Gibraltar looks set to build a new superyacht marina on the east side of the rock as part of a £1.1 billion project.
As well as the marina, that will be exclusively for superyachts, the new development will also include 450 high-end apartments and suites and a five-star hotel. Alongside the luxury facilities the complex will include 1,000 new affordable homes.
The government has now entered final negotiations with Cameron Holdings Limited to award the project known as Blue Water Gibraltar.
Final details on how many berths will be available have not yet been announced but a government statement said it was hoped the project “will attract many international high net worth individuals to Gibraltar”.
The chief minister, Hon Fabian Picardo QC MP added: “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 £1.1 billion pound vote of confidence in our economy and our stewardship of it.”
The news comes just weeks after it was announced plans to transform Marina Bay into a destination marina for Gibraltar had been approved. The Marina Bay development will see a further 10 superyacht berths created as well as new facilities to encourage mega yachts to stay for longer periods rather than just for refuelling purposes.
It is hoped that the planning permission application for Blue Water Gibraltar will be submitted in the next eight weeks and that construction will start before the end of the year.
Leslie Allen-Vercoe, chairman of Camoren Holdings Limited, said he was “delighted” that the company was now finalising the legal details for the project.
“This [development] 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.”