Egypt’s Financial Regulatory Authority (FRA) has approved a new wave of licenses covering real estate funds, securities offerings, and venture capital activities. The decision, announced on November 20, 2025, reflects ongoing efforts to deepen Egypt’s non-banking financial sector and diversify available investment products. Approvals were granted to five entities, including Co-Wealth, Nawy Shares, CI Capital, Thndr Technology Holding, and a new Co-Wealth real estate investment fund vehicle.
Expanded Licenses for Co-Wealth
Co-Wealth secured FRA approval to establish a company dedicated to promoting and underwriting securities offerings, strengthening its role in primary capital markets. The company was also authorized to manage real estate investment funds, enabling it to structure and operate vehicles focused on income-generating property and development assets. In parallel, the regulator approved the establishment of Co-Wealth Fund, a specialized real estate investment fund whose core mandate is to invest in real estate assets under the FRA’s oversight.
Nawy Shares Enters Capital Markets and Real Estate Funds
Nawy Shares received a license to promote and underwrite securities offerings, positioning the firm to support companies seeking to raise capital through public or private placements. The approval also allows the company to manage real estate investment funds, giving it a broader platform to channel capital into Egypt’s property market. By combining capital markets activities with fund management, Nawy Shares is expected to play a larger role in connecting investors with real estate opportunities.
CI Capital Adds Venture Capital to Its Mandate
The FRA granted CI Capital for Fund Management and Venture Capital a license to conduct venture capital activities in addition to its core fund management business. This expansion allows CI Capital to invest directly in high-growth companies, particularly in sectors aligned with Egypt’s economic transformation agenda. The new authorization is expected to enable the firm to structure and manage specialized VC vehicles, supporting early and growth-stage businesses that require risk-tolerant capital.
Thndr Expands Into Portfolio and Fund Management
Thndr Technology Holding for Financial Investments, known for its digital investment platform, received a license to form and manage securities portfolios. The company was also authorized to manage investment funds, marking a shift from purely brokerage-focused services to more comprehensive asset management capabilities. These approvals enable Thndr to offer managed solutions to retail and institutional investors, expanding access to professionally managed portfolios in the Egyptian market.
Role of the FRA Committee
The approvals were issued by the Committee for the Establishment and Licensing of Companies under the FRA, formed under Chairman’s Decision No. 3060 of 2023. This committee is responsible for approving the establishment and licensing of companies operating across non-banking financial services, including securities, real estate funds, and consumer finance. It also reviews requests to add new activities, change legal umbrellas, and adjust the regulatory status of companies entering or exiting segments of the non-banking sector.
Broader Supervisory Responsibilities
Beyond licensing, the committee oversees amendments to the articles of association of supervised companies and grants initial or final approvals for such changes. It is also tasked with approving incentive and remuneration systems, reviewing any modifications, and expressing opinions on decisions by general assemblies of securities and consumer finance companies when needed. The committee further manages approvals for opening, relocating, or closing branches, as well as for liquidation, temporary suspension of operations, and the registration or removal of founding agents.
The FRA’s latest set of approvals signals a continued push to expand Egypt’s non-banking financial ecosystem and deepen capital market infrastructure. By licensing new players and activities in real estate funds, portfolio management, and venture capital, the regulator is broadening the range of investment channels available to both institutional and retail investors. As these companies activate their new licenses, the market is expected to see enhanced product diversity, improved access to capital, and stronger support for real estate and high-growth enterprises.