Rasheed Mohamed Rasheed
Encyclopedia
Rachid Mohamed Rachid or Rasheed Mohamed Rasheed became Egypt
's Minister of Foreign Trade and Industry in July 2004. Two years later, the ministry was expanded to include domestic trade within Egypt and was renamed the Ministry of Trade and Industry
(MTI). He has been described as the first businessman ever to hold a cabinet position in Egypt and as a reformer. On February 1, 2011, during the 2011 Egyptian revolution
, Rachid fled Egypt for Dubai. Following the downfall of the Mubarak regime, Rachid was tried in absentia
, and found guilty of embezzlement
and squandering public funds. He was sentenced to five years in prison.
from the Faculty of Engineering
at Alexandria University
in 1978. He has attended a number of management programs in the United States
, including the Management Development Program at Stanford University
in 1983, the Strategic Management Program at the MIT Sloan School of Management
in 1993, and the Advanced Management Program at Harvard Business School
in 1996.
establishing Unilever Mashreq. He was later appointed as President of Unilever’s Middle East
, North Africa
and Turkey
businesses based out of London
.
As minister, Rachid was a member of the government's new 'economic team' tasked with delivering a program of reforms to open Egypt up to international trade and investment. As Minister of Trade and Industry, his mandate included liberalizing Egypt's industrial sectors, attracting foreign direct investment into industry, and creating jobs. He is responsible for Egypt's foreign trade portfolio, managing Egypt's network of preferential trade agreements (with US, Europe
, Africa
and the Middle East) and growing Egyptian exports. Rachid also oversees Egypt's internal trade market and is responsible for the creation of Egypt's first Competition and Consumer Protection Authorities.
As minister, Rachid pioneered a new form of public-private partnership in Egypt by involving members of the private sector in the government policy formulation process. Rachid also worked to harmonize Egypt's industrial policies with its international commitments and thus enable Egyptian industrialists and traders to benefit from Egypt's existing trade agreements.
During his time as minister, the following trade agreements were signed:
The Egyptian cabinet was dismissed at the end of January 2011, after widespread public protests against the government, and then Rachid no longer held a ministerial position.
Shortly afterward, Egyptian prosecutors froze his assets and prevented him from traveling, though he had already left the country by this time. Rachid was tried in absentia on charges of embezzlement and squandering public funds. He was found guilty and sentenced to five years in prison, and ordered to repay 1.57 million US dollars, approximately 9.385 millian Egyptian pounds.
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
's Minister of Foreign Trade and Industry in July 2004. Two years later, the ministry was expanded to include domestic trade within Egypt and was renamed the Ministry of Trade and Industry
Ministry of Trade and Industry (Egypt)
The Ministry of Industry and Foreign Trade is the ministry in charge of trade and industry in Egypt. Its headquarters are in Cairo. The position of Minister of Industry and Foreign Trade has been held by Dr. Samir El-Sayiad since 2011....
(MTI). He has been described as the first businessman ever to hold a cabinet position in Egypt and as a reformer. On February 1, 2011, during the 2011 Egyptian revolution
2011 Egyptian revolution
The 2011 Egyptian revolution took place following a popular uprising that began on Tuesday, 25 January 2011 and is still continuing as of November 2011. The uprising was mainly a campaign of non-violent civil resistance, which featured a series of demonstrations, marches, acts of civil...
, Rachid fled Egypt for Dubai. Following the downfall of the Mubarak regime, Rachid was tried in absentia
In absentia
In absentia is Latin for "in the absence". In legal use, it usually means a trial at which the defendant is not physically present. The phrase is not ordinarily a mere observation, but suggests recognition of violation to a defendant's right to be present in court proceedings in a criminal trial.In...
, and found guilty of embezzlement
Embezzlement
Embezzlement is the act of dishonestly appropriating or secreting assets by one or more individuals to whom such assets have been entrusted....
and squandering public funds. He was sentenced to five years in prison.
