Latest news with #FRA-licensed
Daily News Egypt
16 hours ago
- Business
- Daily News Egypt
Nawy secures $23m debt financing from leading Egyptian institutions to expand mortgage offering
Nawy, Africa's largest proptech platform, has secured $23m in debt financing from ten of Egypt's top financial institutions. The funding will be used to scale Nawy Now, the company's FRA-licensed mortgage product offering flexible payment plans and fast approvals for ready-to-move homes—helping more buyers move in now and pay later. The financing will enable Nawy Now to expand its capacity to finance residential properties and make homeownership more accessible. It will also support the company's broader working capital needs as it continues to transform the real estate experience in Egypt. 'Securing this level of financing from Egypt's leading financial institutions is a strong vote of confidence in what we're building at Nawy,' said Amr Malek, Chief Financial Officer of Nawy. 'Our mortgage product sits at the centre of a much broader ecosystem that serves as a one-stop shop for the real estate industry,' added Omar El Barouny, Managing Director of Nawy Now. 'This funding allows us to scale that ecosystem and provide more people with a seamless path to owning a home.' The newly secured debt package strengthens the core of Nawy's business model, powering the synergies behind its end-to-end real estate platform. From discovery to post-purchase services, Nawy offers customers a fully integrated homeownership journey. The platform enables users to search for and purchase homes through a tech-enabled interface, while managing all paperwork, legal verifications, and due diligence—ensuring a streamlined, hassle-free experience. Through Nawy Now, customers gain access to flexible mortgage financing tailored to their needs. Beyond the initial transaction, Nawy continues to deliver long-term value with resale services and post-sale support. With Nawy Unlocked, homeowners can also generate rental income, maximising returns on their property investments. Backed by the confidence of Egypt's financial sector, Nawy is well-positioned to expand its operations and push the boundaries of the proptech space. As demand for reliable, flexible paths to homeownership continues to rise, Nawy remains committed to leading innovation and inclusion in Egypt's real estate market.
Daily News Egypt
06-05-2025
- Business
- Daily News Egypt
200,000 Egyptians invest EGP 2.1bn in gold funds: FRA
Approximately 200,000 citizens have invested EGP 2.1bn in regulated gold investment funds, Egypt's Financial Regulatory Authority (FRA) said, emphasising it oversees investment in fund units, not direct gold trading. The FRA clarified that under Capital Market Law No. 95 of 1992, its role is to regulate how FRA-licensed investment managers offer gold investment fund units, not to license general precious metal trading. The authority warned against recent calls for direct gold purchases suggesting FRA licensing for metal traders, stating this is incorrect as its register is for companies dealing with investment managers, not the public. Direct gold trading falls under other laws, including Trade Law No. 17 of 1999 and Law No. 68 of 1976. The FRA urged citizens to be cautious, report misuse of its name by gold traders, and verify company licences. It advised investors buying physical gold directly to ensure they receive the metal. To protect investors, the FRA has established rules for gold investment funds, including requirements for hallmarked metals with clear ownership and the use of registered trading companies and custody providers. Currently, three FRA-approved gold investment funds hold these investments: AZ-Gold by Azimut Asset Management, an Al Ahly Financial Investments fund, and the Beltone-Evolve Gold Investment Fund. The regulatory framework, based on Capital Market Law Article 35 and FRA Decision No. 71 of 2021, allows investment funds to deal in metals. Funds must detail their investment policies, target returns, liquidity, profit distribution, and risks in their prospectuses, and insure assets with an FRA-licensed entity.
