Middle East
States from the Middle East have concluded about 600 investment deals. 44 ISDS cases have been brought against Middle Eastern countries, while investors from the region have initiated 44 cases as well.
In 2013, Al-Kharafi & Sons Co., investors from Kuwait, were awarded US$935 million under the Unified Agreement for the Investment of Arab Capital in the Arab States, in a dispute over a land-leasing contract for a tourism project in Libya, making it one of the largest known awards to date. They had only invested about US$5 million but the arbitration tribunal decided that Libya also had to compensate for profits that would have been made during the 90-year leasing contract and were now lost.
Photo: President of Azerbaijan / CC BY 4.0
(April 2020)
Articles
| 10-Nov-2013
The International Centre for Settlement of Investment Disputes (ICSID), in Washington, DC, will hear a case by Israeli investors seeking more than 100 billion forints (EUR 337m) in damages from the state of Hungary because of a failed casino investment, daily Magyar Nemzet said on its website on Saturday.
| 8-Nov-2013
The federal government, which is facing financial crisis and seeking loans from IMF and other financial institutes, is willing to pay Rs90 million to a Pakistani law firm to plead its case in an international court.
| 2-Nov-2013
Pakistan has landed in hot waters following the provisional decision of ICSID (international court for settlement of investment disputes) announced on October 16 which says that government of Pakistan should allow the Karkey’s vessel based power generation unit to move from Karachi port, as Supreme Court’s verdict is quite vivid that says that unless and until Karkey gives $ 128 million to Pakistan it cannot be allowed to leave the port, Pakistan Observer has learnt reliably.
| 20-Jul-2013
The Turkish power firm Karkey Karadeniz Elektrik Uretim (KKEU) has approached the Washington based International Centre for Settlement of Investment Disputes (ICSID) against Pakistan’s water and power ministry and also served a Rs33billion damage notice on the ministry, sources said on Wednesday.
The News | 18-Jun-2013
A Turkish power generation company has filed a case against the Pakistan government at ICSID for compensation of losses worth 700 million dollars
Lexology | 15-Apr-2013
Following a decision of the United Nations Human Rights Committee (“UNHRC“) in 2010 that a Turkish businessman had suffered violations of his human rights after being illegally convicted of economic crimes, a claim for compensation is now being pursued under the Turkey-Turkmenistan bilateral investment treaty (“BIT“). This case therefore highlights the interesting interaction between the human rights and investment protection regimes.
Almasry Alyoum | 12-Aug-2011
In violation of international agreements, natural gas has not flowed for months across the Sinai desert through the pipeline that connects Israel and Jordan to Egypt. Since former President Hosni Mubarak’s fall in February, political uncertainty and intermittent attacks have halted its delivery.
| 14-Jul-2011
The government of Turkmenistan faces legal action from twenty Turkish construction firms over broken contracts costing them more than $1 billion in losses, a spokesman representing the companies said on Wednesday.
| 23-May-2011
UAE companies that have invested in Egypt may stand to lose millions of dollars as the state runs an investigation into alleged corruption by former government officials who sold land and assets to investors below market prices, lawyers say.
| 13-May-2011
Damac Properties is to fight the conviction of its chairman on Egyptian corruption charges by filing a case with the International Center for Settlement of Investment Disputes (ICSID), the company announced yesterday.
