Saudi Investors: New Egyptian Investment Law Ends 90% of Disputes

Saudi Investors: New Egyptian Investment Law Ends 90% of Disputes

Monday, 5 February, 2018 - 12:30
Saudi investors said the new Egyptian investment law has helped resolve the majority of the disputes they have been facing in Egypt. (Reuters)
Riyadh - Abdul Hadi Habtoor
Saudi investors said the new Egyptian investment law helped resolve and end nearly 90 percent of the disputes they have been facing in Egypt, expecting more money to enter the country and more projects to be implemented between the two countries.

According to Saudi-Egyptian Business Council member Fahd bin Siban al-Salmi, more than 90 percent of the Saudi business disputes in Cairo have been resolved by the new investment law, which will contribute to pumping more funds, establishing several projects and promoting trade between Egypt and Gulf countries in an unprecedented way.

Salmi made his announcement following meetings in Cairo between the Saudi and Egyptian investors and a meeting between Minister of Investment and International Cooperation Dr. Sahar Nasr and Minister of Trade and Industry Eng. Tareq Qabeel.

Salmi pointed out that the atmosphere of investment in Egypt has become a factor to attract a lot of capital.

He explained that this was possible after the Ministerial Committee for Settlement of Investment Disputes tackled 36 requests to resolve disputes submitted by Saudi investors since the adoption of the law. Its decisions have been put into effect, while 24 disputes have been resolved.

“We seek to keep pace with the reforms that are taking place in the economic systems to serve the investment between the two countries. The field has become open to the development of the volume of trade exchange between the two brotherly countries in the coming years, after it had stopped at 2.1 billion dollars in 2017,” Salmi said.

Salmi, who is a member of the Board of Directors of Jeddah Chamber of Commerce, stressed that the Saudi private sector is keen to strengthen economic and investment relations with Egypt and to start new investments during the upcoming period.

He said that this is due to the great interaction found by the Ministry of Investment and International Cooperation, headed by Nasr, who intervened significantly to end the problems of all Saudi investors in Egypt. She also stressed that the new investment law will end previous pending disputes that have been left unresolved.

Nasr confirmed that the decisions of the Ministerial Committee for Settlement of Investment Disputes are final and cannot be reversed.

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