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“We have found that International Law Principles such as ‘Pacta Sunt Servanda’ and ‘Just compensation for expropriatory measures’ can be deemed as part of Egyptian Law. The adherence to the ICSID convention should then be treated as conclusive evidence of Egypt’s declared intent to abide by these principles, which indeed represent the basic philosophy adopted by the Convention’s drafters.

“Last but not least, art. 13(5) of the ICC rules unequivocally states that ‘in all cases the arbitrator shall take into account the provisions of the contract and the relevant trade usages.’

“For the foregoing reasons we find that reference to Egyptian law must be construed so as to include such principles of international law as may be applicable and that the national laws of Egypt can be relied upon only in as much as they do not contravene said principles.”

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