Marina d'Or claims more than 400 million from the Kingdom of Morocco after losing the investment in two residential complexes "due to the inaction" of its Government

The law firm B. Cremades & Asociados, on behalf of the Spanish company Comercializadora Mediterránea de Viviendas, SL (formerly Marina d'Or-Loger), has submitted a request for arbitration to the

( ICSID) against the Kingdom of Morocco for a claim of more than 400 million euros.

According to the statement issued by the company, Marina d'Or participated in the initiative launched by Morocco

to decongest overcrowded urban centers through the creation of newly built satellite cities.

"Such an initiative was applauded by the international community and received the

. In addition, it also attracted real estate investment," according to the statement.

Two large real estate complexes

The Spanish company was involved in the construction of two large real estate complexes, according to Marina d'Or:

• "New City of Tamesna" complex on the outskirts of Rabat

  : "in which the Moroccan State would provide all the equipment and infrastructure necessary to make the new city possible, which would be connected to Rabat by highway, train and other necessary transport services ", indicates.

In fact, he adds,

to the New City of Tamesna.

In this regard, Marina d'Or would recover its investment through the sale of the real estate complexes built.

The real estate and tourism group denounces that "the inaction of the Moroccan Government to provide equipment and infrastructure, together with the modification of the urban planning of the city, have led to that idyllic new city currently being reduced to a few isolated buildings , which do not even have a garbage collection service, surrounded by illegal markets".

• Real estate complex "La Perla de Tánger" in the city of Tangier.

  Marina d'Or had also agreed with the Moroccan public administration, as it adds, the construction of this other complex.

  "This investment was also designed for sale to third parties, financing the construction through the sale of new properties to new residents."

During the execution of this project, the Spanish investor "

, recognized by the Moroccan Court of Auditors itself in its special report of 2014, which has resulted in the irremediable loss and of the projected investment", assures the company.

Years without solution

The Spanish firm regrets that this controversy has been dragging on for years without a solution.

Before submitting the request for arbitration, Marina d'Or has tried to negotiate with the Moroccan government an exit for its investments in the "New City of Tamesna" and in the "Pearl of Tangier" without success, the statement adds.

"

."

Bernardo Cremades, partner of the firm Cremades & Asociados, has made a strong statement in this regard, stating that "

".

For his part,

, has also shown his indignation with the Moroccan authorities for the treatment received against the company and his investments.

The statement concludes by assuring that the request for arbitration is based on the investment protection guarantees 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.

"With this request for arbitration, and thanks to the international investment protection system,

. The eventual award issued by the arbitral tribunal is

, "concludes the statement.

Conforms to The Trust Project criteria

Know more

• Castellon

• Tourism