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.
After years of litigation and legal battles, a settlement has been reached in the dispute between the Damietta Port Authority and Kuwaiti conglomerate KGL International Ports over the canceled container terminal project.
Karim A. Youssef Secures $260 Million Settlement for DIPCO
Karim A. Youssef, founder of Youssef & Partners (Youssef + Partners), has been an instrumental part of the global dispute between the parties, 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.
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FAQ About DIPCO And Damietta Port Authority
What is DIPCO?
DIPCO (Damietta International Port Company) is a company involved in managing and operating port facilities in Damietta, Egypt, focusing on container handling and related services.
What is the Damietta Port Authority?
The Damietta Port Authority is a governmental body responsible for overseeing and regulating the operations of Damietta Port, including infrastructure development, port operations, and maritime services.
What was the dispute between DIPCO and the Damietta Port Authority?
The dispute involved disagreements over the management and operation of container terminals, which led to operational and financial conflicts between the two parties.
How was the dispute resolved?
The dispute was resolved through a settlement agreement between DIPCO and the Damietta Port Authority, which addressed the key issues and outlined a path forward for both parties.
