From the ancient past to the present, doing business in Egypt has always been an international affair. Today, AUC’s School of Business continues this tradition as part of the CEMS network.

CEMS — the Community of European Management Schools, now known as the Global Alliance in Management Education — is a network of elite business schools and corporations across the world, which cooperate for joint programs and allow students to gain hands-on business experience in foreign countries and companies. 

For six years now, AUC has sent young Egyptian business graduates abroad to study at some of the world’s top universities, and welcomed some 25 foreign students to Cairo to show them how business is done in the Arab world’s largest economy. 

One such student is Angelique Nies, a native of Germany and graduate of the CEMS Master of International Management program at the Norwegian School of Economics in Bergen.

When choosing a host school for her CEMS semester abroad, AUC stood out clearly from the rest with its promise of something truly different from already-familiar European business schools. “What was most important for me when choosing my exchange destination for my term abroad was having a unique cultural experience and exploring a new part of the world,” says Nies.

Aside from the change in climate, Nies noticed differences in AUC’s teaching system compared to schools in other countries. The AUC School of Business environment is “much more intimate in comparison to European grad school programs,” she remarks. 

Nies recounts that her class sizes at AUC ranged from just five to nine students, allowing more focused teaching and making professors “much more accessible” than at other schools around the world. “Professors at AUC really care about your personal development and learning journey,” she explains.

AUC faculty, along with students, are just a few of those who make up what Nies found most charming about Egypt: the people. “Every Egyptian I met was extremely welcoming and went out of their way to make me feel at home and share their rich culture with me,” she says.

Hindsight has not changed her opinion. “If I could go back, I would choose AUC all over again!”

Hosted in collaboration with AUC’s School of Business and School of Global Affairs and Public Policy, the Leadership for Government Excellence Programme (LEP) was awarded the prestigious Excellence in Practice Award – Silver Award from the European Foundation for Management Development. Developed by AUC, the Ministry of Planning and Economic Development and King’s College, this program aims to hone the skills of civil servants in line with Egypt’s Vision 2030, including the National Administrative Reform Plan and the Sustainable Development Strategy. 

The EFMD Excellence in Practice Award is a prestigious recognition that celebrates outstanding and impactful learning and development initiatives from around the world. The winning LEP case was developed by AUC's School of Business' El-Khazindar Research and Case Center.

“Receiving the EFMD Excellence in Practice Award is not only a recognition of the hard work but also a motivation to continue to deliver together this gender-sensitive co-designed program, which contributes to a shift in mindsets, modernization and change of government machinery for effective public service delivery,” stated Sherifa Sherif, executive director of the National Institute of Governance and Sustainable Development in Egypt’s Ministry of Planning and Economic Development. 

LEP is designed to equip participants with the knowledge and skills they need to lead effectively, manage change and drive innovation in their organizations. Delivered through a blend of classroom-based instruction, online learning and practical assignments, the program covers leadership theory and practice, strategic management, project management, data analysis, communication skills and more. 

“We are proud to be part of this nationwide effort to improve the effectiveness of government work through investments in human resources, competence-building and talent development in the public sector,” said Mohamed AbdelSalam, executive director of Executive Education at AUC’s School of Business. “This recognition is a testament to the hard work and dedication of our instructors, staff and partners who have contributed to the success of this program. It is also an acknowledgment of our commitment to excellence in education and our ongoing efforts to make a positive impact on society.” 

“We were delighted to be selected to work with AUC on this important programme for the Ministry,” said Tim Sellick, director of Custom Programmes at King’s Business School, King’s College London. “The program demonstrated ambition, not only in the learning outcomes required, but also in the real and practical change in behaviors they required of the participants as they went about this major transformation.”

Since its launch in 2019, the program has trained 120 government personnel from 24 ministries, including 40 women and 80 men. Its goal is to produce the leadership cadres to guide public service operations in the New Administrative Capital.

