Who is Mohamed Hassouna?

Mr Hassouna currently serves as Senior Adviser to the Minister and First Undersecretary at the Ministry of Public Business Sector in charge of SOE reform program in Egypt.

Combining academic background in management (BA and MBA from AUC) and SOE reform with 30 years of hands-on experience in various aspects of public sector reform at the Ministry of Public Business Sector, Mr. Hassouna developed in-depth knowledge of in SOE-related programs including SOE restructuring, corporate finance, corporate governance, privatization and other areas of SOE reform. This entailed other activities of relevance including dealing with – and often participating in studies/researches by - international organizations (like WB, OECD, IMF, USAID …) which have developmental goals.

 

Academic background includes attending professional programs in several university like the American University in Washington, Harvard University (Cambridge) and others, in addition to obtaining the BA (Economics) and MBA from the American University in Cairo, currently serving as a member on of its Executive Council of the Business Department. Membership in many committees and representation of the Ministry on seminars, conferences and events in Egypt and overseas enhanced the appetite for continuous research covering various fields and on several occasions published by renowned organizations like OECD in the last few years. In addition to academic teaching experience in areas of finance and management in AUC, Mr. Hassouna acts as instructor on restructuring and corporate governance to various audience especially chairmen and corporate management of Egyptian SOEs since 2007 to date. It is worth mentioning that he was part of the committee involved in producing the CG code for SOEs and its revision in accordance with OECD 2015 code that was adopted by the G20.

 

Practical experience started in 1989 as a member of the management consulting team of Arthur  Andersen Egypt, for four years, conducting feasibility studies, valuations, restructuring, and performance appraisal. In 1992 Mr. Hassouna joined the newly established Ministry of Public Business Sector, which was mandated with the implementation of reform of SOEs covering areas of corporatization, restructuring and privatization in light of the Economic Reform and Structural Adjustment Program adopted by the Egyptian government.

 

Highlights of SOE reform expertise include the following activities and functions:

 

 

A. Restructuring Strategies and Performance Appraisal

 

  • The formulation and follow up over restructuring plans with SOE holding companies.

  • Member/head of many restructuring committees for distressed SOEs including cotton ginning and spinning and weaving companies, pharmaceuticals, metallurgical and other companies.

  • Member of Board of Directors 10 companies (currently 3 companies) during the last 15 years, in fields of housing, tourism, portfolio management, heavy industries and non-bank financial sector.

  • In charge of project follow-up and evaluation for the restructuring plans for distressed companies among SOE including Egyptian Iron & Steel Co.

  • In charge of tracking and co-negotiating debt settlement for SOE debts owed to National Investment Banks.

  • Representing the ministry in workshops and conferences locally and overseas, addressing the restructuring and privatization techniques and policies related to managing public enterprises.

  • Preparing studies on performance evaluation techniques and how they fit specific industries like maritime sector, on as-needed basis.

  • Maintaining a database for all Law 203 SOEs and conducting periodic analysis and performance evaluation reports for the performance before and after privatization.

  • Preparing responses to Parliament inquiries and media debates and representing the ministry in sessions of several Parliamentarian committees (like Industry Committee, Planning Committee …etc).

 

 

B.        Privatization and Partnership with Private Sector:

  • Design, follow up and assessment of privatization transactions through stock market flotation for SOE shares, for a total of 56 transactions.

  • Heading the team responsible for issuing the road map relating to initial public offerings (IPOs) of shares in public enterprises.

  • Preparing working papers and participating in seminars on comparative country experiences and techniques of partnership between SOEs and private sector beside privatization, including those organized by international organizations like World Bank, IMF and USAID and others.

  • Conducting financial appraisal reports on the portfolio of public enterprises and suggestions for reengineering and the appropriate corporate finance techniques.

  • Contributed to the performance-based reward system for the BODs and for the assessment of annual results of PEs Holding and Affiliated companies.

 

C. Corporate Governance in Public Enterprises

  • Rapporteur of the CG expert committee established by the minister in 2016 to produce an updated version of the SOE Corporate Governance Guidelines (G20 approved).

  • Participated in writing the Corporate Governance Code for public sector entities based on the OECD code and its revised 2015 version.

  • Lecturer on corporate governance issues and application for middle and top level public sector bureaucrats at the EIOD.

  • Contributing researches/papers in CG-related events and publications on corporate governance in the Middle East, mainly for OECD and Hawkamah (UAE) institute. This covered for example internal audit function, structure of public enterprises and its impact on CG, survey and assessment of CG practices in Egyptian public enterprises, and relevant accounting practices.

 

D. Academic Background and Activity:

  • Currently a Member of the AUC Executive Advisory Council for the Business School.

  • Attended Harvard University program on “Privatization and Regulatory Reform”, in Cambridge, Boston, USA.

  • Attended American University in Washington workshop on “Valuation Strategies and Techniques”, in Washington DC.

  • Guest speaker in several OECD Conferences on Corporate Governance, latest in May 2019 in Paris.

  • Attended Harvard Business School program on “Financial Analysis and Performance Appraisal”, conducted in Egypt.

  • Instructor with the World Bank Economic Development Institute (EDI) program with the LMDC. Topics: Enterprise Valuation models, Financial Restructuring, Privatization.

  • Invited as guest lecturer on Corporate Governance and enterprise restructuring, MSA University.

  • Designing a 21-days program, and Instructor with Ministry of Foreign Affairs bilateral program for top East European bureaucrats, on Enterprise valuation, Restructuring, performance appraisal, stock market offerings.

  • Center for Adult & Continuing Education (CACE), AUC, as part-time instructor for Managerial Finance.

  • Institute of Banking & Finance, AUC, as part-time instructor for Managerial Finance.

  • Private teaching, AMIDEAST, for AUC undergraduate students on 3 course: Managerial Finance, Financial Accounting, Managerial Accounting.

  • Part time instructor for UNDP, OUDA, on valuation and restructuring.

  • Guest lecturer on Corporate Governance for State-owned-enterprises, Organization for Economic Cooperation & Development (OECD).

  • Co-author of many publications by international and bilateral entities including: World Bank, OECD, USAID, International Labor Organization (ILO), and local organizations like Al Ahram center for Strategic Studies and Cairo University.

  • Published articles include Financial Times (FT), Middle East Economic Digest (MEED), Walstreet Journal and others.

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