thesis international investment law

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• The Multilateralization of International Investment Law

The Multilateralization of International Investment Law

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• Stephan W. Schill , Max Planck Institute for Comparative Public Law and International Law, Heidelberg
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Book description

Attempts at developing a theory of international investment law are complicated by the fact that this field of international law is based on numerous, largely bilateral treaties and is implemented by arbitral panels established on a case-by-case basis. This suggests a fragmented and chaotic state of the law, with different levels of protection depending on the sources and targets of foreign investment flows. This book, however, forwards the thesis that international investment law develops, despite its bilateral form, into a multilateral system of law that backs up the functioning of a global market economy based on converging principles of investment protection. In discussing the function of most-favored-nation clauses, the possibilities of treaty-shopping and the impact of investor-State arbitration with its intensive reliance on precedent and other genuinely multilateral approaches to treaty interpretation, it offers a conceptual framework for understanding the nature and functioning of international investment law as a genuinely multilateral system.

'Dr Schill's thesis must be praised both for the thorough analysis of its subject matter and for the wealth of information it provides on the current state of international investment law.'

Source: Transnational Dispute Management

'Stephan Schill’s book, The Multilateralization of International Investment Law, stands apart from the rest of the literature on international investment law which has burgeoned in the past few years. In contrast to most publications on the market, this volume, adapted from the author’s Ph.D. thesis, does not attempt to summarize and systematize the developments in arbitral practice. Instead, it reveals an important and previously unexplored dimension of the investment treaty phenomenon by presenting an original vision of the landscape formed by more than 3,000 international investment agreements (IIAs). The author advances and substantiates the seemingly counter-intuitive thesis that these predominantly bilateral instruments do not result in chaotic fragmentation but, taken together, ‘function analogously to a truly multilateral system’.'

Sergey Ripinsky - United Nations Conference on Trade and Development, Geneva

'A distinctive feature of the book is that it is not limited to traditional legal analysis, but is grounded in the broader social, economic, and ideological reality. In doing so, the author has relied upon an impressive range of literature from related fields such as law and economics and international relations. As a result, he manages cleverly and harmoniously to combine a big-picture view with a detailed analysis of BIT provisions and arbitral practice. The drafting style is exceptionally clear … this wide-ranging analysis offers longer-term rewards by significantly advancing the understanding of the foundations, rationales, structure, and operation of the current system of international investment law.'

Source: globallawbooks.org

'In a field where much of the secondary literature is merely descriptive or reactive (or both), Schill’s deep consideration of the issues offers a fresh perspective, and it is to be warmly welcomed into the literature.'

Chester Brown Source: Australian International Law Journal

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Frontmatter pp i-vi

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Contents pp vii-xii

Preface pp xiii-xvi, list of figures pp xvii-xvii, table of treaties, draft instruments, and related documents pp xviii-xxiv, table of cases pp xxv-xxxviii, i - introduction: globalization and international investment law pp 1-22, ii - the dynamics of multilateralism and bilateralism in international investment relations pp 23-64, iii - treaty negotiation and multilateralization of international investment law pp 65-120, iv - multilateralization through most-favored-nation treatment pp 121-196, v - multilateralization and corporate structuring pp 197-240, vi - multilateral enforcement of international investment law pp 241-277, vii - multilateralization through interpretation: producing and reproducing coherence in investment jurisprudence pp 278-361, viii - conclusion: multilateralization – universalization – constitutionalization pp 362-378, bibliography pp 379-409, index pp 410-451, altmetric attention score, full text views.

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The Multilateralization of International Investment Law: The Emergence of a Multilateral System of Investment Protection on the Basis of Bilateral Treaties

Society of International Economic Law (SIEL) Inaugural Conference Paper, 2008

SIEL Online Proceedings Working Paper No. 18/08

29 Pages Posted: 26 Jun 2008

Stephan W. Schill

University of Amsterdam

Date Written: June 26, 2008

The paper advances the paradoxical thesis that international investment law is developing towards a multilateral system of investment protection on the basis of bilateral treaties. Despite the infinite fragmentation of substantive investment law, coupled with arbitration as a decentralized dispute and compliance mechanism, one can observe convergence rather than divergence in this field of international law. Unlike genuinely bilateral treaties, BITs do not stand isolated in governing the relation between two States; they rather develop multiple overlaps and structural interconnections that create a relatively uniform and treaty-overarching legal framework for international investments based on uniform principles with little room for insular deviation. The paper therefore argues that BITs in their entirety function largely and increasingly analogously to a truly multilateral system. Elements of this thesis are the inclusion of most-favored-nation clauses, the possibilities of treaty-shopping through corporate structuring and the contribution of investor-State dispute settlement through the intensive use of precedent and other genuinely multilateral approaches to treaty interpretation.

