Youssef & Partners secured a US $490 million arbitration award for Kuwaiti Consortium in ICC claims against the Damietta Port Authority.
The port of Damietta in Egypt has been the site of a long-running dispute between a Kuwaiti-led consortium and a state-run authority. Youssef & Partners (Youssef + Partners), acting as co-counsel for the Damietta International Ports Company (DIPCO) consortium, has achieved a major success: a US$490 million ruling in their favor from an ICC tribunal. This award was described as a landmark ruling in the MENA region.
Karim A Youssef Highlights Milestone Victory in MENA Region
In his interview with GAR, Karim A Youssef, CEO of Youssef & Partners (Youssef + Partners), expressed the firm’s professional satisfaction in the victory: “It is a milestone award, one of the most significant to have been rendered in the last decade in the MENA region.”
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FAQ about Cancelled Port Project in Damietta, Egypt
What is the Damietta port project dispute about?
A: The dispute involves a long-running conflict between a Kuwaiti-led consortium, Damietta International Ports Company (DIPCO), and a state-run authority in Egypt over the development and management of the port of Damietta.
Who represented the Kuwaiti-led consortium in this dispute?
The consortium, Damietta International Ports Company (DIPCO), was represented by a team of legal experts, acting as co-counsel for DIPCO, during the arbitration proceedings.
What impact does this ruling have on the port of Damietta project?
The ruling resolves the financial claims between the parties involved but also highlights the complexities and risks associated with large-scale infrastructure projects in the region. It may influence future negotiations and agreements for similar projects.
How was the ruling received by the legal community?
The ruling was described as a landmark decision and was praised by the legal community for its thoroughness and the substantial award granted to DIPCO. It is seen as a significant achievement in international arbitration within the MENA region.
