Dumler and Partners, part of a consortium of law firms, co-represented the Republic of Armenia in a landmark investment arbitration out of concessions to build 110 km of highway and 304 km of railway in southern Armenia. The projects were valued at more than USD 3.5 billion.
The arbitration commenced in 2018 under International Centre for Settlement of Investment Disputes (ICSID) Rules under a bilateral investment protection treaty between the Republic of Armenia and the United States and concluded concession agreements. The claimants, a Dubai company and its US shareholder, claimed damages of USD 326 million. The claimants were represented by leading global law firms Shearman & Sterling (later Quinn Emanuel).
In January 2023, the Tribunal rendered an award in Armenia’s favour, dismissing all of the claims. The claimants sought but were also denied recovery of their arbitration costs of more than USD 11 million.
In February 2025, the special annulment committee rejected the claimant’s petition that the award be annulled, thus bringing to an end this landmark investment case against Armenia.
The case included:
- A massive discovery/document production process.
- Successfully challenging the claimants’ chosen legal counsel over conflict of interest.
- Successfully challenging the claimants’ request to call a witness for Armenia.
- Successfully requesting to call a witness for the claimants.
- Working with technical and financial experts.
- Working with fact witnesses.
- Two rounds of hearings on the merits lasting a total of two weeks.
Read more in Global Arbitration Review
