Starting in 2004, the Spanish company became involved in the construction of two large real estate complexes in Rabat and Tangier, with Morocco’s commitment to urban restructuring and the provision of services.
The law firm B. Cremades & Asociados has submitted an arbitration request on behalf of the Spanish company Comercializadora Mediterrnea de Viviendas, SL (formerly Marina d’Or-Loger) International Center for Settlement of Investment Disputes (ICSID) against the Kingdom of Morocco for a claim of over 400 million euros.
According to the statement released by the company, Marina d’Or participated in the initiative launched by Morocco in 2004 To decongest the overpopulated urban centers through the construction of satellite cities of Nueva Construchine.
“Such initiatives were appreciated by the international community and received Support from both the World Bank and the European Union, Besides, it also attracted real estate investment,” according to the statement.
two big real estate complexes
According to Marina d’Or, the Spanish company was involved in the construction of two large real estate complexes:
- Complex “New City of Tamesna” on the outskirts of Rabat: “In which the Moroccan state will provide all the equipment and infrastructure needed to make possible the new city, which will be connected to Rabat by highway, train and other essential transport services,” he indicates.
In fact, he adds, Part of the campus of the University of Rabat relocated To the new city of Tamesna. In this regard, Marina d’Or will recover its investment through the sale of the built real estate complexes.
The real estate and tourism group condemns that “the inaction of the Moroccan government to provide equipment and infrastructure, along with the revision of the city’s urban planning, has turned that delightful new town into a few isolated buildings.” , which do not even have garbage collection service, which is surrounded by illegal markets”.
- “La Perla de Tanger” real estate complex in the city of Tanger. Marina d’Or had also agreed with the Moroccan public administration, as it added, the construction of this other complex. “This investment was also designed for sale to third parties, financing construction through the sale of new properties to new residents.”
During the execution of this project, Spanish investors “The Moroccan was the victim of an administrative blockade as a result of internal conflicts between the authorities.recognized by the Moroccan Court of Auditors in its special report of 2014, resulting in irreparable and total loss of the estimated investment”, assures the company.
without any solution
The Spanish firm regrets that the dispute dragged on for years without a solution. The statement said that prior to submitting the request for arbitration, Marina d’Or has sought to negotiate with the Moroccan government its investment in the “new city of Tamesna” and the “Pearl of Tangier”. ,All negotiations with the Moroccan government have been fruitless and frustrated by the Moroccan authorities involved.,
Bernardo Cremades, partner of Cremades & Asociados firm, has given a strong statement in this regard saying that “There are worrying abuses for Spanish investment in Morocco“. for his part, Jess Ger Garcia, Founder and President of Marina D’Oryhas also shown its displeasure to the Moroccan authorities for the treatment meted out to its company and investments.
The statement concludes by assuring that the request for arbitration is based on the investment protection guarantee established in the Bilateral Treaty for the Promotion and Protection of Investments signed between Spain and Morocco on December 11, 1997, which includes an international arbitration clause before the ICSID Is.
“With this request for arbitration, and thanks to the International Investment Protection System, Marina d’Or has the possibility to resort to an international arbitration court to obtain fair compensation for the loss of its investments, which would otherwise be practically unforgivable., The final award issued by the arbitral tribunal is Mandatory for the Kingdom of Morocco“, concludes the statement.
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