The first of its kind in Egypt, Eltoukhy Learning Factory for Innovation and Entrepreneurship brings together AUC students, faculty, entrepreneurs and industry. It will help students strengthen their multi-disciplinary and problem-solving skills, preparing them for careers in diverse professional sectors. Modelled on learning factories at other universities worldwide, the Eltoukhy Learning Factory will be located in AUC’s School of Sciences and Engineering on the New Cairo campus. 

Made possible through the generous support of AUC Trustee Atef Helmy Eltoukhy '74 and Fofa Eltoukhy, the Eltoukhy Learning Factory is a new innovative teaching and workshop environment to allow students to take ideas from the classroom and develop creative solutions to real-world problems.     

“This region presents complex challenges not limited to one professional sector or industry,” said AUC President Ahmad Dallal. “We are extremely grateful to Dr. and Mrs. Eltoukhy for this transformational gift, which will create a unique collaborative and multi-disciplinary learning environment at AUC. We are excited to see the entrepreneurship and creative projects that will result.”

As part of their “capstone projects” at the culmination of their studies, students will be empowered to develop their ideas, and bring them to fruition, by accessing the resources of the Eltoukhy Learning Factory and the expertise of AUC faculty. It will combine classroom teaching, hands-on learning and teamwork, and real-life applications. The students will also benefit from interaction with representatives from industry and other sectors that may bring partnerships or industry-sponsored challenges. 

“My family and I are proud to have had a long association with AUC” said Eltoukhy. "As Egypt's leading university, AUC plays a critically important role in preparing the next generation of leaders and problem solvers. It is essential that we provide them with the links to real-world problems and industry, well before they graduate. We are pleased to be able to support those experiences, and give students an opportunity to fully explore their ideas, and to realize projects through the Learning Factory."

If students are to have the competitive skills and knowledge that are required upon graduation, they will need experience with the latest technology and equipment. The Eltoukhy Learning Factory will allow students to develop their projects, benefiting from state-of-the-art equipment and diverse tools. The Factory will feature new equipment such as laser cutting, bench-top Computer Numerical Control (CNC) machines, waterjet, and 3D printing. Additional equipment will include various electronic control and testing equipment, and Internet of Things capabilities. The students will be supported by AUC faculty members from diverse departments including computer engineering, electronics and communications engineering, and mechanical engineering. Other AUC disciplines may also be involved, including arts and graphic design.

AUC graduates have a strong track record of generating successful startups. The Eltoukhy Learning Factory will be closely linked to the AUC Venture Lab that will help prototype startup ideas, and transform successful projects into new startups. AUC’s newly developed Virtual Reality lab will also be integrated with the Learning Factory, to allow for virtual prototyping prior to fabrication and testing.

An AUC Trustee, Eltoukhy is an Egyptian-American entrepreneur, former University of Southern California professor, scientist and the Founder and Chairman of Aurum Capital Management, an investment management firm. Eltoukhy has also authored many patents and publications in semiconductor and magnetic thin film technology. He is Chairman of the Eltoukhy Family Foundation, and he and his family have been philanthropic supporters of education in Egypt and the United States.    

Dean of the School of Sciences and Engineering Lotfi Gaafar, said, “We are very excited about the new Eltoukhy Learning Factory for Innovation and Entrepreneurship. It will significantly improve students’ experiential learning through expert supervision and better access to materials, tools, and equipment. This promises to have a substantial impact on students in the various sciences and engineering majors, and those from other disciplines across the University.”  

Describing the transformative impact of the lab, Board of Trustees Chairman Mark Turnage said: “The Eltoukhy Learning Factory draws upon international best practices. It will empower our students and enable AUC to remain at the forefront of innovation and practice in Egypt, and relevant to the needs of industry. We are very appreciative of this visionary gift from Atef and Fofa Eltoukhy.”   

The Egyptian pound has dropped dramatically against the dollar after the Central Bank of Egypt announced the flotation of Egypt’s currency on October 27, as the Egyptian government secured a three-billion dollar loan from the International Monetary Fund (IMF). Dina Abdel Fattah, assistant professor and chair of the Department of Economics, explains why the government pursued this loan and what it means for the average consumer.

Why does Egypt need money from the IMF?

The government has many bills to pay, including the wage bill of the public sector and the subsidy bill. The sources of incoming revenues for the government, on the other hand, are very limited and will not cover the bills. To close this financing gap, the government secured a loan from the IMF. 

What does “floating a currency” mean?

This means the forces of supply and demand will determine the price of the currency. A floating currency should witness different values according to the season of peaks and troughs with sources of foreign currency.

What does an IMF loan mean for the economy in the short-term and long-term? 

In the long term, this loan means another financial burden and obligation. In the short term, it means fresh funds to help close the financing gap.

Why did the government originally decide to restrict imports?

Imports means you are buying products from abroad to be paid for in foreign currency. With the increasing financial commitment on the government budget in the form of expenditures in foreign currency (imports and payments of debt and the service of the debt) with limited sources of foreign currency (tourism, Suez Canal and remittances of Egyptians abroad), the pressure is high and we have to prioritize. Import restriction policies have also been followed at different points in time to protect and encourage local industry.

What exactly is inflation? 

Inflation is measured using the consumer price index, which monitors the price of a basket of goods over time. If you go to the supermarket every month to buy exactly the same products, the change in price of these exact same products over time reveals the inflation rate. 

What impact is the Russia-Ukraine war having on inflation in Egypt?

The Russia-Ukraine war is having a direct and indirect impact on Egypt. Directly, Egypt is one of the world's major importers of wheat and the war is affecting the size of wheat production and export. Indirectly, the war is causing a global economic slowdown affecting the global demand on products, leading to a global slowdown, reducing the trade through Suez Canal. Additionally, people are not able to afford holidays outside their countries, reducing tourism revenue, and the economic slowdown is affecting job creation, reducing overall demand on workers, including Egyptian workers and potential workers abroad. This is impacting the main sources of foreign currency to Egypt.

What does the future look like for average Egyptians?

This question is very tricky. I believe it is difficult to characterize the "average" Egyptian now. The purchasing power of Egyptians is decreasing as inflation is increasing. An average Egyptian is an individual who has a job, pays taxes and contributes to social security, may use the private sector for the provision of social services (education and health) and hopes to provide their kids a decent life with some elements of leisure. This class keeps moving items from the list of priorities to the list of luxuries and sacrificing them, indicating a downgrade in their standard of living.