Abu Dhabi Islamic Bank Egypt names Minister Al-Mashat as board member

Rania Al-Mashat was granted special approval by Prime Minister Mostafa Madbouly, needed in such cases to hold the position while maintaining a seat in the Cabinet.

ADIB Egypt is primarily owned by Abu Dhabi Islamic Bank (53.2 percent), a private bank which is based in the UAE. In addition, Emirates International Investment Company holds a 13.44 percent stake in the bank, while Respond Investment owns 5.19 percent.

The Egyptian Exchange lists approximately 35.2 percent of ADIB Egypt's capital (EGP 5 billion).

Rania Al-Mashat, who previously served as Minister of Tourism, has held several prominent roles in the economic sector. These include serving as an Advisor to the Chief Economist at the IMF and as Sub-Governor and Head of the Monetary Policy Department at the CBE.

Al-Mashat received her PhD in Economics from the University of Maryland, College Park in the US.

In recent years, the UAE has been strengthening its economic relations with Egypt. Emirati investments in Egypt increased by 300.8 percent to $5.7 billion during the FY 2021/22.