Ministerial committee resolves USD 937 mn dispute with Saudi investor

The Ministerial Committee for Settlement of Investment Disputes settled a USD 937 mn dispute with Saudi Investor Hashem El Mehdar Group Industry & Tourism Development, Al Masry Al Youm reports. El Mehdar withdrew an international arbitration case he had filed against Egypt and will move ahead with planned investment in Marsa Matrouh, which were put on hold after a land dispute. Prime Minister Sherif Ismail had approved the composition of the Ministerial Committee for Settlement of Investment Disputes to be headed by the PM himself back in November, listing our friend Moustafa El Bahabety, Deputy Justice Minister for Arbitration and International Disputes, as the head of the organization’s technical committee.