Amending the Investment Law and issuing the Civil Service Law means Egypt has taken into account the pressing needs of today’s business requirements, according to Essam Al Tamimi, Senior Partner of Al-Tamimi & Company.
Al Tamimi said that these can be conducted with less complexities and more speed. In statements to Daily News Egypt, Al Tamimi outlined his views of the current investment climate in the Egyptian market, alongside the steps the government should follow to create favourable economic conditions for investors.
Al Tamimi’s legal firm, Al-Tamimi & Company, made an association with the Egyptian-based legal firm Khodeir, Nour & Taha. Commenting on this new collaboration, he said: “With the profound ties between Egypt and the UAE, it is a natural step that a firm such as Al-Tamimi becomes part of the ‘New Egypt’. This new association aims at taking legal services into new frontiers to support Egypt’s developing needs, and offer the best creative solutions that meet the non-conventional approach Egypt is adopting to encounter its current challenges.”
Al Tamimi underlined that the Economic Summit of Sharm El-Sheikh has created great momentum for Egypt.
“There is no doubt that Egypt has endless opportunities for reform and development,” he said.
He further stated: “The efforts that the Egyptian government exerted to resolve investors’ disputes at the Economic Summit in Sharm El-Sheikh have been inspirational in driving a level of commitment to new projects in Egypt.”
Al Tamimi, being clear and pragmatic, added: “Disputes will not vanish and there will continue to be litigations and arbitrations; however this is a symbol of rule of law regardless of the outcome of these disputes that will further restore certainty about the Egyptian market.”
Finally, Al Tamimi said: “UAE investors can have greater access to a huge market, with endless investment opportunities throughout Egypt, but the government has to promote the alternative speedy dispute mechanism process that was adopted under the amended Investment Law and create a strategic planning counsel to act as a strategy controller to support strategy synchronisation.”
