Saudi Arabian company prevails in LCIA arbitration relating to Saudi Arabian joint venture
Clients Saudi Arabian company
Jones Day represented a Saudi Arabian company in an arbitration brought by its U.S. partner in a Saudi joint venture. The matter was governed by Saudi Arabian law and arbitrated under the LCIA Rules in London, England. After an evidentiary hearing in London, Jones Day obtained an award rejecting all claims against our client, including a claim to obtain the forced transfer of its shares and approximately $30 million in other compensation. Instead, the arbitral tribunal granted our client's principal counterclaim and ordered the opposing party to transfer its entire interest in the joint venture to our client and to pay its substantial attorneys' fees and costs in the arbitration. The arbitral award was confirmed, and judgment issued thereon, by a U.S. federal district court.