Despite the importance and centrality of the investment law in economic policy, the world has predominantly shifted over the past two decades towards adopting a concept of a more comprehensive reform of the investment climate rather than relying merely on one legislation that addresses some of the investors’ needs through exceptional guarantees and incentives. In other words, rather than relying on the investment law as the only or main gateway to attracting investors, the contemporary approach stresses the need to adopt a more comprehensive policy that avails national and foreign investors with an enabling environment, which facilitates the establishment of enterprises and obtaining the required licenses. In this context, this paper reviews the evolution of investment in Egypt over the past half century. In particular, it focuses on the legislative developments through a review of successive investment laws, and concludes with suggesting the adoption of an alternative policy that would make wider, deeper and more sustainable changes to the investment legal and institutional framework. In this respect, the paper proposes ten specific areas for legislative reform that combined could make a significant and sustainable impact on the investment climate in Egypt.