The president of the Gran Canaria Cabildo, Antonio Morales, confirmed on Thursday that he has formally requested the Government of Spain to analyze, supervise, and, if appropriate, condition or even disauthorize the operation by which the Moroccan public company Marsa Maroc intends to acquire 45% of the capital of Boluda Corporación Marítima, a piece of information revealed by Canarymaritime last December, coinciding with the first day of this newspaper’s launch.
The operation would allow the North African operator, majority-controlled by the Moroccan State, to participate in the management and logistics services business at up to nine strategic locations situated both on the Peninsula and in the Canaries, some of which are located in publicly owned port facilities operated under an administrative concession. This circumstance, according to the island president, necessitates stringent control mechanisms as stipulated in Spanish legislation on foreign direct investments. The 45% operation has been valued at 80 million euros, meaning that the value Boluda has assigned to its Canary terminal business, some of which, like the Las Palmas terminal, are undergoing renovation, should be close to 160 million euros.
In the letter sent this Thursday to the Ministry of Industry and Tourism, Morales reminds that the regime of suspension and control of foreign direct investments is legally legitimate, exceptional, and purpose-driven, subject to strict material and procedural limits. He emphasizes that the extension of this mechanism following the COVID-19 crisis, its subsequent consolidation, and its extension until 2026 respond to a clear logic of protecting strategic sectors, including critical infrastructures, the supply of essential inputs, access to strategic information, and media.
The Cabildo president particularly highlights the importance of the Port of La Luz and Las Palmas, which he considers a decisive infrastructure for the social and economic progress of Gran Canaria. In this context, he warns of the growing institutional concern over Morocco’s expansionist strategies in the port sector, especially following the boost to the development of the port of Dakhla, which had already been subject to prior alerts from Morales himself.
In his letter, the island leader points out that Morocco’s so-called ‘Atlantic vision’, along with its historical claims over the Canary waters, mineral resources, and air security in the surrounding area of Western Sahara, generates unease within the island corporation, as these factors have potential geopolitical and economic impacts on the Canaries.
From a legal standpoint, Morales argues that the operation fits within the scenarios outlined in Law 19/2003, concerning the legal regime of capital movements and economic transactions with abroad, developed by Royal Decree 571/2023, as it pertains to a foreign direct investment involving a company with majority public capital belonging to a third state. In this regard, he recalls that Marsa Maroc has a 25% direct stake from the Moroccan State and that its main shareholder, Tanger Med — with another 35% — is linked to the Hassan II fund for economic development.
The operation would be structured through Marsa Maroc International Logistics, a wholly owned subsidiary of Marsa Maroc responsible for its international expansion. If the acquisition proceeds, this company would significantly exceed the threshold of 10% of Boluda Corporación Marítima’s share capital that the law sets for considering an investment as foreign direct subject to the suspension regime of liberalization.
Furthermore, Morales requests the Ministry to examine whether the operation also falls under the scenarios outlined in Article 7 bis of Law 19/2003, given that it affects critical infrastructures — such as the Port of La Luz and Las Palmas — and a company that operates in sectors considered strategic, related to the supply of hydrocarbons, essential connectivity services, raw materials, and food security.
The Cabildo president concludes his request by reminding that, while the freedom of movement of capital constitutes a guiding principle of European Union law and internal regulation, it is not absolute. The community legal framework itself provides for justified limitations when reasons of general interest, security, and protection of strategic sectors are present, factors that, in his opinion, clearly apply to this operation.
