His Excellency President Abdel Fattah El-Sisi has issued Decree No. 421 of 2025, renewing the appointment of Dr. Mohamed Farid Saleh as Chairman of the Financial Regulatory Authority (FRA) for a one-year term with the rank of minister. This appointment, effective from Thursday, August 7, 2025, marks the beginning of Dr. Farid’s fourth term leading the FRA. Dr. Farid’s previous term began on August 7, 2024, under Presidential Decree No. 323 of 2024.
In addition to his role at the FRA, Dr. Farid holds several other significant positions. He is a member of the Board of Directors of the Central Bank of Egypt and serves as the Chairman of the Committee for Egyptian Accounting Standards and Auditing Standards. Internationally, he is the Vice-Chairman of the International Organization of Securities Commissions (IOSCO), Chairman of the Growth and Emerging Markets Committee (GEMC), and Vice-Chairman of both the African Reinsurance Corporation’s Board of Directors and the African Advisory Council of the Glasgow Financial Alliance for Net Zero (GFANZ).
Throughout his diverse career, Dr. Mohamed Farid Saleh has held numerous local, regional and international leadership positions, including:
He served as Chairman of the Egyptian Exchange (EGX) since August 2017, according to Prime Ministerial Decree No. 1759 of 2017. His term was renewed for another period by Cabinet Decree No. 326 of 2022. During this time, Dr. Farid also held several international positions, including the elected position of Chairman of the Federation of Euro-Asian Stock Exchanges (FEAS) from 2017 to 2019, and again from 2021 until August 2022.
He also served as Chairman of the Arab Federation of Capital Markets (AFCM) from 2019 to 2021, and a member of its board until August 2022. From 2017 to 2021, he was the Chairman of the Emerging Markets Working Group at the World Federation of Exchanges (WFE) and a board member of the African Securities Exchanges Association (ASEA) from 2017 until August 2022. Prior to his appointment as Chairman of the Egyptian Exchange, he was the Chairman and Managing Director of Dcode EFC, a leading economic modeling firm in Egypt.
From 2013 to 2016, Dr. Farid served as an advisor for financial leasing and venture capital affairs at the World Bank in Egypt. He was also a member of the Capital Market Advisory Committee, which was established by the Financial Regulatory Authority (FRA). Additionally, he served as Vice-Chairman of the Egyptian Exchange from 2010 to 2011.
He has also worked as a lecturer in financial markets, international finance, and financial derivatives at the American University in Cairo (AUC) and the Arab Academy for Science, Technology & Maritime Transport.
Dr. Mohamed Farid Saleh possesses a comprehensive academic background, holding a Ph.D. in Finance Economics from Cardiff Metropolitan University in the UK. His extensive master’s-level education includes degrees from several prestigious UK institutions: a Master of Science in Quantitative Finance from Bayes Business School, a Master of Science in Project Analysis, Finance & Investment from the University of York, and a Master’s in Commercial Law and International Finance from King’s College London. He also holds an MBA in Finance & Banking from the Arab Academy for Science, Technology & Maritime Transport. His specialized training includes certificates from the Venture Capital Program at UC Berkeley and the Econometrics Summer School at the University of Cambridge. Dr. Farid completed his undergraduate studies with a Bachelor’s degree in Foreign Trade and Economics from Helwan University.
Key Initiatives for Developing the Non-Banking Financial Sector to Enhance its Economic Contribution and Facilitate Private Sector Access to Capital:
1- Launching the regulatory sandbox marks a key milestone in achieving digital transformation
The Financial Regulatory Authority (FRA) has accelerated its efforts, building on its previous work, to digitize non-banking financial transactions. This follows the issuance of Law No. 5 of 2022, which regulates the use of technology in non-banking financial activities, and has led to the following initiatives:
FRA Board of Directors issued several resolution in this regard , including: Resolution No. 69 which mandates the digitization of insurance companies’ databases and their secure linking to FRA’s database. That is besides Resolution No. 58, which regulates the rules for establishment and licensing. In addition to Resolution No. 139 of 2023, concerning the technological infrastructure, information systems and security measures necessary for using financial technology. Also, FRA Board of Directors issued Resolution No. 140 of 2023, regarding digital identity, digital contracts, the digital register, the use of financial technology in non-banking financial activities and compliance requirements. As well as Resolution No. 141 of 2023, on the Fintech Outsourcing Register and Resolution No. 57 that regulates the work of financial robo-advisors.
In addition to Resolution No. 268 which permits startups with a capital of EGP 15 million to provide technology-driven, non-banking financial services. To support this, the Authority has also forged strategic partnerships to enhance its technological infrastructure, most notably through the creation of a digital professionals’ platform and a Central Register for Digital Contracts and Electronic Signatures.
