Emirati conglomerate Al Habtoor Group served a notice of an Investment Treaty Dispute against the Lebanese Republic in connection with Lebanon’s breaches of the Bilateral Investment Treaty between the United Arab Emirates and Lebanon.
These directions were issued after threadbare discussion with Saudi Arabia and Qatar which are insisting on the option of international arbitration in a template of Bilateral Investment Treaty.
India and the UAE discussed a bilateral investment treaty that could see the UAE invest in India’s renewable energy, health, semiconductor and asset monetisation sectors.
The agreement protects both nations’ investments from all non-commercial risks, covers transfer of profits and revenues, and facilitates resolving disputes.
An UAE-based trading and investment firm has filed a lawsuit before the Sindh High Court worth around Rs 74 billion against the State Bank of Pakistan and a private bank for BIT breach, local media reported.
Most recently, Jersey has joined Hong Kong as another non-sovereign entity that negotiates its own BITs. Jersey is set to sign its first BIT with the UAE later this year.
Despite debates about crisis in investment treaty arbitration, most emerging market economies are concluding BITs that provide for ISDS and emerging market multinational companies appear to welcome ISDS.