Osama Saleh, the former head of the Mortgage Finance Authority, has replaced Assem Ragab as the chairman of the General Authority for Investment & Free Zones (Gafi).

Saleh was born in 1960 and graduated from Cairo University’s faculty of commerce in 1982. He is the former chairman of the American Express Bank-Egypt.

He chaired the Mortgage Finance Authority for four years until July 2009, when a new single financial regulator took over regulation of home loans.

The single regulator, the Egyptian Financial Services Authority, replaced the Capital Markets Authority, the Egyptian Insurance Supervisory Authority and the Mortgage Finance Authority.

It also took over over the regulatory functions of the Egyptian Exchange and Gafi’s responsibility for regulating financial leasing.

Prime Minister Ahmed Nazif also re-appointed Neveen el-Shafei and Wafaa Sobhi as vice-chairmen of Gafi.