Keywords: International Investment Law, Multilateralization, Multilateral, Multilateral System of Investment Protection, Bilateral Treaties, BITs, Most-Favored Nations Clauses, Treaty-Shopping, Investor-State Dispute Settlement

JEL Classification: F02, F10, F13, F14, F15

Suggested Citation: Suggested Citation

Stephan W. Schill (Contact Author)

University of amsterdam ( email ).

Spui 21 Amsterdam, 1018 WB Netherlands

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Normative conflicts in international investment law: the case of environmental law

Asteriti, Alessandra (2016) Normative conflicts in international investment law: the case of environmental law. LL.M(R) thesis, University of Glasgow.

This dissertation investigates the relationship between investment and environmental obligations from the perspective of international investment law. In order to do so, the dissertation will consider how these obligations might enter into conflicts and what tools are available to investment tribunals to solve these normative conflicts. The dissertation analyses in order interpretative techniques, conflict resolution tools available in general international law, as expressed in the Vienna Convention on the Law of Treaties, and finally express clauses in international investment agreements. The dissertation includes the review of some relevant case law arising from investment agreements in investment treaty tribunals, to discover how in practice these conflict resolution tools are applied and to assess their effectiveness. This dissertation places itself squarely within the debate between the unity and the fragmentation of international law; therefore it tackles the issue of normative conflicts resolution in a dispute settlement environment with the view of gauging their value in maintaining the unity of international law and defuse the risk of fragmentation. The dissertation can only conclude that much work remains to be done, including by providing a more comprehensive taxonomy of possible interventions, both on the legal and political sphere.

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International Investment Law

What are the advantages and disadvantages associated with including a “right to regulate” in International Investment Agreements? How might some of these issues be resolved?

Related Papers

Christina Louizaki

This dissertation, written as part of the “LLM in Transnational and European Commercial Law, Mediation, Arbitration and Energy Law” at International Hellenic University, addresses the right of states to regulate in the international investment law regime. The thesis focuses on the foreign investors&#39; and host states&#39; conflicting interests. Foreign investors have a strong interest in the stability of the favorable legal and political framework of the host state where they chose to invest. On the other hand, host states want to reserve a degree of flexibility in order to protect their vital domestic interests and adapt their policies to changing circumstances. Achieving an appropriate balance between these two conflicting interests constitutes the principal challenge for modern international investment law. Until recently IIAs, particularly BITs, were characterized by a strong asymmetry focusing almost entirely on foreign investment promotion and protection while remaining sile...

Julia Constanze Elser

This paper analyzes the international regime of investment protection. It examines how international investment treaties and the enforcement of the rights conferred on private investors impact the states’ ability to regulate in public interest towards a sustainable future. Using data collected by UNCTAD, this article depicts the foundations, dynamics and trends of the international investment regime. It explains the reasons for the replacement of customary international law by treaties and the enforcement mechanism. This shows the basic rationale of the system, which is the protection of private business interests, but not a balance between them and public interest. It also demonstrates a shift in role allocation: while formerly developed countries used investment treaties to safeguard their nationals’ outbound FDI, recently they conclude treaties among themselves. Facing exposure to investment arbitration, developed countries’ governments seek to protect public interests especially regarding the adoption and implementation of environmental policies. A scrutiny of model treaties of the 21st century shows that investment treaties generally contain the same protection standards, but states differ significantly in how they express them. The analysis reveals that some states are more cautious than others and do not bank on arbitrators to interpret investment treaties in a regulation-friendly manner. Instead, some states follow the recent trend to incorporate wording aimed at preserving regulatory space. The paper also deals with the criticism of investment arbitration. By reviewing arbitral jurisprudence, I come to the conclusion that tribunals adopt different approaches to reconcile regulatory and private interest but do consider states’ right to regulate by majority. I argue that in the end investment arbitrators are not the right ones to blame for restrictions on regulatory freedom. Instead, investment treaties have been invented for the purpose to restrict regulatory freedom. The experience that the reciprocity of investment agreements can backlash on developed states has changed policymakers approach to negotiating treaties. Governments, not arbitrators are the ones in charge of striking the balance between investment protection and public interest. They have the prerogative power of both negotiating and interpreting treaties. Governments should thus use this power for integrating some scope for the pursuit of sustainability concerns into the international investment regime. While withdrawing from the international system of investment protection would mean throwing the baby out with the bathwater, governments should take clear and specific treaty wording as to regulatory needs for sustainability as a precondition for the conclusion of new treaties. Additionally, they should make an effort to achieve broad international consensus on the interpretation of typical standards of protection.

