ArabFinance: Spanish cement group Cementos La Union, a majority shareholder in Arabian Cement Company (ARCC) (ACC), lost an arbitration case against the Egyptian government over the breach of a bilateral investment treaty, according to the Global Arbitration Review (GAR).

Cementos was seeking damages worth EUR 240 million (EGP 4.471 billion) from the government for not being able to provide enough gas and electricity supplies for a cement plant planned to open in Egypt.

In 2018, ACC said it secured a joint loan from CIB-Egypt and EBRD worth EGP 255 million and $23 million (EGP 362.83 million).

Arabian Cement is an Egypt-based company engaged in the manufacture of cement and concrete. Its products include clinker and ready-mix concrete, in addition to Al Mosalah, Al Tahrir, and El Sadd cement. 

*At the press time, the conversion rate is $1= EGP 15.78 and EUR 1 = EGP 18.63