Shalakany Secures Cassation Court Victory For Major Regional Real Estate Developer
Shalakany secures Cassation Court victory for client, upholding EGP 310 million ICC arbitration award in Egypt.
Shalakany Secures Cassation Court Victory for Major Regional Real Estate Developer
The international law firm with a strong focus on Egypt and the Middle East, Shalakany has successfully secured a significant win before the Egyptian Court of Cassation for our client, a major regional real estate developer.
The judgment renders final and immune from further challenge both:
- The ICC arbitration award previously obtained by Shalakany, granting our client approximately EGP 310 million plus interest, and
- The Cairo Court of Appeal’s ruling rejecting the opposing party’s nullity action against that award.
With this development, the arbitral award and all prior favorable rulings stand beyond any further set-aside attempt before Egyptian courts.
Commenting on the outcome, Muhammad Ussama stated:
"This win crowns a series of positive results that Shalakany has secured for our client over a five-year journey that began in 2020. It included successfully navigating multiple summary proceedings initiated by the opposing party to block the rightful liquidation of unconditional letters of guarantee by our client, achieving a major win in the ICC arbitration, and defending the award in the setting-aside proceedings before the Cairo Court of Appeal. We are very proud of the high-quality legal work invested in this matter from day one."
Shalakany extends its sincere appreciation to our client for their continued trust and congratulates them on this important victory.
The Shalakany team comprised Muhammad Ussama (Senior Partner) and Mariam Adly (Associate).
Shalakany is an international, full-service law firm headquartered in Egypt. Founded in 1912, it is one of the oldest and largest corporate law firms in Egypt and the Middle East.
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