Tevfik Işıker

In this study, the historical development of states' right to regulate in international investment law is analyzed. For this purpose, the measures taken by developed states, especially European states, to protect their investors abroad, and how the arbitration practices developed within the scope of international investment agreements affect the right to regulate states. In addition, the restrictions imposed by states on regulation by concepts such as FET standards, the concept of legitimate expectations and indirect expropriation will be discussed. Finally, how arbitration practices interpret the above concepts within the scope of international law will be analyzed with sample case laws.

European Business Organization Law Review (EBOR)

Anne van Aaken

Netherlands International Law Review

Surya Subedi

Latin America and international investment law; a mosaic of resistance

Luciana Ghiotto

For the past three decades we have witnessed the signing of multiple bilateral investment treaties (BIT) and free trade agreements (FTA) with investment provisions all over the world. The result of the signing of these treaties has been the development of what Jagdish Bhagwati called a “spaghetti bowl of treaties” that has created a phenomenon of lack of governance of global investment protection rules and a flourishing of ISDS cases against developed and non-developed states all over the world. This chapter focuses on the debate that arose in 2012, which is on investment facilitation rules. The investment facilitation debate came to light in the multilateral forums, especially in the World Trade Organization (WTO) and G20. Also, UNCTAD and the Organization for Economic Cooperation and Development (OECD) have been working on different aspects of this new topic. However, first of all, it should be said that investment facilitation does not focus on protection rights for foreign investments but it sticks to facilitation rules. This difference has been presented by some of the proposing countries (like China) as a point that overcomes many of the investment protection system problems. This proposal is rather new, and thus, it still is very much unknown to the public, policymakers, and also to academia. The changes to the system are moving fast, and the analysis capacity is not yet keeping up with these variations.

Central European Journal of International and Security Studies

martin karas

The debate over the prevalence of nation states as the main actors in the international arena has been going on for the past 40 years. This article focuses on a single aspect of the debate, namely the national sovereignty of states within the neoliberal investment regimes. The argument I make in this article is that while investment treaty-making in the past contributed to limiting the sovereign powers of governments in the domain of investment regulation, recent trends suggest that the states are actively seeking to increase their regulatory space. In order to demonstrate this, I develop a theoretical framework bases on the competing concepts of “right to regulate” and “investment protection”. This framework is subsequently used to compare investment treaties signed in the 1990s with some of the most significant recently signed investment agreements. The analysis shows the way in which the more recent investment treaties increase the regulatory space of the states, which strengthen...

Fabio C Morosini

Concerns about the restrictions imposed by Bilateral Investment Treaties (BITs) on states ability to regulate for public interest have given way to moderate reform. Now some BITs recognize the right to regulate, specifically in the areas of environment, health and safety. However, these changes don’t address the main interests of developing countries, including core values concerning economic justice or industrial policy objectives. The cases of South Africa and Brazil suggest there are alternative paths. South Africa enthusiastically embraced BITs as a way to attract investment but soon realized the constraints they imposed on the state’s ability to further economic justice according to its post-apartheid Constitution. It decided to terminate its BITs, adopt a new investment protection act limiting the protection of foreign investors, and decided to use domestic courts to solve disputes. Brazil decided not to enter BITs and instead pursued Agreements on Investment Cooperation and Facilitation (ACFIs) that delimited the rights of foreign investors. These examples show that developing countries have options outside the BITs. Conversely, they suggest that to truly accommodate the interests of developing countries, the right to regulate under BITs has to be expanded considerably to include distributive justice concerns and industrial policy goals. Otherwise, the investment regime will reinforce global inequalities and likely force countries to exit the system.

