Six of October Development & Investment Company – SODIC – (OCDI.CA) announced during its Annual General Meeting (AGM) convened Tuesday that the decision to appoint Dr. Hani Sarie Eldin as the Non-Executive Chairman of the Board of Directors for three years was almost unanimous. Maher Maksoud will continue in his role as Vice-Chairman and Managing Director.
The newly-elected Board of Directors consists of 11 seats; Non-Executive Chairman, SODIC Management (4 seats), and shareholders (6 seats).
Dr. Sarie-Eldin served as the Chairman of the Egyptian Capital Market Authority for two terms, ending in 2007. In his capacity as CMA Chairman, the capital market in Egypt has undergone tremendous regulatory, institutional, and operational reform. The Egyptian capital market has grown under these reforms to become the second largest in Africa and the third largest in the Middle East after Saudi Arabia and Kuwait in terms of market capitalization.
Dr. Sarie-Eldin served as a Senior Partner of Shalakany Law office, heading the investment banking and project finance group from 1996 to 2002. In this capacity, he led different teams in conducting major acquisition transactions including; acquisition of assets in the oil and gas industry; corporate restructuring; PPP projects, including BOT projects; fuel supply agreements and joint operating arrangements; GDRs; project finance; derivative market issues and major corporate bond issues. Dr. Sarie-Eldin was also appointed to the Board of Directors of the Bank of Alexandria, from 2002 to 2005, and a member of the bank’s internal Audit Committee. This Board undertook the responsibility of restructuring and developing the bank, which eventually led to its privatization as the first public bank to be privatized in Egypt.
Dr. Sarie-Eldin is also a Professor of Commercial and Maritime Law at Cairo University; and has attained an Excellency Academic Award for his researches in legal sciences, in particular for his academic work on project finance, and infrastructure projects privately financed. Dr. Sarie-Eldin is also a visiting Professor of Development Law and Capital Markets since 2001, at Queen Mary and Westfield College at the University of London, from which he has earned his PhD in International Business Law. Moreover, Dr. Sarie-Eldin was involved in drafting the Egyptian Banking Law, Concession Law, and the Fonde de Commerce Regulation, in addition to advising various governments of the Middle East and North Africa region.
Dr. Sarie-Eldin is a member of various international organizations including; the Advisory Board of the International Law Institute Procurement Law Center of the U.S.A, and the Chartered Institute of Arbitrators in the UK. Moreover, he is a member of the Board of Directors of various Egyptian corporations and banks.
