Spanish Developer Seeks $440 Million from Morocco in World Bank Arbitration

The real estate company filed an arbitration request in June with the International Center for Settlement of Investment Disputes (ICSID) of the World Bank, after years of unsuccessful negotiations with Morocco. Marina d’Or is claiming 407 million euros for its lost investments in the realization of real estate projects such as the "New City of Tamesna" on the outskirts of Rabat and "The Pearl of Tangier".

The two parties have already each appointed an arbitrator, a third neutral arbitrator remains to constitute the arbitral tribunal that will examine the dispute and decide whether Marina d’Or should be compensated by Morocco for the lost real estate investments.

The Washington-based institution accepted the case and asked Morocco to appoint its arbitrator by the end of October. A deadline respected by the kingdom which has appointed the Italian arbitrator Attila Tanzi to represent it. The two parties must agree on the choice of the third arbitrator who will be the president of the arbitral tribunal. Failing that, it will be up to the international arbitration court to choose this arbitrator to allow the first hearing to be held within a maximum of 60 days.

The two parties will present on this occasion their claims and the rules of the trial as well as the procedures that will be defined. This will be followed by the hearing for the presentation of the memoirs, the evidence and the appearance of the witnesses and the experts. The arbitration award will be binding on both parties.