Columbia Journal of Transnational Law

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This essay discusses the paradox of the emergence of corporate codes of conduct in the 1990s, following pressures from consumer and labor activism, in a period of more general liberalization of international investment leading to deregulation. It suggests that the advantages of flexibility and adaptability to specific circumstances offered by such codes are counterbalanced by their self-selected content and inadequate enforcement. Rejecting the assumption that there is a sharp distinction between voluntary standards and binding law, the essay analyzes various ways of grounding codes in legal obligations. It proposes that a safer and more dependable environment for international investment could be provided by a framework agreement, which would link binding standards for corporate social responsibility in key areas, such as combating bribery and cooperation in tax enforcement, with traditional investor rights based on investor protection and liberalization rules.

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International Human Rights and Environmental Law in Investment Treaty Arbitration: The Contribution of Host States’ Argumentation in Reshaping International Investment Law.

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7 The Sources of Foreign Investment Law

• Published: May 2014
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This chapter demonstrates that the traditional sources thesis for international law does not have much explanatory power for the emergence of international investment law. It first identifies the ‘formal’ sources of foreign investment law. It then analyses the material source of foreign investment law based on a concrete example drawn from the practice of investment arbitration. Specifically, the example of compound interest illustrates how the slow aggregation of investment awards constitutes the material source of foreign investment law. These precedential mechanisms may even signal the birth of a common law of foreign investment.

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International Investment Law

• Starting your Research
• International Customary Law
• Domestic Legislation
• Finding Awards & Court Decisions
• Journals & Journal Articles
• Keeping up to Date
• Referencing and citing

What is International Investment Law?

International investment law is an instrument of public international law. It governs foreign direct investment and the resolution of disputes between foreign investors and sovereign States. This guide will recommend the best resources for locating primary and secondary resources to research international investment law.  

For a good introduction to the topic, see the following book:

One Stop Research Databases

The following UniMelb subscription databases include arbitration awards and decisions, bilateral investment treaties, multilateral treaties, journal articles, books, and selected domestic arbitration laws. All have different content and are searched in different ways, so to research comprehensively you may need to use several. 

• Oxford Investment Claims (Oxford University Press) - contains arbitration awards and decisions, over 1500 bilateral investment treaties, several multilateral treaties, journal articles, and books
• Kluwer Arbitration although not focus only on international investment arbitration, this database includes the full texts of bilateral investment treaties, domestic legislation (in the ICCA Handbook on Commercial Arbitration), as well as arbitral decisions and awards issued in investor-state disputes. It also provides access to secondary sources, including over 100 e-books and 11 arbitration journals.

• Transnational Dispute Management (TDM) includes a database of bilateral investment treaties, arbitral decisions and awards, and national legislation governing foreign investment. It also includes a journal featuring articles about investor-state disputes and other transnational commercial disputes.

Bibliographies - a good place to start your research

The following Oxford Bibliographies Online contains very useful lists of books, journals and journal articles, as well as some primary sources, and are an excellent place to start your research into international investment law. These Bibliographies are all in the Oxford Bibliographies International Law module.

• Foreign Investment - by Nicolas Angelet & Mathilde Rousseau
• Investment Protection Treaties - by Silvina Gonzalez Napolitano
• International Investment Arbitration - by C.L. Lim & Jean Ho
• Oxford Bibliographies Online Oxford Bibliographies Online helps researchers and students find reliable sources of information to aid their research from within the enormous amount of print and online material available to them. The Library has access to selected modules only: African studies, Atlantic history, Art history, Biblical studies, Childhood studies, Classics, Criminology, Education, International law, International relations, Islamic studies, Jewish studies, Linguistics, Management, Music, Philosophy, Political science, Psychology, Renaissance and reformation, Sociology.

Other Research Guides

• Georgetown Law Library: International Investment Law Research Guide

Reference Books

• Next: Sources of Investment Law >>
• Last Updated: Feb 27, 2024 10:20 AM
• URL: https://unimelb.libguides.com/investment_law

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The Underlying Values of International Investment Law

In his PhD thesis in International Law, Michal Jakub Swarabowicz spells out the extent to which creative interpretation by investment-treaty arbitration draws on arguments and assumptions from past, often quite distant, historical contexts. Instead of focusing on changes in treaty drafting, he more fundamentally focuses on changes in thinking about the role international law rules play in protecting foreign business interests. 

Why are you interested in investment law?

