Egyptian investors speaking at MEED’s Invest in Egypt 2014, called for a focus on stability and the reform of investment law to foster confidence and security for investors.

Egypt is attempting to attract $15bn of foreign direct investment (FDI) over the next few years, despite the difficult political and economic conditions since 2011.

“Investors want stability and clarity,” says Amr el-Garhy, managing director of Qalaa Holdings. “The high turnover in ministers since the revolution has created a gap between the government and investors.”

But decisions by president Abdul al-Sisi’s government since 2013 are improving the situation. “The government is working hard on investment opportunities,” said Hazem Badran, deputy CEO of CI Capital Group. “They should focus on making these bankable and feasible. Once there’s a clear and ordered investment process we can have a bigger private sector role.”

However bureaucracy is one of the biggest obstacles to investment. Acquiring permits and land were the most time-consuming processes, as approval is needed from several bodies. This process needs consolidating into one phase.

Legal disputes also discouraged investment, with up to 80 cases raised after contracts had been signed. “Investors should feel protected,” said El-Garhy. “You can’t go back on contracts and reopen these files.”

But more drastic action is needed to open up investment opportunities in the infrastructure sector. One of these is cutting subsidies on government services. The low price for consumers means most government assets make a loss.

“The removal of subsidies was not popular, but the decision was taken at the right time,” said Badran. “It sent a strong signal to investors that the government is dealing with structural economic issues.”