{"id":548552,"date":"2022-08-14T04:00:25","date_gmt":"2022-08-14T04:00:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/14\/el-sisi-appoints-13-new-ministers-in-cabinet-shake-up\/"},"modified":"2022-08-14T04:00:25","modified_gmt":"2022-08-14T04:00:25","slug":"el-sisi-appoints-13-new-ministers-in-cabinet-shake-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/14\/el-sisi-appoints-13-new-ministers-in-cabinet-shake-up\/","title":{"rendered":"El Sisi appoints 13 new ministers in cabinet shake-up"},"content":{"rendered":"

<\/a> 13 in, 13 out<\/strong>: <\/strong>There will be 13 new faces in the cabinet as of today after the House of Representatives approved a cabinet shuffle over the weekend in an emergency session called by President Abdel Fattah El Sisi. We expect the new ministers to be sworn in at Ittihadiya this morning.<\/p>\n

The key changes:<\/strong><\/p>\n

#1- El Sisi has changed his new public enterprises minister as the government puts <\/strong>together a radical privatization program.<\/strong> Cairo Glass Chairman Mahmoud Esmat has been named the new public enterprises minister, replacing Hisham Tawfik, who had held the portfolio since 2018.<\/p>\n

Why this matters:<\/strong> The ministry in recent weeks has become central to the Madbouly government\u2019s economic development plans as the crisis triggered by the war in Ukraine has accelerated the need for more investment. The ministry is at the forefront (alongside the ministries of planning and finance) of the government\u2019s ambitious privatization plans, by which it hopes to attract USD 40 bn in fresh investment over the next four years. Leftist members of the House of Representatives cheered Tawfik\u2019s departure \u2014 they didn\u2019t like his presiding over the sale of state assets, but we still expect policy stability on this front, so they won\u2019t like Esmat much, either.<\/p>\n

#2- There will be new faces at the trade and industry, and tourism ministries:<\/strong> CIB\u2019s retail banking chief, Ahmed Issa<\/strong>, replaces Khaled El Anany at the Tourism Ministry, while Nevine Gamea will make way for Rep. Ahmed Saleh<\/strong>, who had until today headed the House Economic Affairs Committee.<\/p>\n

Why this matters:<\/strong> Both ministries have been on the front lines of dealing with the fallout from the Ukraine war and now hold portfolios that will be key to helping shore up our foreign currency flows. Issa takes over a tourism portfolio that is recovering from the exit earlier this year of Ukrainian and Russian visitors; restoring it to its strong, post-pandemic trajectory is a top priority for the state as it looks to restore the industry\u2019s position as one of the nation\u2019s chief FX generators \u2014 and a key driver of job creation. Saleh arrives at the Trade Ministry as it places greater emphasis on import substitution industrialization, and overseeing new import restrictions that have been deployed as one of the chief policy tools to shore up the country\u2019s supply of hard currency.<\/p>\n

Staying put: Holders of some of the most prominent government portfolios are staying on in their jobs.<\/strong> Among them: Finance Minister Mohamed Maait<\/strong>, Supply Minister Ali El Moselhy<\/strong>, Planning Minister Hala El Said<\/strong>, Environment Minister Yasmine Fouad<\/strong>, and International Cooperation Minister Rania Al Mashat<\/strong>, among others. Returning sovereign ministry chiefs: <\/strong>Interior Minister Mahmoud Tawfik<\/strong>, Defense Minister Mohamed Zaki<\/strong>, Foreign Minister Sameh Shoukry<\/strong>, and Justice Minister Omar Marwan<\/strong>.<\/p>\n

#3- Some parents will cheer the departure of Education Minister Tarek Shawki<\/strong>, who ran headlong into wide opposition from teachers and parents for education reforms that many of us thought were very much exactly what the doctor ordered.<\/p>\n

In total, there will be 13 new faces <\/strong>among the 33 members of Prime Minister Moustafa Madbouly\u2019s cabinet:<\/p>\n