Featured in GAR: Egyptian authority to settle fight over port project.
After years of litigation and contentious legal battles, a settlement has been reached in the dispute between the Damietta Port Authority and a Kuwaiti conglomerate KGL International Ports, Warehousing & Transport, over a canceled project to build a container terminal facility.
Karim A. Youssef, founder of Youssef & Partners (Youssef + Partners), has been an instrumental part of the global court proceedings fighting the battle on behalf of Damietta International Ports Company (DIPCO) consortium, as they seek to resolve the long-running dispute. After months of negotiations between the Egyptian port authority, KGL International Ports and various other parties, the case has been settled for a total payout of US$260 million. Associates Nouran Salama and Alyaa Saleh led by Karim A. Youssef have been involved in earlier proceedings representing Y&P (Y+P), enabling them to secure a successful resolution of the case.
Read the full article on Global Arbitration Review
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