Under the ICC Rules, seated in Dubai
VICTORY ALERT: Youssef + Partners recently achieved a landmark victory for the firm’s client, a leading listed European conglomerate, against Arab Ultra High Net Worth Individuals (UHNWIs) in a high-stakes arbitration case under the ICC rules, seated in Dubai under DIFC (now DIAC) rules.
Case Overview
The arbitration arose from a dispute involving a Shareholders Agreement. The Claimants, a group of Arab UHNWIs, initiated arbitration against multiple entities of the Respondent’s group, , despite their non-signatory status.
The Arbitral Tribunal issued its Partial Award in favor of our client, dismissing jurisdiction vis-à-vis all non-signatory respondent entities, and ordering the Claimants to cover all arbitration fees, all counsel fees and expert fees. . The award on jurisdiction tackled complex factual and legal basis for compelling non-signatories under all legal systems relevant to the dispute.
The award on cost is a landmark decision considering recent rulings of UAE courts.
To avoid mounting costs and the prospect of continued legal setbacks for the claimants, the parties reached a decisive settlement agreement shortly thereafter. This settlement underscores the transformative impact of our strategic approach and the formidable defense we mounted on behalf of our client.
“Youssef and Partners team was the key reason for the quick resolution of this matter.”
“The strategy deployed by Dr. Youssef and the Youssef and Partners team was the key reason for the quick resolution of this matter. This result speaks for itself, and we are very pleased with the outcome. The matter could have progressed into a lengthy arbitration, but thanks to the team’s exceptional talent and efforts, we reached a swift and favorable settlement. On behalf of the company, I appreciate each team member’s contribution. It truly required an entire team’s effort, and I noted and greatly appreciated the dedication of everyone involved.” – Client’s Head of Group Litigation
The Respondent was represented by our Head of International Arbitration, Dr. Karim A. Youssef, partner, Cesar R. Terniden, and other members of the alpha team.
