A Moroccan operator targets nine Spanish terminals, as Madrid hesitates after nine months
Marsa Maroc has obtained authorization to invest 80 million euros in nine Spanish port terminals. But nine months after signing the agreement with Boluda, the deal remains stalled in Madrid, notably due to concerns expressed in the Canary Islands.
The agreement provides for Marsa Maroc International Logistics to acquire 45% of the capital and voting rights of Boluda Maritime Terminals (BMT). The Spanish group would retain the remaining 55% and continue to manage the company. The transaction, signed on 15 December 2025, remains subject to authorization from the Spanish authorities, reports Canarias en Pleno.
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The Moroccan government has already given its approval. A decree signed on 2 April and published on 9 April authorizes Marsa Maroc to acquire a 45% stake in BMT through its international subsidiary. This authorization remains valid for one year, the Official Bulletin specifies.
The text directly sets out the Moroccan operator’s ambitions: to enter the European port market, continue its international expansion and strengthen the logistics corridor between Europe and Africa. The group also aims to secure long-term port concessions and regular trade flows.
Five Canary Islands ports at the heart of the deal
BMT operates nine terminals in Las Palmas, La Palma, Tenerife, Lanzarote, Fuerteventura, Seville, Vilagarcía, Cadiz and Santander. These facilities handled more than one million twenty-foot equivalent containers in 2024. They are also integrated into eleven shipping lines connecting the Iberian Peninsula with the Canary Islands, the Balearic Islands, Northern Europe, Italy, West Africa and Cape Verde.
Marsa Maroc’s entry would thus give the Moroccan group a stake in five terminals in the Canary Islands, where Boluda plays an important role in the transport of goods. The deal would bring the two partners’ combined network to 34 terminals across 20 ports, according to information published when the agreement was signed by Cinco Días.
It is precisely this presence in the Canary Islands that has turned the investment into a political issue. Antonio Morales, president of the Cabildo of Gran Canaria, is calling for it to be blocked in the name of national security and the archipelago’s logistical autonomy. He fears that an operator linked to the Moroccan state could influence decisions concerning tariffs, investments, port calls or shipping routes.
The Spanish government is therefore reviewing the transaction under the rules governing foreign investment in strategic infrastructure. The public agency Invest in Spain had already said in January that the agreement remained subject to approval by the competent authorities. Political pressure in the Canary Islands has since kept the deal under scrutiny.
The situation contrasts with the cooperation already underway between the two groups in Morocco. Boluda and Marsa Maroc have established West Med Towage to provide towing and maritime assistance services at Nador West Med for twenty years. Boluda owns 51% of the joint venture, compared with 49% for Marsa Maroc, as part of an announced investment of 45 million euros.
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The Moroccan authorization will expire on 9 April 2027. Marsa Maroc therefore has just over six months to obtain Madrid’s approval and finalize its entry into BMT; otherwise, the group will have to renew the authorization granted by Rabat.
