Sherif Kamel ’88, ’90. ‘13, dean of AUC’s School of Business, has been elected board chair of the Association to Advance Collegiate Schools of Business (AACSB) for the 2024-2025 academic year, effective July 1, 2024. 

"Being elected as chair of the AACSB Board of Directors is not just a personal honor but also a testament to the vital role that AUC and similar institutions play in shaping the future of global business education," said Kamel. "I am committed to leveraging this opportunity to further AACSB's mission of fostering engagement, accelerating innovation and amplifying impact in business education."

Poised to guide AACSB during a critical phase in its evolution, Kamel plans to prioritize digital transformation in education, enhance global collaboration, and promote sustainable and inclusive growth. His extensive involvement in advisory and governance roles, including a recent appointment to the board of the Central Bank of Egypt, underscores his profound impact on the business education landscape.

"Being elected as chair of the AACSB Board of Directors is not just a personal honor but also a testament to the vital role that AUC and similar institutions play in shaping the future of global business education."

Kamel's roles as vice chair and chair-elect of the AACSB board and leadership of its Innovation Committee in 2023 set the stage for his current position as chair. Under his tenure as dean of AUC’s School of Business, the institution achieved the prestigious triple-crown accreditation and has been consistently recognized among the top business schools globally.  

Established in 1916, AACSB is the world's largest business education alliance. It connects educators, learners and business professionals on an international scale to foster engagement, accelerate innovation and amplify impact in business education, aiming for a better society.  

With three currency devaluations in the last year and rising inflation, Egypt’s economic outlook for 2023 is riddled with uncertainty. News@AUC reached out to Sherif Kamel, dean of AUC’s School of Business, to identify the top three obstacles facing the economy at this time.

Here’s what he had to say:

1. Global Recession, Rising Inflation

In 2023, Egypt’s economy will be challenging, given the expected repercussions of the global recession and the rising inflation, which has already crept in over the last several weeks. This will add more pressure on the government to take some structural reform actions and provide a more conducive environment for business and investments. Businesses will need to adapt to navigate these difficult times, while individuals must adjust and prioritize to absorb the impact on their lives and livelihoods.

2. Currency Uncertainty

Today, the U.S. dollar is valued at 30.68 Egyptian pounds compared to 15.71 on the same day last year, losing 50 percent of its value in one year. This value is one of many indicators of the economy, but the question is––is the pound still overvalued? Does the current value reflect a complete float? Or is there more to come? It is worth noting that the Central Bank’s objective is not devaluation itself but rather reaching the actual value of the Egyptian pound, which would have multiple implications on several other economic elements. 

3. Towards Transformation

The overall economic indicators have put more pressure on society. Therefore, in 2023 and beyond, the government is expected to make some timely decisions, including:

• Transforming its role in the economy into an enabler, regulator and supporter of the private sector, helping it to grow and become more competitive.
• Expediting structural reform and optimizing efficiency levels across the board through multiple approaches, including but not limited to digital transformation.
• Making the country more inviting as a business destination for international investors, which can yield foreign direct investments across different economic sectors — not only in oil and gas.
• Rationalizing public spending and focusing on sectors such as education and health.
• Transforming export revenues by investing in critical sectors and industries where Egypt has a competitive edge, such as tourism. 
• Leveraging cross-border trade in addition to working on reducing national debt.

In Conclusion

The list is long, but it is doable, and it could be a game-changer for a large and growing society with limited purchasing power yet enormous potential that is mostly untapped. The government is already discussing these issues. It is time to take action supported by economic policies and an empowered private sector that will act as a catalyst for foreign direct investments and create a wide range of economic opportunities for different segments of society.

Read more from Kamel on Egypt’s economic outlook in the Nile View

Ayman Ismail ‘95, ‘97, the Abdul Latif Jameel Endowed Chair of Entrepreneurship, associate professor in the Department of Management and founding director of the AUC Venture Lab, and Heba Elsewedy, founder and chair of Ahl Masr Foundation, will be speakers at AUC’s midyear commencement ceremonies. Ismail will be speaking at the graduate ceremony on February 15, and Elsewedy will be speaking at the undergraduate ceremony on February 18.

Watch all commencement speeches live here. 

