The first of its kind in Egypt, Eltoukhy Learning Factory for Innovation and Entrepreneurship brings together AUC students, faculty, entrepreneurs and industry. It will help students strengthen their multi-disciplinary and problem-solving skills, preparing them for careers in diverse professional sectors. Modelled on learning factories at other universities worldwide, the Eltoukhy Learning Factory will be located in AUC’s School of Sciences and Engineering on the New Cairo campus. 

Made possible through the generous support of AUC Trustee Atef Helmy Eltoukhy '74 and Fofa Eltoukhy, the Eltoukhy Learning Factory is a new innovative teaching and workshop environment to allow students to take ideas from the classroom and develop creative solutions to real-world problems.     

“This region presents complex challenges not limited to one professional sector or industry,” said AUC President Ahmad Dallal. “We are extremely grateful to Dr. and Mrs. Eltoukhy for this transformational gift, which will create a unique collaborative and multi-disciplinary learning environment at AUC. We are excited to see the entrepreneurship and creative projects that will result.”

As part of their “capstone projects” at the culmination of their studies, students will be empowered to develop their ideas, and bring them to fruition, by accessing the resources of the Eltoukhy Learning Factory and the expertise of AUC faculty. It will combine classroom teaching, hands-on learning and teamwork, and real-life applications. The students will also benefit from interaction with representatives from industry and other sectors that may bring partnerships or industry-sponsored challenges. 

“My family and I are proud to have had a long association with AUC” said Eltoukhy. "As Egypt's leading university, AUC plays a critically important role in preparing the next generation of leaders and problem solvers. It is essential that we provide them with the links to real-world problems and industry, well before they graduate. We are pleased to be able to support those experiences, and give students an opportunity to fully explore their ideas, and to realize projects through the Learning Factory."

If students are to have the competitive skills and knowledge that are required upon graduation, they will need experience with the latest technology and equipment. The Eltoukhy Learning Factory will allow students to develop their projects, benefiting from state-of-the-art equipment and diverse tools. The Factory will feature new equipment such as laser cutting, bench-top Computer Numerical Control (CNC) machines, waterjet, and 3D printing. Additional equipment will include various electronic control and testing equipment, and Internet of Things capabilities. The students will be supported by AUC faculty members from diverse departments including computer engineering, electronics and communications engineering, and mechanical engineering. Other AUC disciplines may also be involved, including arts and graphic design.

AUC graduates have a strong track record of generating successful startups. The Eltoukhy Learning Factory will be closely linked to the AUC Venture Lab that will help prototype startup ideas, and transform successful projects into new startups. AUC’s newly developed Virtual Reality lab will also be integrated with the Learning Factory, to allow for virtual prototyping prior to fabrication and testing.

An AUC Trustee, Eltoukhy is an Egyptian-American entrepreneur, former University of Southern California professor, scientist and the Founder and Chairman of Aurum Capital Management, an investment management firm. Eltoukhy has also authored many patents and publications in semiconductor and magnetic thin film technology. He is Chairman of the Eltoukhy Family Foundation, and he and his family have been philanthropic supporters of education in Egypt and the United States.    

Dean of the School of Sciences and Engineering Lotfi Gaafar, said, “We are very excited about the new Eltoukhy Learning Factory for Innovation and Entrepreneurship. It will significantly improve students’ experiential learning through expert supervision and better access to materials, tools, and equipment. This promises to have a substantial impact on students in the various sciences and engineering majors, and those from other disciplines across the University.”  

Describing the transformative impact of the lab, Board of Trustees Chairman Mark Turnage said: “The Eltoukhy Learning Factory draws upon international best practices. It will empower our students and enable AUC to remain at the forefront of innovation and practice in Egypt, and relevant to the needs of industry. We are very appreciative of this visionary gift from Atef and Fofa Eltoukhy.”   

After two virtual editions, the Eduniversal World Convention (EWC) is back with a dynamic face-to-face experience bringing together academics and educational leaders with diverse backgrounds from around the globe, subsequently providing opportunities for fruitful networking, discussions, and collaboration. This year the convention was held on the grounds of The American University in Cairo School of Business, marking the convention’s first time being held in Egypt and its second time in Africa.

“We, at the School of Business of The American University in Cairo, are delighted to host the 15th edition of the Eduniversal World Convention. The convention was attended by more than 100 delegates from 30 different countries around the world, who discussed timely topics such as sustainability, climate, digitalization, entrepreneurship, innovation, leadership, and societal impact,” emphasized Dean Sherif Kamel.

The event held both in person and virtually, included multiple talks, group discussions, and networking sessions. During the event, the new 2022 Eduniversal Awards Ceremony revealed the top three business schools in nine geographical zones based on the 2022 Deans’ Vote Survey and the Eduniversal Palmes of Excellence Trophies Ceremony.

