He points out though that exploration risks are high because of the cost and advanced technology required to probe depths of 1,800 to 3,000 metres of water and then up to 3,000 metres below the sea bed. Shell is exploring in eight concession areas. Oil is the target in the Gulf of Suez and in Upper Egypt, while both oil and gas are being prospected in the Western Desert, with the search for gas concentrated in the Nile Delta. Egyptian officials hope that in the long term the country's economy will not rely so heavily on extraction industries and on tourism for its dynamism. There is a clear need to encourage new export-oriented projects to help reduce dependence on sectors that are directly vulnerable to global political and economic developments.
Textiles are a key area.
Chemicals, leather goods, horticulture, processed foods, furniture as well as high technology goods and services are also sectors now being emphasised. One thing certain is that it will be the private sector that will have to carry the torch in future. Confidence to invest will depend largely on the government continuing its drive for economic reforms and the nurturing of a market-driven business environment. The planned new Alexandria lighthouse tower casting a beam visible 30 miles away is symbolic of the optimistic mood that currently pervades. The most comprehensive survey of executive salaries in the region.