Arab Investment Agreement Arbitration

In horizon Tourism Company/Egypt, AIC decision of 27 April 2011, AIC rejected Egypt`s objections to jurisdiction on the ground that the owner of the Egyptian appeal company was a Saudi national and that capital for investments in the hotel project at issue was being transferred from Saudi Arabia. The court also rejected an argument of “misappropriation” put forward by Egypt, since the complainant`s choice to apply to the Egyptian local courts was linked to elements of the dispute that were not before the AIC. The case was reported later than on the merits. 9 The Charter was drawn up in Cairo on 22 March 1945. It consists of 20 articles defining the objectives to be achieved by the Federal State and its affiliated bodies and the organisation of relations between the Member States. The Charter is available at <www.yalc.edu/lawweb/avalon/mideast/arableag.htm). . . .