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)
