Saudi Gazette - Saudi businessmen seek to amend Egypt investment law

Saudi Gazette - Saudi businessmen seek to amend Egypt investment law:

"Saudi members in the Egyptian-Saudi Council proposed a bill to amend the Egyptian Law 8/1997 concerning investment guarantees and incentives. Furthermore, the bill amends the Egypt-Saudi Arabia Trade Agreement and enables the council to use international arbitration in its negotiations.

Egyptian-Saudi Council Chairman Abdallah bin Mahfouz revealed that the Saudi side proposed the amendments to the interim President Adly Mansour at the GCC Economic Forum held in Egypt.

Bin Mahfouz gave Al-Hayah newspaper an overview of the intended changes: “The proposed bill includes five guarantees. First, criminal cases against the investor’s licensed activities in Egypt are not started unless requested by the Minister of Investment. Second, the Egyptian government has to confirm all the rights and advantages stipulated in previous laws, untouched by new decrees.”"

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