Ayman Ismail

Ismail is an international expert in entrepreneurship and venture capital with a focus on economic development in the Middle East. He leads a research team that analyzes global entrepreneurship across more than 100 countries and is designing programs to promote entrepreneurship in the Middle East. 

Ismail encourages an entrepreneurial spirit in Egypt as the founding director of the AUC Venture Lab, Egypt’s first university-based startup incubator and accelerator. The Venture Lab was recognized as a high-impact university business incubator in Africa (2014) and MENA (2015) by UBI Global. Under his leadership over the past eight years, the lab has accelerated more than 250 startups, raised more than EGP 3 billion in investments collectively and created more than 8,000 jobs. 

Ismail is a former research fellow at the Harvard Kennedy School and received a PhD in international economic development from Massachusetts Institute of Technology, where he also received a master’s degree in city planning and geographic information systems. He earned a bachelor’s in engineering and an MBA from AUC. 

Heba Elsewedy

Elsewedy founded the Ahl Masr Foundation in 2013 with the goal of treating, preventing and researching trauma and burn injuries. With a background in business and entrepreneurship, Elsewedy was inspired to begin community service work after witnessing an increased number of injuries during the events of January 25, 2011. 

Elsewedy’s foundation is the biggest nonprofit of its kind in the Middle East and Africa –– a testament to her dedication to civil service and humanitarianism. Elsewedy has helped more than 4,000 victims in Egypt and assisted families of victims from conflicts in Libya. In 2016, she began building the Ahl Masr Hospital as the first specialized nonprofit treatment and research center for burn and trauma injuries in the Middle East and Africa. 

Elsewedy holds a bachelor’s in English literature from King Abdul Aziz University and was awarded an honorary doctorate from Cape Breton University, Canada, in 2016.

The Egyptian pound weakened against the dollar again last Wednesday in a second dip since the Central Bank of Egypt announced the flotation of Egypt’s currency on October 27, 2022. The pound has devalued by more than 70% since March 2022, a problem that has been intensified by Egypt recording its highest inflation rates in five years. 

The Central Bank is moving toward a free-floating pound in order to receive financial assistance from the International Monetary Fund (IMF), but what does this mean for average Egyptians? 

How Many Exchange Rates Exist Right Now?

First, it is important to note that not every industry in Egypt uses the official pound-to-dollar exchange rate. The Egyptian government sets an official rate but other industries may use a parallel rate, also known as a black market rate. As of mid-January, the official government rate is about 29 pounds to the dollar, but certain areas in the private sector, such as auto dealers, use a rate of around 35 pounds to the dollar, says Hany Genena, adjunct faculty member in the Department of Management.

This most recent dip in value should not impact those private sectors that already maintain a weaker exchange rate. “The private sector already prices its products and services using an exchange rate of 30 to 35 EGP to one USD, depending on industry. So, on the margin, the recent moves shouldn't add much to an already high inflation rate,” explains Genena.

Meanwhile, Egypt’s dollar shortage is causing some prices to continue to rise. “Producers of food and beverage are facing a decline in their inventories of raw materials and finished products due to dollar shortage. So, the limited supply is triggering an upward increase in the selling price,” Genena says. 

In the public sector, government subsidized commodities, like fuel and food items, will change prices as well. “The price of goods and services from the government will change, since they follow the official exchange rate. Hence, inflationary pressures will likely continue to grow and hopefully peak by the second financial quarter of this year, which is April 1 to June 30,” Genena states. 

What Does the Future Hold?

How much lower can the pound’s value go? Hopefully, it should be stabilizing soon, Genena says. The government is slowly staging down the value of the pound to match the real market value, otherwise known as free-floating. If the government sticks to schedule, the pound should reach its final, lowest value by the second financial quarter of 2023, Genena forecasts.

“I believe the EGP may overshoot temporarily to 32 or 33 pounds per dollar before appreciating during the second half of 2023 to around 28 pounds per dollar,” he predicts. 

This should open up more channels for imported goods, an area which Egypt has been struggling with since the beginning of the war in Ukraine. 

“The first benefit of floating the pound is that Egypt will receive official funding from multilateral partners like the IMF, who required the decision for their collaboration agreement,” states Genena. “The second benefit is that once the government scales down the value of the pound to its real market value, it will simplify the foreign exchange into a single rated currency. This will encourage private imports that should alleviate the import shortage.” 

