I. Introduction and Procedural History 

1. On June 1, 2011, Malicorp Limited, a company incorporated under the laws of the United Kingdom of Great Britain and Northern Ireland (“Malicorp,” “Applicant,” or “Claimant”), filed an Application for Annulment (the “Application”) with the Secretary-General of the International Centre for Settlement of Investment Disputes (“ICSID” or the “Centre”). Malicorp sought annulment of the award rendered on February 7, 2011, in ICSID Case No. ARB/08/18 between the Arab Republic of Egypt (“Egypt” or “Respondent” or the “Republic”) and Malicorp (the “Award”). The Application was submitted within the time period provided for by Article 52(2) of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the “ICSID Convention”). 

2. The dispute arose under the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Arab Republic of Egypt for the Promotion and Protection of Investments of June 11, 1975 (the “BIT”).1 It related to the termination of a “Build-Operate-Transfer” contract, entered into by Egypt, then represented by the Egyptian Civil Aviation Authority, and Malicorp, for the construction, management, operation and transfer of the Ras Sudr International Airport (the “Contract”).2 

3. The Award summarized as follows the views of Malicorp and Egypt (collectively, the “Parties”) as to why the Contract was terminated: