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Egypt’s Al-Sisi extends tenure of Mohamed Farid as acting FRA chief for one more year

Fatma Salah
Fatma Salah
4 Min Read
Egypt’s Al-Sisi extends tenure of Mohamed Farid as acting FRA chief for one more year

Egypt’s President Abdel Fattah Al-Sisi decided Monday to extend the tenure of Mohamed Farid as acting chairperson of the Financial Regulatory Authority (FRA) for one more year, as of 7 August 2023.

Farid is a member of the Supreme Investment Council headed by the President of the Republic, and a member of the Board of Directors of the Central Bank of Egypt.

Farid also occupies the position of Chairperson of the Egyptian Accounting Standards Committee and the Egyptian Standards for Auditing, Limited Examination and other assurance tasks according to the decision of the Prime Minister.

Farid is also Vice President of the International Organization of Financial Markets Regulatory Authorities (IOSCO), Chairperson of the Developing and Emerging Markets Committee (GEMC) (the organization’s largest committee in terms of number and geographical distribution of members), Chairperson of the Promoting Good Practices Working Group emanating from the Finance Committee The Sustainable Finance Taskforce and the membership of the Finance and Review Committee emanating from the Board of Directors.

He has led the Egyptian Exchange since August 2017 in accordance with Prime Minister’s Resolution No. 1759/2017. He also held the position of President of the Eurasian Federation of Stock Exchanges by election, a member of the Board of Directors of the Federation of African Exchanges, a member of the Board of Directors of the Federation of Arab Capital Markets, then President of the Federation of Arab Capital Markets during the period from April 2019 to April 2021.

From 2013 to 2016, Farid held the position of Consultant for Financial Leasing and Venture Capital Affairs at the World Bank-Egypt. He was also a member of the Capital Market Advisory Committee established by the Egyptian Financial Supervisory Authority. He also held the position of Vice Chairperson of the Egyptian Exchange in 2010- 2011.

Farid had obtained a Ph.D. in the field of “Finance Economics” from Cardiff Metropolitan University, in the United Kingdom.

He holds a MSc. Quantitative Finance – Cass Business School – University of London, UK.

He also obtained a Master of Science degree in economics, specializing in project analysis, investment and financing (MSc. Project Analysis, Finance & Investment) – from York University – United Kingdom.

He also obtained a Master’s degree in Business Administration, majoring in Banking and Finance (MBA Finance & Banking) from the Arab Academy for Science, Technology and Maritime Transport in Egypt.

Farid obtained a certificate in the specialized program for investing in the venture capital system (Venture Capital Program) – UC Berkley – USA, and a certificate in the specialized program for investing in economics and analysis – (Econometrics Summer School) – University of Cambridge – United Kingdom.

Farid holds a BA in Foreign Trade and Economics from Helwan University.

He also served as a lecturer in financial markets, international finance, and financial derivatives at the American University in Egypt (AUC) and at the Arab Academy for Science, Technology, and Maritime Transport (AAST). Farid was Chairman and Managing Director of Dcode EFC, a leading company in The field of economic consulting in Egypt.

