.

FRA Chairman further stated that the entry of companies from the petroleum and tourism sectors sends a highly positive signal to the market. It underscores the state’s commitment to expand the listing base within its most successful industries, while enhancing the efficiency of offering process in full collaboration with various market stakeholders.

Dr. Islam Azzam highlighted the Authority’s pivotal role in streamlining and accelerating regulatory procedures while ensuring strict compliance with governing laws. He emphasized FRA’s focus on identifying practical challenges and overcoming them in close coordination with government bodies and the companies slated for offering. Most importantly, he stressed the commitment to build professional capacities and foster a culture of financial literacy within these companies. This ensures a comprehensive understanding of disclosure, transparency and corporate governance rules—all essential elements for building market confidence and protecting investors’ rights.

In this context, he confirmed that FRA, in cooperation with the Egyptian Exchange (EGX), will organize a series of training programs focused on listing requirements, ongoing disclosure obligations and the implementation of best practices in corporate governance. These initiatives aim to enhance corporate readiness for the capital market and support the seamless execution of future business plans alongside the financial and technical frameworks of the upcoming offerings.

For his part, Dr. Hussein Issa, Deputy Prime Minister, praised the effective and joint coordination among the Ministry of Petroleum, the Financial Regulatory Authority (FRA) and Egyptian Exchange (EGX). He noted that temporary listing of these companies accelerates the implementation of the state IPO program, which aims to involve the private sector and citizens in owning successful assets, thereby maximizing their value and upgrading their financial and administrative performance.

Meanwhile, Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, expressed his pride in these companies joining the EGX platform. He emphasized that the petroleum sector is rich with entities offering promising investment opportunities and that the temporary listing will provide these companies with the momentum needed to restructure internally and meet final offering requirements within the specified timeframe, utilizing innovative financing channels provided by capital markets.

Furthermore, Dr. Hashem El-Sayed, Assistant Prime Minister and CEO of the State-Owned Enterprises Unit, explained that the number of temporarily listed companies on the EGX has reached 20 out of the 30 total companies announced under the state IPO program. He added that the upcoming period will witness the inclusion of firms from other highly attractive sectors, expressing his gratitude to FRA for its regulatory and supervisory support of the program.

Mr. Omar Radwan, Chairman of the Egyptian Exchange (EGX), welcomed the new companies, noting that the EGX management, in coordination with the State-Owned Enterprises Unit, is working diligently to streamline obstacles and provide full technical support to newly listed firms to fulfill final offering requirements. He explained that the EGX has become highly capable of absorbing large-scale IPOs, thanks to continuous upgrades to the market’s technological and legislative infrastructure.

It is worth noting that a few days ago, the Financial Regulatory Authority (FRA) hosted an extensive meeting bringing together all stakeholders involved in the IPO process from the state, alongside representatives from investment banks, financial advisors and auditors. It was mutually agreed that meeting final offering requirements is the primary goal of the temporary listing process, ensuring the improvement of corporate structures and increasing investment awareness of available opportunities, while providing full protection for the interests of market participants.