a. in the case of a final award made under ICSID Convention:

i. 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or

ii. revision or annulment proceedings have been completed; and

b. in the case of a final award under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or other rules agreed by the claimant and Host State,

i. 90 days have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, or annul the award; or

ii. a court has dismissed or allowed an application to revise, set aside, or annul the award and there is no further appeal.

4. An award rendered under ICSID Convention or ICSID Additional Facility Rules shall be subject to respective provisions of the ICSID Convention. An award rendered under UNCITRAL Arbitration Rules shall be subject to respective provisions of the UNCITRAL Arbitration Rules,

5. Interest on late payment as provided in an award does not apply during the pendency of an annulment procedure.

Article 17. Settlement of Disputes between the Contracting Parties

1. Disputes between the Contracting Parties concerning the interpretation or application of this Agreement shall, if possible, be settled through consultation or negotiation.

2. If the dispute cannot be thus settled within six months, it shall upon the request of either Contracting Party, be submitted to a Tribunal of three members, in accordance with the provisions of this Article.

3. The Tribunal shall be constituted for each individual case in the following way. Within two months from the date of the receipt of the request for arbitration, each Contracting Party shall appoint one member of the Tribunal. These two members shall then select a national of a third State who shall be appointed the Chairman of the Tribunal (hereinafter referred to as the "Chairman"). The Chairman shall be appointed within three months from the date of appointment of the other two members.

4. If within the periods specified in paragraph 3 of this Article the necessary appointments have not been made, a request may be made to the President of the International Court of Justice to make the appointments. If the President happens to be a national of either Contracting Party, or if the President is otherwise prevented from discharging the said function, the Vice-President shall be invited to make the appointments. If the Vice-President also happens to be a national of either Contracting Party or is prevented from discharging the said function, the member of the International Court of Justice next in seniority who is not a national of either Contracting Party shall be invited to make the appointments.

5. The Chairman and the appointments made under paragraph 4 of this Article shall be nationals of a state which both Contracting Parties have diplomatic relations with.

6. The Tribunal shall determine its own procedure and shall reach its decision by a majority of votes.

7. The Tribunal shall issue its decision on the basis of the provisions of this Agreement, as well as of the universally accepted principles of international law,

8. Each Contracting Party shall bear the cost of its own arbitrator and its representation in the arbitral proceedings; the cost of the Chairman and the remaining costs shall be borne in equal parts by both Contracting Parties.

9. The decisions of the Tribunal are final and binding for each Contracting Party.

Article 18. Transparency

1. The UNCITRAL Rules on Transparency in treaty-based investor-State arbitration shall apply to any international arbitration proceedings initiated against Hungary pursuant to Article 10 of this Agreement. However, the United Arab Emirates reserves the right not to apply UNCITRAL Rules on Transparency in treaty-based investor-State arbitration to any international arbitration proceedings initiated against the United Arab Emirates pursuant to this Agreement unless the United Arab Emirates sign the Mauritius Convention on Transparency.

2. With respect to regulations of general application adopted at central government and sub-federal levels respecting any matter covered by this Agreement the Parties shall as far as possible publish the regulation in their official gazette without delay, well before the entry into force of the regulations. On request of a Contracting Party to this Agreement consultation might be held on issues of transparency practices.

Article 19. Application of other Rules and Special Commitments

Nothing in this Agreement shall be taken to limit the rights of investors of the Contracting Parties from benefiting from any more favourable treatment that may be provided for in any existing or future bilateral or multilateral agreement to which they are parties.

Article 20. Applicability of this Agreement

This Agreement shall apply to investments made in the territory of one of the Contracting Parties in accordance with its laws and regulations by investors of the other Contracting Party prior to as well as after the entry into force of this Agreement, but shall not apply to any dispute or claim concerning an investment which arose, or which was settled before the entry into force of this Agreement.

Article 21. Consultations

Upon request by either Contracting Party, the other Contracting Party shall agree to consultations on any matter, including the interpretation or application of this Agreement. Upon request by either Contracting Party, information shall be exchanged on the impact that the laws, regulations, decisions, administrative practices or procedures, or policies of the other Contracting Party may have on investments covered by this Agreement.

Article 22. General Exceptions

1. Nothing in this Agreement shall be construed to prevent a Contracting Party from adopting or maintaining reasonable measures for prudential reasons, such as:

a. the protection of investors, depositors, policy-holders or persons to whom a fiduciary duty is owed by a financial service supplier; and

b. ensuring the integrity and stability of a Contracting Party's financial system.

Where such measures do not conform with the provisions of this Agreement, they shall not used as a means of avoiding the Party's commitments or obligations under the Agreement. Nothing in this Agreement shall be construed as requiring a party to disclose information relating to the affairs and accounts of individual customers or any confidential or proprietary information in the possession of public entities.

