Recognizing its distinguished scholars, AUC held a ceremony welcoming its 120 newest scholarship students, who hail from 26 Egyptian governorates and multiple countries, including Somalia, Yemen and the West Bank. The event also honored returning scholarship students who demonstrate an excellent academic record and was an opportunity for new students to network with scholarship alumni and learn from their experiences. 

 

 

 

 

 

 

 

 

 

 

 

 

Chadi Ben Ghanem, Master of Ceremonies and Tomorrow's Leaders Scholarship student from Tunisia, majoring in management of information and communication technology

“We are gathered here today to recognize, celebrate and award those who work hard, those who stand out and those who inspire. We are here to celebrate those who have not only worked hard to get here, but who continue to prove themselves through academic and leadership achievement.”

 

 

 

 

 

 

 

 

 

 

 

 

 

Iyed Hamadi, Tomorrow's Leaders Scholarship student from Tunisia, majoring in business administration and minoring in economics

"When you go through a transformative journey like the one I had at AUC, you start looking at the world differently," explained Hamadi. "No other university would have allowed me to experience the cultural exposure and connection to the MENA region as much as AUC." 

“I want to express the level of development that my academic and professional journey at AUC allowed me. Since joining this special institution, I got to study in four countries, including China, South Africa, the United States and Egypt, I got to participate in six competitions, join three clubs, work as a research assistant, work at the Career Center and lead an event as big as the employment fair –– all while fulfilling my academic duties. I was always stimulated by the AUC community to do more.” 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sohair Saad, executive director, Office of Student Financial Affairs and Scholarships

 “You have demonstrated that when given the opportunity and support, you can make significant contributions to your communities, both local and global.”

 

 

 

 

 

 

 

 

 

 

 

 

Ibrahim Abougendy '14, Leadership for Education and Development (LEAD) alumnus from Port Said, who graduated from AUC with a bachelor's in architectural engineering and studied abroad at the University of Massachusetts, Amherst  

"Let no one stop you from sticking to one thing and disrupting it."

"Back in 2008 ,I was so different. I felt I wanted to achieve -- but achieve what? I didn't know much about my goals. It was fine at that time not to have a certain passion. That's why we are here at AUC, and this is what AUC is really good at: giving students the chance to explore."

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“To quote Shakespeare’s ‘Hamlet,’ I shall not look upon his like again,” said Soreya Altorki, professor of anthropology, in the Department of Sociology, Egyptology and Anthropology at the memorial service for Professor Emeritus Galal Amin.

The memorial service for the visionary educator was a chance for those who knew him to reflect on his life and accomplishments, and to share some words about his impact on their lives.

Nabil Elaraby, chairman of the Board of Trustees for Cairo Regional Centre for International Commercial Arbitration and former secretary-general of the League of Arab States, talked about how Amin went above and beyond as a teacher and as an economist. “Galal was a visionary professor of economics,” Elaraby said. “My three children were at one point his students, and they benefited greatly -- not only from his teaching, but from the way he looked at life.”

Besides teaching in AUC’s Department of Economics for 44 years, Amin was also an award-winning economist, prominent writer and commentator, and AUC Press author. However, to those who got the opportunity to meet him, he was more than just a distinguished academic and encyclopedic thinker. He was a mentor, an advocate for Egypt and, most importantly, an inspiration. The speakers painted a picture of a rare type of man –– someone who could captivate a room simply with his words and laughter.

“He could make even perennially dry subjects like microeconomics exciting,” laughed Mona Said ’89, ’91, associate professor and chair of AUC’s Department of Economics.

“He gave sufficient weight to qualitative areas, including the impact of economics on ordinary people, the impact of economics on quality of life and the impact of economics on communities at large,” said Walid Abdelnasser, director of the Regional Bureau for Arab countries, World Intellectual Property Organization, describing how Amin stood out within his field.

