Reproduced from www.worldbank.org/icsid with permission of ICSID.
Members of the Tribunal
Prof. Zachary Douglas QC, President of the Tribunal
Mr. Fernando Piérola Castro, Arbitrator
Mr. Samuel Wordsworth QC, Arbitrator
I. PROCEDURAL HISTORY
On 12 June 2019, Ayat Nizar Raja Sumrain, Eshraka Nizar Raja Sumrain, Alaa Nizar Raja Sumrain, and Mohamed Nizar Raja Sumrain (together, the "Claimants"), filed with the International Centre for Settlement of Investment Disputes ("ICSID") a Request for Arbitration against the State of Kuwait (the "Respondent") under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States of 18 March 1965 (the "ICSID Convention") and on the basis of the Agreement for the Promotion and Reciprocal Protection of Investments between the Government of the Arab Republic of Egypt and the Government of the State of Kuwait (the "BIT").
The Claimants and the Respondent are referred to together as the "Parties."
The Request for Arbitration (the "Request") was supplemented by the Claimants' communications of 25 and 28 June 2019.
On 30 June 2019, the ICSID Secretary-General registered the Request, as supplemented, pursuant to Article 36(3) of the ICSID Convention and Rules 6(1)(a) and 7(a) of the ICSID Rules of Procedure for the Institution of Conciliation and Arbitration Proceedings and notified the Parties of the registration. In the Notice of Registration, the ICSID Secretary-General invited the Parties to proceed to constitute an Arbitral Tribunal as soon as possible in accordance with Rule 7(d) of the Centre's Rules of Procedure for the Institution of Conciliation and Arbitration Proceedings.
On 14 December 2021, the Tribunal invited the Parties to provide an update concerning the current status of their discussions by 23 December 2021.
By email of 23 December 2021, the Claimants informed the Tribunal that the Parties had agreed to the terms of the settlement agreement and requested an extension of the suspension of the proceeding until 31 January 2021. The Tribunal subsequently confirmed the extension on 30 December 2020.
On 2 February 2022, the Tribunal invited the Parties to provide a further update on their settlement discussions by 4 February 2022.
On 3 February 2022, the Parties jointly informed the Tribunal that they had reached a settlement agreement and formally requested that the Tribunal order the discontinuance of the proceedings in accordance with Rule 43(1) of the ICSID Arbitration Rules.
Rule 43(1) of the ICSID Arbitration Rules provides:
If, before the award is rendered, the parties agree on a settlement of the dispute or otherwise to discontinue the proceeding, the Tribunal, or the Secretary-General if the Tribunal has not yet been constituted, shall, at their written request, in an order take note of the discontinuance of the proceeding.
THEREFORE, in accordance with the Parties' request, and pursuant to Rule 43(1) of the ICSID Arbitration Rules, the Tribunal hereby takes note of the discontinuance of the proceeding.
After deducting any remaining costs of the arbitration, ICSID will reimburse to the Parties the balance of their advance payments in proportion to the payments they advanced to ICSID.