“My interests in this region have been instilled in me since my childhood through conversations with friends, peers and family, and hearing about it on the news,” said Allan Feldman, an economics and Middle East studies junior on an exchange semester from Brandeis University.

Feldman’s interest in the Arab world took on an academic fervor when he began studying the region at his home institution. “I decided to take Arabic classes at Brandeis and enjoyed the challenge of the language, which naturally grew into my being more interested in the local Arab culture and people,” he said.

Living Egypt

When he decided he wanted to move to the Middle East to immerse himself in the Arabic language for a semester, he knew he wanted to be at a high-quality institution where he could continue taking diverse courses in his fields of study; this helped him choose AUC. Now, Feldman is not only a student but also a research assistant for Professor Mona Said in the Mohamed Shafik Gabr Department of Economics. 

“The faculty at AUC and the economics department are great. If you look at the research these faculty members have produced, they’ve done really reputable work for organizations like the Economic Research Foundation and other international research institutions. They’re very experienced,” said Feldman. “In my interactions with Dr. Mona Said and Dr. Abeer Elshennawy, my Economic Development course professor, both were super welcoming,” he added.

“You can make a lot of connections here if you put yourself out there. I found that all the professors were very willing and happy to help me out.”

The Brandeis student was also impressed by the networking opportunities on offer at AUC — even the implicit ones. “You can make a lot of connections here if you put yourself out there. I found that all the professors were very willing and happy to help me out,” he said. As a matter of fact, Feldman first connected with Said for his assistantship through the faculty network. 

In his free time, Feldman volunteers with the student group Help Club, packing food boxes for those in need during Ramadan and working with underprivileged children.

Feldman was also a member of AUC’s track and field team last semester, which trained four days a week. In an impressive feat, Feldman placed third in the 3000-m track event at Cairo Governorate regionals and fifth at nationals in the 5000-m event. He also ran a spontaneous 10,000-m event around the Saqqara pyramids with another AUC track and field member.

A Cairene Summer

Since finding his footing at AUC, Feldman has gone on to secure opportunities in Cairo that will extend his stay into the summer. He also wants to continue studying Arabic and move downtown for greater immersion. “I want to meet more locals,” Feldman said.

For this summer, Feldman won a $10,000 grant from Middlebury College’s Davis Projects for Peace program to work with an Egyptian transportation startup. The company, Tink, graduated from the AUC Venture Lab and will create a program this summer addressing female sexual harassment through automobile and mobility workshops located in Cairo, the North Coast and potentially one more governorate for now. 

 “Since coming to AUC, my interest in Arab culture has only grown.”

“Through this program, I hope to gain experience doing community programming in Egypt, working with a startup and meeting as many people as I can,” said Feldman. He also shared his hopes to reach Egyptians across different socioeconomic backgrounds.

Another summer goal for Feldman is to immerse himself in the local cycling community. He recently invested in a bike and began riding with Egyptian teenagers and adults in the Cairo Crit Club, a local club that meets every Friday morning at 5 am. He has also ridden with an expat-based club, the Cairo Cycling Club.

Cairo and Beyond

Alongside his studies, Feldman has gotten to explore Cairo and learn from the locals, feeling welcomed by Egyptian people’s deep family values, relaxed attitude and collaborative ambiance. 

“One thing that shocked me was the pure chaos of the city juxtaposed with people’s extreme kindness. People are not afraid to just interact with you on the block, spontaneously, and I think they do that out of love,” said Feldman, who felt a personal need to talk to as many locals as possible coming into his exchange semester — a goal he feels he has accomplished. 

“I had a few experiences during Ramadan where I was invited to iftar with some Egyptian friends and their families, and that was both enriching and fascinating because I could see really how important this family gathering was. To be part of that has been very special,” he said.

After graduating from Brandeis next year, Feldman envisions himself focusing on the region in his career, be it through economic research or public and private sector work. In the long term, Feldman aspires to familiarize himself with Arabic’s various dialects while continuing to learn Modern Standard Arabic. “Since coming to AUC, my interest in Arab culture has only grown,” he said.

