President Abdel Fattah El-Sisi during his meeting with newly-appointed acting governor of the Central Bank of Egypt (CBE) Hassan Abdallah on Thursday. (photo courtesy of Egyptian presidential spokesperson)
In a meeting with Abdallah, who will succeed Tarek Amer, President El-Sisi stressed the need to develop monetary policies to keep pace with global economic changes, according to a presidential statement.
El-Sisi also directed diversifying the sources of foreign currency, highlighting the need to work on providing an appropriate climate for investment.
The decision comes while all eyes are on the CBE’s Monetary Policy Committee (MPC) meeting, which will be held today to review the key interest rates in light of the recent local and global economic developments.
On Wednesday, President El-Sisi accepted the resignation of Amer, who chaired the CBE for seven years (2015-2022).
Abdallah has been chairing the UMS since mid-2021. The activities of the six-year-old UMS, Egypt’s largest media conglomerate and one of the largest in the Middle East, vary from media production and advertising to newspaper publishing, with over 30 subsidiaries.
In terms of his banking experience, Abdallah served as the CEO and vice president of the Arab African International Bank (AAIB) after merging it with Misr America International Bank in a deal worth about EGP 240 million.
Under his chairmanship, the AAIB acquired the Canadian Bank of Nova Scotia portfolio in Egypt in 2015.
Abdallah also served as a member of the CBE’s board of directors as well as a board member of the Egyptian Exchange (EGX).
He also served as the former chairperson of Saib Bank, chairperson of the Union Des Banques Arabes Et Francaises – UBAF in Hong Kong and chairperson of the board of trustees of Oweegypt.
He is also a former member of the board of directors of the Union Des Banques Arabes Et Francaises in Paris and a member of the CBE and Orascom Construction.
Abdallah was also a board member at a number of well-known companies in Egypt.
He acted as a board member in Ghabbour Auto, Coca-Cola, Endeavor Egypt, Telecom Egypt, and Orascom Construction.
In addition, he served as a member of the board of directors of the National Competitiveness Council, the Institute of International Finance, and the Emerging Markets Advisory Council.