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News Cementos La Unión loses Arabian Cement Company arbitration case against Egyptian government

Cementos La Unión loses Arabian Cement Company arbitration case against Egyptian government

Written by Global Cement staff 15 December 2020
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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.

Last modified on 16 December 2020
Published in Global Cement News
Tagged under
  • Egypt
  • Spain
  • Cementos La Union
  • Arabian Cement
  • Plant
  • International Centre for Settlement of Investment Disputes
  • Dispute
  • US
  • GCW486

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