General of the International Centre for the
Settlement of Investment Disputes to make the
necessary appointment or appointments, and both
Governments agree to accept such appointment or
appointments,

(II) The arbitral tribunal shall base its decision
on the applicable Principles and rules of public
international law. The arbitral tribunal shall
decide by majority vote. tts decision shall he
final and binding.

{III) Each of the Governments’ shall Pay the
expense of its arbitrator and of its
representation in the Proceedings before the
arbitral tribunal; the expenses of the president
and the other costs shall be paid in equal parts
by the two Governments. The arbitral tribunal may
adopt regulations concerning the costs, consistent
with the foregoing.

(IV) In all other matters, the arbitral tribunal
shall regulate its own procedures,

Article 10

(A) This Agreement shall enter into force on the date
of the completion of an exchange of notes between the
Government of the -United Arab Emirates and the
Government of the United States of America confirming
that this Agreement has been approved pursuant to the
applicable constitutional procedures,

(B) This Agreement shall continue in force until six
months from the date of receipt of a note by which one
Government informs the other of an intent no longer to
be a party to this Agreement. In such event, the
Provisions of this Agreement with respect to Coverage
issued while this Agreement was in force shall remain
in force for the duration of such Coverage, but in no
case longer than twenty years after the termination of
this Agreement.

Article 11

The provisions of this agreement shall not apply to
investments or binding commitments to projects or
activities made Prior to the signature of this
Agreement.


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Done at Abu Dhabi this twenty-ninth day of September,
One Thousand Nine Hundred and Ninety-One,
corresponding to the twenty-first day of Rabee Al
Awal, 1412 H., in duplicate in the English and Arabic
languages, both texts being equally authentic.

For the Government of the For the Government of the
United Arab Emirates United States of America
Ahmad Humaid Al Tayer Edward S. Walker, dr.

Minister of State Ambassador

@ for Finance and Industry


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AGREEMENT ON INVESTMENT GUARANTIES
BETWEEN
THE GOVERNMENT OF THE UNITED ARAB EMIRATES
AND
THE GOVERNMENT OF THE UNITED STATES OF AMERICA

The Government of the United Arab Emirates and the
United States of America,

Desiring to create favorable conditions for greater
economic cooperation to- promote the development of
their economic resources, in particular in the United
Arab Emirates,

Recognizing the importance of developing the
productive capacities of the United Arab Emirates
through participation by U.S. private enterprises in
projects bringing advanced technology to the United
Arab Emirates,

Aware that reciprocal encouragement of such investment
will be conducive to the stimulation of individual
business initiative which will increase prosperity in
both states, and

Conscious of the role of investment insurance in
encouraging foreign investment, including joint
ventures, have agreed as follows:

Article 1

As used herein, the term "Coverage" shall refer to any
investment insurance, reinsurance or guaranty backed
in whole or in part by the credit or public monies of
the United States of America and which is issued and
administered in accordance with this Agreement by
Overseas Private Investment Corporation (OPIC), an
independent government corporation organized under the
laws of the United States of America, by any successor
agency of the United States of America, or by any
other entity or group of entities, pursuant to
arrangements with OPIC or any successor agency, all of
whom are hereinafter deemed included in the term
"Issuer" to the extent of their interest as insurer,
reinsurer, or guarantor in any Coverage, whether as a
Party or successor to a contract providing Coverage or
aS an agent for the administration of Coverage.


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Article 8

The United Arab Emirates and the United States of
America, recognizing the importance of reciprocity,
agree that in the event that the Government of the
United Arab Emirates or any of its agencies or
institutions are authorized to issue coverage for
investments of any U.A.E. investors in any project or
activity within the United States of America under a
program similar in substance to the investment
guaranty program to which this Agreement relates, the
provisions of this Agreement shall apply, mutatis
mutandis, with respect to U.A.E. investments in the
United States of America, upon an exchange of notes to
be made at the initiative of either Government.

