Press Releases
FRA Greenlights Subscription for Distressed Factories Restructuring Fund Starting Next Sunday – Friday 2 October 2026
Dr. Islam Azzam, FRA Chairman:
- “This fund is the result of close collaboration to drive the state’s mission to rescue distressed industrial plants.”
- “The Authority is leveraging non-banking financial products to fuel vital economic sectors, with investment funds becoming powerful catalysts for business growth.”
As part of the Authority’s continuous support for vital economic sectors and in continuation of efforts to back the industrial sector through non-banking financial products under its supervision, Dr. Islam Azzam, FRA Chairman has approved licensing of Distressed Factories Restructuring Investment Fund (No. 1033) in light of presidential directives and Egypt’s Vision 2030. Unit subscription will start Sunday, October 4, 2026.
Under FRA-approved information memorandum, the fund is offering 1 billion units—including shares allocated to the founder—at a nominal value of EGP 1 per unit, bringing the total capital to EGP 1 billion.
Established under Capital Market Law No. 95 of 1992 and its executive bylaws, the fund targets a capitalization of EGP 1 billion, payable in installments aligned with viable investment opportunities. Under the approved memorandum, the investment manager will apply strict quantitative and qualitative criteria to select target companies with high turnaround potential, ensuring robust post-restructuring returns backed by comprehensive feasibility studies.
Dr. Islam Azzam emphasized that launching the Distressed Factories Restructuring Fund is the culmination of joint efforts and close cooperation between the Authority, relevant entities and fund stakeholders, aimed at implementing the state’s plan to rescue distressed industrial companies and factories, leverage their productive capacities and existing assets, and establish a fundamental step toward advancing and sustaining the industrial sector.
He explained that FRA remains committed to its approach of employing non-banking financial products to bolster sectors of vital importance to the national economy, as well as expanding and deepening the activities under its regulation to further increase their contribution to national economic. He noted that continuous development of the regulatory framework for open- and closed-end investment funds has positively impacted the ease of doing business and fostered secure investment pathways under FRA’s full supervision.
The fund operates as a closed-end private equity vehicle, offering its units through a private placement limited to qualified institutional, corporate and individual investors under FRA Board Decision No. 48 of 2019. CI Capital B.I. for Fund Management, Investment and Venture Capital will manage the fund’s investments.
It targets direct equity investments in struggling companies across core sectors—including food, engineering, chemicals, textiles and apparel, pharmaceuticals, and building materials—to overhaul their operational and financial frameworks.
Designed to spearhead corporate recovery, the vehicle steps in for industrial enterprises burdened by heavy debt and deferred obligations, yet possessing viable products, solid market share and core economic fundamentals.
The fund executes this role in coordination with the executive management of target companies, in line with directives from the fund’s Investment Committee. The investment manager is also authorized to form specialized technical committees comprising industry experts tailored to each transaction and target sector.
Furthermore, investment opportunities are evaluated prior to acquisition and divestment. Independent financial advisors registered with FRA will assess the net asset value of the fund semiannually in accordance with FRA regulatory valuation standards.
FRA Issues Circular Safeguarding Status of Advisory Insurance Experts Registered Before Unified Law – Thursday 1 October 2026
Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has issued a circular for current advisory insurance experts on how to comply with the Unified Insurance Law No. 155 of 2024.
The circular clarifies that experts already registered with FRA do not need a new license or registration following the new law. Instead, their standard five-year registration period simply runs its course from the law’s effective date of July 11, 2024.
This measure aims to safeguard legal continuity and facilitate procedures for advisory insurance experts already registered with the Authority.
The circular clarifies that the expiration of the status-rectification grace period does not trigger a new registration term or an automatic renewal. Existing registrations will remain valid until their original conclusion date, calculated from the law’s effective date. However, failure to meet the prescribed requirements by the deadline will prompt regulatory and legal action by the Authority, subject to existing provisions governing registration terms and renewals.
Simultaneously, the circular emphasized that advisory experts must comply and fulfill the new conditions and requirements introduced by the Unified Insurance Law and FRA Board of Directors Decision No. 25 of 2026—issued last February regarding registration rules, conditions, procedures and activity practice—within the designated grace period.
Experts are also mandated to secure a professional indemnity insurance policy in compliance with Article 133 of the law and to submit a valid, compliant copy to the Authority.