Mazen Tawfik, electronics and communications engineering senior, ranked third worldwide in Capsim’s Spring 2023 Foundation Challenge, competing with nearly 1,000 students from different countries, including Australia, Canada, China, England, India, Hong Kong, Indonesia, Malaysia, Mexico, South Korea, Thailand, Trinidad and Tobago, Turkey and the United States.

This year’s biannual international business competition asked students to work through a recession to mirror a market environment of escalating complexity. At the competition, Tawfik’s simulation was running a virtual, multi-million-dollar company head-to-head with peers from 15 countries. The final competition required decision rounds every hour for eight continuous hours. According to Capsim, Tawfi’s success is proof that he “can succeed under pressure and make winning business decisions in the midst of economic uncertainty.”

“I was so thrilled and glad to receive such recognition for my hard work,” Tawfik said. “This challenge will boost my confidence in future work as it makes me believe I have the skills and tenacity to succeed in business under any conditions.”

Tawfk’s first encounter with foundation business simulation was during a class at AUC. “I have always had a competitive spirit, as I believe it drives me to be better,” he said. “Having heard about the challenge from Dr. Irene Shaker, whom I happen to be her teaching assistant in the Introduction to Business course, I immediately joined as I wanted to reach my potential in Capsim and compete with top-notch students all over the world. The most valuable thing I learned from the challenge is the ability to be flexible in an uncertain economy and that consistency is the key to success.”

With an engineering background, Tawfik doesn’t shy away from a business challenge. “Being an engineering student, it was difficult to allocate time to prepare for the competition,” he said. “However, I managed to do so because, in my opinion, business is the key to thriving in every field, and this challenge will add a lot to my mindset. Engineering helped me prevail over other participants, especially when I encountered unexpected results each round, and understand how to use my problem-solving skills to bounce back and compete.

The AUC School of Business Executive Education open-enrollment program jumped an impressive five places in the Financial Times (FT) rankings. This year, the program ranked at 62, maintaining its position as the only ranked business school in the Arab region and one of only three in Africa. This achievement highlights the program's commitment to providing relevant, practical, and high-quality education to business professionals worldwide.

“This recognition is a testament to the hard work and dedication of our team and instructors, who have worked tirelessly to provide relevant and innovative programs to our participants,” says Mohamed AbdelSalam, executive director of Executive Education at the AUC School of Business. “Maintaining our position as the only ranked business school in the region is a great honor and further motivates us to continue providing world-class executive education to business professionals across the globe."

FT rankings are based on data provided by learners and institutions alike, assessing ten criteria from participants and six from schools. AUC’s ranking is a testament to its service to its world-class executive education experience, which offers an array of open-enrollment programs designed to meet the needs of business professionals at all career stages through an up-to-date curriculum, experienced instructors, customized learning, interactive teaching methods and an array of networking opportunities.

Whether seeking guidance about careers, academics, creativity, entrepreneurship or life in general, students in all stages of their AUC journey — as well as alumni — can find help in the form of a mentor under the University’s Life Mentorship Program (LMP).

Launched in 2017, the program connects AUC students with faculty and alumni mentors, forging powerful relationships that last well beyond University. Michael Hanna ‘20 joined LMP initially as a work-study video editor and director, but shortly thereafter began to be mentored by Hakim Meshreki (MBA '05), assistant professor and CEMS Master in International Management academic director. Hanna is now an electrical engineer in Orlando, Florida.

“My first impression of Dr. Hakim was how accessible and relatable he is,” Hanna recalled. “I felt like he was an older sibling, a really smart one.”

After undergoing a revamp following the coronavirus pandemic, the LMP was relaunched last November by May Ramy, senior director for cocurricular programs at AUC. It now operates under five clusters: entrepreneurship, civic engagement, arts and culture, athletics and well-being. In addition to one-on-one matches, the LMP is also offering group mentoring sessions as an introduction to the program.

