Major boost for Canary Islands economy
The Spanish government has approved regional incentive grants totalling €108.26 million for 13 business projects in the Canary Islands. The initiatives are expected to generate €280.8 million in investment, create 847 new jobs, and help maintain a further 2,078 existing positions.
The majority of the projects are tourism-related, while one involves a tobacco company and another—receiving the smallest grant—is dedicated to producing biofertilisers. All projects are concentrated on the islands of Tenerife and Gran Canaria.
Minister highlights sustainable and technological focus
Spain’s Minister of Finance, Arcadi España, emphasised that these incentives will finance productive investment projects that are job-creating, technologically advanced, and environmentally sustainable. “They will foster economic activity in regions with lower levels of development and help close the gap in per capita income with other regions, not only in Spain but also within the EU,” he said.
Lopesan leads with €49 million grant
Among the projects approved in the Canary Islands, the largest grant goes to the Lopesan hotel group, which will receive €49.25 million for an investment of €126 million in the municipality of San Bartolomé de Tirajana, Gran Canaria. This project alone is expected to create 552 jobs.
Tobacco company and Tenerife hotel investments
Next on the list is JT International Canarias, a tobacco company, which will invest €37.50 million to create 20 jobs in Santa Cruz de Tenerife. It will receive €13.50 million in regional incentives.
Two tourism investments in southern Tenerife follow: one of €29.50 million by HG Cristian Park in Arona, and another of €30.51 million by Hoteles Piñero Canarias in Adeje, each creating 50 jobs. The former will receive €12.72 million in state support, while the latter will receive €11.28 million.
Biofertiliser project and other investments
ATH Bioenergy, which develops high-quality fertilisers from organic waste, will receive €6.43 million for an investment of €17.38 million in Granadilla de Abona (Tenerife), generating five jobs.
The remaining projects supported by this batch of regional incentives are investments based in Tenerife and Gran Canaria.
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