Egypt’s cabinet is set to finalise the draft of its new investment law by mid-November, according to a statement from Prime Minister Sherif Ismail.

The long-awaited law, which has been in progress for over six-months, will be sent to parliament for a vote within a matter of weeks, said the statement.

“We have already started reviewing the draft and will send it to the parliament next month. We will be done with it by mid-November at maximum.” Ismail said.

Cairo passed a revised version of its investment law in March 2015 in a bid to bolster investor confidence, eliminate bureaucracy, ease procedures to obtain licences for projects and attract foreign investment. The law was then amended in December 2015 following complaints from investors.

Analysts have previously told MEED that commercial and investment laws in Egypt are set up in a way where new laws and improvements are simply applied on top of those already in existance.

“You are left with a situation where old laws could still pose barriers despite the introduction of improved legislation,” says Farouk Ahmed, a retired solicitor who specialised in land disputes between the private sector and the armed forces.

Cairo has said the new investment law promises to create a genuine one-stop shop for investors to secure licences, procure land and obtain utility connections. It will also set up a standard framework for dispute resolution, including a clause that will make arbitration rulings binding on the government, but not on investors.