Sherif Kamel ’88, ’90, ’13, professor and founding dean of AUC’s School of Business, has been appointed to the board of the Central Bank of Egypt as a financial expert.

“I truly appreciate the trust and confidence placed in me, and I look forward to working with the other board members to advance the bank's vision and achieve its strategic objectives,” said Kamel.

Such an appointment signifies AUC's dedication to excellence and service, showcasing the high caliber of its faculty and alumni, who are go-to experts in their fields. “AUC takes great pride in its commitment to serving Egypt through the exceptional contributions of its alumni and faculty, and Dean Sherif Kamel is a prime example of that,” said President Ahmad Dallal. “Dean Kamel is an invaluable leader at AUC and an internationally respected authority in his field. He exemplifies AUC's deep commitment to serving Egypt through its experts, research and partnerships.”  

“Honored and delighted by the opportunity,” Kamel noted, “As dean of the School of Business, my appointment to the board reflects the invaluable opportunities the faculty of The American University in Cairo are given to contribute their knowledge and expertise to serve our society, especially at a time of continuous transformations with its different challenges and prospects.”

“Dean Kamel is an invaluable leader at AUC and an internationally respected authority in his field. He exemplifies AUC's deep commitment to serving Egypt through its experts, research, and partnerships.”  

A Journey of Excellence

Such distinctions are not new to Kamel, whose connection to AUC spans 40 years, during which he earned three academic degrees and spent nearly three decades as a faculty member.

At AUC, during his tenure as dean, AUC’s School of Business received the triple-crown accreditation in 2014, making it among 1% of business schools worldwide as well as the only business school in the Middle East and third in Africa to achieve this prestigious recognition, which has been reaffirmed over the years. It has also been ranked by Eduniversal among the top 100 business schools in the world every year since 2012 and among the best business schools in Africa for the last seven consecutive years. In addition, the AUC Venture Lab, established during Kamel’s time, is the first University-based incubator in Egypt, classified among the five most promising university incubators in Africa.

“As dean of the School of Business, my appointment to the board reflects the invaluable opportunities the faculty of The American University in Cairo are given to contribute their knowledge and expertise to serve our society, especially at a time of continuous transformations with its different challenges and prospects.”

Outside AUC, Kamel’s list of achievements is equally impressive. He serves as vice chair and chair-elect of the board of directors of the Association to Advance Collegiate Schools of Business (AACSB), the oldest global accrediting body for business schools with the largest network of schools, educators, learners and businesses worldwide. He will serve as the board’s chair for the 2024-2025 academic year and is now heading its Innovation Committee. Kamel was recognized by AACSB in 2018 as one of its Influential Leaders Challenge Honorees, being a business leader who influences business education. He also served as a trustee of the International Management Board of the Association of MBAs and the Business Graduates Association.

Kamel is a member of the American Chamber of Commerce in Egypt's Board of Governors and previously served as the board’s president from 2019 to 2021. In addition, he is deputy chair of CEMS (Community of European Management Schools) - The Global Alliance in Management Education, of which AUC’s School of Business is a member. A prolific author, he has published numerous scholarly articles and books, the most recent of which is Leading Change in Challenging Times: Lessons of Disruption and Innovation from Egypt – Thoughts, Observations, and Reflections (2022).

Passionate about education, Kamel holds a bachelor’s in business administration, an MBA and a master’s in Islamic art and architecture from AUC as well as a PhD in information systems from the London School of Economics and Political Science. 

With a first-place finish, Yara Ebeltagi, finance major with a minor in economics; Malak Elshennawy, finance major with a minor in economics and mathematics; and Joudy Aly, business and entrepreneurship major, made AUC proud at the Arab Fintech Challenge held at GITEX Dubai 2023. Creating an app called 'Mini Money' that incentivizes youth financial literacy, their project was selected out of international teams from across the region for its capacity to go beyond traditional savings methods and motivate youth with a unique rewards system. 

The students began this startup project as part of the Entrepreneurship and Innovation course taught last spring by Moataz Darwish '95, associate professor of practice in the Department of Management at the School of Business and team mentor. 