“The program complements everything that happens inside of the classroom,” Younes explained. “It aims to build well-rounded mindsets and skill sets that will help students jump-start their careers. Moreover, it is a lifelong relationship — people always remember a mentor who has helped them realize their potential and overcome challenges.”

Though Hanna studied electronics and communications engineering at AUC, working with Meshreki, who teaches in AUC’s School of Business, taught him the importance of making connections and being relatable in conversation. “I ended up taking Dr. Hakim’s Introduction to Business course, and later on, he recommended me as a teaching assistant to different professors.”

This interdisciplinarity is a key component of the program, Ramy explained. “The LMP engages AUC learners from different disciplines in quality mentoring relationships and development experiences that create meaningful and sustainable connections and enable them to lead an intentional and professional life,” she said.

Making a Mentor

Intelligence, empathy, experience — according to Meshreki, these are three characteristics that are essential in being a good mentor. Having been with the program since 2018 and mentoring students on his own before joining, Meshreki sees mentorship as an invaluable practice.

“We're living in an era of instability, so talking to others and building relationships with more experienced people will open up ideas and opportunities,” he said. “Having a mentor can help students discover their full potential and steer them toward better avenues for personal growth.”

Hanna reflected on what made Meshreki an ideal mentor. “He's young at heart and knows how to immediately connect with students,” he said. “Dr. Hakim consistently provided helpful, relevant information, continually exercised critical thinking, was willing to be proven wrong and loved being challenged.”

Hanna is grateful for the program’s impact on his career trajectory. He’s also still in touch with Meshreki, who is taking on new mentees with the program’s relaunch. Since November, nearly 300 mentors and mentees have signed up for the program. “This is a network, and the benefits of a network are huge.” Meshreki said.

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Debate your hearts out! AUC’s Cairo International Model United Nations (CIMUN) swept the National Model United Nations in New York last month. Representing Nigeria and Montenegro, the 37-person team took home an impressive 14 awards, making AUC the most-awarded university at the conference.

Within those achievements, the team won two Outstanding Delegation Awards — the highest award a university can achieve— for their group representation of Nigeria and Montenegro. In addition, the AUC delegates won 12 individual awards across multiple councils, including the Human Rights Council, General Assembly, UN Environment Assembly, UN Economic Commission for Africa, International Atomic Energy Agency, Commission on the Status of Women, and Commission Crime Prevention and Criminal Justice. 

"The amazing team of delegates we had this year led AUC to become the university with the highest number of awards at the NMUN conference this year, as well as the only university to receive not just one but two Outstanding Delegation Awards. I believe this team raised the bar for many years to come," said Ali Hussein, economics major and CIMUN organization committee head.

Getting ready for this conference took more than six months of practice and a rigorous selection process that included interviews as well as mock conferences and position paper writing. The preparation phase comprised general training sessions for the delegation overall as well as more specific training and strategies for the different councils, in addition to researching foreign policy and identifying key international agreements to support the team's stance. There were also simulations to fully prepare the team for all aspects of the conference as well as a comprehensive process for writing the position papers, "which is a very important aspect of the NMUN conference and yielded many awards for us," explained Hussein. "This year, the majority of our delegates were freshmen and had never experienced a conference of this scale before. This made the preparation process longer and more challenging, which made the victory at the end even more rewarding. That was what was most special about the CIMUN victory this year."

Farid Hani, economics major with a minor in international relations and CIMUN undergraduate academic adviser, echoed similar sentiments. "Working with each and every one of our delegates in training, selection and writing position papers builds a personal connection, and we were eager to see them shine in action. Indeed, they passed our expectations and demonstrated great leadership, presentation, research, analytical and diplomacy skills," he said, adding:

"This year marks the 35th CIMUN team, and it was our target to truly make an impact and prepare the next generation of leaders to partake in this rigorous and prestigious conference. What really made a difference despite our delegation's young age was their spirit, dedication and eagerness to learn. To me, seeing their hard work come into play and their development over the months of training was the true victory."

