After seven years of arbitration proceedings, the International Center for Settlement of Investment Disputes (ICSID) has turned down a lawsuit filed by Spanish companies Cementos La Unión and Aridos Jativa against the Egyptian State. The dispute concerned a compensation claim of more than EUR236m for damages allegedly incurred by both companies.
Cementos La Unión and Aridos Jativa claimed that the Egyptian State had not upheld its international obligations and argued that a bilateral investment agreement had been concluded between Egypt and Spain, after the Egyptian state took measures that have allegedly caused damage to the two companies' investments in Egypt, especially their shares in the Arabian Cement Co.
