Sahar Nasr, the Minister of Investment and International Cooperation, said that the ministry aims to improve the investment climate in Egypt along several main axes. They include first and foremost developing the legislation ruling the Egyptian market, most prominently the investment law currently being discussed in parliament.
The minister said, in a speech given on her behalf by Sherif Oteifa, her adviser for national projects, during the first economic real estate conference organised by Al Thiqa Real Estate company, that the second point which the ministry is following to improve the investment climate is developing the institutional system for investment. This includes activating the one-stop shop system, and facilitating, unifying, and mechanising procedures. A protocol was signed with the Ministry of Communication and Information Technology to start the implementation of the system.
Nasr added that the ministry is currently intensifying the procedures to solve investment disputes, including real estate investment disputes—which represent 40% of the total cases the Investment Dispute Settlement Committee looks into.
Nasr stressed that the ministry is working on improving Egypt’s economic indexes internationally and promoting investment. An investment plan is currently being decided on and will be launched in two months. It will list investment opportunities, including the real estate sector and different propositions.
As part of the Ministry of Investment’s efforts to improve the business environment, Nasr has held talks with Hosam Abdel Reheem, the Minister of Justice, to follow up on laws that encourage investments. Additionally, the two ministers discussed the legal and judicial obstacles of investment, the role of economic courts to solve disputes related to the activities of the capital market and investors, and the disputes before these courts which can protect the rights of investors.
The two ministers discussed the mechanisms to improve Egypt’s ranking in terms of the indexes of real estate registration, as well as the situation of the committee specialised in solving investment disputes.
Nasr has also welcomed Emirati investor Ahmed Al-Soidan, head of the Arab Union for Investment and Real Estate Development, to look into increasing his investments in Egypt.
He explained that investment opportunities in Egypt are manifold and that Arab investors are greatly interested in Egypt. Al-Soidan has expressed his desire to expand his investments in Egypt to support the Egyptian economy.