Spanish Cement Investors Seek to Revive €240 Million ICSID Award Against Egypt

Featured in GAR: Spanish cement investors seek to revive Egypt claim.

In a move to restore their investments in Egypt, Spanish cement companies Cementos La Union and Aridos have sought the expertise of Youssef & Partners (Youssef + Partners). Led by Karim A. Youssef and his team of legal professionals, the firm has been instrumental in offering robust direction and guidance regarding findings of breach and damages for cases involving local adjudicatory bodies not acting in accordance with international law or investment treaties.

Youssef & Partners’ (Youssef + Partners’) partners Karim A. Youssef and Cesar Ternieden and associates Alyaa Saleh, Doha El Eshy, and Kholoud Maher in Cairo were counsel to Cementos La Union and Aridos in the annulment proceeding. Youssef along with associates Doha El Eshy,  Alyaa Saleh, Nouran Salama, Kholoud Maher, and Donia Khafagui acted as their counsel in the arbitration.

In an interview with GAR, an award rendered in the case of the Spanish investors was described as “astonishingly disappointing” by Karim A. Youssef—but, according to him, was made more meaningful because of the dissent that accompanied the majority decision; a dissent that he believes provides ‘ample guidance when determining the consequences of breach and related damages’.

Read the full article on Global Arbitration Review

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