On Thursday, Hisham Anwar Tawfiq was sworn in before President Abdel Fattah al-Sisi as minister of public business sector, replacing Khaled Badawi in the new government formation headed by Mustafa Medbouli. The new minister was a member of the Board of Directors of the Holding Company for Construction and Development and previously chaired the Cairo Solar for Solar Solutions Company. He also served as the Chairman of the Board of Directors of “Arabia Online Securities Brokerage, previously, a board member of Naeem Holding Company and a member of the Board of Directors of Arab Land Bank. He is the first to build a solar power plant, the highest residential property, and the first Egyptian to receive electricity from the government. He received a Master's degree in Finance from King Fahd University of Petroleum and Minerals in Dhahran, Saudi Arabia, and a BA in Economics and Business Administration from the American University in Cairo. He worked at Arabiya Online, the Egyptian Stock Exchange and the Capital Market. He also served as an advisor to the Minister of Finance, Youssef Botros Ghali, from 2005 to 2007.