Investment Arbitration under Multilateral Treaties in the Middle East

Arab claimants seeking to resolve their investment disputes in the Middle East have found variable success in identifying bilateral investment treaties under which to bring their claims. The recent surge in investment arbitration following the political upheavals in the region has prompted unlucky investors to seek out other instruments that provide access to investor-state dispute resolution. Two regional treaties, long dormant as investment instruments, have recently emerged as potential alternatives: the Unified Agreement for the Investment of Arab Capital in the Arab States; and the Agreement on Promotion, Protection and Guarantee of Investments among Member States of the Organisation of the Islamic Conference. This article explores the dispute resolution processes, substantive protections, enforcement mechanisms, and availability of state claims and counterclaims under each treaty, as well as the reforms necessary to ensure their present and future viability.