While the government and international organizations are initiating this long-term plan, Genena states that the average Egyptian still has to cope with the short-term fallout. “While inflation may not increase substantially with this last devaluation, it remains high — putting financial strain on families across the country, particularly those in the middle or lower classes who do not own USD, properties or stock,” he says. 

What Can Egyptians Do?

Some banks are encouraging Egyptians to save money by offering certificates of deposit. A certificate of deposit allows an individual to deposit money in the bank, under the assumption that they will not withdraw that money for an entire year. In return, the bank will apply an increased interest rate on that money, compared to the interest rate on a normal deposit that could be withdrawn at any time, making it a better long-term investment. This should improve inflation rates in the long term, as it did when certificates of deposits were used during the currency devaluation of 2017.

Genena advises that low-income families should take advantage of support programs from the government, while middle-income families should invest whatever they can from their savings into inflation-proof assets, such as gold coins, stocks, or the certificates of deposit. 

Thankfully, there is a light at the end of the tunnel for Egypt, according to Genena. “It is important to remember that a key strength Egypt possesses at this stage is that banks are well-capitalized and capable of absorbing shocks. Egypt should be able to sustain growth - no matter how anemic - despite the magnitude of the financial shock,” he concludes.

On Friday, December 9, the Association of MBAs (AMBA) and the Business Graduates Association (BGA) hosted a Gala Dinner at the Biltmore Mayfair, where the winners of the AMBA & BGA Excellence Awards 2022 were announced. The ceremony was attended by more than 210 business school leaders, as well as category finalists, judges and members of the media.

Click here to read more 

The U.S. Agency for International Development (USAID) has awarded The American University in Cairo (AUC) $86 million for USAID Egyptian Pioneers, a new program that provides scholarships and training to Egyptian students with emphasis on sectors that can advance Egypt’s climate goals. Through a nine-year cooperative agreement, AUC will administer the program in coordination with the Ministry of Higher Education and Scientific Research, the Ministry of International Cooperation, and private and public sector institutions. Prioritizing women’s empowerment, diversity, inclusion and climate resilience, the USAID Egyptian Pioneers will build and develop the capacity of a cross-disciplinary network of public, private and academic entities. The program includes:

• Scholarships for at least 700 young Egyptians (50% women) from underserved communities to obtain undergraduate degrees in Egypt
• Scholarships for at least 60 midcareer government professionals to obtain master’s degrees in the United States or Egypt
• Scholarships for at least 50 midcareer government professionals to pursue postdoctoral studies in the United States
• U.S. and Egypt-based technical training for at least 280 midcareer Egyptian government professionals and at least 220 mid-career professionals from non-public entities

Accordingly, more than 500 Egyptian women will engage in leadership and professional training, undergraduate and postgraduate scholarships, and study-abroad programs in the United States.

AUC President Ahmad Dallal said, “Leading the USAID Egyptian Pioneers program is a great honor for AUC. We commit to extending our longstanding leadership and excellence in education, capacity development and training to ensure the sustainable integration of the public, private and academic sectors. Egyptian Pioneers will surely leave an enduring impact on Egyptian society, advancing Egypt’s economic development and progress toward its Vision 2030. We thank the U.S. government and the Ministry of Higher Education and Scientific Research as we endeavor together on this partnership journey,” 

USAID Deputy Mission Director Margaret Sancho stated, “Climate change is an enormous challenge for all people, all over the world. But we also know that women and girls bear a disproportionate burden of its impact. Despite this, women and girls are leading climate change solutions in their communities. That is why USAID’s Egyptian Pioneers program will include leadership and professional training, undergraduate and postgraduate scholarships, and study-abroad programs in the United States for more than 500 Egyptian women."

For the first time, AUC’s School of Business hosted the 2022 CEMS Annual Events and Master of International Management (MIM) graduation ceremony at the Pyramids of Giza, celebrating the graduation of more than 1,200 CEMS graduates representing 78 nationalities from 34 business schools around the world. 

“We are honored to host such a great event for the first time in Africa and the Middle East,” said Hakim Meshreki (MA ‘05), assistant professor and CEMS MIM academic director at the School of Business. “This event brings together all the CEMS family once again after two years off due to COVID-19.”

CEMS Global Alliance in Management Education is an international network comprising 34 of the world’s top business schools, 70 multinational companies and eight NGOs that together offer the CEMS Master in International Management. 

