Ten months after its announcement, Marsa Maroc’s planned acquisition of a 45% stake in Spanish group Boluda’s maritime terminals subsidiary continues to face political resistance in Spain, raising questions about whether nationality rather than economics is driving the controversy.
In December 2025, Morocco’s leading port operator agreed to invest €80 million for a minority share in Boluda Maritime Terminals (BMT), which runs nine terminals in Spain and handled more than one million TEUs in 2024.
Boluda retains 55% ownership and full operational control.
In April 2025, a Boluda Towage France-Marsa Maroc joint venture secured a 20-year concession for towing and vessel assistance at Nador West Med, with Boluda holding 51% and Marsa Maroc 49%.
The BMT investment aims to strengthen the Morocco-Spain maritime corridor and expand growth opportunities for both companies.
Marsa Maroc, listed on the Casablanca Stock Exchange since 2016, pursues international expansion to leverage its expertise.
Similar minority or even majority stakes by Asian and Middle Eastern investors in Spanish ports have drawn little comparable scrutiny.
Yet the transaction remains under review by Spain’s Foreign Investment Board, which includes the Defense Ministry and National Intelligence Center (CNI).
Politicians, particularly in the Canary Islands, have called for the deal to be blocked, citing port competition, Morocco’s rising infrastructure, and sovereignty issues.
Critics often frame Marsa Maroc primarily through its Moroccan origin and state shareholding, despite the company operating as a transparent listed entity with institutional and private investors alongside the state majority.
