Who leads economic portfolios in Egypt’s new Cabinet
Egyptian President Abdel Fattah al-Sisi swore in new ministers on Wednesday as Prime Minister Moustafa Madbouly announced his new Cabinet, one month after the resignation of the previous government was reported.
Below are the ministers chosen to the economic portfolios in the Cabinet.
Minister of Transport and Industry
Lieutenant-General Kamel Al-Wazir has been re-appointed as Deputy Prime Minister for Economic Development and Minister of Industry and Transport, a move that highlights the strategic importance of these sectors in the new government’s development plans. Al-Wazir had been Minister of Transport since March 2019. Prior to this, he served as head of the Armed Forces Engineering Authority.
Minister of Finance
Ahmed Kouchouk was serving as a deputy minister for Fiscal Policies and Institutional Reform since March 2016. He was also named as a senior economist at the World Bank in Cairo since June 2013.
From May 2011 to 2013, Kouchouk was the Deputy Assistant Minister of Finance for the Deauville Partnership, which was established by the G8 in 2011 to assist Arab countries.
He graduated with a Bachelor of Arts in Economics from the American University in Cairo in 1998. In 2002, he obtained a Master of Science in Economics from the University of Yorkshire in the UK. He also obtained a master’s degree from the John F. Kennedy School of Government at Harvard University, in 2010.
Minister of Investment and Foreign Trade
Hassan El-Khatib has been named as the Minister of Investment and Foreign Trade, replacing Ahmed Samir, who served as a Minister of Trade and Industry since August 2023.
El-Khatib is an economic expert with decades of professional experience in investment banking in Egypt, North Africa, Turkey, and Central and Eastern Europe.
He served as a non-executive member of the board of directors of the Central Bank of Egypt (CBE).
He was also a non-executive member of the board of directors of the Sovereign Fund of Egypt (TSFE) from 2019 to 2023.
Moreover, El-Khatib was appointed as the Managing Director of Equity at the European Bank for Reconstruction and Development (EBRD) from 2014 to 2023. He also worked as the Director for the Southern Eastern Mediterranean Region, Industry Commerce and Agribusiness at EBRD from June 2012 to March 2014.
Minister for Planning, Economic Development and International Co-operation
Rania Al-Mashat has been re-appointed as Minister for Planning, Economic Development and International Co-operation. She had been Minister of International Cooperation since December 2019. She has been the first female Minister of Tourism during the period from January 2018 to December 2019.
Al-Mashat enjoys more than 20 years of international experience in areas of central banking, financial systems, monetary policy frameworks, international co-operation policies and strategies, sustainable development, and climate finance. She has worked at the International Monetary Fund (IMF) in Washington DC as Advisor to the Chief Economist during the period from August 2016 to January 2018, and Senior Economist between 2001 and 2005.
She also worked with the Central Bank of Egypt (CBE), as the Sub-Governor for Monetary Policy during the period from August 2005 to June 2016, where she contributed to modernising the CBE’s monetary policy strategy underpinned by structural reforms to formally adopt an inflation-targeting regime, a key pillar of the banking sector reform program launched in 2004.
Minister of Tourism and Antiquities
Sherif Fathy has been appointed as the new Minister of Tourism and Antiquities, replacing Ahmed Issa, who had been leading the ministry since August 2022.
Fathy was formerly Minister of Civil Aviation in Sherif Ismail’s Cabinet from March 2016 to June 2018.
He served numerous positions in various countries worldwide, including Regional Manager for KLM Royal Dutch Airlines and Northwest Airlines, and Regional Manager for the International Air Transport Association (IATA) in the Middle East and North Africa.
Fathy was also Advisor to the Chairman of the EgyptAir Holding Company; General Manager of Revenue Maximisation and International Organisations at EgyptAir; Chairman of Air Cairo; and CEO of Air Arabia.
Minister of Petroleum and Mineral Resources
Karim Badawi has been appointed as the Minister of Petroleum and Mineral Resources. Karim Badawi enjoys a wealth of experience, having started his career with Schlumberger (now SLB) in 1996. Over the past 28 years, he had undertaken several assignments in Aberdeen, Egypt, Paris, Houston, Russia, and Central Asia, before returning to Egypt. The last position he had held was the Director of SLB New Energy – Middle East and North Africa, based in Cairo— since May 2018.
His expertise spans engineering, practical work, and management across the petroleum and gas upstream sector, including marketing, training, information technology, and human resources management.
He supervised key projects, including the launch of Egypt Upstream Gateway (EUG) digital platform, enhancing exploration success in the Suez Gulf using modern seismic techniques, and contributing to Egypt’s petroleum sector development.
Badawi holds a Bachelor of Science and a Master of Science in Mechanical Engineering from the American University in Cairo, as well as a Master of Business Administration (MBA) from Erasmus University in Rotterdam.
Minister of Electricity and Renewable Energy
Mahmoud Esmat has been appointed as the new Minister of Electricity and Renewable Energy.
Esmat has been Minister of Public Business Sector since August 2022. Esmat worked as Chairman of the Board of Directors of the Airports Holding Company between 2014 and 2016.
He graduated from the Faculty of Engineering at Cairo University and earned his PhD degree in Engineering from Dalhousie University in Canada.
Minister of Supply and Internal Trade
Sherif Farouk has been appointed as the new Minister of Supply and Internal Trade, succeeding Ali Moselhi, who had been leading the ministry since February 2017.
Farouk is a veteran banker in the private sector. He had served as the chairman of Egypt Post since June 2020. He also served as the CEO of Nasser Social Bank from February 2017 until 2020.
Minister of Communications and Information Technology
In the new Cabinet reshuffle, Amr Talaat remained the country’s Minister of Communications and Information Technology, a position he held since June 2018. He enjoys a 30-year experience in communications and information technology.
In August 1988, Talaat joined IBM – Egypt, where he served various managerial positions. In 2010, Amr Talaat became IBM Country General Manager, and served as a Territory Manager since 2005. He managed the company’s Systems and Technology Group as well as its Business Partner Organisation.
Minister of Agriculture and Land Reclamation
Alaa Farouk has been appointed as the new Minister of Agriculture and Land Reclamation, replacing El Sayed El Quseir, who led the position since December 2019. Farouk had been the chairman of the Agricultural Bank of Egypt and held several positions at the National Bank of Egypt (NBE).
Minister of Housing, Utilities, and Urban Communities
Sherif El-Sherbiny is the new Minister of Housing, Utilities, and Urban Communities, replacing Assem El-Gazzar, who had led the ministry since February 2019.
Between 2021 and 2 July 2024, El-Sherbiny was the Head of the New Administrative Capital Authority.
He was also the Head of the Shorouk City Authority between 2018 and 2019, and then served as the head of the 6th of October City Authority from 2019 to 2021. He was also appointed as the Deputy Head of Badr City Authority from 2015 until 2017.
El-Sherbiny has a Bachelor’s degree in Civil Engineering in 2005 and worked in the Utilities and Designs Departments at the New Urban Communities Authority.
