Investment Arbitration

Recent Articles

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  24/09/2024

  Oman

  Enforcement of Foreign Arbitration Awards in Oman – Monetary and Non-Monetary Awards

  Enforcement of Monetary and non-Monetary Foreign Arbitration Awards in Oman involves certain steps and considerations. Those are outlined as follows:Relevant regulationsThe following regulations are related to the enforcement of foreign arbitration awards in Oman:United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (“New York Convention “or “Convention”).The Law of Arbitration in Civil and Commercial Disputes No. 47/1997 (“Arbitration Law”), which is based on the UNCITRAL Model Law; andCivil and Commercial Procedures...

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  27/10/2023

  International

  In overturning USD 11 billion award for fraud, High Court invites discussion on ar­bit­ra­tion’s ability to resolve large disputes involving states

  On 23 October, in The Federal Republic of Nigeria v Process & Industrial Developments Ltd. [2023] EWHC 2638 (Comm), Mr Justice Robin Knowles found that an arbitration award for USD 11 billion had been “obtained by fraud” and thus was “contrary to public policy.” While the Court has yet to decide whether the award should be entirely set aside or remitted to the arbitral tribunal, Mr Justice Knowles invited discussion upon how his factual findings touched upon several key issues central to the rule of law and the conduct of arbitration including the ability of the arbitral...

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  24/07/2023

  Europe

  The European Commission Proposes to Exit from Energy Charter Treaty as Modernisation Proves Politically Impossible

  On 7 July, the European Commission issued a statement proposing that the EU, its Member States, and the European Atomic Energy Community (“Euratom”) withdraw from the Energy Charter Treaty (“ECT” or the “Treaty”). Due to opposition to the proposed modernisation of the ECT, the Commission determined that “there is no legal and/or institutional avenue for the modernisation of the ECT to be adopted and produce its effects” and that without modernisation, the EU (and its Member States and Euratom) cannot remain a party to the Treaty. The Commission also...

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  13/06/2023

  Middle East

  UAE Corporate Tax Law: When does a non-resident juridical person have a UAE Nexus?

  BackgroundThe UAE enacted its Corporate Tax Law (the “CTL”) in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The CTL came into force on 1 June 2023. The main corporate tax rate of 9% applies on income exceeding AED 375,000 (roughly USD 102,000). The CLT provides that the rate of corporate tax which applies to “Qualifying Free Zone Persons” is 0% with respect to qualifying income and 9% on non-qualifying revenue.Under Article 11 of the CTL, a taxable person includes a non-resident person which has a UAE nexus.Cabinet Decision...

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  12/04/2023

  Middle East

  UAE Corporate Tax: Small Business Relief Criteria

  BackgroundThe UAE issued its landmark Corporate Tax Law in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The Corporate Tax Law applies with effect from 1 June 2023.The Corporate Tax Law provides a framework whereby small businesses who qualify as Resident Persons may elect to be treated as not having any taxable income for a tax period and therefore would pay zero corporation tax for that period (the “Small Business Relief”). However the Corporate Tax Law did not specify the criteria that Resident Persons would need to meet in order...

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  30/03/2023

  United Kingdom

  Law Commission Releases Second Consultation Paper in Relation to the Arbitration Act 1996

  The Law Commission of England and Wales has released its second consultation paper regarding potential revisions to the Arbitration Act 1996. In contrast to the First Consultation Paper issued in September 2022 covering many potential reforms, the Second Consultation Paper focuses on just three issues. The first potential reform—the governing law of the arbitration agreement—was added because a “significant number” of responses to the First Consultation Paper considered the need for reform in this area. Also, based upon the responses received to the First Consultation Paper,...

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