At a roundtable discussion titled “The Impact of Energy Prices on the Egyptian Economy,” hosted by the ElAdl Party on December 28th, Mohamed Fouad, CEO of Egypt Oil & Gas and Secretary General of the Egyptian Gas Association (EGA), played a central role in outlining critical measures to strengthen Egypt’s energy sector and enhance economic resilience. For instance, Fouad assured the importance of addressing foreign currency shortages, stabilizing financial policies, and ensuring a predictable regulatory framework to boost market credibility. He called for proactive strategies, clear investment incentives, and a secure business environment to unlock the sector’s potential and drive sustainable growth.

The event brought together a distinguished group of experts and specialists in energy, economics, and legislation. Participants included Yossra Asaker, Senior Energy Specialist at the World Bank; Ayman Heiba, Head of the Sustainable Energy Division at the Cairo Chamber of Commerce; Alaa Kamal, CEO of INP Egypt and Vice President of the German-Arab Chamber of Industry and Commerce; Medhat Nafie, Economic Expert; Samir Al-Quraishi, Former Director of Technical Affairs at the Organization of Arab Petroleum Exporting Countries (OAPEC); Khaled Naguib, Chairman of the Board of Directors of Hydrogen Egypt; Osama Fouzi, Founder and Chairman of the Executive Council of the Hydrogen H2lligence Platform; Mustafa Sharbini, Ambassador of the European Climate Pact and Head of the COP29 Observer Delegation; and Haitham Al-Saeed, Member of the Central Energy Affairs Bureau at the Future of Egypt Party.

The roundtable centered on three main axes: the repercussions of rising energy prices on sectors such as industry, transportation, and housing, and their contribution to inflation rates; the legislative and political role in managing energy resources, including the need for updated legislation to attract investments in renewable energy; and Egypt’s energy transition and efficiency strategies, with a focus on ambitious plans for green hydrogen, renewable energy, and the supporting infrastructure. It was moderated by MP Ahmed Qanawi, a member of the Senate and Secretary-General of the ElAdl Party, along with Mohamed Attia, Secretary of the Production and Logistics Policies Unit of the ElAdl Party.

During the discussion, Fouad stated that “Egypt’s energy sector holds great potential, but it requires proactive measures, clear investment incentives, and a secure, attractive environment to ensure sustainable growth.” He further elaborated, emphasizing that “a strategic approach to managing foreign currency shortages, stabilizing financial policies, and ensuring consistent regulations is crucial for enhancing the Egyptian market’s credibility.” Additionally, Fouad stressed the need to ensure the timely settlement of obligations to foreign partners and revisit investment agreements to build trust, encourage new investments, and boost production.

Hafez El-Salmawy, Professor of Energy Engineering and former executive chairman of the Egyptian Electric Utility and Consumer Protection Regulatory Agency, also weighed in on the discussion. He noted that while Egypt’s oil and gas resources are at an average level by international standards, these resources are insufficient to meet the country’s growth rates.

El-Salmawy emphasized the significance of energy transition as part of Egypt’s vision, advocating for increased reliance on electricity and renewable energy while reducing dependence on oil and gas. He added that despite decreasing oil consumption, refining capacity of 38 million tons per year will enable Egypt to import crude, refine it locally, and sell it in foreign markets.