And just about everyone talked about how funny he was. Sherif Kamel ’88, ’90, ’13, dean of AUC’s School of Business, recounted how Amin –– author of Whatever Happened to the Egyptians –– once joked about writing a book titled, What More Can Happen to the Egyptians? 

During the ceremony, speakers shared their cherished memories with the professor -- attending one of his lectures, reading one of his books or simply sitting down with him for a talk and some Turkish coffee. All speakers emphasized how lucky they were to know Amin and how universally beloved he was. 

Amin was well known at the University for being incredibly popular with students and offering a unique class experience. “There was no PowerPoint, no screen and no computer. It was just Dr. Galal, a board, a marker and us,” described Yasmine Kamar '11, business director at KAPO Group and one of Amin’s former students. She related her decision to register for his 8 am microeconomics class. Despite the early hour, her mother, also an AUC alumna, encouraged Kamar to sign up for a class with Amin, and she was not disappointed by her decision. “I’m very blessed to have gotten to take part in that class. I was encouraged to minor in economics, and I took three or four classes of the whole minor with him.”

Kamar was not the only student whose major and future trajectory was strongly influenced by Amin. Both Kamel and Said also affirmed that their interactions with Amin changed their career paths. “It was microeconomics and the stylized way he portrayed it that ultimately convinced me to change to economics,” noted Said.

Kamal recounted how he went to Amin as a senior, unsure of whether he wanted to continue as an economics major. He confessed to Amin that he wanted to switch his major to business. “He said go to business, and we’ll see what happens,” Kamal remembered. “And I think that five minutes in his office actually changed my career.”

According to Danya Amin, Galal Amin’s daughter, this sort of support and encouragement was nothing out of the ordinary. “He never made me feel bad about myself,” said reflected. “He never told me what to do, and he never said I told you so.”

Indeed, one of the topics the speakers touched on most was how Amin was a source of kindness and support. Kamar described how when she asked him to write her a recommendation letter, that he took the time to write it by hand and in pencil. “And that’s just professor Amin,” she smiled. “It’s something no one else would do, to be honest. I kept that letter, and it’s something I want to hang in my house one day.”

Like Kamar, other speakers emphasized Amin’s dedication and generosity. “He was a gentleman and a brilliant scholar, but in addition he was generous, kind and devoted to freedom of thought,” related Altorki.

At times heartwarming, at times heartbreaking, the memorial service was a testament to how Amin was an inspiration to his students, friends and Egypt at large. “Some people count themselves lucky or honored to have been in one of his classes or to have been one of his colleagues. How honored am I to have had him by my side for half a century?” said Danya Amin tearfully.

As dedicated as he was to AUC, Said believes that Amin embodied the vision of AUC’s Department of Economics –– to be a hub of inspirational teaching and creative research with regional expertise and global impact. “Given who he was and what he meant to all of us, we could have simply stated that our vision was carried on by the legacy of Galal Amin,” shared Said.

AUC students and alumni were active participants at Egypt’s second World Youth Forum, a global platform for young people from around the world to come together, exchange ideas with top policymakers and recommend initiatives for making the world a better place.

Aya Ateya ’07, '12, public coordinator of the World Youth Forum, delivered the closing speech, where she spoke about youth successes and challenges, calling on youth from around the world to rise up and feel empowered to make their own decisions.

In addition, Basma Serag '13, '17 was responsible for the Startup Vein, a hub for entrepreneurs and startups. There was 12 international startups, 17 Egyptian startups, 5 incubators and a number of other initiatives in the Startup Vein. "The Startup Vein provided an arena for entrepreneurs pioneers to share their experiences – including challenges and successes – as well as network with World Youth Forum participants that came from different backgrounds," explained Serag.

She also ran "Freedom.e," a space for forum attendees to take part in activities, experience new technologies, interact through games and discover new cultures. "Enjoy, Explore and Experience were the keywords that defined activities that took place in the Freedom.e," Serag stated.