As a result of these efforts, 70 companies in the sector have begun their digital transformation process to offer their services. Of these, 24 have already started providing services digitally, while 46 are currently fulfilling the necessary requirements.
Furthermore, approximately 7 companies that provide outsourcing services have been registered, with 4 already listed on FRA’s dedicated register for all fintech fields and 3 others currently completing their registration requirements. This has led to the execution of about 120,000 digital verification operations (60% in the capital market and 40% in non-banking financial activities) and the issuance of 80,000 digital contracts to date.
Finally, FRA has officially launched its Regulatory Sandbox, which serves as an incubator for emerging technological ideas that offer innovative solutions in non-banking financial services.
2- Exceptional Efforts to Enhance the Efficiency and Competitiveness of the Insurance Sector
• Increasing the minimum capital for insurance companies to EGP 600 million in two phases.
• Developing rules and investment ratios for insurance and reinsurance funds, and directing a portion of them to investment funds in listed stocks.
• Establishing new solvency margin rules to enhance the stability of insurance companies and protect policyholders’ rights.
• Continuing to offer the professional diploma specializing in actuarial science.
3- Comprehensive Development of Accounting Standards
• A comprehensive development of Egyptian Accounting Standards has been undertaken to support economic activity and align with the best international standards. This includes the re-valuation of assets at market value, which enables economic entities in various productive sectors to accurately reflect their financial position and results of operations in their financial statements. This is in response to rapid local, regional and global economic developments and the pressures they impose on companies.
• As a result, a number of large Egyptian entities, including the Talaat Moustafa Group, have revalued their assets at market value to accurately reflect their financial position and performance. Many other companies are currently studying how to benefit from this standard, which had not been applied before.
• Developing Egyptian Accounting Standard No. 13 on the effects of changes in foreign currency exchange rates to align with international standards.
• Introducing a revaluation model for fixed and intangible assets and a fair value model for investments.
• Reclassifying the effects of foreign exchange rate differences.
• Easing the rules for registering auditors with the Authority’s records.
• Adding an accounting interpretation—for the first time in the history of Egypt and the region—to regulate the accounting treatment of carbon credits.
• Issuing standards and methodologies for the valuation of startups.
4- Launch and Activation of the Voluntary Carbon Market
Following the official launch of the first voluntary carbon market regulated and supervised by capital market authorities, the Financial Regulatory Authority (FRA) has undertaken exceptional efforts. These efforts have resulted in:
• The approval of 6 voluntary carbon registries.
• The registration of 4 Validation/Verification Bodies (VVBs) for reduction projects on the Authority’s official list.
• The registration of 28 projects from Egypt, Oman, Nepal, India, and Bangladesh in FRA’s database.
• The market has witnessed trading and execution of 5 deals involving more than 2,000 carbon credits.
5- Issuing Rules for the Establishment of Special Purpose Acquisition Companies (SPACs)
Rules have been issued for the establishment of Special Purpose Acquisition Companies (SPACs). These companies are established and licensed by FRA as venture capital companies with the sole purpose of acquiring other businesses.
SPACs obtain the necessary funding for acquisitions by offering a capital increase through a private placement on the stock market. This increases the market’s attractiveness and provides a wide range of investment alternatives for traders.
This has opened a new funding channel through the Egyptian Exchange for non-banking financial activities and digital platforms in the fintech sector. SPACs are obligated to submit an application for listing their shares on the stock exchange within one month of receiving their license.
So far, two companies have been approved and listed on the Egyptian Exchange in accordance with these regulations: Catalyst Partners Middle East and Hassan Allam Investment and Venture Capital.
6- Updating and Developing Listing Rules to Stimulate Offerings and Protect Minority Rights
Financial Regulatory Authority (FRA) has taken several decisions to develop listing and delisting rules. These efforts include regulating voluntary delisting to provide greater protection for the rights of small shareholders while also ensuring the rights of the main shareholder to vote on the delisting decision. The FRA also revoked the authority of the board of directors to unilaterally decide on voluntary delisting.
Furthermore, when a company voluntarily delists, it is required to buy back shares from affected shareholders at a price that is the highest of three specific values. These values are the share’s fair value, as determined by an independent financial advisor registered with the FRA; the highest closing price in the month prior to the general assembly’s decision to delist; or the average closing price of the company’s shares over the three months preceding that decision.
7- Regulating and Promoting Gold Investment through Investment Funds
FRA’s efforts to establish a regulatory framework for investment funds in metals, particularly gold funds, have resulted in the launch of three gold investment funds and the approval for the establishment and launch of a fourth. This aims to provide citizens with diverse investment opportunities through these funds.
