Egypt: The US-based International Centre for Settlement of Investment Disputes (ICSID) has ruled in favour of the Egyptian government in a compensation case raised by Spain-based Cementos La Unión concerning its Arabian Cement Company (ACC) subsidiary. The El Economista newspaper has reported that the company sought US$286m in compensation, due to the Egyptian government’s decision to retroactively impose new activity and electricity licences shortly after ACC built a new integrated cement plant in Suez Governorate. Cementos La Unión argued that the additional licences breached a bilateral agreement between Spain and Egypt covering investments that were already in place.
The company said that it will continue to pursue its claim, which is also progressing in Egypt.
