Jurisdiction — Consent — Consent in domestic law in absence of a bilateral investment treaty — Consent in contracts between host State and developer

Jurisdiction — Estoppel by conduct — Whether significant delay caused by Respondent waiving right to argue objections to jurisdiction

Interpretation — ICSID Convention — Interpretation of “investment” — Strict construction — Whether development costs in the absence of a signed agreement can be considered an “investment” under the ICSID Convention

Costs — Arbitration costs — Applicable rules — Apportionment — Exercise of discretion