Oil Ministry taps Baker Hughes’ Amro Elsharkawi to chair the Mineral Resources and Mining Industries Authority

Oil Minister Karim Badawi appointed Amro Ismail Elsharkawi (LinkedIn) chairman of the Mineral Resources and Mining Industries Authority (MRMIA), the ministry said in a statement. Elsharkawi takes over from Yasser Ramadan (LinkedIn), who moves to head the ministry’s Central Administration for Geological Research and Information. The same decision names Ahmed Saad Fattouh (LinkedIn) vice chairman for mining industries and Ehab Anwar Hassan (LinkedIn) vice chairman for mineral resources.

Elsharkawi joins from oilfield services giant Baker Hughes, where he is regional manager for Egypt, after managing regional accounts for Saudi Aramco. Badawi tasked him with boosting investment, adding local value, and increasing the sector’s contribution to the national economy.

ALSO- The Sovereign Fund of Egypt’s (SFE) board appointed Kassem Hassan Kassem (LinkedIn) to head both its industrial investment and infrastructure sub-funds, according to an Investment Ministry statement. Kassem brings more than 25 years of multinational manufacturing and export experience, most recently more than five years as CEO and board member of the French home-appliance maker Groupe SEB. He earlier held senior posts at Procter & Gamble, Mars, and Samsung. He has run the industrial sub-fund since May, so the board’s decision adds the infrastructure vehicle to his remit.

IN CONTEXT- The SFE set up the industrial sub-fund in September with EGP 10 bn in authorized capital and EGP 1 bn issued, of which EGP 500 mn paid in, to back export-facing manufacturers and deepen local content, injecting seed capital into asset managers to pull private money or to invest in companies directly.