In this profile feature, we introduce you to some of the broad range of people who work with us at ICIEC and take a look at what they do.
Meet Mr Alaa Mustafa, Country Manager, MENA Division at ICIEC. He is a Lebanese national who has been in this role since 2016 and has a particular focus on, and enthusiasm for, Egypt.
We asked Alaa five questions to showcase what makes him excited and engaged about his role for ICIEC, particularly his work in Egypt and its focus on meeting the ambitions of Egypt’s bold Vision 2030 Agenda.
1. What has been your journey to your current role at ICIEC? In particular, how did you get into insurance, especially trade and investment insurance, and what is it you do with ICIEC in Egypt?
I joined ICIEC a decade ago after working for two years in the general insurance industry at a Lebanese/KSA-based company covering insurance operations in the GCC. I joined ICIEC under the Young Specialist Program, designed to attract talented young candidates, and I was among the youngest ICIEC staff at that time.
I must confess that entering the insurance industry was a complete coincidence, but after becoming specialized in credit and investment insurance, I have to say that I am delighted to have taken that decision back then!
2. Please elaborate on the structure of your Egypt country team and how it fits into the MENA division at ICIEC. How do you work, and what do you do daily?
It is no surprise that Egypt is among the top 10 countries to have benefited from ICIEC products and services. Indeed, since its inception, the total value of ICIEC operations in Egypt has reached a massive $7.3 billion, covering areas related to import and export credits and the inflow of foreign direct investment.
We run the insurance operations from our headquarters in Jeddah under our MENA Division. This model requires frequent travel and follow-up missions to Egypt, particularly Cairo. We plan monthly visits to maintain our relationships with Egyptian stakeholders, to whom we deeply commit.
We have excellent daily communications with our in-country teams, exporters, banks, and clients/stakeholders. Our ultimate goal is to maintain and sustain this extraordinary partnership with such a great country as Egypt to provide de-risking solutions to the private and public sectors to benefit Egypt’s economic and social development.
3. How does your role at ICIEC help your clients in Egypt achieve the country’s Vision 2030 goals?
Under the framework of ICIEC’s efforts to meet the growing demand of its customers to provide export credit and investment insurance services in the Egyptian market, ICIEC has embarked on a strategic plan to expand in the Egyptian market both through direct channels and through specialized programmes such as the Islamic Development Bank’s Member Country Partnership Strategy (MCPS). I am delighted to represent ICIEC in this.
One of the critical pillars of Egypt’s 2030 strategy is underpinning the private sector through encouraging the inflow of FDI into Egypt, backing Egyptian exports, and mainly supporting the ability of Egyptian companies to penetrate new markets in Africa. This is where we have consolidated our relationships with Egypt through signing remarkable MoUs in the trade and climate sectors, conducting webinars and seminars and partnering with key private Egyptian companies.
4. What has been the most challenging project you have worked on in Egypt with ICIEC, and how do you think it has made a material difference to the country?
Every new project in Egypt is a new challenge because it is done with a lot of passion and attention from my side, as Egypt is far and away one of my favourite countries. I’d go so far as to say that my colleagues in other divisions sometimes joke that I am biased as I lavish hard work and attention on any new project in Egypt!
We feel proud of completing a significant number of transactions in Egypt. Probably the most important of these was the $300 million insurance support ICIEC provided to finance loan agreements to local banks in Egypt to support the SME sector in the light manufacturing industry. This project took much time but was measurably successful and has directly impacted smaller manufacturers in the country.
The other outstanding achievement is the successful execution of the IsDB Annual Meeting in Sharm El-Sheikh, which was held this June. This one is pretty indelible for me, not just because it was so recent, but because I’m proud of our team who worked so tirelessly, especially on the organization of the Private Sector Forum, which was up to the international standards as we had aimed it to be.
5. Tell me one surprising fact about yourself (you may not have told ICIEC before!)
I wasn’t joking when I said I have a personal affinity with Egypt and Cairo. It is the culture, the people and the fantastic vibes of experiencing Cairo. Even when I’m not on business, if my colleagues miss me for a weekend, the odds are I’m in Cairo visiting friends!
