The Minister of Investment and Foreign Trade, Hassan El-Khatib, highlighted that Egypt possesses enormous potential in the field of renewable energy, especially solar energy, where approximately 700 to 900 gigawatts (GW) can be generated from the Western Desert alone, according to a statement by the Ministry of Investment and Foreign Trade.

This came during El-Khatib’s participation in a high-level panel discussion titled “Smart Infrastructure to Enhance Competitiveness”, as part of the World Economic Forum (WEF) in Davos, Switzerland.

During his speech, El-Khatib also noted that the ambitious vision includes reaching a production of more than 1,000 GW of solar and wind energy combined, stressing the importance of developing a smart digital infrastructure for the electricity grid to ensure the efficient integration of this renewable energy.

Additionally, in an interview with Bloomberg, on the sidelines of the forum, El-Khatib revealed that recent energy pricing restructures have successfully addressed long-standing fiscal imbalances. He revealed that these reforms have eliminated an annual $2 billion deficit in the natural gas sector, a critical move toward stabilizing the country’s energy economy and attracting institutional investment.

The WEF Annual Meeting in Davos, Switzerland, is one of the world’s most prominent global gatherings for political, business, and thought leaders. Held each year in the Alpine town of Davos, the forum brings together heads of state and government, ministers, CEOs of major corporations, international organizations, academics, and civil society representatives.