Egypt, other countries may pay $5billion to Qatar Airways for boycotting

Doha-based carrier, Qatar Airways is suing Egypt, Saudi Arabia, the UAE and Bahrain as it launches an international arbitration case to get at least $ 5 billion in compensation for blocking flights in their airspace and access to their markets as part of the boycott of Qatar that started in June 2017, the Associated Press reports.

The airline has revealed where it initiated the arbitration, but in a statement said it involves three separate agreements: a bilateral investment treaty between Egypt and Qatar, the Organization of the Islamic Conference Investment Agreement, and the Arab Investment Agreement.

“The decision by the blockading states to prevent Qatar Airways from operating in their countries and flying over their airspace is a clear breach of civil aviation conventions and several binding agreements they are signatories to,” Qatar Airways CEO Akbar al-Baker said in a statement.