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Sunday, 28 August 2022

Madbouly appoints new FRA board

First a new boss, now a new board for the FRA: The Financial Regulatory Authority (FRA) has appointed a new board for a four-year term under a decree issued by Prime Minister Moustafa Madbouly, according to a statement.

The board already has a new head: Former EGX boss Mohamed Farid was appointed as acting chairman of the FRA for one year earlier this month. He succeeds Mohamed Omran, who stepped down after five years at the helm of the regulator.

The FRA’s deputies are retaining their roles: Ahmed Abdel Rahman El Sheikh and Islam Azzam are staying in post as the FRA’s deputy chairmen.

Joining the board: One of the central bank’s two deputy governors will be selected by the new CBE Governor Hassan Abdalla to join the FRA’s board. Madbouly also appointed former planning minister Ashraf Al Arabi (bio), Rep. Marianne Azer (LinkedIn), former EGX boss Khaled Serry Seyam (bio), executive director of the National Training Academy of Egypt Rascha Ragheb (LinkedIn), and our good friend Tarek Mansour to sit on the board as economic, financial, and legal experts.

IN OTHER MOVES- Amr Ahmed Mostafa was appointed as non-executive chairman of the Holding Company for Maritime and Land Transport (HCMLT), Al Mal reported, citing a circular by Managing Director Abdelmotaleb Khedr.

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