I am interested in the international law’s involvement in regulating the economy and private enterprise more generally. Coming from a post-industrial city in Poland, I have always been interested both in economic regulation and its historical and ideological evolutions. Investment law, produced by arbitration tribunals and arbitration practitioners, is a relatively new and often divisive field of international law. After having read through a number of arbitration cases, I focused my inquiry on the subtextual premises which made their legal reasonings possible. Situating investment law decisions, together with their premises, against a broader panorama of the evolving international legal discourse helped me to engage, at a deeper level, with often unarticulated values that arbitrations in such disputes champion. I tried to steer away from criticising solutions in individual cases, or making broad, unverifiable and ideologically charged statements about international law.

What was the purpose of your thesis?

I wanted to help international lawyers to think about protection of business interests by international law more generally, instead of thinking within the confines of investment law as a legal regime. Instead of treating international investment protection as solely driven by a clash of economic interests, I sought to explain how the ideational strata of investment law developed through the changing political and intellectual conditions. I was particularly interested in explaining how the parameters of our thinking about international law’s role in protecting foreign enterprise changed over time. Reading through the arbitration cases and connecting them with older legal materials, I discovered how different, historically contingent, and often contradictory and undertheorised, rationales for protecting foreign enterprise survive in legal discourse and keep informing decisions in individual disputes.

For instance, I show how arbitral tribunals came to consider the investor-State relation as having attributes of a contract. The transactional lens used in international law to analyse the investor-State relation permeates a large array of seemingly disparate legal problems. International legal principles construing the investor-State relationship first emerged as an answer to the problem of conciliating the State’s sovereign prerogatives with its obligations as a contractor. The evolutions of investment law in the past twenty years, together with its many controversial forays into the State’s regulatory autonomy, could be best explained as adaptations of these past legal authorities to the context of the free movement of private capital. This explains why arbitrators often analogise flows of private capital to bilateral transactions, with an effect of sanctioning regulatory adjustments to the changing macroeconomic climate as treaty breaches. I think that being conscious of the weight that past theories still exercise in this relatively new field of economic disputes is a step towards a fundamental rethinking of the role international law plays in protecting economic interests.

What could be the policy implications of your thesis?

In the policy debates, investor-State dispute settlement (ISDS) is often portrayed as “sticky” and notoriously difficult to reform. Many lawyers and political scientists advance theories about why States subscribed to a legal regime they perceive as skewed in favour of multinational enterprises. By focusing my lens on creative interpretation by decision-makers and on the weight that past contexts exercise on the present decision-making, I present the area of investment law as much more prone to change than it is usually assumed. Turning to differences in historical contexts which still inform legal interpretation may give clues as to the causes of the current backlash against the ISDS. It also allows me to be optimistic about possibilities for the theoretical change existing within the confines of the dominant legal discourse.

What are you doing now?

Currently, I am developing my research agenda further in the direction of critical legal history of the international law’s engagement in regulating global economy more generally. I will focus on the circulation of ideas between international law, business expertise, and economic and political theory as a way to explain why and how certain risks and economic interests came at the forefront of international legal discourse in certain historical times. This will help me to write about fundamental assumptions and intellectual constraints behind past and present projects aimed at formalising precepts of economic governance into a rule-based legal system. 

*  *  *

Michal Jakub Swarabowicz defended his PhD thesis in International Law in February 2021. Associate Professor Fuad Zarbiyev presided the committee, which included Professor Zachary Douglas , thesis supervisor, and Thomas Schultz , Professor at the Faculty of Law of the University of Geneva.

Full citation of the PhD thesis: Swarabowicz, Michal Jakub. “The Construction of International Investment Law within International Law Argumentation.” PhD thesis, Graduate Institute of International and Development Studies, Geneva, 2021.

For access, please contact Dr Swarabowicz .

Interview by Nathalie Tanner, Research Office. Banner picture:  textile factory in Łódź, Poland, owned in the 19th century by the French Compagnie Générale des Industries Textiles. Its nationalisation by the Polish authorities in 1946 was settled by a lump sum agreement between Poland and France, an early example of investment protection. After the factory’s bankruptcy, the site has been taken over by a Spanish investor. Michał Swarabowicz lived the first 18 years of his life in the company town, still in existence and visible on the engraving.   

EV Maker Fisker Files for Bankruptcy After Glitchy SUV Flops (1)

By Jonathan Randles

Fisker Inc. filed for bankruptcy on Monday, months after the electric-vehicle startup stopped production of its only model, the oft-malfunctioning Ocean SUV.

The company listed between $500 million and $1 billion of assets, and between $100 million and $500 million of liabilities, in its petition filed in Delaware. The filing protects Fisker from creditors while it works out a plan to repay them.

