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 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.