Hosted by Onsi Sawiris School of Business at The American University in Cairo (AUC) in partnership with the International Monetary Fund (IMF), on May 18-19, 2025, this landmark event brought together global policymakers, academics, and thought leaders to bridge economic theory with regional realities. The event underscored that economic research is no longer a luxury but an urgent necessity to navigate the region’s transformative economic landscape.

Opening Remarks: Building a Regional Platform for Dialogue and Action

Samer Atallah, associate dean for graduate studies, set the tone by emphasizing the critical role of relevant research tailored to the region's unique context. 

AUC President Ahmad Dallal highlighted the event’s role as a vital platform in fostering collaboration between governments, academia and the private sector. "This is about generating ideas that are globally informed but deeply rooted in the realities of our region," he noted.

Jihad Azour, director of the IMF’s Middle East and Central Asia Department, called for building a lasting regional platform that connects MENA to world-class research centers to promote international cooperation and generate actionable solutions.

Key Themes and Insights from the Conference

Session 1: Rebuilding Margins While Addressing Inequalities — Fiscal Policy

Moderated by Pierre Olivier Gourinchas (IMF), this session featured Alan Auerbach (UC Berkeley), Ishac Diwan (American University of Beirut), and Barry Eichengreen (UC Berkeley), who discussed the delicate fiscal trade-offs faced by MENA governments. The panel highlighted the need for balancing priorities such as raising revenues for public spending, addressing redistribution needs, and reducing debt — all while managing finite resources. Broader consumption taxes like VAT and income taxes were identified as efficient tools, though challenges remain in fairly taxing multinationals. The session also emphasized that fiscal tightening must be paired with structural reforms and growth opportunities to avoid exacerbating social and financial stress. Political will, public trust, and transparency were identified as essential components for fiscal rules and reforms to succeed in the region.

Session 2: Monetary Policy and Financial Stability After the Inflation Scare

Following the first session, Giovanni Dell’Ariccia (IMF) moderated a thought-provoking discussion with Kristin Forbes (MIT), Ahmed Kamaly (AUC), and Anil Kashyap (University of Chicago) on recent inflation dynamics and monetary policy challenges. The session explored how global shocks have driven over 50% of recent inflation, highlighting the limits of domestic policy alone in addressing such disruptions. Central banks’ “start late, sprint fast” strategy was discussed, showcasing how delayed tightening was followed by aggressive action that effectively curbed inflation with relatively low economic costs. The panel also addressed the challenges of fixed exchange rate regimes in Gulf countries, which help control inflation but limit monetary policy flexibility, while oil-importing countries, like Egypt, face heightened exchange rate and inflation pressures. Strengthening central bank credibility, improving fiscal-monetary coordination, and expanding access to private sector credit were identified as key priorities for the region.

Keynote Address: Understanding Comparative Advantage and Industrial Policy

Anne Krueger, a distinguished economist from Johns Hopkins and Stanford, emphasized the importance of recognizing and building on countries’ comparative advantages. She highlighted challenges such as political favoritism in public sector decisions and the need for strict governance and intellectual property protection to enable fair competition and effective industrial policy.

Session 3: The Return of Industrial Policy

Moderated by Gian Maria Milesi-Ferretti (Brookings Institution), this session brought together Amir Lebdioui (Oxford University), Justin Yifu Lin (Peking University), and El Mouhoub Mouhoud (Paris Dauphine University) to examine the resurgence of industrial policy as a strategic tool for economic development. The panel emphasized that industrial policy is essential for fostering diversification, innovation, and resilience in both developing and advanced economies. Discussions also underscored the importance of deeper regional coordination within MENA to reduce transaction costs, build value chains, and unlock economic potential. The session highlighted the role of industrial policy in prioritizing low-carbon initiatives to position economies for sustainable growth and resilience, while also stressing the growing importance of services as key engines of growth. Panelists called for governments to implement dynamic policies supported by continuous monitoring, evaluation, and adaptation to changing conditions.