Walid Kazziha, political science professor and CIMUN's faculty adviser, commended the hard work put in by all those involved. "My sincere thanks goes to all colleagues and staff members who helped prepare CIMUN for its great success," he said. "Above all, we owe our students and their High Board a word of gratitude and true recognition for the relentless efforts they have made to maintain the high standards we always demand of them.”

For participating students, the conference taught them valuable lessons both personally and professionally. "Attending the NMUN conference this year as head delegate has taught me a lot of new skills and lessons," reflected Hussein. "The key lesson I learned was how to properly strategize and plan ahead with my fellow High-Board members in order to reach the best outcome possible, which we thankfully succeeded in doing. Other important skills that were reinforced, thanks to this experience, included discipline, leadership and diplomacy. I am now assured that if I put my mind to something, plan accordingly, trust the process –– and most importantly my team –– I will reach the goal that I had set out from the beginning."

As Lara Radwan, economics major and CIMUN secretary-general put it, "Year by year, our goals for NMUN increase, and this year, we were able to win the highest amount of awards amongst all competing universities. With the competition becoming stronger and the MUN scene growing day by day, we had to prepare our team to become the top competing university in this year’s conference. The process has definitely been challenging, but the amount of knowledge we gained en route and the experience of getting to meet participants from all over the world is indescribable!"
 

International student Sara Carere has never experienced a month quite like Ramadan in Egypt. Living in wust el balad, or downtown Cairo, Carere has fasted with friends from Assiut, eaten suhoor on the street with her neighbors and watched hours of musalsalat (Ramadan TV series). 

“I was most surprised by how special and collective fasting feels,” Carere says. “Back home in the Netherlands I had some Muslim friends who fasted, but seeing Ramadan on a country-wide scale is incredible.”

Carere fasted the first two days of Ramadan to understand what her Muslim friends and neighbors were feeling firsthand. “It was really hard for me,” Carere recalls. “Maybe it's because I haven’t done it before, but not drinking water was so tough. That first iftar was incredible, though; water and dates have never tasted so good.” 

As a Middle Eastern studies student from the University of Groningen, Carere has spent her study abroad year at AUC making friends from all over the world. Her iftars have included traditional Egyptian foods and sweets, like molokhia, mahshi, kunafa and atayef, in addition to international foods, like Spanish omelets and pasta bolognese.

“I’ve really enjoyed this month because my roommates and I always have dinner together at iftar. Planning the meals, going grocery shopping and visiting the local market in Sayeda Zaynab to see the lanterns has been a lot of fun,” Carere says. “The fresh fruit juice from the street vendors is so good. My favorite is the coconut drink, sobia.” 

Living in downtown Cairo has immersed Carere in the Ramadan spirit. “The first night we walked around downtown until suhoor. Everyone seemed so happy and energetic,” Carere recalls. “We spent the night playing dominoes at an awha (local coffee shop) and drinking tea. It’s been a great chance to practice my Arabic.”

Ramadan has also highlighted some amusing cultural differences between the Netherlands and Egypt, particularly with regard to watching musalsalat. “In the Netherlands, we usually watch a show in silence and discuss it after,” Carere explains. “Watching the shows here with my Egyptian friends involves a lot more commenting and asking questions. I like it; it's more engaging. My favorite shows so far are Al Maddah and Al Soffara.”

At other times, the month feels bittersweet for Carere. “Seeing everyone breaking fast with their families and spending so much time together does make me a little homesick,” Carere says. “Thankfully, my dad is coming to visit next month, and I am so excited to show him how special Egypt is during Ramadan.”

While a business school education can be the foundation for a young entrepreneur's career, nothing matches hands-on industry experience. Courtesy of AUC's Center for Entrepreneurship and Innovation (CEI) and Shorooq Partners, one of Egypt's leading investment firms, AUC students were invited last month to test their mettle in a competitive venture capital investment simulation, the first of its kind in Egypt, and likely the entire Middle East.

