By – Mohamed Kamal
April 2020: Misr Italia Holding announced a restructure of the company’s Board of Directors, welcoming Ahmed Saad El-Deen Abou Hendya as the new Non-Executive Chairman of the Group in addition to Mohamed Hany El Assal and Mohamed Khaled El Assal as Managing Directors and members of the Board of Directors. The new structure also includes prominent names and leading experts such as Hany Anwar Tawfik, Hisham Ahmed Hassan, Mohamed Tarek El Gamal and Salah El Din Mahmoud Al-Maadawi, who are together foreseen to lead the company with their prominent experience in the fields of construction, real estate development, as well as the financial and economic investment fields.
In this regard, Hany El Assal, Founder and Member of the Board of Directors, commented that the step taken by Misr Italia Holding comes after the company passed the period of establishment successfully and achieved significant growth. Thus, it became inevitable that the company transforms from family investment to professional investment. This involves the institutional, corporate approach as well as independent management in order to manage the business better and maximize the investments of the Group.
Adding on, Khaled El Assal, Founder and Member of the Board of Directors, stressed that Misr Italia Holding is relying more on qualified calibers to maintain the continued growth and contribute to the efficiency of the company, while leaving the decision making process in the hands of the executives each in his field of expertise to ensure high levels of corporate governance, making the company more attractive to investors. The new structure has led Hany and Khaled El Assal to take supervisory roles in the Corporate Governance, Audit and Investment Committees, allowing the company to benefit from their experience, which combined, reaches 80 years in the fields of construction, real estate and tourism development.
Abu Hendya comes from a strong legal background, where he worked as a lawyer and legal advisor for many companies, institutions and individuals in Egypt and the region. He is also a registered arbitrator in the Egyptian Ministry of Justice and the Cairo Regional Center for International Commercial Arbitration.
Mohamed Hany Al-Assal and Mohamed Khaled Al-Assal assumed the positions of CEOs of Misr Italia Properties and Misr Italia for Tourism Development, where they managed to lead the company to success with their new vision and modern concepts driven by a desire to innovate and bring something new to the market. By providing modern and innovative products and services as well as partnering with major international architecture consulting firms and international brands in various related fields, they managed to bring substantial development and innovation to their company. They were able to manage the company with great success and had the biggest role in the boom that the company experienced over the past two decades, leading to its expansion in several new locations across Egypt such as New Cairo, the New Administrative Capital, 6th of October, Ain Sokhna and the North Coast. This strengthened the company’s position in the growing real estate market in Egypt, leading it to become one of the largest real estate companies in the country.
The new Board of Directors includes Hany Anwar Tawfik, an independent Non-Executive Member of the Board Directors, who brings to the table a huge professional career in financial investment that extends over 40 years in the financial market. Previously, he held the positions of the Chairman and Member of the Board of Directors in several companies operating in different fields, in addition to being the former Founder and Chairman of the Egyptian Private Equity Association and the Egyptian Capital Market Association.
Hisham Ahmed Hassan has also been appointed as an independent Non-Executive Member of the Board of Directors, with extensive experience in the fields of commerce and economy. Currently, he holds the position of Vice-Chairman of the ICT Fund and Vice-Chairman of Capstone Group. During his career, Hisham Hassan also held several positions in banking and financial investment companies as well as a number of major economic entities, in addition to serving as Chairman of the Export Development Bank of Egypt.
Mohamed Tarek El Gamal was announced as another independent Non-Executive Member of the Board of Directors, and he will invest his engineering consultancy expertise in the new role. El Gamal founded several contracting companies and chaired their Board of Directors, including Redcon Development, Redcon for Real Estate Development and Redcon Spain. Additionally, he is a member of four other Boards of Directors: The Egyptian Railway Projects & Transport Co. (ERJET), the Egyptian Federation for Construction & Building Contractors and the Federa