Orascom Development Egypt’s (ODE) Board of Directors appointed an interim CEO and an interim co-CEO in light of the tragic passing of ODE’s Chief Executive Officer (CEO) Khaled Bichara.
The Board of Directors made their decision on February 4 to appoint Abdelhamid Abouyoussef as a member of ODE’s Board of Directors as well as the interim CEO. Alongside him, Ashraf Nessim will act as the interim co-CEO. The appointment of both posts is effective immediately.
Abdelhamid Abouyoussef Before he became Interim CEO
Abouyoussef received his bachelor’s degree in Mechanical Engineering from the American University in Cairo and his master’s degree from the University of California at Berkeley. He began his career designing and installing hotel electro-mechanical systems.
He then focused on project management and owner’s representation. In 2004, he began his career in development with the founding of his first company, Shores Hotel, which quickly expanded to three hotels.
Abouyoussef is currently a board member of six tourism related companies including Sinai for Touristic Investments, Sinai for Hotel Management and Touristic Marketing, Golden Sharm Resort, Mediterranean for Touristic Investments and Allied Touristic Investment.
He is also a commission member of the Fédération Internationale de l’Automobile.
Prior to his recent appointment as interim CEO, Abouyoussef was a member of ODE’s and Orascom Development Holding’s (ODH) executive management as ODH’s Chief Hotel Officer and the Chief Development Officer. He was also their Hotels Advisor and Consultant.
During Abouyoussef’s earlier days, he was a rally driver who won the International Pharaohs Rally three years in a row according to AUC Today.
Ashraf Nessim Before he Became Co-CEO
Similar to Abouyoussef, his co-CEO Nessim also holds a bachelor’s degree in mechanical engineering, however he strayed away from his degree and was one of the first people in Egypt to attain CFA credentials, an internationally respected and recognized investment management designation.
He has over 20 years of experience in fields such as finance, infrastructure and hospitality. Nessim was the Chief Financial Officer (CFO) of Beltone Private Equity, one of the largest players in Egypt’s travel and tourism industry, in their Pick Albatros investment. Before that, Nessim was the Group CFO of Mobiserve, one of the key players of mobile telecommunications network infrastructure in nine countries within the Middle East and South Asia.
Nessim also established Raya Distribution in Algeria, as well as managed merchandising activities in Nokia and Samsung’s 34 outlets throughout Egypt.
Before his appointment as interim co-CEO, Nessim was the CFO in both ODE and ODH.
ODH is a leading developer operating a total of 33 hotels and controlling 101 million square meters. ODE is its largest subsidiary as an integrated developer of resort towns in Egypt, according to their official website.
