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اليوم السابع
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State bans $34B claim in arbitration
The Authority for State Claims succeeded in achieving a major legal victory in an international arbitration dispute that reflects the protection of Egyptian public funds. The arbitration tribunal in The Hague issued a ruling ruling that it lacks jurisdiction to hear a lawsuit filed by foreign investors, dismissing all of their claims and ordering them to pay all legal costs of the case as well as Egypt's legal representation expenses. The dispute lasted over three years, during which the investors claimed damages to their investments in projects within Egypt, demanding large financial compensations based on the 1986 Islamic Cooperation Convention. The judgment helped prevent the public treasury from potential claims exceeding $34 billion, reaffirming the strength of Egypt's legal defenses and making the opposing party responsible for legal costs. This victory underscores the robustness of Egypt's position in safeguarding its public assets.
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