Arbitration — Jurisdiction — International Centre for the Settlement of Investment Disputes (icsid) — Egyptian investment law providing for recourse to icsid arbitration — Joint venture agreement entered into between State and foreign investor pursuant to State’s municipal investment law — Joint venture project cancelled by State — Foreign investor not waiving right to continue pursuit of other remedies prior to instigation of (icsid) arbitration proceedings — Whether failure to waive other remedies impairs consent to (icsid) arbitration — icsid Convention, Article 26

Arbitration — Agreement to arbitrate — State investment law providing for recourse to icsid jurisdiction in certain circumstances — Whether clause in investment law constitutes consent to arbitrate — icsid Convention, Article 25

Arbitration — Applicable law — Joint venture agreement between State and foreign investor entered into pursuant to State’s municipal investment law — Whether clause in investment law constitutes consent to icsid jurisdiction — Absence of specifically agreed choice of law — Law of Contracting State together with applicable principles of international law — icsid Convention, Article 42(1)

Arbitration — Procedure — Stay of proceedings — Power of tribunal to order — Same parties and dispute before other forum — Need to preserve international judicial order and avoid clashes between competing jurisdictions — Findings of fact — Dispute submitted to International Chamber of Commerce arbitration — icc tribunal rendering award — icc award annulled on basis that icc tribunal lacked jurisdiction to hear the dispute — Same dispute subsequently submitted to icsid arbitration — Whether icsid tribunal has power to adopt findings of fact made by previous tribunal hearing the same dispute — Costs of arbitration

Treaties — Interpretation — Instruments conferring jurisdiction on international tribunals — Principles of interpretation — To be interpreted neither restrictively nor expansively but objectively and in good faith — No presumption of jurisdiction — icsid Convention and Egyptian municipal laws

Expropriation — Taking of property — Joint venture agreement between State and foreign investor for tourist development — Project encountering domestic political opposition due to presence of antiquities on development site — State cancelling project — Exercise of right of eminent domain — Nationalization or confiscation pursuant to municipal law of State requiring fair compensation

Expropriation — Compensation — Requirement of fair compensation — Valuation of expropriated property — Investment in joint venture company — Capital expenditure — Loss of opportunity — Effective date of assessment — Costs

State responsibility — For acts of officials — State authorities agreeing to and approving joint venture project between State and foreign investor — Foreign investor relying on State officials in entering into project — Allegations that project lay outside scope of municipal laws — Whether failure to comply with municipal law not opposable to investor in international law — Whether State responsible for unauthorized or ultra vires acts of its officials and agents

Relationship of international law and municipal law — Effect of breach by State of its requirements of municipal law — State failing to comply with publication and registration requirements of its municipal law relating to joint venture contracts and State decrees — Whether exempting State from liability under international law for failure to perform contractual obligations