The Financial Regulatory Authority (FRA) of Egypt has proposed amendments to the executive regulations of the country's Capital Market Law that would allow for the launch of hedge funds in the country, according to a statement by the authority.

The FRA's aim is to diversify the range of investment vehicles currently available to investors, while also boosting the appeal and competitiveness of the Egyptian market.

The authority also plans to license robo-advisory firms to allow investors to manage their investments via a digital financial adviser, according to the FRA's Chairman Mohamed Farid.