Abu Dhabi: Egyptian President Abdul Fatah Al Sissi vowed to make Egypt a hub of economy and promises to bring in comprehensive reforms in the subsidies in the next five years to get the country back on the track of economic recovery.
“We will make use of our geographical position and infrastructure to make Egypt an economic hub,” said Al Sissi while addressing the audience at the opening ceremony of World Future Energy Summit in Abu Dhabi on Monday.
"We will expand our reliance on renewable energy to 20 per cent 2020. There are successful wind and solar energy projects in Egypt."
Al Sissi said the country is developing a unified investment roadmap and would be highlighted during an economic forum in Sharm Al Shaikh in March.
He said: “Egypt seeks to develop an energy strategy. We seek to realise reforms and diversification of traditional energy used in power plants.”
On issues confronting the Arab world, he said Arab nations have to be careful, satying: "You have to take care of your nations and countries. We are destroying ourselves. The largest refugees in the world are Arabs.”
Al Sissi is on a first historical visit to the UAE after becoming the President of the Egypt. The inaugural ceremony was attended by Sheikh Mohammad bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
A number of delegates from across the world are attending the energy summit, being held in the backdrop of failing oil prices.
