Cairo ordered to pay damages
Cairo Ordered To Pay Damages To U.K.’s Wena Hotels In Investment Dispute
The Egyptian government has lost its second investment dispute within the space of a month, with the 8 December award delivered by an international tribunal in favour of Wena Hotels of the UK with respect to its investment in two hotels, in Cairo and Luxor.
The three-member tribunal set up in 1998 by the International Court for the Settlement of Investment Disputes, a World Bank-affiliated arbitration body, awarded damages, interest expenses and lawyers’ costs amounting to $20.6 million against the government of Egypt. The award was unanimous. The sum is to be paid within 30 days.