"The entrepreneurship project is a cornerstone in this course, with a clear learning outcome of generating a world-class experiential learning experience for students and equipping them with a mix of academic rigor and relevant  practical tools to help them succeed in the outside world," said Darwish. "The students were trained on all aspects of designing an entrepreneurial venture, from framing a customer problem to designing and prototyping a business model to delivering a powerful pitch. The process is very demanding and requires a variety of pedagogical techniques, including experiential workshops, case studies, guest speakers, investor assessment simulation, one-on-one coaching as well as personality and entrepreneurial tests and simulations with support from AUC's Career Center and Eonomics Behavioral Lab."

The Arab Fintech challenge is a competition powered by Fintech Egypt, initiated by the Central Bank of Egypt and sponsored by the EG Bank MINT incubator.

Hear some thoughts from the team about the project, collaborative aspects and the competition process:

Yara Elbeltagi 

“Our collaborative journey in shaping our FinTech solution was enriched by the diverse personalities within our team. Dr. Moataz's endorsement of these differences proved to be a success, as they seamlessly enhanced our decision-making process. 

Joudy is the most practical of us, always thinking rationally, Malak is extremely analytic and focuses on the details, always making sure our information is backed, and I felt like I brought forward the creative angle that helped bring our idea to life. 

Since developing the idea initially, these distinct strengths enabled clear communication and efficient development, allowing us to develop Mini Money in synergy. 

Joining the regional competition unlocked a plethora of opportunities for us. To begin with, we gained an internship at Mashreq Bank which was extremely eye-opening and offered us hands-on exposure to the job market. We also got the opportunity to join a three-month FInTech incubation program organized by MINT by EG Bank. Networking was and still remains a great benefit from our participation; we continuously meet professionals and individuals who serve as mentors and give us real advice based on their experiences as well as unlock new opportunities for us."

Malak Elshennawy

“Although the three of us were majoring in either finance or entrepreneurship, our knowledge about FinTech was limited, having been recently declared. Still, our brief moment of hesitation did not stop us from competing, because we have always been committed to succeeding in everything that we did. More importantly, our professor believed in our abilities and urged us to compete. 

Our winning FinTech startup, the Mini Money gamified app with an embedded wallet, is designed to help parents track their children’s spending, increase their financial literacy and give them benefits whenever they save up, such as discounts at their favorite gaming store.  We were continuously changing and updating the app based on feedback from parents, bankers, venture capitalists and AUC faculty. Innovation is a continuous process, and over time, our startup has prospered and changed with help from all these mentors who have changed our perception of both the problem and the feasibility of our solution."

Moataz Darwish, faculty mentor

“The main problem the students tackled in this project was the lack of financial literacy among the youth population. Generally speaking, children don't have an efficient way to track or manage their spending, let alone savings. They possess a limited grasp of the importance of responsible financial management. 

Through the team's Mini Money project, youth will be able to monitor their spending and be incentivized to save through the gamified app experience. The app helps prepare the future generations in financial prudency and efficient financial decision making. The project also serves  parents by helping them  monitor and mentor their children's finances. The solution also signifies the contribution that AUC aims to provide by preparing its students to tackle sizable problems in the Egyptian and emerging markets  with innovative tech and business model endeavors. 

This project was enabled by the tremendous support we receive from the School of Business and the entire AUC community. Nothing is more rewarding to me than to realize my life mission in mentoring and coaching my students to realize their potential and enhancing AUC’s positioning in Egypt and beyond.” 

The Egyptian economy has faced many challenges in recent years, including a two-time devaluation of the Egyptian pound, soaring inflation and a foreign-exchange crunch, which has resulted in restrictions on credit usage in foreign currencies. 

What does the economic landscape look like in Egypt right now, and what can we expect moving forward? We spoke with Ahmed Abou-Zaid, professor of economics at AUC, to learn more.

The Central Bank of Egypt has recently banned the use of debit cards abroad and restricted credit usage for transactions in foreign currencies.  Why has it taken such steps?

Central banks across the world adopt various targets and objectives, ranging from price stability and high employment to fostering economic growth. In the case of the Central Bank of Egypt, its current primary focus is maintaining stability in the foreign exchange market. Recent decisions made by the CBE, such as banning the use of debit cards for foreign currencies, serve as a reflection of the foreign currency shortages Egypt is currently suffering from. The Central Bank aims to stabilize the market by retaining a significant portion of foreign currency within the country's borders. Recently, there have been reports of individuals being sent to foreign countries with numerous debit cards to withdraw dollars from their Egyptian pounds’ accounts. This practice has resulted in a substantial decline in Egypt's foreign reserves, worsening the existing problems.

