Shalakany is pleased to announce that it successfully defended its client, a leading real estate developer in Egypt and the Middle East, in an ICC Arbitration case filed against our client. The dispute stemmed from four construction contracts related to one of the largest residential complexes in the MENA region. The Tribunal’s final award ordered the opposing party (the contractor) to pay our client (the employer) an amount of EGP 350 million, plus interest that continues to accrue until full payment.
This ICC Arbitration was filed by the opposing party back in June 2020. In light of Shalakany’s advice, our client pursued its own counter-claims in the Arbitration. The total value of opposing party’s claims was circa. EGP 144 million and USD 1.5 million, while the total value of the client’s counter-claim was circa. EGP 360 million. Shalakany successfully reduced the opposing party’s claims by 96%, while the Tribunal awarded our client almost 90% of its counterclaims.
Earlier this year, Shalakany had also secured wins for our client in relation to four litigation cases that were pursued separately by opposing party at the time of launching the Arbitration with the goal of preventing our client from liquidating bonds that were issued by various banks. The total value of the bonds exceeds EGP 110 million.
The Shalakany team handling this matter is comprised of Adam El Shalakany (Senior Partner), Muhammad Ussama (Partner), Nadine Nassef (Associate), Ragya Shoukry (Associate) and Farida Hegazy (Associate).
Adam El Shalakany leading the team working on the Arbitration said: “It’s a great win. We could not have done it without the great team at the firm and working at the client company. Good teamwork makes the dream work.”
Muhammad Ussama (Partner) said: “This was a lengthy journey that started almost three years ago when our client approached us for an opinion on the matter. We are glad that our assessment and opinion proved right after lengthy arbitration proceedings and four ancillary court cases that reached the cassation level. We cherish the client’s unwavering trust during this journey and congratulate them on this big win.”
