Gibraltar Set To Build Luxury Yachting Hub As Contracts Close

By Ben Roberts

Gibraltar, a small country which has attracted superyachts for decades, is one step further to receiving the largest inward investment in its entire history. This programme, which is geared solely toward the world of superyachts, comes in the form of a one billion pound budget to increase infrastructure for private yachts and create an attraction which isn’t just the tax-friendly fuel rates.

The Government has entered final negotiations with Camoren Holdings Limited, the company which helped establish the development, for the creation of “Blue Water, Gibraltar.”

Camoren’s bid for the project will provide a direct consideration to Government of £83 million by way of cash premium. The total development value of the project will be an investment in Gibraltar in the region of £1.1 billion. A huge number of jobs will be created for the development period as well as for the running of the developed areas once built.

The project will consist of the development of a resort that will provide over 450 high-end apartments, a superyacht marina, commercial housing units and a five-star hotel to name just a few of the incredible structures being implemented in the near future which also has a focus on protecting marine life surrounding the iconic Rock.

The development will be a major driver of economic growth. It is anticipated by the developer that the Blue Water project will attract many international High Net Worth Individuals to Gibraltar.

The Chief Minister, Hon Fabian Picardo QC MP said: “This is a hugely important day for the whole of Gibraltar. A day which represents the announcement of the largest ever inward investment programme for our nation. A huge step forward for us economically. A huge opportunity for Gibraltar businesses. A £1.1Billion pound vote of confidence in our economy and our stewardship of it [...] I am very happy with the final proposed development.”

The Deputy Chief Minister, Hon Dr Joseph Garcia, said: "There has been a long and detailed process of analysis of the different submissions and at the end of that process the Government has selected the best possible option for Gibraltar represented by the successful company with which we are now moving to finalise the final legal details of the award of the project. This is positive news which will represent huge inward investment for Gibraltar and a massive achievement for us as a Government."

Leslie Allen-Vercoe, Chairman of Camoren Holdings Limited, said: “I am delighted that our Company is now finalising the legal details for the award to us of the Blue Water Gibraltar project by Government for the construction of this amazing development on the east side of the Rock. We are very excited by this opportunity, after many months of hard work, as we plan to construct a development which will make Gibraltar and all of the rest of us very proud indeed.”

“The development we are announcing today represents significant inward investment of well over £1 billion, circa £1.1Billion. This will create a huge boost to the Gibraltar economy and will generate many sustainable jobs opportunities. This investment will deliver important economic growth and will also offer opportunities for many Gibraltar businesses. This development will no doubt become both a landmark development in Gibraltar and indeed in the whole of the Mediterranean.”

By Ben Roberts