The 10 AUC student participants attended sessions on a range of topics, giving them an international perspective and the opportunity to express their thoughts on how to make change. "The experience itself is one-of-a-kind; it can't be described –– attending panels and talks by the people who actually change the world to a better place, and meeting and having a quick chat with all of the people leading this country and the world,” said Mohamed Mahmoud Abd El Sattar, petroleum engineering major, describing how he got the opportunity to meet world leaders and influencers, including the grandson of Nelson Mandela, Zondwa Mandela, and his wife. “That’s besides the exposure to different people and cultures coming from all around the globe. We  shared thoughts and experiences on how the future will be like for youth.”

For Radwa Elhelw, mechanical engineering major, the diverse topics covered in the sessions were of great benefit. "We attended workshops on sustainability, peace, the seven pillars of Egyptian identity and technology,” she said.

The forum provided a chance for participants to mingle with youth from around the world who have similar aims and goals. "I’m honored to [have been there] experiencing this conference ­­–– a huge and amazing event,” said Shahenda El Defrawy, integrated marketing communication major. “I interacted with many people from different countries and cultures. Even Egyptians do not know each other’s cultures, values and beliefs when they come from different places. I met people from Malaysia, India, Yemen, Bahrain – and a lot more. We also attended sessions about different topics that enriched our perspectives and ways of thinking.”

For Anissa Bek, another AUC student, this wasn’t her first time to attend an international event, but it was her favorite. “When I first applied to the World Youth Forum,” she noted, “I expected it to be just another conference on current affairs and youth that I can attend to further my knowledge, since youth empowerment is related to my career interest. I didn't expect that I'm about to have one of the best cultural experiences of my life.”

Bek commended the “amazing performances by great artists and talks by inspirational speakers,” as well as the chance to take part in fun activities and, “most importantly, make new friendships.”

Not only was the event led by Egypt, Bek noted, the World Youth Forum brought in large delegations from various Arab and non-Arab countries. “It allowed us to act as ambassadors to our individual countries and helped bridge the gap between Arab and Western youth," she reflected. "It was simply us talking.”

She added, “The diverse conversations and international dialogue truly enriched my views of the world around me. I'm so grateful for this experience, the people I met, the things I learned and everything the World Youth Forum 2018 offered me. If I go back in time, I'd apply over and over again. 

The 10 AUC student attendees are: Ahmed Ashraf Abdelalim, Shady Wael Mostafa Shendy, Radwa Mohamed Elhelw, Shahenda El Defrawy, Tarneem Wanis, Mohamed Mahmoud Abd El Sattar, Haroun Mohamed Tharwat, Mariam Youssef, Anissa Bek and Khaled Essam Mohamed.

 

Shahenda El Defrawy, integrated marketing communication major, is one of 10 AUC students who participated in the World Youth Forum  

 

Basma Serag '13, '17 was responsible for managing the startup Vein at the World Youth Forum
 

Radwa Mohamed Elhelw, mechanical engineering major, especially enjoyed the diverse workshops at the forum 

 

Mohamed Mahmoud Abd El Sattar (right), posing with Nelson Mandela's grandson Zondwa Mandela and his wife

Mohamed Mahmoud Abd El Sattar (center) with AUC's Vice President for Student Life Deena Boraie  

Anissa Bek (center left) with international friends she made at the World Youth Forum 

Focusing on antiquities theft in Egypt and around the world, students in the Core Curriculum class, Loot: The Research for Buried Treasures in Egypt and Beyond, gained hands-on experience in Egyptology through visits to historic sites.    

Offered for the third semester, the course encourages students to preserve their own cultural heritage by learning more about it through readings, presentations, activities, field trips and conflict resolution.

But why looting?

 “I got interested in this topic when I was doing research for a novel,” said Gretchen McCullough, senior instructor in the Department of Rhetoric and Composition who designed this course. “Theft of antiquities became a huge issue after the Arab Spring and the security breakdown. But then, I realized this was not only a big issue in the Arab world, but also in Turkey, Greece and so many other countries.”

