The real estate company Marina d’Or and Morocco have taken steps prior to the arbitration settlement of the dispute between them relating to real estate investments in the kingdom. The Spanish company claims more than 400 million euros in Morocco.
The real estate company filed a request for arbitration with the World Bank’s International Center for Settlement of Investment Disputes (ICSID) in June, 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 Town of Tamesna” on the outskirts of Rabat and “The Pearl of Tangier”.
The two parties have already appointed an arbitrator each, a third neutral arbitrator remains to constitute the arbitration tribunal which will study 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 before the end of October. A deadline was respected by the kingdom which appointed the Italian referee 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 this, it will be up to the international court of arbitration to choose this arbitrator to allow the holding of the first hearing within a maximum period of 60 days.
The two parties will occasionally present their claims and the rules of the trial as well as the procedures that will be defined. Then will follow the hearing for the presentation of briefs, evidence, and the appearance of witnesses and experts. The arbitration award will be binding on both parties.