What does this signify?

Egypt's focus on foreign exchange market stability, while confronting foreign currency shortages and inventive practices to access foreign currency, underscores the importance of prudent Central Bank policies to safeguard the country's economic well-being. These measures are pivotal in addressing the challenges posed by capital flight and depletion of foreign reserves.

Do you expect another devaluation? If so, approximately when?

Given the current state of Egypt's foreign reserves, it's evident that the price of the U.S. dollar in the black market has surpassed EGP 42, which represents a considerable premium of approximately 10 pounds over the official exchange rate. Given these conditions and in the context of Egypt's agreement with the International Monetary Fund, there is a strong likelihood of another devaluation occurring by January 2024. This impending devaluation should be seen in the broader context of Egypt's economic challenges and its commitment to agreements with international financial institutions like the IMF.

How do you foresee people's cost of living and general expenses being affected amidst the current economic conditions? 

Two recent currency devaluations, sluggish wage growth, limited economic subsidies and a rapid population growth, have contributed significantly to a notable decline in the living standards of the Egyptian population. The elevated value of the U.S. dollar has played a major role in raising the cost of imported goods, the majority of which encompass essential products, such as food and medicine, as well as crucial inputs for manufacturing and agriculture.

Should we expect inflation to rise?

Official data published by the Central Bank underscores a consistent upward trend in inflation over the past two years, averaging at around 40%. With another devaluation on the horizon, it's a straightforward projection that prices will continue to surge, given that foreign components or inputs are integral to nearly every product in Egypt.

What do you foresee for the Egyptian economy through the end of this year? Into next year? In the long term?

Forecasting the trajectory of Egypt's economy is an easy task as it depends on multiple factors. In the short term, the foremost concerns include persistent inflation and depreciation of the Egyptian pound, posing significant challenges that will lead to higher prices and lower standards of living. 

Looking ahead to the mid and long term, Egypt's economic prospects can be enhanced through the implementation of a range of policies, such as attracting foreign investments, managing population growth, advancing infrastructure projects and adopting sustainable practices. By strategically employing these measures, Egypt can chart a path toward economic improvement and sustainability in the coming years.

What advice would you give to people living in Egypt to cope with these challenging conditions?

A very difficult question, but what I can think of is “work hard and budget wisely”. 

The Tomorrow’s Leaders Gender Scholars (TLS) program welcomed its third cohort of students from various academic backgrounds. Through the program, the students apply a gender lens to their areas of study, engage in civic engagement activities, pursue professional development opportunities and give back to their communities.

“We have selected students who have shown great potential to become gender-sensitive leaders on campus and in their communities in the future,” said Helen Rizzo, associate professor, sociology unit head and TLS academic director.  

Initiated two years ago, TLS  is a joint effort between AUC,  U.S. Department of State and Bureau of Near Eastern Affairs. It grants a one-year scholarship to current AUC students who have leadership potential and are interested in studying and incorporating gender across academia as well as the public and private sectors.

This year's recipients are keen to embark on their academic journey.

“When I heard about the opportunity of applying to a scholarship that provides knowledge about gender and also equips us with all that we need to be agents of change, I felt like it’s calling me," said Amina Boudah, psychology major and a member of the third cohort. "Being in something bigger than myself, spreading awareness of gender issues and reaching policymakers are things  I’ve visualized and manifested my whole life.” 

Just like their predecessors, the current cohort will undertake projects in civic engagement and mentored research, attend a series of specialized workshops covering various aspects related to gender, and organize TLS and Tomorrow’s Leaders events on campus.

“TLS for me is a chance to outgrow my gender biases,  challenge them and  absorb cultures that I haven't witnessed before," Boudah reflected.

Graduates of the program also testify to its impact.

"TLS played a major role in shaping my perspective of major issues going on in my academic and social life. In doing so, this scholarship has helped me become a better learner, leader and an overall better human," said Moustafa Sherif, TLS graduate and biology major.

As part of their initial activities this year, students engaged in team-building exercises, an introduction to gender studies, and discussions about emotional intelligence and types of leadership. 

“Being with good company unleashes your abilities and can break barriers you've been trying to overcome for a long time,” said Hammad Omar, electronics and communications engineering major and a member of the third cohort. 

In addition to exploring gender themes, the program also connects students to different networking opportunities, such as attending international and national conferences, where they can engage with a wider community of specialists. It also gives them the chance to interact with civil society organizations working in the field of social development with a gendered lens.

