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Egypt forms committee to settle investment deal
Challenges to sales of state land which have led to shaky a property sector in Egypt has led to the formation of an investment committee.
May 23, 2011 11:15 by Reuters
Egypt’s Prime Minister Essam Sharaf ordered the formation of a committee of government officials and legal experts to settle problems surrounding investment contracts, the cabinet said on Sunday.
“This comes within the government’s framework to support investment and clear all obstacles faced by investors,” the cabinet said in a statement.
The decision comes after a string of legal challenges to sales of state land to real estate developers that have shaken confidence in Egypt’s property sector. (Reporting by Mahmoud Abdel Gawad)