Al-Salem Holding Secures Key Financial License in Egypt, Chairman Highlights Growth Path

Egypt's Financial Regulatory Authority (FRA) has granted Al-Salem Holding a license to engage in activities related to participating in the establishment of companies that issue securities or in increasing their capital. This move significantly boosts the company's presence within the non-banking financial markets. Dr. Bahaa Salem, Chairman of Al-Salem Holding, commented on this license in a post, emphasizing that it represents a new step in the company's journey of growth and expansion. He expressed pride in Al-Salem Holding receiving the FRA license, which he stated reaffirms its ongoing commitment to enhancing its business framework according to the highest institutional standards. The FRA issues these approvals as part of its constitutional and legal mandate to regulate and supervise non-banking financial markets and instruments. This includes capital markets, futures exchanges, insurance activities, real estate finance, financial leasing, factoring, and securitization, in addition to approving the establishment and licensing of companies operating in these markets. Decisions for establishment and licensing are issued based on recommendations from the Committee for the Establishment and Licensing of Companies and their Branches. This committee is responsible for studying and issuing preliminary and final approvals for companies, requests to add activities and mechanisms, opening, closing, and relocating branches, reviewing amendments to articles of association, approving and amending incentive and motivation schemes, and changing the legal framework for companies operating in securities and consumer finance, whether entering or exiting. It also examines requests for liquidation and voluntary temporary suspension of activity.