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.
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Updated 06 April 2024
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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.

 


PwC Middle East and Sirar by stc’s CISO500 program advances cyber leadership

Updated 15 February 2026
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PwC Middle East and Sirar by stc’s CISO500 program advances cyber leadership

The fifth edition of the CISO500 program ran from Feb. 8-12. Delivered in partnership between PwC Middle East and Sirar by stc, the program featured five intensive days of rich discussions and hands-on practical experiences, aimed at strengthening leadership capabilities in cybersecurity and keeping pace with rapid technological transformation.

The program is designed to develop the capabilities of executive cybersecurity leaders and enhance their strategic role in supporting organizations’ digital transformation. It equips participants to address contemporary challenges in the cyber landscape and expand their influence within decision-making ecosystems.

Yasser Al-Swailem, CEO of Sirar by stc, said that the program represents an important step toward strengthening the readiness of cyber leaders in the region. He noted that the CISO500 program is a fundamental pillar in the journey toward building a secure and trusted Saudi cyberspace aligned with national ambitions. He added that investing in national cybersecurity leadership is no longer optional but a strategic necessity for ensuring sustainable digital development. The program reflects a commitment to empowering national talent to lead the digital security landscape according to the highest global standards.

He further emphasized that such initiatives contribute to strengthening digital security ecosystems and enabling organizations to confidently and sustainably address future challenges.

Samer Omar, cybersecurity and digital trust leader at PwC Middle East, added: “CISO500 is a long-term investment in Saudi leadership. Over the past year, we’ve seen how bringing together senior Saudi cybersecurity professionals in a structured executive environment accelerates capability, builds confidence and deepens collaboration. As the program enters its second year, our focus remains on equipping Saudi CISOs with the strategic perspective and technical depth required to secure the Kingdom’s digital ambitions.”

The program addressed a range of advanced topics, including common cyber transformation pitfalls, mechanisms for securing enterprise digital transformation, and cybersecurity budgeting and financial governance. These topics enhanced leaders’ ability to translate cyber risks and security investments into financial indicators that support executive decision-making.

It also covered the latest technological developments, particularly artificial intelligence, emerging technologies, quantum computing, and the protection of critical and operational infrastructure. Emphasis was placed on the importance of security governance for AI technologies and strengthening enterprise-wide risk management perspectives associated with them.

The program adopted an interactive learning methodology combining strategic discussions, collaborative work, and creative practical exercises, contributing to a deeper understanding of concepts and enabling their translation into applicable organizational practices.

Abdullah Al-Asmari, global cybersecurity director at the Saudi Research and Media Group and one of the program participants, said that the experience added significant strategic and practical value: “The program provided a rich experience that strengthened the leadership perspective of cybersecurity, particularly in linking technical practices with strategic and financial dimensions within the organization. It also offered valuable space for exchanging expertise on emerging technologies such as AI and quantum computing, and the challenges of securing critical infrastructure. This experience enhances cyber leaders’ ability to adopt a more influential role in supporting digital transformation and enabling decision-making based on a comprehensive understanding of risk and value.”

He added that the program facilitated the exchange of insights on emerging challenges and strengthened the ability to align cybersecurity with institutional objectives and executive decision requirements.

Participants said that the program constituted a valuable professional and knowledge-driven experience that enhanced the readiness of cyber leaders to keep pace with rapid digital transformation, reinforcing cybersecurity’s role as a strategic enabler that supports innovation while preserving business trust, reliability, and sustainability.