McCullough added, “This course focuses on how antiquities intersect with issues of cultural identity and ownership. We decided to run it as a course within the Core Curriculum, and since there are so many things to see, we added field trips as part of the course. One semester, we went to Ibn Tulun, Sultan Hassan and Refai [mosques], and Coptic Cairo.”  

Mariam Habib, who is currently enrolled in the course, appreciates the chance to complement her interest in history with knowledge on this topic. “The theme of looting was interesting and eye-catching to me from the beginning, especially because I've always been interested in history and the importance of antiquities,” she said. “What I like most about the course is the fact that we learn so much about the different methods of looting, how looters think, how antiquities are smuggled and the importance of cultural identity.”

Kathleen Saville, senior instructor and associate chair of the Department of Rhetoric and Composition who is currently teaching the course for the first time, is enjoying the course and how the students get to know their own culture and visit its historical sites, which they might not have had the chance to visit before.

“Despite being a foreigner, I’ve gone to more sites than any of my students,” she explained. “Maybe this course will engender some interest in the students who’d like to study Egyptology.” Said Saville. “Only a few of the students have been to the pyramids for example, so we are working on helping them to know more about their country. We already went on a field visit to Saqqara.”

Monica Hanna ’04,’07, who studied Egyptology at AUC and received the SAFE [Saving Antiques for Everyone] Beacon Award one (SAFE) for her tireless efforts to publicize and expose the rampant looting of Egypt’s ancient Egyptian, Coptic and Islamic archaeological sites, was invited as a guest speaker during the class, talking to the students more about the dangers of looting antiquities and giving real-life examples.

“This is an excellent course,” said Hanna. “It keeps the students engaged and very-well informed. They actually built a solid background and arguments about the topic, which means that the content of the course is really strong. It’s not an abstract course. It’s very hands-on and triggers the students’ enthusiasm to learn and know more about their own heritage.”

According to Saville, the students were as much impressed with Hanna’s arguments and knowledge as she was with their enthusiasm. They were eager to know more about the real-life problems that the theft of antiquities might cause.

“The students were pretty impressed when Hanna explained how the mafia uses young children in the sites to help them search for antiquities because they can wiggle down in the tunnels,” said Saville. “Sometimes they destroy the sites, and sometimes the sites actually collapse on top of these kids and kill them.”  

 “There is a huge black market in terms of antiquities, and it’s often tied with the mafia,” added McCullough. “There are families in Upper Egypt who make their living by stealing antiquities.”  

An added value of the course and its importance to the students is learning to not only preserve their heritage, but also to value it as part of their own individual identity. “The course has taught me so many things that now I look at antiquities and looting in a very different way than I used to.,” said Habib.

 

 

Widely recognized as a hub for cultural and artistic expression, AUC’s School of Humanities and Social Sciences (HUSS) recently received a $50,000 grant from the Andrew W. Mellon Foundation to fund a series of teaching, research and outreach programs for strengthening public humanities and civic discourse.

Bel Arabi Falsafa (“philosophy in plain Arabic”) is a public humanities venture designed to democratize access to philosophy and change popular perceptions of it not just in Egypt, but also in the Arabic-speaking world as a whole. Its purpose is to bring philosophy to a non-specialist audience, demonstrating the relevance of philosophy and philosophical methodologies to matters of both private interest and public concern.

A Philosophical Vision

The name of the initiative—Bel Arabi Falsafa—points to one of the project’s central goals, which strives to combine philosophy and plain speaking –– concepts that are often considered incompatible in the contemporary Arabic-speaking world.

The goal for the coming year is to host events at cities in the Nile Delta and Upper Egypt. The long-term aim is to establish a visible, active and sustainable presence in Egypt beyond the greater Cairo metropolitan area. Over the next 10 years, Bel Arabi Falsafa events are envisaged to be held in three different governorates every year. The project organizers hope to establish self-sustaining Bel Arabi Falsafa-type events across the MENA region.

