Full Steam Ahead for Gibraltar’s Superyacht Industry

The last few weeks have seen important announcements for the future of Gibraltar’s superyacht industry, with plans for not one but two new superyacht marinas on the horizon.

The first announcement came as Ocean Village’s proposed superyacht marina project and 102 waterside apartments was granted outline planning permission by the Development and Planning Commission.

This decision represents a landmark victory for Ocean Village who have been strongly advocating the need for expansion in the marina’s current superyacht facilities due to the fast-growing number of superyachts calling at Gibraltar.

Sandra Lamplough of Ocean Village welcomed the news, emphasising that this development “will place Gibraltar firmly on the international map for superyachts, as a base rather than simply a place to refuel”, and that this, in turn, “will have a positive impact for the local economy, in terms of restocking and repairing yachts, but also in increased visitor numbers from crew and owners who would not normally stay in Gibraltar very long.”

Lamplough highlights that Gibraltar boasts the lowest bunkering costs in the Mediterranean and a full-service shipyard, staffed by experienced English-speaking technicians and open 24/7 all year round, located within minutes of Marina Bay. This, she insists, coupled with the announcement that import duty on all vessels measuring over 18 metres is to be abolished and further reductions over the last year on import duty on pleasure craft and yachts, not to mention the port’s fantastic location at the mouth of the Mediterranean and within walking distance of the Gibraltar International Airport, makes Gibraltar a potentially very popular destination for superyachts.

Neil Crawford, Director of Ocean Village, echoed Lamplough’s views on Gibraltar’s advantageous positioning in the superyacht market, explaining that the plans for ten superyacht berths, a new pier office complete with executive crew lounges and sophisticated data networks, as well as an enhanced promenade and luxury apartment complex, will help Gibraltar tap into an extremely profitable industry and bring “outstanding benefits, not just for superyacht owners and captains, but for the community as a whole.”

There has, however, been more good news very recently for superyacht business in Gibraltar with the announcement of the Bluewater Gibraltar development. This development comes in the form of a huge £1.1 billion investment in Gibraltar’s economy and will consist of a resort including a marina exclusively for superyachts, a seafront promenade with luxury cafes, restaurants and shopping facilities, and a five star hotel.

Leslie Allen-Vercoe, Chairman of Camoren Holdings Limited, the corporation which will develop the project, announced his delight at the award of the project to his company, expressing his confidence in the prospects for the Gibraltar economy, which is consistently showing strong and resilient growth.

He confirmed that Camoren is now finalising the legal details for the award of the project and highlighted the exciting and mutually beneficial prospects for both his company and Gibraltar as a whole, asserting: “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.”

Contact Marina Abdul Magid at: marina.abdul@fiduciarygroup.com
*Original article Fiduciary Group