Forbes reported that Standard Chartered Bank expects Egypt to be among the Top Ten Global Economies for 10 years, ranked number seven before Russia, Japan and Germany.
According to Forbes, this is due to the ongoing strategy for sustainable economic reform and the discovery of the offshore Zohr gas field in the Mediterranean Sea.
The Minister of Petroleum and Mineral Resources, Tarek El Molla, said that “We are focusing on gas in the interim as we work to fill 40% of our energy needs through wind and solar by 2030.” The minister’s vision is focusing on helping Egypt become a regional energy hub, in addition to fulfill its domestic needs.
To be a regional energy hub, this needs massive changes. Thus, the ministry established a comprehensive modernization strategy, addressing key areas such as production performance, refining and distribution, and enterprise resource planning and human resource development on the top, Forbes reported.