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International Arbitration Tribunal Rules It Has Jurisdiction to Hear Agility's Dispute with Iraq
"We are pleased with the ICSID tribunal's decision," said Tarek Sultan , Vice Chairman and CEO. "The ruling upholds protections to which Agility is entitled and the Republic of Iraq's actions will now be scrutinized under international law."
In February 2017 , the Agility Group filed a request for arbitration against the Republic of Iraq pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States and the Agreement between the Government of the State of Kuwait and the Government of the Republic of Iraq for Reciprocal Promotion and Protection of Investments.
Over the years, Agility invested over US$380 million and significant management and technical expertise and know how to develop Korek Telecom into a successful business.
Agility is a global logistics company with $5.1 billion in annual revenue and 26,000+ employees in more than 100 countries. It is one of the world's top freight forwarding and contract logistics providers, and a leader and investor in technology to enhance supply chain efficiency. Agility is a pioneer in emerging markets and one of the largest private owners and developers of warehousing and light industrial parks in the Middle East , Africa and Asia . Agility's subsidiary companies offer fuel logistics, airport services, commercial real estate and facilities management, customs digitization, and remote infrastructure services.
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