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Investor risks due to "Sovereign Immunity" pleas in Court Rulings on Arbitral Award Enforcement of MENA-FI1 Investments can be mitigated via a Harmonised International Commercial Arbitration Law Code2

Investor risks due to "Sovereign Immunity" pleas in Court Rulings on Arbitral Award Enforcement... To the memory if my father and distinguished scholar, Professor Boulos A. Ayad 1.0 INTRODUCTION A harmonised international commercial arbitration (hereinafter ICA) law permitting the inclusion of general principles of law in common with Islamic Law will serve as a defence against the plea of sovereign immunity which is oft invoked as a bar to arbitral award enforcement in MENA-FI arbitrations. This article will refer to a number of well known key legal instruments.3 Directions towards harmonisation in the past have proven successful.4 However, there are still significant gaps. The Washington Convention's Rules governing International Centre for Settlement of Investment Disputes (IcsID) arbitrations may be manipulated due to 'sovereign immunity' concerns. There are serious concerns in the case of Egypt (which has hybrid law codes per Sanhuri's blending of civil and Islamic law) and that of the United Arab Emirates, or even in situations where the adoption of the United Nations Commission on International Trade Law (UNCITRAL) and the 1958 New York Convention have been signed. Any obstacle to arbitral award enforcement is a risk since these countries' economies benefit significantly from foreign investment. A harmonised ICA law based on general principles oflaw found at common, civil and http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of World Investment and Trade Brill

Investor risks due to "Sovereign Immunity" pleas in Court Rulings on Arbitral Award Enforcement of MENA-FI1 Investments can be mitigated via a Harmonised International Commercial Arbitration Law Code2

Journal of World Investment and Trade , Volume 11 (5): 35 – Jan 1, 2010

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References (1)

Publisher
Brill
Copyright
Copyright © Koninklijke Brill NV, Leiden, The Netherlands
ISSN
1660-7112
eISSN
2211-9000
DOI
10.1163/221190010X00392
Publisher site
See Article on Publisher Site

Abstract

To the memory if my father and distinguished scholar, Professor Boulos A. Ayad 1.0 INTRODUCTION A harmonised international commercial arbitration (hereinafter ICA) law permitting the inclusion of general principles of law in common with Islamic Law will serve as a defence against the plea of sovereign immunity which is oft invoked as a bar to arbitral award enforcement in MENA-FI arbitrations. This article will refer to a number of well known key legal instruments.3 Directions towards harmonisation in the past have proven successful.4 However, there are still significant gaps. The Washington Convention's Rules governing International Centre for Settlement of Investment Disputes (IcsID) arbitrations may be manipulated due to 'sovereign immunity' concerns. There are serious concerns in the case of Egypt (which has hybrid law codes per Sanhuri's blending of civil and Islamic law) and that of the United Arab Emirates, or even in situations where the adoption of the United Nations Commission on International Trade Law (UNCITRAL) and the 1958 New York Convention have been signed. Any obstacle to arbitral award enforcement is a risk since these countries' economies benefit significantly from foreign investment. A harmonised ICA law based on general principles oflaw found at common, civil and

Journal

Journal of World Investment and TradeBrill

Published: Jan 1, 2010

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