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Sunday, 1 September 2019

Egypt signs dispute settlement agreement on El Nasr for Steam Boilers with Al Kholoud

DISPUTE WATCH- Gov’t signs dispute settlement agreement with Al Kholoud on El Nasr for Steam Boilers: The government has signed a dispute settlement agreement with Al Kholoud for Touristic and Real Estate over land used by El Nasr for Steam Boilers, Al Mal reports. The Madbouly Cabinet signed off in July on the settlement, under which Al Kholoud will drop its arbitration suit over the sale of a 29-feddan land plot that holds El Nasr’s steam boilers facility. In exchange, the government will drop its claim to EGP 600 mn it says it is owed by Al Kholoud. Al Kholoud will also return the land plot back to the government.

Advisers: Youssef & Partners acted as legal counsel for Al Kholoud during arbitration, and represented investors in the settlement negotiations.

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