FILE – Prime Minister Sherif Ismail, who also heads the Egyptian Disputes Settlement Committee
CAIRO – 3 January 2018: The committee to settle investment disputes has resolved 27 issues during its monthly meeting held this week, out of 31 disputes on the table, the Ministry of Investment announced Wednesday.
Headed by the justice minister and including the ministers of housing, investment and international cooperation, trade and industry, finance and local development as members, the decisions of the committee decisions are binding to all state authorities.
Post-2011, Egyptian courts issued verdicts annulling business contracts of several foreign companies and projects, ordering their return to the state. In response, several foreign investors resorted to international arbitration centers, having already spent considerable sums on these projects.
Having formed the Egyptian Disputes Settlement Committee in late 2014, which fell directly under the supervision of the Prime Minister, many disputes were tackled and resolved without the need for international arbitration.
Offering unprecedented guarantees and incentives to investors, the House of Representatives has approved in early May the long-awaited new investment law, which is expected to facilitate business procedures and accelerates arbitration of business disputes.