Insurance advisory expertise covers specialized professional consulting provided by individuals or firms—spanning risk management and assessment, valuing assets and liabilities for insurers and reinsurers, evaluating rights between policyholders and insurer and preparing expert reports for courts and arbitral tribunals. The Unified Insurance Law features a dedicated chapter on introducing key regulations such as mandatory FRA registration and permitting the establishment of specialized consulting firms.
Dr. Islam Azzam Outlines Women’s Empowerment Strategies at Council of Arab Businesswomen – Wednesday 30 September 2026
Dr. Islam Azzam – FRA Chairman:
- “Non-banking financial framework guarantees equal opportunities, driving substantial growth in women’s representation.”
- “Joint efforts are vital to establish anti-discrimination policies across all workplaces.”
- “The Authority is balancing market growth with enhanced consumer safeguards and financial awareness initiatives.”
- “Major investment opportunities are unfolding in Egypt’s capital market via derivatives and the upcoming short-selling rollout.”
Dr. Islam Azzam, FRA Chairman highlighted the tangible results of the Authority’s strategic drive for gender inclusion within the non-banking financial sector. By 2025, female representation on company boards climbed to 26.9% with 1,236 members, while Egyptian women’s participation across FRA-regulated financial activities witnessed unprecedented growth.
The address was delivered at the inauguration of the 8th session of Council of Arab Businesswomen at the Arab League headquarters. The high-profile event was attended by Secretary-General of the Arab League Ahmed Aboul Gheit, former Secretary-General Amr Moussa, Presidential Economic Advisor Dr. Hala El-Said, National Council for Women President Counselor Amal Ammar, GAFI Chairman Dr. Mohamed Awad, and President of Council Sheikha Hessa Saad Al-Abdullah Al-Sabah, joined by senior officials and businesswomen from Egypt and Arab nations.
Dr. Islam Azzam explained that FRA translates equality and equal opportunity policies into practical enforcement through robust regulatory frameworks. Key initiatives include a 50% reduction in development and service fees for companies directing over 25% of their services to women, as well as reduced application and examination fees for issuing sustainable development securities and bonds—chiefly women’s empowerment bonds—incentivizing corporations to fund projects that advance women’s economic standing.
He highlighted FRA’s mandatory governance rules designed to secure fair female representation on corporate boards. He emphasized that integrating women into executive decision-making broadens organizational perspectives, drives operational performance and profitability and fosters professional growth.
FRA Chairman stressed the necessity of joint action to establish workplace anti-discrimination policies across all sectors, embed gender equality within supervisory regulations and advance women’s entrepreneurship. He also highlighted the importance of strengthening women’s academic, financial and technical skills to secure executive and leadership roles, while promoting the innovation of new financial instruments for economic empowerment and social protection.
In this context, he noted that by the end of the second quarter of this year, women’s representation reached approximately 52.8% of microfinance beneficiaries, totaling 1.8 million female beneficiaries out of 3.4 million nationwide, with outstanding financing balances granted to them reaching 39.7 billion pounds (Note: adjusting figure representation as 33.7 billion EGP), representing approximately 45.4% of total financing balances.
FRA Chairman noted that expanding women’s access to finance is being met with strengthened consumer protection safeguards to mitigate default, fraud and liquidation risks. He highlighted recent regulatory directives requiring OTP-based customer identity verification, instant data linking between lenders and credit registries and credit inquiries grounded in behavioral analytics.
He also highlighted the Authority’s continuous financial awareness efforts across two integrated tracks: first, educating women on safe, accessible opportunities for investment, financing, and economic empowerment; and second, raising awareness regarding customer rights, obligations, fraud prevention and legal grievance mechanisms to provide maximum safeguards for female clients.
Dr. Islam Azzam invited Arab Businesswomen and entrepreneurs to explore the latest developments in Egypt’s non-banking financial sector which present major investment opportunities, particularly within the Egyptian Exchange (EGX).
He shed light on the upcoming rollout—within a few weeks—of the short-selling mechanism, detailing its targeted objectives alongside margin trading to improve price discovery, stimulate trading, attract new investor segments and regulate hedge fund activity in Egypt for the first time. He also highlighted the launch of derivatives market last March, the introduction of futures contracts, and the pivotal role of the “market maker” mechanism moving forward to enhance market liquidity—especially following the recent tax package exempting this mechanism from stamp duty.
FRA Chairman concluded his address by emphasizing that true financial inclusion extends beyond mere access to services, products and investment avenues. Instead, it relies on evaluating their quality, suitability and tangible impact on the beneficiary, backed by comprehensive awareness of service features and the mutual rights and obligations of all parties.
