The International Court of Arbitration of the International Chamber of Commerce in Paris has dismissed claims by French company Constructions Industrielles de la Méditerranée SA (CNIM) against the Works, Municipalities Affairs and Urban Planning Ministry.
The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait…
1232 | the publication reaches you by | Bahrain NewsThe proposed project envisaged a waste incineration facility to dispose of municipal waste with the heat released being used to generate electricity for sale to the Electricity and Water Authority.
However, the project always depended on CNIM finding financing.
After several attempts to agree upon an extension of the financing deadline, CNIM was unable to meet the deadline in accordance with the project agreement. Furthermore, the project was also subject to independent environmental review and licensing.
CNIM applied for the necessary environmental permit, but did not provide sufficient information and analysis to satisfy the concerns of the Supreme Council for Environment (SCE) that the proposed configuration of the facility would meet environmental standards.
The SCE’s position has been acknowledged by the tribunal as legitimate.
“The ministry always prefers to settle differences with foreign partners in an amicable and constructive manner,” it said in a statement issued yesterday following the finalisation of court documents.
“However, when excessive demands are made and cannot be accepted, the public interest requires that we resist unwarranted claims with the fullest determination.
“We are pleased with this resolution of the dispute by a neutral authority and remain committed to welcoming foreign companies to invest in Bahrain’s comprehensive economic development.”
Nvestox management had already staggered a ‘loop-work’ environment within their key teams trading all major global exchanges, so…
958 | the publication reaches you by | Bahrain News
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The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).