Fisker is the second plug-in car company started by Henrik Fisker — a famed designer of BMW and Aston Martin sports cars — to end up in bankruptcy. An earlier venture, Fisker Automotive, filed for Chapter 11 protection in 2013 after a series of recalls spelled the downfall of its battery supplier, a fellow recipient of US Energy Department loans.

The undoing of Fisker Inc. was more self-inflicted. The startup went public in 2020 as part of the wave of EV companies to benefit from the pandemic era boom in special purpose acquisition companies. Combining with a SPAC sponsored by Apollo Global Management Inc. left Fisker with roughly $1 billion in cash and helped the company land a deal with a Magna International Inc. subsidiary that manufactures vehicles for the likes of Toyota, BMW and Mercedes-Benz.

While Fisker Ocean sport utility vehicle production started on schedule in November 2022, the first SUVs lacked basic features including cruise control. The California-based company told customers it would deploy capabilities it had promised them the following year, via over-the-air software updates.

Software bugs ended up slowing production for months, leading Fisker to repeatedly slash its forecasts. In February of this year, influential YouTuber Marques Brownlee produced a video — This is the Worst Car I’ve Ever Reviewed — that summarizes a series of issues he experienced while borrowing an Ocean from a New Jersey dealership. The video has racked up more than 5.7 million views.

Read More: Fisker Got Carried Away Comparing Itself With Apple

Fisker produced 10,193 Oceans last year but delivered only 4,929 vehicles to customers. The company attempted a dramatic pivot in early January, seeking out partnerships with franchised dealers in North America in a move away from selling SUVs directly to consumers.

By February, Fisker warned there was substantial doubt about its ability to continue operating. The following month, the company announced it had secured $150 million from an existing lender, though the financing was contingent on Fisker securing investment from an unidentified automaker. A week after that disclosure, Fisker said that talks with the carmaker had ended without a deal.

Magna executives said during an earnings call last month that the company’s updated outlook for this year assumed no further production of Ocean SUVs. While the company laid off 400 to 500 people from its facility in Graz, Austria, the plant employs around 7,000 workers and continues to manufacture vehicles for BMW, Mercedes, Toyota and Jaguar Land Rover.

Fisker’s bankruptcy comes as EV makers struggle to adapt to slowing sales in the US and across much of Europe.

Researcher BloombergNEF last week pared back its battery-electric vehicle sales projections through 2026, citing expectations for a slower shift away from combustion engines in major markets including the US, Germany and the UK.

Fisker follows a handful of other EV startups into bankruptcy, including Charge Enterprises, the installer of EV charging stations that filed for Chapter 11 protection in March. Other EV makers that have filed for bankruptcy include Lordstown Motors , Proterra and Electric Last Mile Solutions .

(Updates with background starting in the first paragraph.)

--With assistance from Monica Raymunt .

To contact the reporters on this story: Jonathan Randles in New York at [email protected] ; Craig Trudell in London at [email protected]

To contact the editors responsible for this story: Claire Boston at [email protected]

Luca Casiraghi, Elisabeth Behrmann

© 2024 Bloomberg L.P. All rights reserved. Used with permission.

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INVESTMENT POTENTIAL OF THE SOUTHERN TERRITORY OF RUSSIA (KRASNODAR KRAI) FOR DEVELOPING THE RURAL (AGRARIAN) TOURISM

• December 2017
• Journal of Experimental Biology and Agricultural Sciences 5(6):806-817
• 5(6):806-817
• This person is not on ResearchGate, or hasn't claimed this research yet.

• Kuban State University

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Latham and Cleary Advise on $2 Billion Lenovo-Saudi Public Investment Fund

Lenovo, plans to sell a $2 billion zero-coupon convertible bond to Alat and establish a MEA headquarters and a new manufacturing facility in Riyadh.

June 17, 2024 at 10:15 AM

2 minute read

Dario Sabaghi

Share with email, thank you for sharing.

Latham & Watkins and Cleary Gottlieb Steen & Hamilton have advised on a strategic collaboration between Lenovo Group Limited, the world’s largest computer manufacturing company, and Alat, a subsidiary of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF).

Lenovo, advised by Cleary, plans to sell a $2 billion zero-coupon convertible bond to Alat, advised by Latham. In return, Lenovo will establish a MEA headquarters and a new manufacturing facility in Riyadh.

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