Aggregated News From Investment Management Regulators

Saudi Ambassador’s first official visit to the Financial Regulatory Authority – Wednesday 19/8/2020


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• El Naqli: Our goal is to deepen cooperation between the Saudi investors and the competent Authorities in Egypt
• Omran: Our slogan is building bridges, not walls
• Omran: It was agreed to set up a mechanism to follow up and develop the Saudi private sector investments in the non-banking financial sector

Dr. Mohammed Omran – FRA’s Chairman and Deputy Judge Khaled Al-Nashar receive the Saudi ambassador in Egypt, Osama El Naqli to discuss the future of Saudi private sector investments and ways to enhance them in non-banking financial sector.

The meeting tackles the economic impacts that the two brotherly countries and the Arab region are witnessing in light of the emerging Corona virus pandemic. The meeting discusses ways to facilitate the flow of Saudi private sector investments in the non-banking financial sector.

Mr. Anwar Bin Hasousah, the embassy’s Commercial Attache and Mr. Magdy Mahfouz, the embassy’s legal advisor attended the meeting. The two sides reviewed the volume of Saudi investment in companies subject to the Authority’s control and supervision. In addition, both sides exchanged views, proposals and information on the future of investments between the Egyptian and Saudi sides.

The meeting also dealt with the legislative revolution that took place in non-banking financial activities during the past period. As this period witnessed the issuance of amendments to the Capital Market Law and its Executive Regulations as well as the issuance of financial leasing and factoring law that enhances financial inclusion. In addition to the issuance of consumer finance law that aims to increase the purchasing power of citizens. As well as the new amendments to the Central depository and registry Law that  allow the establishment of settlement and clearing companies specialized in government securities and others for future contracts. Besides, other amendments being issued to the micro-finance law to include financing small and medium enterprises as well as micro-enterprises.

The Saudi ambassador stated that Egypt’s leading and pivotal role in the region, the size of its promising investment opportunities and the role the government plays, especially in the field of encouraging foreign direct investment and conservative investments are the main bases for attracting more Arab and foreign investments to the brother country.

The Saudi ambassador stressed on the deep-rooted ties between the two brotherly countries and their peoples and cooperative ties between the two countries in various fields.

At the end of the meeting, both sides agree to set up a mechanism to follow up on the investment of the Saudi private sector in non-banking financial activities from the moment it enters the country.

The Saudi ambassador wrote a word in the Authority’s visit record in which he praised his visit to FRA’s headquarters.  In addition, he expressed his happiness to know more about the nature of fruitful and constructive cooperation between FRA and its Saudi counterpart in light of the great strategic cooperation between the two brotherly countries. On the other hand, Dr. Omran presented FRA’s memorial shield to the Saudi ambassador and his accompanying delegation.

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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