Featured in Enterprise: Egypt signs dispute settlement agreement on El Nasr for Steam Boilers with Al Kholoud.
The dispute between Al Kholoud for Touristic and Real Estate and the government over their land plot housing El Nasr for Steam Boilers has come to an end.
Youssef & Partners Facilitates Al Kholoud’s Arbitration and Settlemen
Youssef & Partners (Youssef + Partners) served as legal counsel to Al Kholoud during arbitration, and represented investors during the settlement negotiations, reassuring the agreement was properly made and all parties were satisfied at the resolution.
Settlement Agreement Finalized: Government Drops EGP 600 Million Claim Against Al Kholoud
Al Kholoud has likewise returned the 29-feddan land plot back to the government, settling the dispute without resorting to arbitration.
Read the full article on Enterprise here1
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FAQ:
What was the core issue in the dispute between Al Kholoud and the Egyptian government?
The dispute centered around a 29-feddan land plot owned by Al Kholoud, where El Nasr for Steam Boilers was located. The Egyptian government claimed that Al Kholoud owed EGP 600 million in relation to this property.
What were the terms of the settlement agreement?
Under the terms of the agreement, Al Kholoud returned the land plot to the government, and in exchange, the government forgave the EGP 600 million debt that it claimed was owed by Al Kholoud.
How did the government benefit from this settlement?
The government benefited by regaining control of the strategically significant land plot and avoiding the potential risks and uncertainties associated with prolonged arbitration. Additionally, the settlement reinforced the government’s ability to negotiate and resolve disputes efficiently.
- https://enterprise.press/stories/2019/09/01/egypt-signs-dispute-settlement-agreement-on-el-nasr-for-steam-boilers-with-al-kholoud/ [↩]
