Abstract
In the course of the last five decades, States have entered into several thousand bilateral, and a few multilateral, treaties to promote and protect investments made by private investors of a State party in the territory of another State party. Wena Hotels Ltd. (Wena), a British company owned by Mr. Farargy, an Egyptian national, signed two long-term leases with the Egyptian Hotels Company (EHC), an Egyptian public sector company, to operate and develop two existing hotels in Luxor and Cairo. Wena instituted arbitration proceedings under International Centre for the Settlement of Investment Disputes (ICSID) rules and under the Bilateral Investment Treaty (BIT) between Egypt and the United Kingdom. Investment arbitration between investors and States raises sensitive issues related to the authority of the State and public policy. ICSID itself proposed recently an appeal mechanism as part of a general proposal to improve the ICSID arbitration framework. Keywords: Bilateral Investment Treaty (BIT); Egyptian Hotels Company (EHC); ICSID; investment arbitration; State party; Wena Hotels Ltd. (Wena)
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