“Gender awareness and advocacy for gender justice are critical to the development of our students, who will be future leaders. We are confident we have a strong cohort in place and are looking forward to working with them over the course of the next year,” said Fatemah Farag, TLS associate director and Tomorrow's Leaders senior gender coordinator.

The emergence of generative AI (GenAI) has forced educators across the world to rethink curricula, policies and principles both in and out of the classroom. “Generative AI brings many opportunities, but also a lot of challenges — especially in terms of academic integrity,” said Sherif Kamel ’88, ’90, ’13, dean of AUC’s School of Business. 

As the new semester kicks off, Kamel has pondered how AI will affect teaching and learning, how it will support and challenge research, and how it will change the daily operations of business schools.

“This is a unique moment for business schools to lead the way in rethinking business and management education and explore what is needed to succeed in a fast, changing, innovative, constantly disruptive and interconnected global environment,” he writes in the most recent edition of the NileView.

He forecasts change across the board — from course assessment to faculty recruitment and retention.

“GenAI plug-ins could help create testing material and analyze student performance, identifying strengths and weaknesses and suggesting ways to improve,” he said. “This would support and optimize learning outcomes and motivate students.”

Kamel also noted that AI skills will soon become a “must” across disciplines, including teaching. “Moving forward, universities and higher education institutions, including business schools, will opt to recruit and retain faculty who can embrace technologies such as GenAI and have the knowledge and experience to use them in their teaching methods and research approaches,” he said. 

Teaching faculty, students and staff how to effectively and responsibly use the tools of tomorrow is of utmost importance, according to Kamel. “A lot of work needs to be done that relates to security, privacy and academic integrity,” he said. “Like every other emerging innovative technology, there are ethical and unethical ways to use AI, and the business leaders of tomorrow need to learn this as students today.” 

Looking back, Kamel points out that the AI revolution has been a long time coming. “This has been gradually happening throughout the last 80 years,” he explained. “Many simple tasks we used to do are now done faster and more efficiently by technology.”

Kamel stresses that machines will not replace humans — at least not in the foreseeable future. However, he does believe that the time we spend on certain activities, as well as the nature of work, will absolutely change. 

"I've always said that humans and human capital are society's most important assets,” he said. “People will keep on doing what they do best, which is the thought process, judgment, vision and strategy, versus machines, which will help with data projections and advanced analysis — and this can help us make better decisions.”

With OpenAI’s latest text-generating model GPT-4 released only last March, Kamel believes that we are just beginning to scratch the surface of AI’s potential, placing importance upon upskilling and reskilling to stay current and competitive in “a more advanced, accelerated, technology-driven environment,” he said. “Degrees will still be important, but they must be complemented with lifelong learning through certification, professional development and training, lifelong learning is no longer an option.”

Innovation for Business Schools

Kamel has been appointed vice chair and chair-elect of the board of directors of the Association to Advance Collegiate Schools of Business (AACSB), the oldest global accrediting body for business schools with the largest network of schools, educators, learners and businesses worldwide.

In his new role, Kamel will lend his years of expertise in advocating for innovation, engagement and impact in business education. He will also serve as the board’s chair for the 2024-2025 academic year, and is now chairing the board’s Innovation Committee.

AUC’s School of Business joined AACSB in 2001 and was first accredited by the association in 2006. “Since then, we’ve been active members — not just of the network as an accredited school, but many of our staff and faculty are active in brainstorming strategy discussions, projects as well as regional and global conferences,” said Kamel.

Striving to keep business and management education current amid an ever-changing landscape is one of AACSB’s cornerstones, Kamel explained, highlighting digital transformation and AI as two major trends at the forefront of discussion. “Additionally, the United Nations Sustainable Development Goals (SDGs) and environmental, social and governance (ESG) issues have become an integral part of the curriculum and activities organized and offered by business schools,” he added.

Business schools should practice what they preach and always strive to innovate and adapt to developments taking place in different global businesses, industries and markets to remain relevant and impactful and shape the future leaders of tomorrow who can make a positive difference to society.

A warm welcome to all our new faculty! With research interests from international policy to visual storytelling, we are thrilled to have incoming faculty this fall who are experts in a range of disciplines. Read more about the wide array of knowledge they bring to AUC, and enjoy hearing a few fun facts – they may surprise you!

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.