Kuwaiti Shareholder in a $1.1 billion ICC Case over cancelled Damietta Port Project

Featured in GAR: Egypt threatened with claim over cancelled port project.

Youssef & Partners (Youssef + Partners), led by Karim A Youssef represents The Damietta International Port Company (DIPCO) in its US$1.2 billion ICC claim launched against Damietta Port Authority over the cancellation of the concession agreement.

The DIPCO consortium, which first entered the agreement with the state-owned Damietta Port Authority in 2006, sought to develop d operate the facility at the Damietta Port, located 8 km west of the mouth of the Nile.

KGL International for Ports, Warehousing and Transport delivered a request for amicable resolution and notice of dispute to Egyptian authorities by hand, invoking the 2001 Egypt-Kuwait bilateral investment treaty.

As tensions between state-owned and private interests continue to simmer, newly emerging stories over a cancelled port project in Egypt’s Damietta port have again demonstrated the sheer scale of the potential financial repercussions at stake.

Read the full article on Global Arbitration Review

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