Egypt, Vicat Group settle investment dispute

Egypt and Vicat Group, a French cement producer, have reached a final settlement with the Egyptian government over an investment in an effort by the Arab country to attract more foreign direct investments.
The agreement was signed by Minister of International Cooperation Rania Al-Mashat representing the Egyptian government, and Chairman and CEO of the Vicat Group, Guy Sidos.
Per the agreement, the arbitration case between Egypt and the French company before the International Center for Settlement of Investment Disputes (ICSID) shall end, the Egyptian government said in a statement.
Cabinet Spokesman Nader Saad, Egypt Today reports, said the move comes in light of the government’s interest in stimulating private sector investments in the Egyptian market, creating an environment conducive to investment, as well as resolving existing disputes and investment problems.
Vicat, which owns the Sinai Cement Company, had filed an arbitration case against the Egyptian government at the International Center for Settlement of Investment Disputes, demanding compensation for damage caused to its investments in Egypt.

Written by