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.
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.”