Government and the business organizations are working on improving investment procedures and litigation in preparation for the economic summit on 23 March in Sharm al-Sheikh.
The ministries of justice, supply, investment, planning and finance are holding a conference on Thursday for three days to work over the details of the needed changes. The conference will be attended by 250 judges of economic courts, heads of chambers of commerce, experts and law professors from 18 countries.
“The conference will discuss a judicial climate supportive of investment and scientific procedural mechanisms to facilitate and accelerate economic litigation in preparation for the economic summit,” said Ahmed al-Wakil, head of the Federation of Chambers of Commerce.
Law professor Hany Sarie Eddin said the government agreed to provide adjustments helping the investment and economic zones laws and the corporate laws to be declared at the summit. “This reassures investors that the government is serious,” he said, adding that a presidential decree would be issued within a week to form a board for the economic zone of the Suez Canal project.
In the framework of the government's preparations for the summit, Industry and Trade Minister Mounir Fakhry Abdel Nour is meeting in Madrid on Thursday with major Spanish companies interested in investing in Egypt to invite them to the summit.
Housing Minister Mostafa Madbouly announced the second project of the ministry to be offered at the summit, the Zayed Crystal Spark in Sheikh Zayed City, the highest tower in Egypt.
The minister said in a press statement that the project would be implemented on an area of 190 acres in partnership between private developers and the Urban Communities Authority. He added that the project is located southwest of Sheikh Zayed City directly on the 26 July axis, which connects it easily to Cairo.
“It is an administrative, commercial and recreational project,” he said. “And it includes a 200-meter tower with 49 floors.”
Edited translation from Al-Masry Al-Youm