The project will also create an online database of curated intellectual content, a portal through which the public may access videos, webinars and Arabic translations of philosophical texts (particularly contemporary philosophical texts, of which only a scant few have been translated) with commentaries. This online repository is intended as a supplement to the ongoing public outreach programs that allow people, who might otherwise not have access, an entry point into the academy.

Philosophical Culture on Campus 

At AUC, Bel Arabi Falsafa will make a significant impact in promoting a culture of philosophical inquiry on campus, where it will serve as an extension of the formal classroom. Undergraduate students who attend Bel Arabi Falsafa will have the opportunity to enrich their study of philosophy and to do so in their native language.

There are numerous perceived benefits to this initiative, including minimizing the perception that philosophy is inherently Eurocentric by preparing students to re-enter English-speaking classrooms with a newfound awareness of how philosophical concepts—especially concepts from contemporary philosophy—can be translated back into their own colloquial idiom and cultural context. Hence, Bel Arabi Falsafa envisions contributing to the teaching and study of philosophy by encouraging AUC’s philosophy classrooms to be more broadly inclusive and bilingual through the example and leadership of its speakers, most of whom are themselves recent graduates of the Department of Philosophy.

The project aims to bring philosophy to a larger audience as well as strengthen the ties between AUC students and the wider community and its concerns, changing perceptions about the field and demonstrating its universal applicability and relevance. 

According to Robert McIntyre, assistant professor in the Department of Philosophy, postdoctoral teaching fellow and project director, participants at Bel Arabi Falsafa events should walk away from the public conversations and lectures with a greater appreciation for the relevance and usefulness of philosophical modes of discourse to their daily lives. The role of speakers and workshop leaders in this project is to place the tools and methods of rigorous philosophical investigation into the hands of the public and to disseminate scholarly knowledge as widely as possible. 

“There is a need, globally, to enhance the quality of civic discourse through sustained public philosophical activity. We can grow and nurture a respect for a diversity of opinions, the willingness to listen to dissenting points of view and intellectual integrity,” McIntyre said.

Student-Led Regional Model

As Bel Arabi Falsafa expands beyond Egypt, AUC’s model will provide an example to instructors in other universities in the MENA region, showing how to engage students in the active construction of philosophical learning. Even at universities that do not have robust graduate and undergraduate programs in philosophy, the Bel Arabi Falsafa model can still be successfully implemented as a teaching tool, McIntyre explained.

Bel Arabi Falsafa is a largely student-led initiative, and the founding members of its planning committee include many uniquely dedicated former and current graduate students: Yossra Hamouda, Hussein Barrada, Wafaa Wali, Sherif Salem, Wassim Sabry and Khadeega Gafar. As McIntyre noted, the initiative provides an opportunity for AUC graduate students involved as lecturers and speakers -- researching, writing and delivering workshop and lecture content and engaging in constructive debate with members of the general public -- to enrich their own educational experience and contextualize philosophical knowledge in a hands-on way.

Mcintyre believes that philosophical engagement is undeniably an essential feature of critical thinking and that it is a primary goal of post-secondary education to cultivate skillful critical thinking. "When students engage their own community by leading and participating in long-form philosophical debates and workshops, they inevitable sharpen their own critical abilities," he explained. "They will discover
that philosophy, though lampooned as idle wordplay—a parlor game for an elite few—is, in fact, at the very heart of human progress and the human experience."

Law and compliance are the backbone of any institution. This is why AUC brought in Sunanda Holmes, the University's first General Counsel and Chief Compliance Officer.

President Francis Ricciardone introduced Holmes to the AUC community declaring, "Dr. Holmes will bring unique and extraordinary experience and expertise to help AUC advance from very good to truly great as we enter our centennial year."

The general counsel is part of AUC's leadership team. Holmes's office will guide AUC on legal matters, assessing the liabilities and risks of strategic decisions the University makes with regard to its current and future operations. In addition, the office ensures that the University follows its own policies and practices as well as applicable United States and Egyptian laws and regulations. The new position was created to generate consensus among management operations and to make sure that central management strategies and plans for the betterment of the University comply with all applicable legal standards.

