Egypt's parliament in 2016 Reuters
CAIRO – 7 May 2017: The House of Representatives has finally approved a highly anticipated new
, House Speaker Ali Abdel Aal announced Sunday.
The Parliament also approved a controversial article by which the prime minister has the right to issue the executive regulations of the new law in cooperation with the ministry concerned (Ministry of Investment and International Cooperation), within a period of 90 days after the law comes into force.
On May 2, the parliament tentatively approved the new investment law during a general session.
The law offers unprecedented guarantees and incentives to investors, takes into consideration social concerns and enhances transparency, disclosure and governance.
It will also simplify project procedures and ensure strict deadlines to complete such procedures. Moreover, it accelerates arbitration of business disputes to ensure the stabilization of investment policies.
The law will be sent to President Abdel Fatah al-Sisi for ratification, then published in the official gazette, Al-Waqa'i`a al-Masriya, to mark its coming into force.
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