Saudi investors in Egypt disgruntled with 'legal chaos'

Arab businessmen have called on the Egyptian government to quickly repair legislation and organise economic activity to inject more capital, describing Egypt as suffering from legislative chaos that repels investors.

Prominent Saudi businessman Sheikh Saleh Kamel said during an Arab investors’ conference on Sunday that Egypt needed a revolution in economic legislation in order to incentivise investment.

He said there was very little incentive for investment, “as Egypt suffers from legislative chaos and there is no hope for attracting investment without reforming the legal environment”.

Head of the Al-Kharj Chamber of Commerce and Industry Showemy bin Ajyan Al-Kitab said that the Egyptian tax system requires major adjustments. He added that the ‘one-stop shop’ investment window must be implemented to mimic investment conditions in the UAE, Saudi Arabia, and Europe.