Sixth of October Development and Investment Company (SODIC) announced the appointment of the former investment minister Osama Saleh as a non-executive chairman effective April 1, Invest-Gate reports.

Previously appointed as a non-executive member of the company’s board on March 10, Saleh is a renowned Egyptian economist and served as the chairman of the Egyptian Mortgage Finance Authority and the General Authority for Investment, and regional manager of the American Express Company.

He also currently occupies the positions of the non-executive chairman of Ayadi for Investment and Development, Ayadi for Urban Development, Abu Soma Tourism Development Company, and Damietta City Furniture Company. In addition, he is the founder and chairman of Riseinvest for Financial Consultancy and Investment Solutions, and chairman of the Egyptian Serbian Business Council.

Saleh succeeds Hani Sarie-Eldin, who served as SODIC’s non-executive chairman for six years. During his tenure, SODIC has added over 7 million square meters to its land bank and has solidified its position at the forefront of the real estate market, while having almost tripled its sales since Sarie-Eldin’s appointment.