Al Kholoud reaches EGP 600 mn settlement agreement with Egypt over steam boilers case
Government reaches settlement in dispute arising from 2011 unwinding of privatization sale: Al Kholoud for Touristic and Real Estate Development has reached a EGP 600 mn settlement agreement with the government in its 2013 arbitration case against the Egyptian Petrochemical Holding Company and Metallurgical Holding Company. Al Kholoud had filed a case against the two state-owned companies following a dispute caused by the Council of State’s decision in 2011 to reverse several privatization transactions from the 1990s, including one that included the sale of the companies’ steam boilers facility (Al Maragel Al Bokhareya) in 1994. The Madbouly Cabinet signed off on the settlement agreement last week.
Advisers: Youssef & Partners’ arbitration team acted as legal counsel for Al Kholoud and brokered the settlement agreement. The State Lawsuits Authority represented the Egyptian government in the case.