FRA issued a series of decrees to support this initiative: Resolution No. 50 of 2023 established new regulations for dealing with investment funds in minerals. In addition to Resolution No. 51 of 2023 which set conditions for registering/delisting custodians of metals. As well as Resolution No. 52 of 2023 which set Specified requirements for companies eligible to trade metals with investment funds.
These measures, in line with Article 35 of the Capital Market Law, which permits FRA to authorize funds to deal in metals, created the necessary environment for the launch of the first gold investment fund. As a result, the net assets of the three licensed gold funds rose to EGP 2.5 billion by July 2025, and the number of client accounts reached 222,000.
8- Significant Improvement in Non-banking Financial Sector Indicators
9- For the first time, New Regulations for Digital Real Estate Investment Platforms
• Facilitating quick and easy investment in fractional ownership shares of real estate units through licensed entities under FRA’s supervision.
• So far, three real estate digital platforms have begun to regularize their status by establishing investment funds and obtaining licenses for promotion and subscription coverage.
• Requiring platforms to set conditions for customer registration, including passing a knowledge test approved by the FRA.
• Establishing permanent communication channels between real estate investment funds and registered users to answer all inquiries.
• Obligating platforms to provide a set of disclosures to facilitate prospective and registered investors.
• An integrated and transparent regulatory framework for redeeming investment certificates that supports market confidence and protects investor interests.
• First National Standards for Valuation of Intangible Assets
Rules for valuing intangible assets have been issued for the first time to determine their fair values based on a set of scientific standards and principles. This provides a clear reference point for the valuation of intangible assets, which helps in setting fair valuations for company assets, thereby boosting trust in investment.
This move also aligns with global developments and the National Strategy for Intellectual Property, which aims to activate the economic returns of intellectual property. The new rules make it easier for startups to get funding if they rely on these types of assets and enhance company valuations for mergers or acquisitions.
Exceptional Efforts to Enhance Financial Literacy Levels
In 2024, FRA intensified its efforts in non-banking financial literacy and awareness as part of the National Strategy. The efforts targeted three key segments: public, clients and professionals.
Activities included:
• Four Successful Training Programs Launched for Certified Financial Awareness Trainer (CFAT)
• Over 25 awareness lectures held at universities, youth centers and government entities.
• Workshops and awareness seminars at local and international events like the Cairo International Book Fair, job fairs, and World Investor Week (WIW2024).
• Reaching over 300 school children and hundreds of university and institute students.
• Launching diverse digital content, such as “FRA Podcast: Know to Benefit” series, which had over one million views and the “Iinvest” pages on social media platforms.
In 2025, as part of the Authority’s strategy to enhance financial literacy in the community, it launched numerous initiatives and events to spread awareness of non-banking financial products and services, such as investment, insurance, financing, and savings management. These efforts included:
• Holding 64 seminars at financial awareness and literacy clubs affiliated with the Ministry of Youth and Sports, attended by more than 1850 youths.
• Participation in the Cairo International Book Fair for the third consecutive year, where over 16,000 introductory brochures were distributed to the public.
• Airing 14 episodes of “FRA Podcast: Know to Benefit” series, which surpassed one million views.
• Launching a digital awareness campaign warning against unlicensed entities, reaching more than 500,000 interactions.
• Organizing over 10 awareness events and sessions at universities, including Alexandria University, MSA, Assiut University, the Egyptian Russian University, and Galala University. Additionally, the Authority hosted hundreds of students.
• Executing three rounds of the Certified Financial Awareness Trainer (CFAT) program so far this year.
• Holding a virtual workshop for officials from the “Nile Pioneers” initiative, with 80 participants.
• Conducting introductory seminars at various government ministries and agencies.
These activities demonstrate the broad scope of financial awareness efforts, which now encompass all segments of society – students, youth, professionals, and citizens – within a framework of cooperation between the Authority and its government partners.
• The Authority recently issued strong warnings and an official blacklist to protect consumers from fraudulent schemes. This effort has already resulted in the administrative closure of one company.
FRA’s warnings cover a range of illegal activities, including:
• Participating in public offerings without official FRA approval.
• Investing with unlicensed companies or platforms that offer financing.
• Falling for fake investment schemes or dealing with unlicensed entities.
To safeguard citizens from fraudulent financial activities, the Authority has introduced several key initiatives. It has established a dedicated section on its website that lists all officially licensed non-banking financial service providers, covering investment, financing and insurance. Concurrently, FRA has begun publishing a blacklist of unlicensed entities, which it identifies through direct monitoring and by investigating citizen reports. The Authority strongly urges the public to avoid invitations from these unlicensed groups, especially those soliciting funds for real estate without proper licensing or verified deeds. To support these efforts, FRA has set up a new email address for citizens to report suspicious invitations. The Authority has also issued a firm warning that any unlicensed platforms or companies offering financing or accepting investments will face legal prosecution.