Maait, 62, is succeeding Mahmoud Mohieldin, whose term concluded in October. He will serve in this new position for the next four years. 

Maait emphasized his commitment to fostering growth and intensifying support for Arab economies. He highlighted the need for coherent and balanced international monetary policies that promote financial stability.

Addressing the debt's growing challenges, Maait expressed his intention to work on finding suitable financing for development and creating more job opportunities. Furthermore, he underscored the importance of increasing the private sector's involvement in economic activities, advocating for a business environment that encourages transparency and competitive neutrality to attract investments.

Maait also stressed that international investments, particularly private investments, should be expanded to lead development efforts, achieve economic objectives, and meet the nations' basic needs.

Before his appointment, Maait served as Egypt’s finance minister for six years, from 2018 to 2024. He also previously held the position of vice minister of finance for public treasury affairs and led the ministry's Economic Justice Unit. He serves as an assistant professor in the Department of Insurance and Actuarial Science at Cairo University.

The fourth review of Egypt's Extended Fund Facility loan is anticipated to take place in November. After that, Egypt will receive the largest segment of the loan valued at $1.3 billion.