AUC joined CEMS in 2017, becoming the first business school from the Middle East and Africa to join the alliance. The University welcomed its first CEMS MIM cohort two years later. Today, 16 students have graduated from the first two cohorts, with the third cohort graduating this year. 

“We are proud to be the first business school from the Arab region and the African continent to join the CEMS network,” said Sherif Kamel '88, '90, '13, dean of the School of Business. “The CEMS program, with its unique mix of global exposure, rigorous syllabus and powerful combination of theoretical knowledge and experiential learning, is a perfect fit with the school’s goals and aspirations in developing truly global responsible citizens.” 

The CEMS Annual Events featured a series of plenary sessions, networking and corporate meetings for the CEMS global network and social events, which took place on and off AUC’s New Cairo campus.

Learn more about the CEMS network at AUC.

Watch the full graduation ceremony

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.

Futures Lab, an upcoming retreat hosted by the AUC Innovation Hub and New Silk Roads, will encourage collaboration between business leaders, architects, researchers and policymakers to explore how the future of Egyptian real estate may be adapted to climate change-related challenges. 

"With Egypt's population doubling every 30 years, the real estate sector is becoming critical in its impact on climate change,” stated Ayman Ismail, director of AUC Innovation Hub. “In Futures Lab, we get into a deep conversation with industry leaders to think of innovative, pragmatic, industry-driven solutions, building AUC’s depth of knowledge." 

Egypt currently faces a myriad of climate-related challenges, such as water scarcity, extreme changes in weather patterns, land degradation and large-scale migration, among others. Futures Lab’s goal is to adapt Egypt’s real estate development strategies to address these challenges. These solutions may include changes to building materials, urban design and green financing. 

Rather than trying to predict exactly what will happen in the future, Futures Lab intends to examine what could happen in the future and hopes to expand discussions about climate change from narrow “problem-solution” questions to more holistic and long-term approaches. This will allow members to design multiple potential futures for climate-friendly Egyptian real estate, with a focus on possibilities rather than certainties. 

To plan this retreat, Futures Lab conducted pre-event roundtable discussions featuring thought leaders from diverse backgrounds who bring with them different perspectives and approaches to the climate issue. Notable attendees included Tarek Tawfik, president of AmCham Egypt,  Ahmed Shalaby, Founder, president and CEO of Tatweer Misr, Amal Enan, senior advisor on COP27 to the World Resources Institute, Khaled Tarabieh, University architect and associate chair of AUC’s Department of Architecture at AUC, and many others. 

“The Futures Lab could not be more timely. The pace of change in the climate change space is unprecedented, and immediate actions are needed,” said Dalia Abd-Allah, senior director of the AUC Innovation Hub. “Bringing voices from all relevant stakeholders to greening real estate in Egypt into one place through the Futures Lab is a much-needed approach in addressing climate change pressures beyond traditional solutions.”

This three-day program aims to create actionable visions for real estate development in Egypt through a series of workshops and discussions. Members from different backgrounds, such as architects, urban planners, policy makers and business owners, will work together in groups to create action plans to present to their colleagues on the last day of the retreat. These action plans will then be used as the blueprint for future designs, policy and research. 

The retreat is scheduled for the end of September in Ain Sokhna and will be hosted by the AUC Innovation Hub and New Silk Roads. The AUC Innovation Hub, located at the AUC New Cairo campus, connects corporations, start-ups, researchers and innovators to collaborate on developing strategies for Egypt’s most challenging problems. New Silk Roads is a Netherlands-based organization that works with international organizations, multinational companies, and creative enterprises to consider multiple bold and innovative scenarios for the future.

Five alumni from AUC's School of Business were named among Forbes Middle East's Top 100 CEOs in the Middle East for 2022.

The list's rankings are based on overall experience and time in their current role, company size in terms of revenues, assets and market cap, achievements in the last year, innovations and initiatives implemented by the CEO and impact within their country and region.

Here are the five AUCians on the list:

Hatem Dowidar ‘01  | CEO of e&

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Hussein Abaza ‘84  | CEO and managing director of the Commercial International Bank

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Adel El Labban ‘77, ‘80  | CEO of Ahli United Bank

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Elham Yousry Mahfouz ‘84  | CEO of Commercial Bank of Kuwait

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Karim Awad ‘99  | CEO and chairman of EFG Hermes

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