The competition was designed to accurately simulate the tough, high-stakes world of private investment. Although most competitors were from AUC’s School of Business, ultimately it was Ghoroub Partners, a team of computer scientists from the School of Sciences and Engineering, who took first prize, winning an impressive $2,000. If they are as talented with computers as they are with investments, all members (Nourhan Nada, Ahmad Ashraf, Lobna Aboudoma, Tamer Osman, and Mohamed Moghazy) have bright futures ahead of them.

"It was an honor to win first place in this competition," said Nada, a computer engineering student and Ghoroub Partners team member. "Our team conducted thorough research and analysis on the startup we were investing in, putting in a lot of hard work and effort. It was incredibly rewarding to see that pay off."

Nada attributed her team's success to the experience and ability of each member. "We have participated in more than 12 competitions and have won several of them, which gave us a competitive edge," she added. 

Honorable mentions went to the second and third-place competitors, Alpha Team and Agora, who took home $1,500 and $500 respectively.

Following the announcement of the competition in January, students were invited to form teams and tasked with hypothetically investing $100,000 in real startups, just as Shorooq investors deal with in the real industry. These were summarized into memos for judges. Although the investment risks for students were merely hypothetical, the rewards were not; $4,000 in cash prizes were up for grabs for the three most talented teams.

All in all, 27 teams and four individuals, some 122 AUC students from various departments submitted memos to participate. Students had to perform their due diligence, analyze the investment prospects and devise investment plans just like any investment fund does in the real business world. Over successive rounds of elimination, students were offered industry training by professional investors at Shorooq Partners, met with real startups, and narrowed the field to 22 teams, then 16 and finally eight for the final round. At this stage, the finalists presented and negotiated their investment proposals with judges.

“Being a part of this competition was a new experience for me,” says Nada. “It pushed me to expand my knowledge of the entrepreneurial ecosystem and venture capital, and I’m grateful for the opportunity.”

Aside from being the first of its kind in Egypt, the CEI-Shorooq VC competition provided fantastic professional experience for students. Risk assessment; management of time, money and people; data analysis and decision making were all necessary ingredients of success for participants, just as they are for professional investors. "We were treating them as real venture capitalists like those who are hired at Shorooq Partners," says Nadine Ramadan, senior officer of performance optimization at CEI and the competition’s manager. "Accordingly, this competition gave them a chance to experience how this ecosystem works and what could be their role and daily work as venture capitalists if they are interested in pursuing their careers in that field." 

AUC's liberal arts approach to education, allowing students to pursue interests and classes across disciplinary boundaries, "enables us to know something of everything," says Ramadan. Well-rounded students like those of the competition's winning teams were able to adapt what they learned in their studies, whether in business, engineering or psychology, to new contexts and practical problems.

The 2023 CEI-Shorooq VC competition is what venture capitalists might call the "initial public offering" for something much larger and much more exciting. Organizers plan to open up the competition to public and private universities across Egypt in 2024 and beyond, bringing together more teams and more young business professionals to hone their skills, and of course, compete for the top prize.

If the competition’s first edition at AUC is any indication, it will be well worth their time.

“This competition not only honed our venture capital skills,” says Nada, “but also deepened our passion for entrepreneurship. It was an incredible experience overall."

With three currency devaluations in the last year and rising inflation, Egypt’s economic outlook for 2023 is riddled with uncertainty. News@AUC reached out to Sherif Kamel, dean of AUC’s School of Business, to identify the top three obstacles facing the economy at this time.

Here’s what he had to say:

1. Global Recession, Rising Inflation

In 2023, Egypt’s economy will be challenging, given the expected repercussions of the global recession and the rising inflation, which has already crept in over the last several weeks. This will add more pressure on the government to take some structural reform actions and provide a more conducive environment for business and investments. Businesses will need to adapt to navigate these difficult times, while individuals must adjust and prioritize to absorb the impact on their lives and livelihoods.

