BREAKING: Sisi endorses Unified Investment Law ahead of Economic Summit

Ahead of landmark economic summit, Egypt’s President Abdel Fattah al-Sisi endorses a long-awaited unified investment law. The law is part of a package of reforms the government is hurrying to put in place before the Egypt Economic Development Conference begins on March 13.

Earlier this month, Egyptian cabinet has approved the law cabinet meeting and was waiting for Sisi’s final approval.

The unified investment law encompasses several laws, including one on incentives and guarantees of investment called law “8”. It will also include Law 159 on economic zones and another on joint stock companies, the goal of which is to unify the direct investment system. Yet another is the law on free, economic, and investment zones, and the goal of the entire legal package is to have one authority be responsible for investment in Egypt.

The new law will guarantee that investors are protected from nationalisation and that they may enter and exit the market in dollars. The law also specifies a unified mechanism for settling investment disputes, and it will prohibit any regulatory authority from making investments.

In an open letter to investors, published on the website for the economic summit conference, Sisi said the government is “determined” to remove “antiquated and unfair legal practices” that have made companies reluctant to do business in Egypt.

“We are making new efforts to tackle the regulatory and bureaucratic obstacles that stand in the way of private sector and foreign investors, as well as policies to ensure a level playing field for all investors where transparency and the rule of law prevail,” Sisi said.

According to the conference website, one of the key elements of the law is the establishment of an Investment Promotion Authority under the direct supervision of the prime minister, “designed to facilitate better coordination and follow up on all investment plans and procedures.”

The law will also establish a nationwide database of land plots available for investors, the website says.