In a significant step within its legal efforts, the Al Habtoor Group announced its readiness to file an international arbitration claim regarding its dispute in Lebanon. The group has appointed the law firm White & Case, which specializes in sovereign disputes, to represent it during this process. This move reflects Al Habtoor Group’s commitment to protecting its investments and enhancing its rights under recognized international frameworks.
Preparations for Arbitration
Al Habtoor Group reported that it is in the final stages of preparing to initiate international arbitration proceedings in Washington. This action is part of the dispute resolution mechanisms outlined in the bilateral investment treaty between the United Arab Emirates and the Republic of Lebanon. According to the group, it is adhering to the applicable international frameworks for investment protection.
Lack of Effective Solutions
Al Habtoor Group noted that these actions follow the expiration of a six-month grace period stipulated by the treaty. Despite numerous attempts to resolve the dispute amicably, no effective corrective actions were taken, prompting the group to pursue legal options. It stated, “All our investments in Lebanon were made in good faith, based on Lebanese laws and binding international commitments.”
Group’s Commitment to Settlement
Despite taking legal steps, Al Habtoor Group affirmed that it remains open to any serious settlement initiatives. In its official statement, it emphasized its position in defending its rights, considering arbitration not merely a means of recovering rights but also a commitment to the principles of the rule of law and the protection of foreign investments.
Future Steps
In conclusion, Al Habtoor Group mentioned that it will continue to keep stakeholders and the public informed about updates on the arbitration proceedings. These events mark a significant milestone in legal efforts that may highlight the importance of protecting investors and ensuring that countries adhere to global treaties.