Arabian Cement Company (ACC) announced that its main shareholder, the Spanish investor Aridos Jativa/Cementos La Union, has started negotiations with the Egyptian Committee of Dispute Resolution. The current negotiations are aimed towards finding an amicable settlement of the World Bank arbitration that the Spanish investor filed against the Government of Egypt in 2013 regarding, among other things, the changes in the procedures to obtain operations licenses that were applied to ACC retroactively. It is worth mentioning that the current negotiations are overseen by Committee member, Dr. Nagla’a AL Ahwany, Egyptian Minister of International Cooperation. Arabian Cement Company is a joint venture between Cementos La Union, a Spanish investor holding the majority of shares, and a group of Egyptian investors.
