V - The UAE & Investment Arbitration
The UAE and their BITs
Proceedings brought on the basis of UAE BITs
Even though investment arbitrations against the UAE are not frequent, foreign investors have commenced proceedings on the basis of an existing BIT. Thus, in 2001, the Italian companies Impregilo and Rizzani de Eccher commenced proceedings against the UAE on the basis of the UAE - Italy BIT.*[1] The dispute arose out of the construction of a mosque. The case was discontinued at the request of Claimants before a tribunal made a decision. The UAE - Italy BIT was also the basis for the next case brought in 2002. An Italian/Canadian investor commenced proceedings against the UAE.*[2] The case received considerable attention as it raised interesting questions concerning the nationality of the investor. The tribunal declined jurisdiction as it found that the investor had lost his Italian nationality as a consequence of acquiring Canadian citizenship and was thus unable to rely upon the UAE - Italy BIT and the ICSID Convention.The ICSID annulment committee which was faced with the challenge brought by Claimants decided not to annul the award.*[3]