ADIB Egypt bank names Minister Al-Mashat as board member

Abu Dhabi Islamic Bank – Egypt (ADIB-Egypt) has appointed Egypt’s Minister of International Cooperation Rania Al-Mashat as a member of its board of directors, according to a bourse filing on Monday.

Egypt’s Prime Minister Moustafa Madbouly decided to authorise Al-Mashat to serve her new position as an independent non-executive member, alongside with her current position as Minister of International Cooperation.

Abu Dhabi Islamic Bank owns 53.2 percent of ADIB-Egypt. Meanwhile, Emirates International Investment Company and Respond Investment hold a 13.44 percent and a 5.19 percent stake in ADIB Egypt, respectively.

It is worth mentioning that Al-Mashat has held several prominent positions in the economic sector and government. She served as an Advisor to the Chief Economist at the International Monetary Fund (IMF).