CAIRO : Prime Minister Ibrahim Mahlab headed a ministerial meeting Saturday to discuss the Egypt’s legal disputes with foreign investors and ways of settling them amicably instead of resorting to international arbitration, Youm7 reported.
Present during the meeting were ministers of justice, transitional justice, investment and international cooperation along with representatives from the State Litigation Authority.
The meeting aims at sending a message to the whole world that Egypt is encouraging investment and creating a healthy business climate and that it is also ready to settle all disputes with serious investors in a way that preserves the rights of both sides, according to the Cabinet’s statement.
During the meeting, Mahlab instructed the formation of a committee of the present ministers that is tasked with handling complaints filed by foreign investors against Egypt either with Egyptian courts or international arbitration tribunals.
In June, a number of sovereign bodies supervised the settlement of investor-state disputes involving Egyptian, Arab and foreign investors concerning Egyptians Arabs or other foreigners, according to Al-Mal newspaper.
Chairman of the General Authority for Investment and Free Zone, Hassan Fahmy told Al Mal the government seeks to increase the volume of foreign investment to $10 billion during the 2014-2015 fiscal year.
Another committee including sovereign representatives and others from the private sector was formed in April under the chairmanship of Housing Minister Moustafa Madbouli to solve disputes of investors.
Media outlets reported earlier that the Egyptian government is maintaining direct contacts with Saudi Arabia to settle a dispute with two businessmen; Sheikh Gamil El-Ganbit, former owner of Omar Effendi Company, and Saudi investor Abdullah al-Kahk of the former Tanta Flax and Oils Company.