Qalaa Holdings Co-Founder and Managing Director, Hisham El-Khazindar delivers a keynote address on the important role of the private sector in advancing integrity and countering corruption at Integrity Network Initiative (INI) signing event where Qalaa became a new supporting member
Qalaa Holdings (CCAP.CA on the Egyptian Exchange), an African leader in energy and infrastructure, has officially joined the Integrity Network Initiative (INI) at a signing ceremony on June 15th attended by Minister of Trade and Industry, Tarek Kabil. Established in 2012 by the Egyptian Junior Business Association (EJB), the INI seeks to engage Egypt’s leading companies and SME’s in a collective effort to fight corruption and create an efficient and enabling business environment.
A pioneer in sustainable and ethical business practices, Qalaa Holdings views private sector leadership as crucial to affecting positive social change and economic development in Egypt. The firm believes that high-quality governance is a fundamental enabler of superior corporate performance and that the components of effective governance can help reduce risk, identify internal and external threats, and assist in capturing profitable business opportunities.
Commenting on the company’s decision to join the INI, Qalaa Holdings Co-Founder and Managing Director, Hisham El-Khazindar said, “the principles of fairness, openness and transparency are things that we take very seriously as a company. Over the past years we began a process that has seen us strengthen our governance function to support sustainable growth, enhance risk management, and maximize efficiency at Qalaa Holdings and across all our subsidiary companies. This approach to governance has progressively regulated a wide range of practices ranging from risk assessment frameworks to anti-fraud and financial reporting policies. We look forward to exchanging ideas, experiences and lessons learned with fellow members of the INI Network.”
Qalaa Holdings was an early mover in applying international standards in compliance. As early as 2014 the firm hired a head of internal audit to oversee the adoption of global best practices including an internal audit charter and an anti-fraud policy to strengthen the firm’s ability to create and maximize shareholder value.
“Corruption is a major obstacle to sustainable development, and the business community must realize that it has a role to play in supporting integrity and combating corruption in order to create a clean and attractive business environment,” said Qusay Salama, Executive Director of the Integrity Network Initiative.
Commenting on the important role of the private sector in affecting social and economic reform in the country, Ghada Hammouda, Qalaa’s Chief Marketing Officer said, “Qalaa has sought to lead the way in advancing integrity by pioneering sustainable business practices, becoming a founding member of the Egypt chapter of the UN Global Compact and working diligently to promote the UN Sustainable Development Goals (SDG’s).”
Reflecting on the impact that Qalaa can have as a supporting member of the INI, Hammouda went on to say that “Joining the INI presents an excellent opportunity for Qalaa Holdings to share our experiences creating and enacting ethical business practices with Egypt’s most promising small and medium enterprises. We recognize the detrimental impact of corruption on all companies operating in Egypt, but it is particularly threatening to new and small businesses. Qalaa Holdings is committed to creating a business environment in which everyone can thrive. We believe that fighting corruption is an underlying enabler to achieving the Sustainable Development Goals. The company hopes that its participation in the INI will be a meaningful step towards promoting more inclusive economic growth for Egypt.”
Qalaa Holdings (CCAP.CA on the Egyptian Stock Exchange) is an African leader in energy and infrastructure. Formerly known as Citadel Capital, Qalaa Holdings controls subsidiaries in industries including Energy, Cement, Agrifoods, Transportation & Logistics, and Mining. To learn more, please visit qalaaholdings.com.
For more information, please contact:
Ms. Ghada Hammouda
CMO & Head of Marketing Communications
Tel: +20 2 2791-4439
Fax: +20 22 791-4448
Mobile: +20 106 662-0002