{"id":550172,"date":"2022-10-17T03:57:44","date_gmt":"2022-10-17T03:57:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/17\/state-settles-disputes-with-international-firms-amid-efforts-to-attract-more-fdi\/"},"modified":"2022-10-17T03:57:44","modified_gmt":"2022-10-17T03:57:44","slug":"state-settles-disputes-with-international-firms-amid-efforts-to-attract-more-fdi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/17\/state-settles-disputes-with-international-firms-amid-efforts-to-attract-more-fdi\/","title":{"rendered":"State settles disputes with international firms amid efforts to attract more FDI"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Gov\u2019t puts several int\u2019l disputes to bed: <\/strong>The state has settled disputes with international companies including Dutch Future Pipe and Italy\u2019s Maire Tecnimont, as it looks to improve the investment environment and attract more foreign inflows, according to a cabinet <a href=\"https:\/\/www.mairetecnimont.com\/en\">statement<\/a>. The government agreed to settle the following disputes:<\/p>\n<p><strong>#1-<\/strong><strong><a href=\"https:\/\/futurepipe.com\/\">Future Pipe<\/a><\/strong><strong>: <\/strong>The Dutch-incorporated, Dubai-based firm first filed an arbitration case against Egypt over a contract to build a water and sewage network in the new administrative capital back in 2017, according to records of the International Centre for Settlement of Investment Disputes (ICSID). The settlement will help protect joint Dutch-Egyptian investments and maintain economic relations between the two countries, according to the cabinet statement.<\/p>\n<p><strong>#2-<\/strong><strong><a href=\"https:\/\/www.mairetecnimont.com\/en\">Maire Tecnimont<\/a><\/strong><strong>:<\/strong> Cabinet rubber-stamped a settlement agreement between state-owned Egyptian Chemical Industries (Kima) and the Italian contractor, according to the statement. Kima was last year reported to be in talks with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06adde44-8f4b-4aee-9332-046a53dfffad\">a syndicate of banks<\/a> to help it restructure EGP 6.8 bn in outstanding debt, reportedly linked to its EGP 11.6 bn ammonia-urea plant Kima-2 in Aswan, which Tecnimont constructed. Kima was last year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/560863ca-e8f3-4afc-8a06-9f66b8047f38\">reported to have agreed<\/a> to assign the operation and maintenance of Kima 2 to Tecnimont. The companies also reportedly signed a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdc9bfbd-306c-46d1-bb3f-9f0f222d606f\">separate settlement<\/a> in 2020 over losses incurred by Tecnimont on the project thanks to the devaluation. The settlement will help the government continue to expand our ammonia and urea production with the help of Italian expertise, the statement reads.<\/p>\n<p><strong>#3- Disputes related to the Hekr Abu Doma development in northern Cairo. <\/strong>The statement doesn\u2019t give any further details. Local media had reported disputes related to the development between the government and both a <a href=\"https:\/\/bit.ly\/3VwoAJR\">Bahraini developer<\/a> and <a href=\"https:\/\/bit.ly\/3rZVuFi\">Qatari Diar<\/a> in recent years.<\/p>\n<p><strong>REMEMBER- Attracting more FDI is a key pillar of the government\u2019s economic strategy<\/strong> as it looks to compensate for the loss of so-called \u2018hot money\u2019 on the back of the global economic downturn. The state will look to raise USD 40 bn over the next four years through the sale of public assets. Expect to hear more on the strategy at next week\u2019s economic conference.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gov\u2019t puts several int\u2019l disputes to bed: The state has settled disputes with international companies including Dutch Future Pipe and Italy\u2019s Maire Tecnimont, as it looks to improve the investment environment and attract more foreign inflows, according to a cabinet statement. The government agreed to settle the following disputes: #1-Future Pipe: The Dutch-incorporated, Dubai-based firm [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":550173,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8678],"tags":[957,72,103,253,2112,7197],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dispute-watch","tag-dispute-watch","tag-enterpriseam","tag-fdi","tag-kima","tag-qatari-diar","tag-state-ownership-policy","wpautop","entry"],"acf":{"mongo_id":"689da38b-0ede-451c-b066-7dfb37f1eb0c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/246.jpg","photo_position":"above","related_issue":[550157],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>State settles disputes with international firms amid efforts to attract more FDI - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/17\/state-settles-disputes-with-international-firms-amid-efforts-to-attract-more-fdi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State settles disputes with international firms amid efforts to attract more FDI\" \/>\n<meta property=\"og:description\" content=\"Gov\u2019t puts several int\u2019l disputes to bed: The state has settled disputes with international companies including Dutch Future Pipe and Italy\u2019s Maire Tecnimont, as it looks to improve the investment environment and attract more foreign inflows, according to a cabinet statement. 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The bank\u2019s settlement is part of the government\u2019s agreement with the banking sector to\u2026","rel":"","context":"In &quot;Egypt Politics + Economics&quot;","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635959,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/18\/ministerial-committee-resolves-usd-937-mn-dispute-with-saudi-investor\/","url_meta":{"origin":550172,"position":2},"title":"Ministerial committee resolves USD 937 mn dispute with Saudi investor","author":"enterpriseam admin","date":"18 December 2017","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652316,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/05\/hilton-movenpick-to-settle-tax-disputes\/","url_meta":{"origin":550172,"position":3},"title":"Hilton, M\u00f6venpick to settle tax disputes","author":"enterpriseam admin","date":"5 January 2017","format":false,"excerpt":"The Hilton and M\u00f6venpick hotel groups, along with the Industrial Development Bank and the October for Development and Real Estate Investment Company have all filed requests to resolve tax disputes with the Tax Authority. The companies are ending the dispute by paying a settlement fee, unnamed sources told Al Borsa.\u2026","rel":"","context":"In &quot;Legislation + Policy&quot;","block_context":{"text":"Legislation + Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621926,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/economic-court-settle-sfive-bankruptcy-disputes-worth-egp-7-bn\/","url_meta":{"origin":550172,"position":4},"title":"Economic court settle sfive bankruptcy disputes worth EGP 7 bn","author":"enterpriseam admin","date":"21 November 2018","format":false,"excerpt":"The Cairo Economic Court has settled five bankruptcy cases worth a combined USD 7 bn from companies in the food, pharmaceutical and real estate sectors. The Bankruptcy Act, which was approved by parliament in January, saw the establishment of specialized bankruptcy courts to mediate and arbitrate bankruptcy cases. Since their\u2026","rel":"","context":"In &quot;Egypt Politics + Economics&quot;","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597204,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/18\/cabinet-approves-draft-legislation-on-dispute-resolution\/","url_meta":{"origin":550172,"position":5},"title":"Cabinet approves draft legislation on dispute resolution","author":"enterpriseam admin","date":"18 July 2019","format":false,"excerpt":"CABINET WATCH- Cabinet approves draft legislation on dispute resolution: The Madbouly government agreed in its weekly meeting yesterday to a draft legislation to regulate procedures relating to special judicial mediation for out-of-court trade and civil dispute settlements, it said in a statement. The legislation applies to all disputes except for:\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=550172"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550172\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/550157"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/550173"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=550172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=550172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=550172"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=550172"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=550172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}