Central Government Allocates €67.6 Million to Boost Hotel Development in the Canary Islands

The Central Government has made a significant investment of €67.6 million aimed at supporting 11 hotel investment initiatives across the picturesque Canary Islands. This financial commitment is expected to stimulate a total investment exceeding €193 million, which will not only create 299 new job opportunities but also help preserve 3,003 existing positions in the region.

According to a statement released by the Government Delegation in the Canary Islands, the official ministerial orders detailing these subsidies are set to be published in the Official State Gazette (BOE) on Tuesday. The announcement clarified that four of the projects were evaluated by the Economic Affairs Delegated Commission, while the other seven were assessed through ministerial order due to their subsidizable investments being below €15 million per company.

Major Financial Support for Prominent Projects

The funding allocation highlights three key projects that have been earmarked for substantial financial support:

• Gran Tarajal Resort in Tuineje, Fuerteventura, stands out with a generous subsidy of €18 million, aimed at enhancing its facilities and services.
• Hotel Tenerife Blue Village, located in Arona, has been awarded €16 million to improve its offerings and attract more visitors.
• Sea Side Hoteles in Tías, Lanzarote, will receive a €13.6 million grant, which is expected to significantly upgrade its infrastructure.

The overarching goal of these financial aids is to promote economic balance across the islands while fostering inclusive and sustainable growth. The government underscores the importance of financing productive investment projects that not only create jobs but also incorporate advanced technology and environmentally friendly practices.

Positive Outcomes for Employment and Economic Development

This substantial investment is poised to have a transformative effect on the local economy, particularly in the tourism sector, which is a vital component of the Canary Islands’ economic landscape. By creating new employment opportunities and sustaining existing jobs, the initiative reflects the government’s dedication to enhancing the economic vitality of the region.

Furthermore, the focus on sustainable development aligns with global trends towards environmentally responsible tourism. The government aims to ensure that the investments not only yield immediate economic benefits but also contribute to the long-term sustainability of the islands’ natural resources and cultural heritage.

As the tourism industry continues to recover from the impacts of the COVID-19 pandemic, these investments are seen as a crucial step towards revitalizing the sector. The funding is expected to attract both domestic and international tourists, thereby boosting local businesses and enhancing the overall visitor experience.

Key points

• The Central Government has allocated €67.6 million for 11 hotel investment projects in the Canary Islands.
• This funding is projected to mobilize over €193 million and create 299 new jobs.
• 3,003 existing jobs will be maintained as a result of this investment.
• The largest grants include €18 million for Gran Tarajal Resort, €16 million for Hotel Tenerife Blue Village, and €13.6 million for Sea Side Hoteles.
• The funding aims to promote economic balance and sustainable growth in the region.