Education
Rachid received his B.Sc. in Production EngineeringProduction engineering
Production engineering is a combination of manufacturing technology with management science. A production engineer typically has a wide knowledge of engineering practices and is aware of the management challenges related to production...
from the Faculty of Engineering
Faculty of Engineering, Alexandria University
- History :At the beginning of the academic year 1941 - 1942, the Faculty of Engineering of King Fuad I University established a branch in Alexandria for the preparatory year study. In 1942, Farouk I University was established in Alexandria, and the branch of the faculty of Engineering became the...
at Alexandria University
Alexandria University
Alexandria University is a university in Alexandria, Egypt. It was established in 1938 as a satellite of Fuad University , becoming an independent entity in 1942. It was known as Farouk University until the Egyptian Revolution of 1952 when its name was changed to the University of Alexandria...
in 1978. He has attended a number of management programs in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, including the Management Development Program at Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
in 1983, the Strategic Management Program at the MIT Sloan School of Management
MIT Sloan School of Management
The MIT Sloan School of Management is the business school of the Massachusetts Institute of Technology, in Cambridge, Massachusetts....
in 1993, and the Advanced Management Program at Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
in 1996.
Career
Prior to joining government, Rachid had an entrepreneurial and multinational career. He established and grew Fine Foods to become Egypt’s leading foods brand. In 1991, a joint venture was formed with UnileverUnilever
Unilever is a British-Dutch multinational corporation that owns many of the world's consumer product brands in foods, beverages, cleaning agents and personal care products....
establishing Unilever Mashreq. He was later appointed as President of Unilever’s Middle East
Middle East
The Middle East is a region that encompasses Western Asia and Northern Africa. It is often used as a synonym for Near East, in opposition to Far East...
, North Africa
North Africa
North Africa or Northern Africa is the northernmost region of the African continent, linked by the Sahara to Sub-Saharan Africa. Geopolitically, the United Nations definition of Northern Africa includes eight countries or territories; Algeria, Egypt, Libya, Morocco, South Sudan, Sudan, Tunisia, and...
and Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
businesses based out of London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
.
As minister, Rachid was a member of the government's new 'economic team' tasked with delivering a program of reforms to open Egypt up to international trade and investment. As Minister of Trade and Industry, his mandate included liberalizing Egypt's industrial sectors, attracting foreign direct investment into industry, and creating jobs. He is responsible for Egypt's foreign trade portfolio, managing Egypt's network of preferential trade agreements (with US, Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, Africa
Africa
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
and the Middle East) and growing Egyptian exports. Rachid also oversees Egypt's internal trade market and is responsible for the creation of Egypt's first Competition and Consumer Protection Authorities.
As minister, Rachid pioneered a new form of public-private partnership in Egypt by involving members of the private sector in the government policy formulation process. Rachid also worked to harmonize Egypt's industrial policies with its international commitments and thus enable Egyptian industrialists and traders to benefit from Egypt's existing trade agreements.
During his time as minister, the following trade agreements were signed:
- The Qualifying Industrial Zones Protocol (QIZs), which allows Egyptian-made products quota- and duty-free access to the US market provided they contain 10.5 percent Israeli content.
- The Egypt-Turkey Free Trade Agreement, which allows products made in Egypt and Turkey duty-free access to the respective markets.
- The Egypt-EFTA (the European Free Trade Area) Free Trade Agreement, which gives products manufactured in Egypt and the EFTA-member countries, which include Switzerland, Norway, Lichtenstein and Iceland, privileged access to other members' markets.
The Egyptian cabinet was dismissed at the end of January 2011, after widespread public protests against the government, and then Rachid no longer held a ministerial position.
Shortly afterward, Egyptian prosecutors froze his assets and prevented him from traveling, though he had already left the country by this time. Rachid was tried in absentia on charges of embezzlement and squandering public funds. He was found guilty and sentenced to five years in prison, and ordered to repay 1.57 million US dollars, approximately 9.385 millian Egyptian pounds.