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Deal by Design
Welcome to this edition of Law Update, focusing on the evolving M&A landscape across the MENA region. With deal activity and value continuing to grow, the region is seeing increased investor interest alongside a changing regulatory environment.
This edition explores key legal and market developments affecting M&A transactions, including regulatory reforms, foreign investment, governance, due diligence and deal structuring across the region.
On Monday 17 February 2025, the Financial Regulatory Authority (“FRA”) issued Board Resolution No. 30 for the year 2025 (the “Decision”) amending Decision No. 186 of 2024, mandating mobile phone number ownership verification for non-banking financial institutions’ clients.
Highlights of the Decision:
The amendments introduce new obligations for insurance companies, non-banking financial service providers using financial technology (“Fintech Companies”) to verify their customers’ identity, particularly with regard to the ownership of their mobile phone numbers. The Decision mandated the said companies to:
Companies are granted a two-month grace period to comply with the above with the exception of the mobile number verification requirement, which must be abided by immediately (i.e., as of February 18, 2025).
For more information, please contact Ali El Hawary, Partner, Head of Banking & Finance, Egypt Office Yasmeen Qotbi, Senior Associate, at the Banking and Finance department, Egypt office
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