With over 27 years of legal experience, including a recent position as deputy chief administrative officer and associate university counsel at Weill Cornell Medical College in Doha, Qatar, Holmes will bring a rich background in law to her position at AUC. No stranger to working abroad, Holmes has also spent time working and visiting more than 100 countries, including teaching law as a visiting Fulbright professor at Bir Zeit and Al-Quds universities.

"I guess having been overseas already, I was looking for a new challenge!" Holmes exclaimed, talking about her decision to come to Egypt.

Holmes loves her time in Egypt and at AUC so far and is excited about AUC’s upcoming yearlong centennial celebration.

She feels that she has come to the right place. "Someone told me that Cairo is magic, and it is. In Cairo, I already feel at home," Holmes reflected. "The entire AUC team is fantastic. People seem hardworking and committed at all levels.  I want to be part of the team.”

Bringing Clarity and Collaboration

Her first objective is to bring clarity and organization to the University. "My job is to make systemic changes to our systems that impact students, faculty and staff," she explained. "Being an American, nonprofit, tax-exempt organization operating in Egypt, it is not always clear whose laws apply.”

Holmes will give advice and counsel from a legal perspective, resolving any confusion concerning legal requirements and tackling problems the University faces with the future in mind. "I think about precedence and know that every decision has a life and long-term impact," she said. “Our policies and practices are what create us, what maintain us and what sustain us, so I'm going to work on developing those to really bring clarity to our work as educators.”

To problem solve, Holmes plans to handle issues in a collaborative manner. She aims to listen to all stakeholders and recommend meaningful changes in AUC’s policies and procedures going forward. “I want to open communication,” she added, emphasizing that she will listen to everyone’s input as she works to make positive changes.

The Great Equalizer

“I really believe in education – the only equalizer that can bring people of all ages together to change the world," Holmes explained. "International higher education and research is where I am committed to put my effort to make that difference."

Not many lawyers venture into higher education. While Holmes taught law at Georgetown University, she transitioned from being a litigation lawyer to working in higher education administration. However, she continued her role as a faculty member, teaching both at Johns Hopkins University and Weill Cornell Medical College in Qatar to stay connected with the students. "If we want things to change, it starts with ourselves first, and then we can bring others along,”  she added.

Holmes wants to increase opportunities for others through American-style, liberal arts education in foreign countries. Applying her legal background to improve the infrastructure and systems of the universities that offer such education in foreign countries is where she sees she can make a real difference and hopefully meaningful change.  

Her favorite quote from Einstein is “I have no special talent. I am only passionately curious.” To Holmes, being a lawyer in the higher education space means to be on the journey of a lifelong learner. 

For the fourth year in a row, AUC is the only higher education outside North America to earn a coveted spot on the Princeton Review’s 2018 Guide to Green Colleges.

“This recognition demonstrates our role as a global and regional model in terms of sustainability,” explained Yasmin Mansour, AUC’s sustainability officer. 

AUC is one of the 399 most environmentally responsible colleges, according to The Princeton Review. Schools were chosen for this ninth annual edition of the Green Colleges Guide based on data from a 2017-2018 survey, which reviewed hundreds of four-year colleges, analyzing the schools' commitments to the environment and sustainability. AUC’s Green Rating score was 87 out of 99, and only schools with a score of 80 or above made it into the guide. 

“We strongly recommend AUC and the other fine colleges in this guide to the many environmentally-minded students who seek to study and live at green colleges,” said The Princeton Review’s Editor-in-Chief Robert Franek.

"AUC’s Office of Sustainability thanks the faculty, staff, and students for their contributions to our environmentally and sustainability-minded campus," said Mansour. "We hope to continue implementing policies and programs that reinforce our commitment to maintaining an environmentally-friendly institution."

This ranking coincides with October being Campus Sustainability Month, an international celebration of sustainability in higher education. Be on the lookout for events this month to highlight AUC's sustainability accomplishments.

