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Tarek El-Molla: Energy Drives Economy, AI Boosts Power Demand
Engineer Tarek El-Molla, Chairman of the Energy Committee in the House of Representatives and a former Minister of Petroleum, emphasized that energy is the main driver of the global economy and is interconnected with all productive sectors such as industry and agriculture. He pointed out that international conflicts, such as the American-Iranian war and other wars, have led to rising energy and raw material prices, which in turn affected the prices of goods. This situation has prompted some countries to restart coal-fired power plants to address energy shortages. He also explained that Russia has succeeded in signing long-term agreements with new markets, and that the world is approaching a boom in the industries related to rare earth elements—particularly those tied to data centers and semiconductors—highlighting the importance of data and artificial intelligence, which require huge amounts of electricity and are considered pillars of economic and scientific progress.
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