Shalakany secures a win from the Cairo Court of Appeal for one of its clients, a major, regional real estate developer in Egypt and the Middle East, in a Nullity Action of an ICC Arbitral Award that was filed by opposing party. In September 2024, the Court issued its ruling rejecting opposing party’s claim and upholding the validity of the ICC Award.
The underlying dispute goes back to June 2020 when opposing party filed an ICC arbitration against Shalakany’s client. The total value of opposing party’s claims was circa EGP 144 million and USD 1.5 million, whereas the total value of Shalakany’s client’s claims was circa EGP 360 million. In August 2022, the arbitral tribunal hearing the case issued its Final Award which found Shalakany’s client as the net creditor of an amount of circa EGP 305 million. Opposing party then pursued a Nullity Action of the ICC Award before the Cairo Court of Appeal. The proceedings of the Nullity Action ended with the issuance of the Court of Appeal’s ruling rejecting opposing party’s claim.
Muhammad Ussama, Senior Partner, leading the Shalakany team on this case, remarked: “It is certainly a great achievement to be able to secure, for our client, this outcome which serves to crown our unwavering efforts on this matter since our initial involvement back in 2020 (including our legal assessment of opposing party’s claim and our win in the ICC arbitration). All disputes, whether decided by way of arbitration or litigation, can last for significant periods of time, and it is, thus, of crucial importance that clients get the right analysis and risk assessment from day 1. And that is something that Shalakany allocates the greatest importance thereto.”
The Shalakany team handling this Nullity Action comprised of Muhammad Ussama (Senior Partner), Mahmoud El Omdah (Senior Associate), Nadine Nassef (former lawyer with Shalakany, now in-house counsel), Ragya Shoukry (Associate), Farida Wagdy (Associate), and Mariam Adly (Associate).