The Impact of the Eduniversal World Convention

Many of the convention attendees have expressed their thoughts on the convention’s ability to positively impact higher education in business schools worldwide.

Macdonald Kanyangale, acting head of masters’ research at the University of KwaZulu-Natal, South Africa, touched on this stating: “Business schools should create a caliber of students that are catalysts for change, not just within their respective universities but also outside them, in their surrounding societies,” he continued: “Hence, we need to become academics which manifest characteristics of an activist, cultivating a culture of change in our students. I believe that this convention is a driving force towards the future of the business schools in terms of this type of activism.”

Nellie El Enany, associate professor on management at AUC School of Business, also shed light on the importance of the convention from her point of view. “I believe this convention is a great opportunity to bring individuals together from different countries that have vastly different pedagogical perspectives, experiences, and ways of thinking,” she also added: “I think that the cultural and institutional diversity encompassed in this convention really enriches each of our own approaches to learning and teaching as educators and informs our outlook on the educational system as a whole as well.” 

Remarks on Convention’s Return on Ground

The convention participants have highlighted their enthusiasm towards the convention’s return to the face-to-face modality.

Sudha A Rao, senior manager, Academia programs, ranking, and accreditation, at the Indian Institute of Management, Bangalore, stated: “It is really refreshing being back on ground and engaging with everyone here,” she added: “What happens at these conventions is that you become friends with other attendees, once you become friends it is easy to strike collaboration. I believe this is done more effectively when meeting face-to-face rather than online.”

Similarly, Per Agrell, dean, UC Louvain School of Management, Belgium, illustrated a similar notion to that of Rao. “I believe conventions held online emphasize mainly the content highlighted by the keynote speakers rather than the networking opportunities,” he continued: “I believe that a face-to-face convention has an added benefit as I would get the opportunity to speak with other deans and gain insights on how they tackle certain issues. I would not be able to do this as effectively if the convention was held online.”

“At the convection, we had very interesting exchanges with other faculty members to learn about how other business schools recover the confidence of the students after COVID-19, as well as how we reinvent our operations. I think this is a precious part of having the convention face-to-face this year,” he added.

“This is a really special edition, because the previous ones were online and we are really enjoying the face-to-face sessions, panels and award ceremonies,” echoed Cécile Escape, managing director of Eduniversal.

This year’s edition of the Eduniversal World Convention created synergies between academics leading to positive shifts in the higher education industry and an engaging exchange of knowledge, experience, and emergent ideas that aid participants of the convention towards the betterment of themselves and, accordingly, their respective institutions.

In addition, delegates from business schools around the world got a glimpse of the rich Egyptian culture and heritage through well-curated excursions and events that saw them visit the Great Pyramids of Giza, the National Museum for Egyptian Civilization (NMEC), cruise the Nile River, and spend a day of discovery at Fayoum Oasis. The delegates also got a taste of the diverse and rich Egypt heritage and culture through the range of authentic handmade crafts, henna tattoos, musical recitals, folklore dances, and acrobatic shows with a pharaonic twist offered by the talented and dedicated Tawasol Egypt students.

For more information about the 2022 Eduniversal World Convention, click here.
To watch Eduniversal World Convention 2022 Recap, click here.

This September, the AUC School of Business launched the first stock market exchange simulation on campus, Finomics ’22. The week-long event aimed to teach students about the stock exchange through live face-to-face competitions.

The competition was organized jointly by the Department of Management and the Department of Economics with the marketing and operational support of two student-led organizations, the AUC Business Association (BA) and the AUC Economics Association (EA).

“I learned a lot of skills about how to be a broker, including customer relations, negotiations and how to be competitive with pricing. All these things will make me a better investor and I think it will really benefit my future,” said Omar Mansy, one of the participating students.

Open to students of all majors, the competition was spearheaded by Wael Abdallah, assistant professor of finance, and Mina Ayad, assistant professor of economics, and powered by prominent players in the financial and investment industries, including Banque Misr, CI Capital, Abu Dhabi Islamic Bank (ADIB), Allianz, and Thndr. The competition’s theoretical content was compiled and delivered by a student academic committee with the engagement of speakers from the competition’s corporate partners.

As part of the experience, students attended four days of lectures to understand basic concepts of stock market dynamics, the role of regulatory bodies in Egypt, and investment strategies. This was followed by a three-day simulation competition, where candidates were divided into different teams of investors, banks, mutual funds, and brokers who engaged in a real-life financial ecosystem on campus that mimics the financial markets in Egypt and worldwide.

