Italy awards citizenship to former Egyptian minister for special merits

Rachid Mohamed Rachid, CEO of Mayhoola for Investments and the chairman of the board of directors of Alsarah Investment Group.
Short Url
Updated 06 April 2024
Follow

Italy awards citizenship to former Egyptian minister for special merits

  • The decision recognizes luxury entrepreneur Rachid Mohamed Rachid’s contributions to Italy’s business, innovation landscapes.

Italian President Sergio Mattarella has issued a decree granting Italian citizenship to Rachid Mohamed Rachid, an Egyptian-born luxury entrepreneur, in recognition of his outstanding achievements in the realms of economics and business.

The Italian Cabinet has backed the decision, which recognizes Rachid's significant contributions to the business, innovation, and economic landscapes in Italy and beyond.

Rachid’s deep understanding of and sincere connection to Italian culture has bolstered Italy’s global reputation. He previously received the highest Italian honor, the Order of Merit, from former Italian President Giorgio Napolitano in 2010.

Rachid, who is the CEO of Mayhoola for Investments and the chairman of the board of directors of Alsarah Investment Group, one of the leading companies operating in the area of consumer goods, luxury, and fashion, hailed Italy as a beacon of excellence across various sectors, and said, “I am honored to receive this token of esteem from a country I have always believed in.

“Italy is an example of excellence and passion in every sector. I will continue to support Made in Italy, promoting the values we believe in talent, creativity, and innovation.”

Rachid Mohamed Rachid is a notable figure in the world of business and investment, particularly within the luxury goods sector.

His foray into global fashion brands began in 2012 when he assumed the role of CEO at Mayhoola for Investments, which owns renowned Italian fashion house Valentino and French fashion house Balmain.

Rachid has also held prominent positions such as vice chairman of the board of directors at Lipton, a global tea company, and served on the management board of Unilever.

Additionally, he is recognized as the founder of several international companies specializing in consumer goods and food industries.

In 2017, Rachid established the Alsara Investment Group, a Swiss-based holding company focused on construction and investment in luxury brands.

Notably, Rachid, born in Alexandria, served as Egypt’s minister of foreign trade, industry, internal trade, and investment from 2004 to 2011 before entering the business world.

 


LuLu marks Founding Day with ‘Made in Saudi’ campaign

Updated 25 February 2026
Follow

LuLu marks Founding Day with ‘Made in Saudi’ campaign

The Ministry of Industry and Mineral Resources honored LuLu Hypermarket in recognition of its pivotal role as the exclusive retail partner of the “Najoud Bikhairna 2026” initiative, commending its continued efforts in supporting and empowering national industries while showcasing the quality and competitiveness of locally manufactured products.

The initiative, led by the ministry in partnership with the Saudi Export Development Authority, represented by the Made in Saudi program, stands as a pioneering model of public-private sector collaboration in activating community-driven initiatives with sustainable impact. Through this program, more than 280,000 Saudi-made products were distributed to 10,000 families across various regions of the Kingdom during the holy month of Ramadan, reinforcing the presence of national products and strengthening the values of social solidarity among individuals and institutions alike.
The ministry’s recognition of LuLu Hypermarket coincided with the official launch of its Saudi Founding Day celebrations at the Dharat Laban branch in Riyadh, marked by the unveiling of a comprehensive promotional campaign dedicated to Saudi-made products. On this occasion, a wide range of special offers was introduced on local products, available across all LuLu Hypermarket branches throughout the Kingdom.
The inauguration ceremony was attended by Mohammed bin Dayel, general supervisor of the Made in Saudi program at the Saudi Export Development Authority, and Mohamed Haris, director of LuLu Saudi Arabia, alongside members of LuLu’s executive management team. The event featured a ribbon-cutting ceremony to officially open the specially designed Founding Day gateway.
Following the inauguration, guests toured several dedicated zones and exhibitions highlighting national products. The tour commenced at the grocery and “Made in Saudi” consumer goods sections, showcasing the diversity and quality of local brands. It also included the “Made in Saudi” dates pavilion, presenting a premium selection of the finest locally sourced dates in celebration of one of the Kingdom’s most iconic national symbols.
The visit continued to the fruits and vegetables section under the theme “From Our Land,” featuring an exceptional assortment of Saudi agricultural products, reflecting the richness and excellence of the local agricultural sector. Guests also explored the LuLu private label corner, which features products exclusively manufactured within the Kingdom for LuLu, reaffirming the company’s commitment to supporting local manufacturing.
The tour concluded with a presentation of “Made in Saudi” products within the chilled and frozen categories, underscoring the rapid growth and qualitative advancement of the Kingdom’s food manufacturing sector, and further reinforcing the strong market position and competitiveness of Saudi products.