Last Updated on 6 months by DiaryNiGracia
Leading Kuwaiti private company M.A. Kharafi & Sons recently won a legal battle against Libya, amounting to 930 M US Dollars.
M.A. Kharafi & Sons is a conglomerate with services for airlines, airports, hotels, telecommunication and travel. With products that include aluminum, asphalt, concrete, fertilizer, food, construction supplies, steel among others; it is able to serve countries from the Middle East, Asia, Europe and Pacific Islands.
In 2006, the company entered into contract with the Libyan government to build a resort in the best prime area of Tripoli, which included a five-star hotel, exclusive apartments and villas, and a shopping mall under the agreement of a 90-year Build Operate Transfer (BOT) concession. Following this, M.A. Kharafi spent large amounts on feasibility measures, designs and management contracts, but it had not formally received the land from the Libyan government.
The former Libyan regime then cancelled its contract with the Kharafi group which made the company finally decide on arbitration proceedings based on the Arab League’s Joint Investment Protection Agreement to claim for 90 years of lost revenue.
The award granted to the Kuwaiti firm is the first of its kind in the Arab League under the Joint Investment Protection Agreement between Arab countries.
(with sources from Kuwait Times and Middle East Info)
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