2. Currency Uncertainty

Today, the U.S. dollar is valued at 30.68 Egyptian pounds compared to 15.71 on the same day last year, losing 50 percent of its value in one year. This value is one of many indicators of the economy, but the question is––is the pound still overvalued? Does the current value reflect a complete float? Or is there more to come? It is worth noting that the Central Bank’s objective is not devaluation itself but rather reaching the actual value of the Egyptian pound, which would have multiple implications on several other economic elements. 

3. Towards Transformation

The overall economic indicators have put more pressure on society. Therefore, in 2023 and beyond, the government is expected to make some timely decisions, including:

• Transforming its role in the economy into an enabler, regulator and supporter of the private sector, helping it to grow and become more competitive.
• Expediting structural reform and optimizing efficiency levels across the board through multiple approaches, including but not limited to digital transformation.
• Making the country more inviting as a business destination for international investors, which can yield foreign direct investments across different economic sectors — not only in oil and gas.
• Rationalizing public spending and focusing on sectors such as education and health.
• Transforming export revenues by investing in critical sectors and industries where Egypt has a competitive edge, such as tourism. 
• Leveraging cross-border trade in addition to working on reducing national debt.

In Conclusion

The list is long, but it is doable, and it could be a game-changer for a large and growing society with limited purchasing power yet enormous potential that is mostly untapped. The government is already discussing these issues. It is time to take action supported by economic policies and an empowered private sector that will act as a catalyst for foreign direct investments and create a wide range of economic opportunities for different segments of society.

Read more from Kamel on Egypt’s economic outlook in the Nile View

Ayman Ismail ‘95, ‘97, the Abdul Latif Jameel Endowed Chair of Entrepreneurship, associate professor in the Department of Management and founding director of the AUC Venture Lab, and Heba Elsewedy, founder and chair of Ahl Masr Foundation, will be speakers at AUC’s midyear commencement ceremonies. Ismail will be speaking at the graduate ceremony on February 15, and Elsewedy will be speaking at the undergraduate ceremony on February 18.

Watch all commencement speeches live here. 

Ayman Ismail

Ismail is an international expert in entrepreneurship and venture capital with a focus on economic development in the Middle East. He leads a research team that analyzes global entrepreneurship across more than 100 countries and is designing programs to promote entrepreneurship in the Middle East. 

Ismail encourages an entrepreneurial spirit in Egypt as the founding director of the AUC Venture Lab, Egypt’s first university-based startup incubator and accelerator. The Venture Lab was recognized as a high-impact university business incubator in Africa (2014) and MENA (2015) by UBI Global. Under his leadership over the past eight years, the lab has accelerated more than 250 startups, raised more than EGP 3 billion in investments collectively and created more than 8,000 jobs. 

Ismail is a former research fellow at the Harvard Kennedy School and received a PhD in international economic development from Massachusetts Institute of Technology, where he also received a master’s degree in city planning and geographic information systems. He earned a bachelor’s in engineering and an MBA from AUC. 

Heba Elsewedy

Elsewedy founded the Ahl Masr Foundation in 2013 with the goal of treating, preventing and researching trauma and burn injuries. With a background in business and entrepreneurship, Elsewedy was inspired to begin community service work after witnessing an increased number of injuries during the events of January 25, 2011. 

Elsewedy’s foundation is the biggest nonprofit of its kind in the Middle East and Africa –– a testament to her dedication to civil service and humanitarianism. Elsewedy has helped more than 4,000 victims in Egypt and assisted families of victims from conflicts in Libya. In 2016, she began building the Ahl Masr Hospital as the first specialized nonprofit treatment and research center for burn and trauma injuries in the Middle East and Africa. 

Elsewedy holds a bachelor’s in English literature from King Abdul Aziz University and was awarded an honorary doctorate from Cape Breton University, Canada, in 2016.