Egypt’s new constitution will help attract more investment into the North African country, said Neveen el-Shafei, Egypt’s assistant minister of investment.

“The constitution is investment-friendly,” she said at a conference in Dubai on 10 March, saying the bill, which was approved by a referendum in January, has strengthened the independence of the judiciary and rule of law.

She adds that the constitution also aims to decentralise the process of decision-making in the government.

El-Shafei was one of the 50 people charged with the drafting of the new constitution that replaces the one brought in by Mohamed Mursi, the former president, in early 2013.

She said the purpose of this bill was to “heal the wounds” caused by the year-long rule of the previous Muslim Brotherhood-backed presidency. Mursi was ousted from power in mid-2013 following popular protests and an interim government was sworn in in July.

El-Shafei said the bill is also an “inclusive constitution – it has no discrimination against any citizens”.

“This is the first constitution provides for women’s rights and human rights,” she added, before explaining that the next challenge is to translate this constitution into laws and policies.

The referendum held in January delivered a 98.1 per cent approval of the new constitution. There was a limited ‘No’ campaign against the constitution and human rights groups protested against efforts to quash attempts to oppose the campaign.

Egypt’s political uncertainty over the past three years since President Hosni Mubarak’s ousting in early 2011 has deterred much foreign investment.

On 9 March, the UAE’s Arabtec Holding announced a $40bn deal with Egypt to develop 1 million low-income housing units. The preliminary agreement was signed with Egypt’s Defense Ministry.