Session 4: The Green Transition, AI and the Future of Jobs

The final session, moderated by Antonio Spilimbergo (IMF), addressed the intersection of green economic transitions, artificial intelligence (AI), and labor market transformations in MENA. Speakers Tito Boeri (Bocconi University), Dina Abdel Fattah (AUC), and Ugo Panizza (Geneva Graduate Institute) presented crucial insights on youth unemployment, informality, and skills mismatches, particularly among women. The session highlighted that while AI is set to reshape tasks rather than fully displace jobs, routine and female-dominated roles are most vulnerable to automation. Green jobs are growing but remain male-dominated, with significant skills gaps, particularly among women. The panel also discussed how migration, when aligned with labor market needs, can complement development strategies. Investment in reskilling, upskilling, and globally recognized vocational programs was emphasized as critical to building resilience in a rapidly evolving economy.

Closing Panel: Charting a Path Forward Amid Global Uncertainty

Moderated by Nigel Clarke (IMF Deputy Managing Director), the closing panel featured Francois Bourguignon (Paris School of Economics), Barry Eichengreen (UC Berkeley), Martin Galstyan (Central Bank of Armenia), and Youssef Boutros Ghali (Specialized Council for Economic Development, Egypt). Panelists emphasized the need to rebuild a fairer, rule-based international order to reduce inequalities while balancing fiscal consolidation with growth. The discussion underscored the importance of transparency, public communication, and political ownership in reform efforts, as well as addressing entrenched political economy constraints that limit competition and structural change. 

Conclusion: Toward Resilient and Inclusive Growth in MENA

The IMF MENA Economic Research Conference highlighted the urgent need for sound fiscal and monetary policies, institutional reforms and investment in human capital to address the region’s economic challenges. 

As Nigel Clarke concluded, "This conference is a milestone demonstrating the IMF's commitment to deepening engagement with the research and academic community, as we strive to ensure that the IMF support is not only responsive to the needs of member countries, but also built on rigorous tested analytics and importantly, it's aligned with local realities. Through this kind of multi-stakeholder dialogue, we aim to better understand how all our expertise and resources can be directed towards the most pressing challenges of the region.”

Watch the highlights for IMF MENA Inaugural Research Conference

View photos for the IMF MENA Inaugural Research Conference:

Day one

Day two

The customer interaction debrief event, held at the AUC New Cairo campus, provided a unique opportunity for the Onsi Sawiris School of Business MBA students to connect and collaborate with their HBS peers.

The FIELD Global Capstone (FGC) is a cornerstone of the HBS's MBA curriculum, designed to equip students with the skills needed to navigate cultural differences and tackle complex business challenges in diverse markets. Each year, the Harvard Business School collaborates with companies in 15 cities worldwide, assigning a diverse team of six students to collaborate with a global partner on a real-world project.

“We are immensely grateful to the Onsi Sawiris School of Business for their partnership,” said Professor Joe Fuller, faculty chair of FIELD Global Capstone. “This collaboration adds immeasurable value to our students’ learning and reflects the kind of global engagement we strive to cultivate at the Harvard Business School.”

As part of this program, the 66 HBS students collaborated with prominent local companies in Cairo on innovative, consumer-facing projects. These companies include B.TECH, Concrete, Edita, Efreshli, Elevate, Eva Pharma, Misr Radiology Center, Money Fellows, Nawy, New Giza Sports Club and the Sawiris Foundation. Throughout their week in Cairo, the students engaged directly with customers, collected valuable insights and developed creative solutions to enhance customer experiences.

The event fostered a dynamic exchange of ideas, perspectives and expertise between HBS and AUC MBA Students. A Keynote address by His Excellency Mr. Sameh Shoukry, Egypt’s former minister of foreign affairs, set the tone for the evening. This was followed by engaging table discussions where students engaged in in-depth conversations about their ongoing projects. The evening concluded with a networking dinner, offering an informal yet productive environment for building connections and continuing discussions.

“We are delighted to once again collaborate with the Harvard Business School in shaping future global business leaders,” said  Sherif Kamel, dean of the Onsi Sawiris School of Business. “The exchange of ideas and perspectives during this session exemplifies the power of cross-border learning, innovation and the opportunities lying ahead to collaborate for a better future.”

The Onsi Sawiris School of Business is proud to continue its partnership with the Harvard Business School, providing students with opportunities to engage in impactful, global business projects and expand their networks through meaningful cross-cultural exchanges.