AUC's website has been redesigned with a fresh look and updated with advanced features to enhance your user experience.

Here are the top things to look out for on the new website:

1. Enhanced infrastructure, whereby academic school websites are on the same platform, ensuring a consistent user experience 
    
2. Better and more user-friendly experience on mobile phones
    
3. Up-to-date design in line with the latest trends on higher education websites
    
4. Easier navigation with multiple ways to explore the website
    
5. Publicly accessible website content, including in.aucegypt.edu 
    
6. Compiled content with fewer webpages so all your information is in one place

 

Egypt has moved from being in a “crisis zone” only two years ago to an “investor haven” now, according to Bloomberg.

Tarek Selim ’92, ’95, economics professor and most recently a research fellow in emerging markets at the Massachusetts Institute of Technology, explains why the Egyptian economy is on the rise and what it can do to continue to improve.

What exactly does “floatation” mean?

In economic terms, the recent floatation of the Egyptian pound is called a "shock," which implies the economy takes several years to absorb it. Historically in similar countries, it takes up to five to seven years to fully absorb such a shock. The first three years after the shock are the most critical, and the next few years tend to be minor. Egypt’s economy has almost passed three of the critical years with inflationary pressures on the quality of life.

The floatation of the pound has been costly to the average citizen in terms of inflation. The wage rate did not increase in proportion to the increase in prices. This caused a decline in the quality of life and the people’s purchasing power of goods and services, which is a critical challenge moving forward.

Why did the Central Bank of Egypt (CBE) choose to float the Egyptian pound?

The floatation policy basically creates an incentive to export because the currency becomes cheaper relative to other currencies abroad. For example, suppose Egypt is producing a product costing EGP 100. If the exchange rate is $1 to EGP 1 and Egypt exports the product, then it will cost $100 to the receiver abroad. However, when the exchange rate changes dramatically to EGP 10 per dollar, the value of the same EGP 100 decreases to $10, so it should be cheaper to export. One of the major benefits after the flotation of the pound is export potential, and this is not yet realized. But I am optimistic. However, the potential to increase exports for Egypt has many constraints, including scale, infrastructure, and bureaucracy.

What if the CBE had not decided to float the Egyptian pound?

The country’s reserves would have been depleted fast, rather than increasing the way they are right now. Egypt doesn't have the resources to sustain such a depletion, so I think the “shock” was needed. However, complementary policies should have been put into place to make sure that quality of life was not affected in a very drastic way. This includes wage adjustments, anti-monopoly policies, scale incentives, and less bureaucracy. Right now, this should be one of the government’s priorities.

Can you explain why the floatation of the Egyptian pound put Egypt in a “crisis zone?”

The Egyptian economy has gone through a lot in the past couple of years. Especially after the revolution — all the turbulence, all the uncertainty. Uncertainty is a risk factor, especially for international investors who are looking for emerging markets. Countries are competing in the world market, quite similar to companies in domestic markets, hence a competitive advantage for Egypt must be strategized. The local market is the global market now.

Why do you think Egypt is becoming an “investor haven?”

The term “investor haven” might be an over-statement. If I'm an investor and I consider my options, the first thing I look for is the rate of return — which is the yield. Egypt has one of the highest yields on consumption-driven investments due to its market size. Also, Egypt’s yield on certificates on investment, which are considered a safe investment, is around 18 percent. The second thing is the risk factor. Egypt’s risk ratings have been improving, and the currency risk factor has been stable. The exchange rate has been stabilized over the past year, contrary to expectations. In the past one or two years, a lot of people expected the currency to devalue and continue to devalue. I think now it has stabilized, but there is a risk of such stabilization not to be maintained. Although there has been a stable political environment, yet an improvement in the economic returns of critical sectors, such as tourism and the Suez canal, in addition to a needed surge in manufacturing scale exports, are of high importance. Natural gas is helping the economy move forward, which is very good but not sufficient in the long run.

What can Egypt do to keep improving investor confidence?

