CAIRO: The Cabinet’s Dispute Settlement Committee proposed settlements for 22 investment disputes between Arab and foreign investors in a Sunday meeting, which will be submitted to the full Cabinet for approval, Al Mal business daily reported Monday.
The 22 discussed cases include investment activities in the trade, petroleum, agriculture and irrigation ministries as well as disputes between investors and the governorates of Cairo, Giza, Red Sea, South Sinai and Wadi Gadid.
The Minister of Justice (the committee’s head) announced that the committee would meet two times a month to discuss investors’ suspended cases and work on solving them, Al Mal reported.
“Solving investor problems comes within governmental efforts for ending suspended problems for Arab, foreign and Egyptian investors as a step for flourishing the economy and attracting new investments,” he added.
Hassan Fahmy, head of the General Authority for Investment, announced that the authority is preparing more than 155 investment disputes in order to submit them to the Cabinet’s committee, Mubasher reported in late July.
Sameh Sayed, deputy head of the State Litigation Authority, told Al-Borsa business daily July 20 that Egypt is facing 12 international arbitration cases worth 26 billion EGP ($3.63 billion) with foreign and Arab investors.
Egypt won its last international arbitration case on May 10, in which it was sued for $833 million by H&H Enterprises Investment.