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 billionI CC claim launched against Damietta Port Authority following the cancellation of their concession agreement.
The DIPCO consortium, which entered the agreement with the state-owned Damietta Port Authority in 2006, had intended to develop and operate a facility at the Damietta Port, situated 8 km west of the Nile’s mouth.
KGL Seeks Amicable Resolution with Egypt: A Deep Dive into the Damietta Port Dispute
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 ((https://globalarbitrationreview.com/insight/know-how/investment-treaty-arbitration/report/egypt)).
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 ((https://globalarbitrationreview.com/article/egypt-threatened-claim-over-cancelled-port-project))
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FAQ:
What is the role of the Kuwaiti shareholder in this case?
The Kuwaiti shareholder is a significant investor in the Damietta Port Project. Following the project’s cancellation, this shareholder became involved in a $1.1 billion ICC (International Chamber of Commerce) arbitration case, seeking compensation for the losses incurred due to the project’s abrupt termination.
Why is Egypt threatened with a claim in this case?
Egypt faces the threat of a significant claim because the cancellation of the Damietta Port Project allegedly breached the terms of the agreement with the investors. The stakeholders, including the Kuwaiti shareholder, argue that the cancellation was unjustified and seek substantial compensation for their financial losses.
Why was the Damietta Port Project cancelled?
The project was cancelled due to disputes between the Egyptian government and the stakeholders involved. These disputes centered around contractual obligations, financial issues, and the overall feasibility of the project, leading to its termination.
