Joy Mining Machinery Limited v. Arab Republic of Egypt

Abstract

Arbitration — Contract between UK company and Egyptian State enterprise — Dispute between parties — Claimant company requesting ICSID arbitration against Egypt — ICSID arbitration provisions in UK–Egypt Bilateral Investment Treaty — Essence of dispute — Whether Claimant’s claim falling within BIT and ICSID Convention

Jurisdiction — Whether ICSID Tribunal having jurisdiction over dispute — Effect of forum selection clause in contract between parties — Whether Egypt violating Bilateral Investment Treaty — Whether conditions in Articles 25 and 26 of ICSID Convention and in BIT fulfilled — Whether there was an investment

Foreign investment — Definition — Whether bank guarantees an investment under BIT — Whether Claimant’s activities amounting to an investment under ICSID Convention — ICSID Convention, Article 25

Treaties — Bilateral Investment Treaty — Whether prima facie violation of BIT by Respondent — Non-release of bank guarantees — Whether amounting to nationalization or measures equivalent to expropriation of investment — Whether fair and equitable treatment and full protection and security afforded — Forum selection clause in contract between parties

Arbitration — Consent to UNCITRAL arbitration — Forum selection clause in contract between parties — Formal declaration by counsel of Respondent — Whether binding