Jurisdiction — Italy-Jordan Bilateral Investment Treaty (“BIT”) — Contract between Claimants and Respondent — Disagreement between parties as to amount owed under Contract — Claimants claiming Respondent breaching Article 2(3) and (4) of BIT — Whether Tribunal having jurisdiction over Claimants’ claim — Whether Article 9(2) of BIT excluding jurisdiction of Tribunal wholly or partly — Article 9(2) of BIT — Interpretation and application — Vienna Convention on the Law of Treaties — Whether Jordan Valley Authority an entity of Kingdom of Jordan within meaning of Article 9(2) of BIT — Whether claims of contractual character “a dispute concerning an investment” within meaning of Article 9(1) of BIT — Articles 2(4) and (5) and 11(2) of BIT — Umbrella clause — Whether giving Tribunal jurisdiction over contractual claims against Respondent — Article 3(1) of BIT — Most-favoured-nation clause — Whether giving jurisdiction to Tribunal in particular with respect to contractual claims — Whether tribunal having jurisdiction ratione temporis

Arbitration — ICSID — Italy-Jordan BIT — Article 9(3)(b) of BIT — Respondent refusing to allow dispute with Claimants to be referred to arbitration pursuant to clause 67.3 of Contract — Whether Respondent failing to honour Contract — Whether Respondent breaching Article 2(3) and (4) of BIT — International oral agreements — Whether binding — Burden of proof on Claimants — Whether Claimants proving existence of oral agreement between parties

Costs — Allocation between parties — Discretion of Tribunal — Article 61(2) of ICSID Convention