The Chairman of Damac, one of the largest real estate development companies in the Middle East, through international law firm King & Spalding, has filed an international arbitration case against Egypt.
Damac’s Chairman, Hussain Sajwani, has brought the ICSID claim against Egypt under the bilateral investment treaty between the United Arab Emirates and Egypt, which protects investments made by UAE nationals in Egypt.
Mr. Sajwani, a national of the UAE, states that Egypt’s recent criminal prosecution and conviction in absentia violate the treaty on investment protection and have caused significant damage to his investments in Egypt and the wider Gulf area. Damac’s Egyptian investments include a 30 million square meter development project at Gamsha Bay, near Hurghada, as well as four major real estate projects in the greater Cairo area.
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