FRA explores trading real estate as assets – Egypt Today

FRA explores trading real estate as assets – Egypt Today

CAIRO - 20 October 2023: “There is currently a study on trading real estate assets as assets rather than securities,” Deputy Chairman of the Financial Regulatory Authority (FRA) , Islam Azzam, stated.

 

He added that the authority has set rules focusing on buildings and administrative projects that generate income.

 

Azzam mentioned the possibility of listing commercial malls on the stock exchange, with a part of their shares offered to citizens for selling units per square meter. Upon completing sales through the stock exchange, the real estate registry will be notified for property transfer. This is a system of trading in assets, unlike investment funds.

 

In his opening speech at Habi’s newspaper fifth annual conference "Investments in Potential Energies," held on Wednesday, he noted that the authority has a strategy to increase reliance on financial technology services following the issuance of Law No. 5 for the year 2022. He emphasized that most financial transactions are now conducted through mobile phones.

 

The Deputy Chairman of the FRA pointed out several decisions issued in 2023, including 139, 140, and 141 for insurance against cyber risks. The authority will collaborate with various entities to gather information about loan applicants or real estate financing services and leasing through electronic