The Ministry of Finance, in collaboration with the International Centre for Settlement of Investment Disputes (ICSID), organized a roundtable titled ‘Arbitration in Investment Disputes’. The discussion revolved around issues faced by states, government officials, and investors with regards to their domestic and international investment relations, and the resulting disputes.
Participants in the roundtable discussion included Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organizations Department at the UAE Ministry of Finance, Dr. Hussam Al Talhuni, the Legal Advisor to His Excellency the Minister of Finance in the UAE, Natalí Sequeira, Senior Legal Counsel and Team Leader at ICSID, Dr. Tarek Riad, Managing Partner of Tarek Riad and Partners Legal Consultants and Attorneys at Law, His Excellency Justice Shamlan Al Sawalehi, Court of Appeal Judge and Judge in Charge of the Arbitration Division at the DIFC Courts, and Karim Nassif, Principal at Nassif Arbitration, alongside a group of experts from the public and private sectors.
The experts discussed disputes that arise between countries receiving investments and investors of foreign citizenship, whether they are natural persons or legal persons. They also explored the complexities faced by state and public government officials and/or investors when engaging in investment-related agreements with dispute resolution clauses, and the considerations that should be taken into account – including the identification of the dispute resolution mechanism, whether mediation, conciliation, or arbitration, the determination of the jurisdiction.
Participants also discussed the identification of specialized arbitration centers or by adhering to local legal frameworks and subject to oversight by the domestic judiciary, and the mechanisms for enforcing arbitration awards resulting from these proceedings. They also shed light on other pertinent details that are significant for governemnts, investors, and experts engaged in the agreement.
The UAE joined ICSID in 1993 following the issuance of Federal Decree Law No. 43 of 1993, given the centre’s status as a a leading international institution for settling disputes related to international investment issues.