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Feature: Century-old Suez Canal bears witness to vicissitudes of Egyptians being trapped and salvaged "Remember that you are not merely shifting earth, you are bringing prosperity to both your families and this beautiful land," the groundbreaker Ferdinand de Lesseps, former French vice-consul in Egypt's Alexandria, told Egyptian workers rallied around him at the ceremony. What unfolded afterward, however, proved his speech was yet another hollow promise by Western colonizers. A cargo ship travels on the Suez Canal in Ismailia Province, Egypt, Jan. 13, 2024. (Xinhua/Ahmed Gomaa) In the ensuing years, 120,000 Egyptians toiled to death during the excavation. After the completion of the canal, Britain and France, scheming to control the vital maritime trade route, employed debt traps and even resorted to warfare against Egypt, plunging its populace into a century-long misery. "Perhaps in the eyes of others, the canal is just a trade route, but for Egyptians, blood and tears flow there," recalled Wael Kaddour, who had served as a board member of Egypt's Suez Canal Authority. "It's part of our lives," said the 80-year-old man. HOLLOW PROMISE Thursday marked the 165th anniversary of the Suez Canal's excavation. The story of the canal began in 1854 when Mohamed Said, the ruler of Egypt, granted de Lesseps the concession to set up a company to build the canal and to operate it for 99 years before giving back its ownership to Egypt. The concession stipulated that Egypt ceded the rights to dig and manage the canal to the Universal Company of the Maritime Canal of Suez founded by de Lesseps while providing the land and four-fifths of the labor force for the canal project at no cost. A large ship travels on the Suez Canal in Ismailia Province, Egypt, Jan. 13, 2024. (Xinhua/Ahmed Gomaa) To raise the 200 million francs needed for the canal's excavation, de Lesseps's company split the funds into 400,000 shares available for public purchase. However, just over half of these shares were bought, with Egypt acquiring less than 100,000 shares. None of the shares allocated for Britain, the United States, Austria, and Russia found buyers. The French, keen to ensure the success of the Suez Canal project, encouraged Egyptians to purchase the remaining shares. However, given Egypt's already strained finances, it seemed impossible to afford such a substantial amount. Said had no choice but to borrow large sums from Britain and France at exorbitant interest rates. This marked the start of Egypt's gradual fall into a carefully designed debt trap laid out by Western powers. As the excavation progressed, costs soared, leaving Egypt with no choice but to keep borrowing from Britain and France. Egyptian railways, land, and even future canal revenues were all pledged as collateral to European nations. By the time the canal was completed, Egypt's financial situation was on the brink of collapse. European capital has largely swallowed up the Egyptian peasant economy. Enormous tracts of land, labor, and numerous labor products, have ultimately been converted into European capital and have been accumulated, wrote Polish-German political theoretician Rosa Luxemburg. From the inception of canal construction until the mid-1870s, Egypt's external debts increased 23 times, while revenues increased only five times. The debt service absorbed two-thirds of state revenues. In 1876, Egypt, overwhelmed by its rapidly accumulating debt, declared bankruptcy. Seizing the opportunity, British creditors moved to claim Egypt's shares in the Suez Canal, and Western powers took full control of the canal without firing a single shot. MILESTONE TOWARD NATION INDEPENDENCE Despite the loss of several friends and relatives in the war sparked by the canal's nationalization, Kaddour said he still took pride in former Egyptian President Gamal Abdel Nasser's decision made 68 years ago. The nationalization of the Suez Canal has changed the destiny of Egypt, he said. A vessel is seen on the Suez Canal in Ismailia Province, Egypt, on Jan. 3, 2022. (Xinhua/Ahmed Gomaa) In 1952, Egyptian military officers led by Nasser staged a revolution, overthrowing the pro-Western monarchy, and the following year witnessed the establishment of the Republic of Egypt. On July 26, 1956, 100,000 Egyptians gathered at Liberation Square in Alexandria to celebrate the fourth anniversary of the revolution. Before the cheering crowd, Nasser declared that he had signed into law the nationalization of the Suez Canal Company on that very day. "We shall not let imperialists or exploiters dominate us. We shall not let history repeat itself once more," he said. Nasser's decision to nationalize the Suez Canal challenged the core interests of Britain and France. Following unsuccessful diplomatic coercion and persuasion, Britain and France decided to ally with Israel, which was then at odds with Egypt, to launch a war and seize control of the Suez Canal. As the war unfolded, to prevent the Suez Canal from falling back into the hands of Western powers, the Egyptian people scuttled dozens of ships in the canal to block its passage. Ultimately, under the pressure of global condemnation and the Egyptian people's unwavering determination to defend the canal, the aggressors backed down and withdrew from Egypt. FUTURE WITH GLOBAL SOUTH Nowadays, the Suez Canal stands as a vital artery for global commerce. During its busiest periods, approximately 30 percent of the world's container traffic and over 1 million barrels of oil traverse this waterway daily. 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Today, the mutually beneficial cooperation along the Suez Canal between Egypt and developing countries has borne fruitful results. This photo taken on Aug. 10, 2023 shows an office building of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone in Suez province, Egypt. (Xinhua/Sui Xiankai) In the desert less than 50 km south of the Suez Canal, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone has attracted more than 140 companies spanning a range of sectors including new building materials, petroleum equipment, high and low-voltage gear, and machinery manufacturing, creating jobs for over 50,000 locals. On the southern Sinai Peninsula just across from the Suez Canal, a new city developed by Egypt and Saudi Arabia is rapidly taking shape. According to the plan, the city is set to emerge as a crucial hub for tourism, commerce, and technology in the Middle East. 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Feature: Century-old Suez Canal bears witness to vicissitudes of Egyptians being trapped and salvaged
Egypt