The Egyptian-Saudi Business Council: Investment Climate in Egypt has Become More Favorable for Injecting More Investments in the Coming Period.
 
The Minister of Investment and International Cooperation Meets with the Saudi Minister of State and 28 Representatives of the  Council of Saudi Chambers, and Calls for Injecting New Investments in the New Administrative Capital, Suez Canal Corridor and West Egypt Development Project.
 
Saudi Minister Dr. Essam Bin Saeed: We Aim at Enhancing Economic and Investment Relations with Egypt in the Coming Period...All the Praise to the Minister for her Efforts in Supporting Saudi Investors to Solve their Problems... Saudi Businessmen Wish to Invest in the Field of Real Estate Development, Dates Manufacturing and Alligator Skin Tanning in Lake Nasser.
 
The Minister of Investment and International Cooperation Dr. Sahar Nasr has met with the members of the Egyptian-Saudi Business Council and the Council of Saudi Chambers that includes 28 chambers in the presence of Essam Bin Saeed, the Saudi Minister of State and the member of the Saudi Council of Ministers, Sheikh Abdullah Bin Mahfouz, the Vice-President of the Saudi side in the Business Council, Mohamed Abdel Wahab, the Vice CEO of the General Authority for Investment and Free Zones "GAFI", and General Ahmed Rizk, the advisor to the minister and the head of the committee, for solving the investors' problems  at the Ministry's headquarters in Salah Salem.
 
Dr. Nasr mentioned that the Egyptian government has exerted great efforts in order to attract investments, where a comprehensive development for the infrastructure has been done and an economic and legislative reform program has been implemented. Such program was implemented after conducting surveys on investors' opinions in sister countries as well as foreign countries.
The Minister asserted that the Investment Law includes multiple guarantees that protect the rights of investors in addition to huge incentives for labor-intensive  investments and investments in Upper Egypt and Sinai. The House of Representatives endorsed number of other laws that encourage investments such as Corporate and Bankruptcy Laws. Moreover, large number of investment services were provided throughout the Investment Service Center.
 
Nasr asked the Saudi investors to address their complaints, whenever they have any problems, to the MIIC in order to be solved. She also emphasized that the government gives high priority to solve all problems of the investors, including the Saudi investors.
 
In addition, she offered the Saudi investors the investment opportunities in various fields and sectors, and she called them to expand their investments in Egypt and inject new investments especially in the New Administrative Capital, Suez Canal Corridor, and West Egypt and Sinai Development Project.
 
Dr. Sahar, replying to Dr. Essam Bin Saeed inquiry, affirmed that the New Investment Law decides on the disputes arising out of the law itself, and that the resolutions of the Ministerial Committee for the Investment Disputes Resolution (MCIDR) are binding and that is what the Egyptian-Saudi Business Council praised during the meeting. The council also emphasized that the investment climate in Egypt has become more favorable for them to inject more investments in the next period.
 
The Minister asserted that the Investment Law includes multiple guarantees that protect the rights of investors, in addition to huge incentives for labor-intensive investments and investments in Upper Egypt and Sinai. The House of Representatives endorsed number of other laws that encourage investments such as Corporate and Bankruptcy Laws. Moreover, a large number of investment services were provided through the Investment Service Center.
 
Dr. Nasr asked the Saudi investors to address their complaints, if any, to the Ministry of Investment and International Cooperation "MIIC" in order to be solved. She also emphasized that the government gives high priority to solve all the problems of the investors, including the Saudi ones. 
 
In addition, she offered the Saudi investors the investment opportunities in various fields and sectors, and she called them to expand their investments in Egypt and inject new investments especially in the New Administrative Capital, Suez Canal Corridor, and West Egypt and Sinai Development Project.
 
Dr. Sahar, replying to Dr. Essam Bin Saeed inquiry, affirmed that the New Investment Law decides on the disputes arising out of the law itself, and that the resolutions of the Ministerial Committee for the Investment Disputes Resolution "MCIDR" are binding and that is what the Egyptian-Saudi Business Council praised during the meeting. The council also emphasized that the investment climate in Egypt has become more favorable for them to inject more investments in the coming period.  
 
The Saudi Minister of State Essam Bin Saeed confirmed the keenness of Saudi Arabia to enhance the economic and investment relations with Egypt and to inject new investments in the coming period. He also praised Dr. Nasr for her efforts and interaction with the Saudi investors in solving their problems in Egypt.
 
Mohamed Abdel Wahab, GAFI's Vice CEO, presented the most important Articles of the Investment Law to the Saudi delegation, where the MCIDR decided on 36 dispute resolution applications submitted by Saudi investors since the enactment of the Law. Such decisions have become effective; another 24 disputes have been decided on, and their decisions are being currently executed.  
 
Sheikh Abdullah Bin Mahfouz, the Vice-President of the Saudi side in the Business Council, praised the efforts of the MIIC's Minister in supporting investors. He added that he would collect all complaints and requests from Saudi businessmen in Egypt and submit them to the MIIC within a week. 
 
Moreover, Saudi businessmen offered new investments in Egypt in the fields of real estate development, dates manufacturing and alligator skin tanning in Lake Nasser.
 
After the meeting, the Minister accompanied the Egyptian-Saudi Business Council in a tour in the companies' incorporation hall in the Investor Service Center to learn about the new procedures in the service of investors.