The new investment law ‘ignores’ Sinai development: sources
Egyptian businessman Hassan Rateb - YOUM7

CAIRO:  Sources told Youm7 Thursday that the investment law that was approved by the Cabinet Wednesday ignores development in Sinai.

The sources added that the law does not confer any advantages to projects and investments in Sinai. The new law comes among preparations to the Egypt Economic Development Conference expected this month in Sharm el-Sheikh.

Egyptian businessman Hassan Rateb previously told Youm7 there are many obstacles facing Sinai investment.

During an interview with Al-Nahar television channel Earlier February, Rateb said that the investment law and financial policies in Egypt are “repellent” to any investor and take too much time.

Ibrahim Al-Brahema, another businessman, told Youm7 the situation in the governorate demands high-level interference by the government to improve investment circumstances there.

The new law comes days before the Economic Development Conference scheduled March 13-15 in Sharm el-Sheikh. The law includes amendments over micro industries, mining and local product priority legislation.

Additional reporting by Abd Al-Halien Saliem

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