2. a. Nothing in this Agreement shall be construed to prevent a Contracting Party from adopting or maintaining measures that restrict transfers where the Contracting Party experiences serious balance of payments difficulties, or the threat thereof, and such restrictions are consistent with paragraph b.

b. Measures referred to in paragraph a. shall be equitable, neither arbitrary nor unjustifiably discriminatory, in good faith, of limited duration and may not go beyond what is necessary to remedy the balance of payments situation. A Contracting Party that imposes measures under this Article shall inform the other Contracting Party forthwith and present as soon as possible a time schedule for their removal. Such measures shall be taken in accordance with other international obligations of the Contracting Party concerned, including those under the Articles of Agreement of the International Monetary Fund.

3. Nothing in this Agreement shall be construed:

a to prevent any Contracting Party from taking any actions that it considers necessary for the protection of its essential security interests,

i. relating to the traffic in arms, ammunition and implements of war and to such traffic and transactions in other goods, materials, services and technology undertaken directly or indirectly for the purpose of supplying a military or other security establishment,

ii. taken in time of war or other emergency in international relations, or

iii. relating to the implementation of national policies or international agreements respecting the non-proliferation of nuclear weapons or other nuclear explosive devices; or

b. to prevent any Contracting Party from taking action in pursuance of its obligations under the United Nations Charter for the maintenance of international peace and security.

4. A Contracting Party's essential security interests may include interests and measures deriving from its membership in a customs, economic, or monetary union, a common market or a free trade area.

5. All references in the Agreement to measures of a Contracting Party shall include measures applicable in accordance with EU law in the territory of that Contracting Party pursuant to its membership in the European Union. References to "serious balance-of-payments difficulties, or the threat thereof," shall include serious balance-of-payments difficulties, or the threat thereof, in the economic or monetary union of which Hungary or the United Arab Emirates is a member.

6. The dispute settlement according to Article 10 shall not be considered as treatment, preference or privilege.

7. Subject to the requirement that such measures are not applied in a manner which would constitute a means of arbitrary or unjustifiable discrimination between investments or between investor, or a disguised restriction on covered investment, nothing in this Agreement shall be construed as prevent a Contracting Party from adopting or enforcing measures necessary:

a. to protect public security or public morals or to maintain public order,

b. to protect human, animal or plant life or health,

c. for the conservation of living or non-living exhaustible natural resources,

d. to ensure compliance with laws and regulations.

Article 23. Denial of Benefits

1. The benefits of this Agreement shall be denied to:

a. natural persons with double nationality of which one is of the host State.

b. an investor who structures or acquires its investment, for instance through intermediary entities, or who acquires or uses a nationality of one of the Contracting Parties with the sole purpose of benefiting from this agreement.

2. The benefits of this Agreement shall be denied to an investor of the other Contracting Party that is a legal person and to investments of that investor, if investors of a third state own or control the first mentioned investor or investments and:

a. the investor has no substantial business activities in the territory of the Contracting Party under whose law it is constituted, or

b. the denying Contracting Party adopts or maintains measures with respect to the third state that prohibit transactions with such investor and its investments or that would be violated or circumvented if the benefits of the Agreement were accorded to the investments of investors, or

c. the denying Contracting Party does not maintain diplomatic relations with the third state.

3. Without prejudice to the previous paragraphs of the Article, the denial of benefits by a host State shall be notified to the home State of the investor without undue delay.

Article 24. Final Provisions, Entry Into Force, Duration, Termination and Amendments.

1. This Agreement shall apply without prejudice to the obligations deriving from Hungary’s membership in the European Union, and subject to those obligations. Consequently the provisions of this Agreement may not be invoked or interpreted neither in whole nor in part in such a way as to invalidate, amend or otherwise affect the obligations of Hungary arising from the Treaties on which the European Union is founded.

2. The Contracting Parties shall notify each other through diplomatic channels that their internal procedure requirements for the entry into force of this Agreement have been complied with. This Agreement shall enter into force sixty days after the date of the last notification.

3. This Agreement shall remain in force for a period of ten years and afterwards shall continue to be in force unless, either Contracting Party notifies in writing the other Contracting Party of its intention to terminate this Agreement. The notice of termination shall become effective one year after it has been received by the other Contracting Party but not earlier than the expiry of the initial period of ten years.

4. In respect of investments made prior to the termination of this Agreement, the provisions of this Agreement shall continue to be effective for a period of ten years from the date of termination.

5. This Agreement may be amended at the request of either Contracting Party. Any amendment shall be integral part of the Agreement and enter into force under the same procedure required for entering into force of the present Agreement.

6. In case a multilateral investment tribunal or a multilateral appellate mechanism applicable to disputes will be established, provided that both Hungary and the United Arab Emirates become Parties to that agreement, the relevant parts dealing with disputes of the present Agreement shall cease to apply.

Conclusion

IN WITNESS WHEREOF, the undersigned duly authorized have signed this Agreement.

DONE in duplicate at Abu Dhabi, this 15th day of July 2021, in the Hungarian, Arabic and English languages, all texts being equally authentic. In case of any divergence of interpretation, the English text shall prevail.

