If the provisions of law of either Contracting Party or obligations under international law, whether existing at the time of entry into force of this Agreement or established subsequently, contain rules that afford investors and investments of a Contracting Party more favourable treatment than is provided for by this Agreement, such more favourable rules shall prevail over the present Agreement.
Article 21. SCOPE OF APPLICATION
1. This Agreement is applicable to investments made before its entry into force and existing at that time, as well as to investments made thereafter in the territory of a Contracting Party in accordance with its law by investors of the other Contracting Party.
2. For greater certainty, the provisions of this Agreement shall not apply to claims arising out of events which occurred, or to claims which had arisen or had been settled, prior to its entry into force.
3. Nothing in this Agreement shall affect the rights and obligations of either Contracting Party under any international agreement, arrangement or generally applicable domestic legislation relating to taxation, including on information exchange.
4. This Agreement shall not apply to decisions, directions or measures related to the operation and legal framework of trusts in either Contracting Party, whether taken by the Governments, the courts, the regulatory authorities or otherwise of either Contracting Party.
5. Issues relating to housing and residential property under the Control of Housing and Work (Jersey) Law 2012 and any successor legislation or regulations shall not be subject to the Agreement.
Article 22. APPLICABLE LAW
An arbitral tribunal established under Article 14 or Article 17 of this Agreement shall decide the issues in dispute in accordance with this Agreement, the principles and rules of public international law, and the domestic law of the Contracting Party in whose territory the investment was made.
Article 23. AMENDMENTS
Upon the request of either Contracting Party, the Parties shall discuss and consult in good faith and may agree upon any amendments to this Agreement in writing. Any such amendments shall enter into force in accordance with the procedure necessary for the entry into force of this Agreement and shall constitute an integral part of this Agreement. Any such amendments shall only apply to investments made after the entry into force of those amendments.
Article 24. ENTRY INTO FORCE, DURATION AND TERMINATION
1. Each Contracting Party shall notify in writing the other Contracting Party of the completion of the procedures required by its laws for the bringing into force of this Agreement. The Agreement shall enter into force on the date of the receipt by the relevant Contracting Party of the later of these notifications.
2. This Agreement shall remain in force for a ten year period and shall be extended indefinitely thereafter. After ten years, either Contracting Party may terminate this Agreement by serving a twelve month prior notice in writing to the other Contracting Party through Government channels.
3. With respect to investments admitted before the date on which the notice of termination of this Agreement becomes effective, the provisions of this Agreement shall remain in force for an additional term of ten years from such a date.
Conclusion
IN WITNESS WHEREOF the undersigned, being duly authorised thereto by their respective Governments, have signed this Agreement.
DONE in duplicate at Dubai this 9th day of November 2021; in the English and Arabic languages, both texts being equally authentic. In case of divergence between the texts, the English text shall prevail.
FOR THE GOVERNMENT OF UNITED ARAB EMIRATES
FOR THE GOVERNMENT OF JERSEY