Summary

...

4. The dispute arises out of a Concession Agreement, dated 30 October 2006, stated to have been made between the Republic of Djibouti, as "Grantor", DCT, as "Concessionaire", and Dubai International (Djibouti) FZE, as "Confirming Party", as amended by an "Addendum", dated 22 May 2007, stated to have been made between the Republic of Djibouti, as "Grantor", DCT, as "Concessionaire", and DPWD, as "Confirming Party" (the 2006 Concession Agreement and Addendum of 22 May 2007). The 2006 Concession Agreement concerns the ownership, operation and management of a container terminal at Doraleh in Djibouti (the Terminal).

5. This is the Tribunal's Third Partial Final Award in this arbitration. In its First Partial Final Award, the Tribunal ruled, inter alia, that:

The 2006 Concession Agreement remains valid and binding notwithstanding Law 2002 and the 2018 Decrees.

6. The Tribunal, in its Second Partial Final Award, declared that the Respondent had breached a number of obligations under the 2006 Concession Agreement both towards DCT and DPWD and made, inter alia, the following orders:

Orders the Respondent to perform all of its obligations under the 2006 Concession Agreement and in doing so, by any means of its choosing, restore to the Claimants all their rights and benefits under the 2006 Concession Agreement.

[...]

If the Respondent has not, by any means of its choosing, restored to the Claimants all their rights and benefits under the 2006 Concession Agreement upon the expiry of two months from the date of this issuance of this Second Partial Final Award, the Tribunal will proceed to assess the compensation (if any) owed by the Respondent to the Claimants as a result of the Respondent's breaches of the 2006 Concession Agreement (the deadline may be extended at the discretion of the Tribunal)[.]

7. The Respondent has not, "restored to the Claimants all their rights and benefits under the 2006 Concession Agreement upon the expiry of two months" from the issuance of the Second Partial Final Award and hence the Tribunal now renders this Third Partial Final Award on the Claimants' claims for damages for losses said to have occurred since 22 February 2018 as a result of the Republic's breaches of the 2006 Concession Agreement.

...

I AWARD

134. For the foregoing reasons, the Tribunal hereby:

134.1. Declares that the Republic has breached Articles 3.7 and 12.1.3(vi) by withholding dividends from DPWD as a "Shareholder";

134.2. Orders the Republic to pay DPWD the amount of USD 31,390,693 for the loss of management fees resulting from the Respondent's breach of Article 12.1.3(vi) of the 2006 Concession Agreement for the period 23 February 2018 to 31 December 2020;

134.3. Orders the Republic to pay DPWD the amount of USD 1,775,755 as interest on the amount awarded for DPWD's loss of management fees that has accrued as at the date of this Third Partial Final Award and declares that interest will continue to accrue on the principal amount at the rate of LIBOR plus 4% compounded annually until payment by the Republic;

134.4. Orders the Republic to pay DPWD the amount of USD 116,772,715 for loss of dividends resulting from the Respondent's breach of Articles 3.7 and 12.1.3(vi) of the 2006 Concession Agreement for the period 23 February 2018 to 31 December 2020;

134.5. Orders the Republic to pay DPWD the amount of USD 14,655,792 as interest on the amount awarded for DPWD's loss of dividends that has accrued as at the date of this Third Partial Final Award and declares that interest will continue to accrue on the principal amount at the rate of LIBOR plus 4% compounded annually until payment by the Republic;

134.6. Orders the Republic to pay DCT the amount of USD 35,123,370 for the loss resulting from the Respondent's seizure of its onshore bank account at Banque pour le Commerce et l'Industrie - Mer Rouge (BCIMR), Djibouti, in breach of Article 12.1.3(vii) of the 2006 Concession Agreement;

134.7. Orders the Republic to pay DCT the amount of USD 1,034,658 as interest on the amount awarded for DCT's loss resulting from the seizure of its onshore bank account and declares that interest will continue to accrue on the principal amount at the rate of LIBOR plus 4% compounded annually until payment by the Republic;

134.8. Orders the Republic to pay any and all amounts due to DPWD to an account nominated by DPWD to receive such payment, such nomination to be communicated by DPWD to the Republic within seven days of the issuance of this Third Partial Final Award;

134.9. Orders the Republic to pay any and all amounts due to DCT to DCT's bank account held at Standard Chartered Bank in London, United Kingdom;

134.10. Dismisses DCT's claim for lost cash flows representing the lost dividends due to PDSA;

134.11. All other matters, including the issue of costs leading up to the issuance of this Third Partial Final Award, are reserved.

Footnotes omitted.