Attachments

ANNEX I. CODE OF CONDUCT FOR ARBITRATORS APPOINTED UNDER THE AGREEMENT BETWEEN THE GOVERNMENT OF HUNGARY AND THE GOVERNMENT OF THE UNITED ARAB EMIRATES FOR THE PROMOTION AND RECIPROCAL PROTECTION OF INVESTMENTS

1. Definitions

For the purpose of this Code of Conduct, the following definitions apply:

- "member" means a person who has been appointed to serve as a member of a tribunal established pursuant to the applicable provisions of Article 10 paragraph 4 of the Agreement between the Government of Hungary and the Government of the United Arab Emirates for the promotion and reciprocal protection of investments (the "Agreement").

- "assistant" means a person who, under the terms of appointment of a member, assists the member, conducts research, or supports him or her in his or her duties;

- "candidate" means a person who is under consideration for appointment as member;

2. Governing Principles

Any candidate or member shall avoid impropriety and the appearance of impropriety, and shall observe high standards of conduct so that the integrity and impartiality of the dispute settlement proceeding is preserved.

3. Disclosure Obligations

1. Prior to confirmation of their appointment as members under Article 10 paragraph 4 of this Agreement, candidates shall disclose to the disputing parties any past or present interest, relationship or matter that is likely to affect their independence or impartiality, or that might reasonably be seen as creating a direct or indirect conflict of interest, or that creates or might reasonably be seen as creating an appearance of impropriety or bias. To this end, candidates shall make all reasonable efforts to become aware of any such interests, relationships or matters. The disclosure of past interests, relationships or matters shall cover at least the last five years prior to a candidate becoming aware that he or she is under consideration for appointment as member in a dispute under this Agreement.

2. Following their appointment, members shall at all times continue to make all reasonable efforts to become aware of any interests, relationships or matters referred to in Article 3(1) of this Code of Conduct. Members shall at all times disclose such interests, relationships or matters throughout the performance of their duties by informing the disputing parties and the Parties. They shall also communicate matters concerning actual or potential violations of this Code of Conduct to the disputing parties and the Parties.

4. Independence, Impartiality and other Obligations of Members

1. In addition to the obligations established pursuant to Articles 2 and 3 of this Code of Conduct, members shall:

a. get acquainted with this Code of Conduct;

b. be and appear to be, independent and impartial, and avoid any direct or indirect conflicts of interest;

c. not take instructions from any organisation or government with regard to matters before the tribunal for which they are appointed;

d. avoid creating an appearance of bias and not be influenced by self-interest, outside pressure, political considerations, public clamour, loyalty to a Party, disputing party or any other person involved or participating in the proceeding, fear of criticism or financial, business, professional, family or social relationships or responsibilities;

e. not, directly or indirectly, incur any obligation, or accept any benefit, enter into any relationship, or acquire any financial interest that would in any way interfere, or appear to interfere, with the proper performance of their duties, or that is likely to affect their impartiality;

f. not use their position as a member to advance any personal or private interests and avoid actions that may create the impression that others are in a special position to influence them;

g. perform their duties thoroughly and expeditiously throughout the course of the proceeding, and with fairness and diligence;

h. avoid engaging in ex parte contacts concerning the proceeding;

i. consider only those issues raised in the proceeding and which are necessary for a decision or award and not delegate this duty to any other person.

2. Members shall take all appropriate steps to ensure that their assistants are aware of, and comply with, Articles 2, 3, 4(1), 5 and 6 of this Code of Conduct mutatis mutandis.

5. Obligations of Former Members

1. Former members shall avoid actions that may create the appearance that they were biased in carrying out their duties or derived advantage from the decisions or awards of the tribunal.

2. Former members shall undertake that for a period of five years after the end of their duties in relation to a dispute settlement proceeding under this Agreement they shall not:

a. become involved in any manner whatsoever in investment disputes directly and clearly connected with disputes, including concluded disputes, that they have dealt with as members of a tribunal established under this Agreement;

b. act as party-appointed member, legal counsel or party-appointed witness or expert of any of the disputing parties, in relation to investment disputes under this or other bilateral or multilateral investment treaties.

3. If the Secretary General of the ICSID is informed or becomes otherwise aware that a former member is alleged to have acted inconsistently with the obligations established in Article 5(1) an (2), or any other part of this Code of Conduct while performing the duties of member of a tribunal in an investment dispute under this Agreement, it shall examine the matter, provide the opportunity to the former member to be heard, and after verification, inform:

a. the professional body or other such institution with which the former member is affiliated;

b. the Parties;

c. the disputing parties in the specific dispute;

d. any other relevant international court or tribunal.

4. The Secretary General of the ICSID shall make public its decision to take the actions referred in paragraphs 3(a) to 3(d) above, together with the reasons thereof.

6. Confidentiality

1. No member or former member shall at any time disclose or use any non-public information concerning a proceeding or acquired during a proceeding, except for the purposes of that proceeding, and shall not, in any case, disclose or use any such information to gain personal advantage or advantage for others or to adversely affect the interest of others.

2. Members shall not disclose an order, decision, or award or parts thereof prior to adoption or publication.

3. Members or former members shall not at any time disclose the deliberations of the tribunal, or any views of other members forming part of the tribunal, except in an order, decision or award.

7. Expenses

Each member shall keep a record and render a final account of the time devoted to the procedure and of the expenses incurred, as well as the time and expenses of their assistants.