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Monday, 20 February 2023

Magued Sherif steps down from SODIC after eight years

Magued Sherif (LinkedIn) is stepping down as managing director of leading real estate developer SODIC as of 14 April, according to a company disclosure to the EGX (pdf). Sherif will continue to serve on the board as a non-executive board member.

Sherif spent eight years at the helm of the company, following C-suite roles at Palm Hills Developments, Majid Al Futtaim Properties and Hyde Park Developments. During his tenure, the company quadrupled its sales and grew its land bank to become one of the largest companies in the market, according to the disclosure.

Former SODIC COO Ayman Amer (LinkedIn) is replacing Sherif at the head of SODIC with the new title of general manager as of 15 February. Amer has worked at SODIC for 13 years, following stints at Turner Construction Company and Orascom Construction.

REMEMBER- SODIC has been under new Emirati ownership for more than a year. Aldar Properties and sovereign wealth fund ADQ acquired 85.5% of SODIC in late 2021 for EGP 6.1 bn.

Axa Egypt has appointed Sameh Anas (Linkedin) as managing director in addition to his current role as COO, it said in a statement (pdf) yesterday. Anas has been with the ins. company since 2019 and spent 16 years at MetLife between 2001 and 2017.

QNB Al Ahli last month appointed former CFO Sameh Badry (LinkedIn) as its COO, replacing Ihab Raafat (Linkedin), who has retired. Badry and Raafat have both worked at the bank for over a decade.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.