Parliamentary Investment Committee: Amending the Investment Law will eliminate exceptions
Parliamentary Investment Committee: Amending the Investment Law will eliminate exceptions
2024-07-27
The Parliamentary Development and Investment Committee stated today, Saturday, that amending the Investment Law will cancel the exceptions granted to some companies implementing projects, noting that Parliament is waiting for the law to arrive from the State Shura Council.
The deputy chairman of the committee, Hussein Al-Saabri, said in an interview with Al-Sumaria TV that the parliamentary investment and development committee is proceeding with amending the Investment Law of 2006 / Law 13, by preparing a draft and holding several workshops with the National Authority and the authorities in the governorates in addition to the authorities responsible for this law and investors, indicating that the law in its amended form is now in the drawers of the State Shura Council, awaiting its arrival to Parliament.
Al-Saabri explained that the amendment will save us from many problems, most notably the exception and the loophole it creates for influential people to obtain major projects and thus waste public money. He explained that the exception in the law, as it was drafted before the amendment, has two aspects. The first is positive, which is to complete the project and avoid bureaucracy for the exempted company or entity, provided that it is solid. The other aspect is negative, which is the lack of competition with the exempted company.
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