“As a broker in the simulation I had a great time, as it allowed me to see how the market works and to understand why investors invest and how they invest, as well as how the prices go up and down,” expressed Mariam Shteiwey, one of the winning students.

The closing ceremony was held on September 24 and featured keynote speeches by Professors Abdallah and Ayad, as well as representatives from the sponsoring entities including Hebatallah ElSerafi, vice chairman, Egyptian Exchange (EGX), Sherif Lokman, deputy governor, Central Bank of Egypt, Ayman Hegazy, chairman and CEO, Allianz Egypt, Tamer Shaheen, Treasury and Financial Markets head, Abu Dhabi Islamic Bank, Egypt.

“Allianz is proud to collaborate with the School of Business through sharing the know-how for practical experiences such as this one,” expressed Hegazy.

The winners received prizes in the form of cash and Thndr wallet balances. Taking the role of “investors”, Yasmine Sameh won 10,000 EGP in the first place, Mohamed Elkassa won 6000 EGP in second place, Saher Abdalla won 4000 EGP in third place. The “mutual funds” winning team consisted of Carol Bebawy, Ahmed Hashish and Bassel Samek Mikhail; the “bank” team consisted of Ahmed Mousa, Hossam Khalifa and Jana Ibrahim Ali, while the “broker” team consisted of Laila El Helw, Ali El-banbi, Lora Mounir, and Mariam Shteiwey. Each team received a total of 10,000 EGP. Winners of the competition were selected by EGX to join the EGX Ambassadors program.

“Financial illiteracy is one of our biggest problems nowadays. You have to believe in yourselves and your capabilities that you can make the future better,” said Lokman.

“If you start investing your money bit by bit every month, you’ll make the highest return,” advised ElSerafi, while Shaheen provided some exclusive insights to the students about the future of stock markets in Egypt.

This initiative is one of many experiential learning opportunities that the School offers to AUC’s students to ensure that there are no gaps between class learning and job market competencies. In addition, collaborating with corporate partners allows the School to foster its strong connections and wide networks within the business community in Egypt, opening more doors for our students post-graduation.

The Egyptian pound has dropped dramatically against the dollar after the Central Bank of Egypt announced the flotation of Egypt’s currency on October 27, as the Egyptian government secured a three-billion dollar loan from the International Monetary Fund (IMF). Dina Abdel Fattah, assistant professor and chair of the Department of Economics, explains why the government pursued this loan and what it means for the average consumer.

Why does Egypt need money from the IMF?

The government has many bills to pay, including the wage bill of the public sector and the subsidy bill. The sources of incoming revenues for the government, on the other hand, are very limited and will not cover the bills. To close this financing gap, the government secured a loan from the IMF. 

What does “floating a currency” mean?

This means the forces of supply and demand will determine the price of the currency. A floating currency should witness different values according to the season of peaks and troughs with sources of foreign currency.

What does an IMF loan mean for the economy in the short-term and long-term? 

In the long term, this loan means another financial burden and obligation. In the short term, it means fresh funds to help close the financing gap.

Why did the government originally decide to restrict imports?

Imports means you are buying products from abroad to be paid for in foreign currency. With the increasing financial commitment on the government budget in the form of expenditures in foreign currency (imports and payments of debt and the service of the debt) with limited sources of foreign currency (tourism, Suez Canal and remittances of Egyptians abroad), the pressure is high and we have to prioritize. Import restriction policies have also been followed at different points in time to protect and encourage local industry.

What exactly is inflation? 

Inflation is measured using the consumer price index, which monitors the price of a basket of goods over time. If you go to the supermarket every month to buy exactly the same products, the change in price of these exact same products over time reveals the inflation rate. 

What impact is the Russia-Ukraine war having on inflation in Egypt?

The Russia-Ukraine war is having a direct and indirect impact on Egypt. Directly, Egypt is one of the world's major importers of wheat and the war is affecting the size of wheat production and export. Indirectly, the war is causing a global economic slowdown affecting the global demand on products, leading to a global slowdown, reducing the trade through Suez Canal. Additionally, people are not able to afford holidays outside their countries, reducing tourism revenue, and the economic slowdown is affecting job creation, reducing overall demand on workers, including Egyptian workers and potential workers abroad. This is impacting the main sources of foreign currency to Egypt.

What does the future look like for average Egyptians?

This question is very tricky. I believe it is difficult to characterize the "average" Egyptian now. The purchasing power of Egyptians is decreasing as inflation is increasing. An average Egyptian is an individual who has a job, pays taxes and contributes to social security, may use the private sector for the provision of social services (education and health) and hopes to provide their kids a decent life with some elements of leisure. This class keeps moving items from the list of priorities to the list of luxuries and sacrificing them, indicating a downgrade in their standard of living.