Article 9

(A) Any dispute between the Government of the United
Arab Emirates and the Government of the United States
of America regarding the interpretation or the
application of this Agreement shall be resolved,
insofar as possible, through negotiations between the
two Governments. If, at the end of six months
following the request for negotiations, the two
Governments have not resolved the dispute by
agreement, the dispute, including the question of
whether the dispute presents a question of the
interpretation or the application of this Agreement,
shall be submitted, at the initiative of either
Government, to an arbitral tribunal for resolution in
accordance with Article 9(B).

(B) The arbitral tribunal for resolution of disputes
Pursuant to Article 9(A) shall be established and
function as follows:

(I) Bach Government shall appoint one arbitrator;
these two arbitrators shall designate a president
by common agreement who shall be a citizen of a
third state having diplomatic relations with both
Governments and be appointed by the two
Governments. The arbitrators shall be appointed
within two months and the president within three
months of the date of receipt of either
Government's request for arbitration. If the
appointments are not made within the foregoing
time limits, either Government may, in the absence
of any other agreement, request the Secretary


this Agreement shall limit the right of the Government
of the United States of America to assert a clain
under international law in its sovereign capacity, as
distinct from any rights it may have as Issuer.

(C) The issuance of Coverage by the Issuer outside of
the United Arab Emirates with respect to a project or
activity in the United Arab Emirates shall not subject
the Issuer to regulation under the laws of the United
Arab Emirates applicable to insurance or financial
organizations unless the Issuer maintains an office,
branch or permanent establishment in the United Arab
Emirates,

Article 5

To the extent that the laws of the United Arab
Emirates partially or wholly invalidate or prohibit
the acquisition from a party under Coverage of any
interest in any property within the territory of the
United Arab Emirates by the Issuer, the Government of
the United Arab Emirates shall permit such Party and
the Issuer to make appropriate arrangements pursuant
to which such interests are transferred to an entity
permitted to own such interests under the laws of the
United Arab Emirates.

Article 6

Amounts in the lawful currency of the United Arab
Emirates, including credits thereof, acquired by the
Issuer by virtue of such Coverage shall be accorded
treatment by the Government of the United Arab
Emirates no less favorable as to use and conversion
than the treatment to which such funds would be
entitled in the hands of the Party under Coverage.
Such amounts and credits may be transferred by the
Issuer to any person or entity and upon such transfer
shall be freely available for use by such person or
entity in the territory of the United Arab Emirates.

Article 7

The procedures set forth in this Agreement shall not
apply with respect to ownership of real estate unless
approved by the concerned local Government.


Article 2

The procedures set forth in this Agreement shall apply
only with respect to Coverage relating to projects or
activities registered with or otherwise approved by
the Government of the United Arab Emirates, federal or
local, or any of its agencies or institutions, whether
federal or local, or to Coverage relating to Projects
with respect to which the Government of the United
Arab Emirates, federal or local, or any of its
agencies or institutions, whether federal or local,
may enter into a contract involving the Provision of
goods or services or invite tenders on such a contract.

Article 3

Notwithstanding the Provisions of Article 2, the
Procedures set forth in this Agreement shall apply
with respect to Coverage relating to Projects or
activities involving hydrocarbon exploration,
development, Production, processing, transportation,
storage or Marketing only if such Projects or
activities have been approved both by the concerned
local government, or any of its institutions or
agencies, and at the federal level by the Government
of the United Arab Emirates.

Article 4

(A) If the Issuer makes Payment to any party under
Coverage, the Government of the United Arab Emirates,
subject to the provisions of Article 5 hereof, shall
accept the legal validity of the transfer to the
Issuer of any currency, credits, assets, or investment
on account of which payment under such Coverage is
made as well as the succession of the Issuer to any
right, title, claim, Privilege, or cause of action
existing, or which may arise, in connection therewith.

(B) The Issuer shall assert no greater rights than
those of the transferring party under Coverage with
respect to any interests transferred or succeeded to
under this article and any such interest shall be
subject to any valid security interest, ‘encumbrance,
right of set-off or counterclaim enforceable against
such party with respect to such interest, Nothing in


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