Saudi Tycoon urges No More Egypt’s Restrictive Laws on Investments
Saudi tycoon Sheikh Saleh Kamel urges Egyptian government to cancel the existing restrictive regulations on investments in Egypt.
Kamel – who is the Chairman of the Islamic Chamber of Commerce and Industry (ICCIA) – has called Egyptian Prime Minister Ibrahim Mahlab for abolishing all the restrictive regulations on investments in Egypt.
The Saudi tycoon clarified that “patching” of the Egyptian laws would not help in encouraging more investments to the country, saying that those laws were set a long time before in a way that would not accommodate with the present status.
During a conference on the judicial climate to support investment held on Friday, ICCIA chairman said staging a legislative revolution would terminate the corruption and organise matters easily and clearly, otherwise uprising would spark.
The launch of this conference days before March’s Economic Summit stresses the judicial system’s concern about easing the procedures, which would in return give a new hope for investors, the Saudi tycoon noted.
He also affirmed that working on the issuance of new laws while the old ones still operative makes it difficult and complex for both the judges and involved parties.
Moreover, Kamel asked the legislative authorities in Egypt to simplify the laws since achieving prosperity is everyone’s main objective. The Egyptian state has maintained the independence of the judicial system, he concluded. 
