Shalakany successfully defends a client in ICC Arbitration
Shalakany has successfully defended its client, a major regional real estate developer in Egypt and the Middle East, in an ICC Arbitration case filed against the client. The dispute stemmed from four construction contracts related to a residential complex in the MENA region. The Tribunal’s final award ordered the opposing party (the contractor) to pay the client (the employer) an amount of EGP 350 million (approx. USD11.4 million), plus interest that continues to accrue until full payment.
The ICC Arbitration was filed by the opposing party back in June 2020. In light of Shalakany’s advice, the 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.
The Shalakany team handling this matter was led by Adam El Shalakany (senior partner, pictured) and comprised Muhammad Ussama (partner), Nadine Nassef (associate), Ragya Shoukry (associate) and Farida Hegazy (associate).