Featured in Enterprise: Al Kholoud reaches EGP 600 Mn settlement agreement with Egypt over steam boilers case.
After a lengthy dispute spanning almost a decade, Al Kholoud for Touristic and Real Estate Development has reached a settlement agreement with the Egyptian government to the tune of EGP 600 million. The dispute arose from the Council of State’s decision in 2011 to reverse a privatization transaction from the 1990s, including the sale of the companies’ steam boilers facility (Al Maragel Al Bokhareya). The professional arbitration team at Youssef & Partners (Youssef + Partners) acted as legal counsel for Al Kholoud and brokered the settlement agreement, while the State Lawsuits Authority represented the Egyptian government in the case. Last week, the Madbouly Cabinet officially signed off on the settlement agreement.