Abdullah Bin Mahfouz, president of the Saudi-Egyptian Business Council, said that a senior Saudi delegation proposed a law to the Egyptian government that would eliminate red tape and boost investment.
The proposed law would allow investors to transfer their profits abroad, and would allow international arbitration in investment cases.
“The Egyptian Investment Ministry should treat investors as if it was their lawyer,” he said. “There are 26 different bodies an investor has to deal with.”
Mahfouz said that the measure is needed in order not to discourage Saudi investors, who pump approximately 30 billion riyals into the Egyptian economy.
The law was proposed at the Gulf Investment Forum in Cairo.
“Arab and foreign investors are waiting impatiently for economic reform in Egypt,” he added.
Edited translation from Al-Masry Al-Youm