Egypt has a lot of natural resources in addition to energy, like cement, marble, granite, aluminum and fertilizers. There are a lot of industries that could actually flourish and expand into the international market, and I think this should be our next step economically. It's not really the number or amount of investments alone; it’s the quality of investments that we should focus on. Egypt is in need of labor-intensive investments –– investments that absorb a lot of labor. When investments absorb more labor, this solves the unemployment problem. Also, local innovation is needed, such as in digital manufacturing. In the latest World Economic Forum’s Global Competitiveness Index, Egypt has jumped 15 ranks upwards, yet its level is still low at 100th place out of around 140 countries. Egypt can do better. There is huge, yet unrealized, potential. Quality of the labor force, government bureaucracy, education-work matching, and huge public debt are major challenges to improve the country’s competitiveness.

Are there any additional factors that make Egypt an investor haven?

Egypt is a consumption-driven economy, and local investors tend to be family businesses. That's why the sectors that are low-risk and high-return tend to be food, clothing and real estate. In Egypt, 90 percent of our income is spent, when the world average is around 77 percent. This, by itself, is an indicator to attract investments in certain sectors. Social economic behavior has consumption ripple effects. Once you start investments in Egypt, the supply in your investments will be enough to attract as much demand as possible. What is needed is local innovation, better governance, scale enhancement for export-led investments, and successful Egyptian brand penetration into the world market.

Is it likely that Egypt will stay an investor haven?  

Egypt has huge but unrealized potential, and we need to plan for realizing such potential. Having investments is important, but not sufficient. We need to complement it with other things — labor-intensiveness, local innovation, human capital mapping, technology transfers, competitiveness and bold strategies to enhance the overall efficiency for each of the different sectors. Policies play an important role. In the past, the priority was more on the infrastructure, physical capital and mega projects. Now, the focus should be on human capital and quality and scale of investments, which I think is the right shift of policy that will result in long-term economic success.

According to the World Cancer Research Fund International, breast cancer is the most common cancer among women worldwide and the second most common cancer in general. The good news is: It is a highly treatable disease. 

This is why AUC's Office of Medical Services is collaborating with the Student Union and the Office of Athletics to promote and host the University's first health fair: Breast Cancer Awareness. The event will take place from October 14 to 18 in Bartlett Plaza at AUC New Cairo and will include free and discounted services and checkups by prominent medical laboratories and companies and a weekly gynecologist visit to campus throughout the month. Booths will be open from 11 am - 2 pm with a daily lecture from 1 - 2 pm.

Dr. Mohamed Amin, head of AUC's Office of Medical Services, explained that the office is hoping to make the Breast Cancer Awareness event the first of many themed health fairs. "The idea of engaging awareness for breast cancer coincides with the Breast Cancer Awareness Month [October], or Pink Month," he said. "AUC is focusing on internationalization, and we want the initiative to coordinate with other international events."

The Office of Medical Services is collaborating with the Baheya Foundation for the Treatment of Breast Cancer, a charity hospital in Egypt that specializes in early detection and treatment for women diagnosed with breast cancer. Baheya will be kicking off the event with a two-hour promotional lecture, discussing how to examine yourself, ways to protect against breast cancer and signs that you should visit a gynecologist. 

The fair will give attendees information about breast cancer, making them conscious of risk factors and aware of resources such as Baheya. "Breast cancer is now considered curable," Amin explained. "If you discover it early, you can cure it early, so engaging awareness will benefit the whole community, including students, parents, staff and faculty."

With different activities every day, the fair will include multiple fun events including zumba and hip-hop dancing. There will also be an ice cream stand and a a pink decoration craft. Other vendors will be supporting the event as well, including multiple labs and medical companies that will offer free and discounted services during the week. There will also be a gynecologist visiting the clinic once a week during the month of October to answer questions and offer medical advice. 

"Sometimes when students hear about cancer they are afraid to talk about it, but if we make it a fun event, people will be willing to learn and will realize there is a high cure rate," Amin said. "They will learn how to protect themselves."