الهيئة العامة للرقابة المالية

As part of the Financial Regulatory Authority’s (FRA) strategy to enhance governance and develop the non-banking financial sector – aiming to protect stakeholders and stimulate investment – Dr. Islam Azzam, FRA Chairman has approved the decisions of Incorporation and Licensing Committee. These decisions grant approval to 10 non-banking financial entities to launch several regulated services.

The Committee has formally licensed OG Capital to operate as a Venture Capital (VC) entity. This license specifically empowers the firm to deploy capital for the acquisition of equity stakes and controlling interests in target entities, in strict accordance with Capital Market Law No. 95 of 1992, its executive regulations, and supplemental Board resolutions. Furthermore, Arabia Online Brokerage has secured regulatory approval to provide comprehensive bond trading and intermediation services.

Additionally, approvals included Sawari Ventures and Acumen Holding to manage investment funds independently or in partnership, pursuant to FRA resolution No. 58 of 2018.

The Committee also granted Halan Securities Brokerage a license to receive subscriptions for investment fund units, while Wealthy Holdings was licensed to provide custody services. Beltone Securities Brokerage was authorized to practice futures contracts brokerage following the expansion of the company’s objectives under FRA resolution No. 7 of 2026.

In a related context, Smart Care Medical Services was granted a provisional license for management of medical care programs. Additionally, the Authority formally approved the registration of Ryada Insurance Brokerage and E-Guardians Insurance Brokerage as corporate entities within the official Insurance Brokers’ Registry.

In accordance with FRA Chairman Decree No. 3060 of 2023, Incorporation and Licensing Committee serves as the competent body responsible for approving the incorporation and licensing of companies operating within the non-banking financial sector.

The Committee’s jurisdiction extends to ratifying amendments to company’s statutes and endorsing employee incentive and motivation schemes. Beyond corporate governance, it serves a critical supervisory function by advising on the suspension of General Assembly resolutions within the securities and consumer finance sectors.

Beyond initial licensing, the Committee reviews requests to add new financial services or business mechanisms. It also manages the process for securities and consumer finance companies when they switch from one legal framework to another.

Furthermore, the Committee oversees the full operational lifecycle of regulated firms – from authorizing branch networks to managing liquidations, activity suspensions, and the professional registration of founding agents.