Abu Dhabi Islamic Bank Egypt names Minister Al-Mashat as board member

Ahram Online , Monday 31 Jul 2023

Egypt's Minister of International Cooperation Rania Al-Mashat has been appointed as a member of the board of directors of the Abu Dhabi Islamic Bank Egypt, according to a bourse filing on Monday.

Minister of International Cooperation, Rania Al-Mashat.
Minister of International Cooperation, Rania Al-Mashat.


Al-Mashat received special waiver from Prime Minister Mostafa Madbouly to serve in the new position while maintaining her portfolio in the Egyptian Cabinet.

Abu Dhabi Islamic Bank (53.2 percent) 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.

Around 35.2 percent of ADIB Egypt's capital is listed in the Egyptian Exchange.

Al-Mashat has held several prominent positions in the economic sector and government.

She served as an Advisor to the Chief Economist at the IMF and as Sub-Governor and Head of the Monetary Policy Department at the CBE.

She also served as Minister of Tourism from 2018-2019.

Al-Mashat, a graduate of the American University in Cairo, holds a PhD in Economics from the University of Maryland in the US.

Egypt and the UAE have been strengthening their economic cooperation on multiple fronts in recent years.

Emirati investments in Egypt rose by 300 percent to a record $5.7 billion during the FY 2021/22.

Short link: