Investment pours into Valencia

By IBI Magazine / Roberta Etter

Marina developers along the Costa Blanca are gearing up for the 2007 AmericaÕs Cup in Valencia, as investment money begins to floods in.

Valencia mayoress Rita Barbera and regional President Francisco Camps have requested an investment of 600 million euros from the European Union Region's Committee to restore the maritime district of the Port of Valencia in time for the event.

The grants would also be used to improve access to the future Balcon al Mar, the area of the shoreline that will form a focal point for visitors to the international sailing competition.

Public investment in Valencia is expected to be 1.9 billion euros, with external investment bringing the total to three billion euros. The event is also expected to provide 10,000 new jobs.

The provincial government has also presented a proposal to make several of the Costa Blanca's harbours secondary venues for the competition.

Harbours from Denia to Villajoyosa have extremely good chances of becoming venues due to their proximity to Valencia, although Alicante, Campello and Santa Pola have also been suggested. Valencia Port will host the competing yachts, but hundreds of auxiliary vessels will require moorings along the Costa.

Denia and Javea resident's groups are protesting against plans by local government to extend Javea Port into the Montgo Nature Reserve.

Environmentalists are saying they do not want to give up one square metre of the ecologically rich land, although Valencia government is already taking steps to expropriate it in preparation for the 2007 America's Cup.

Tourism officials at the 2004 FITUR tourism fair in Madrid have confirmed that Valencia is already luring investment from Japan and the USA. Luxury hotel group Marriott is the first to announce plans to add the nautical market to its resorts by offering golf and sailing packages at its new resort in Denia.

Resort specialist Oasis has also announced the opening of a spa resort on Albir Beach in Alfaz del Pi in April of this year, while US hotel chains Sheraton and Westin will be opening establishments near Terra Mitica and advertising the international yachting event to lure custom.

Two new ports have been announced in Peniscola, El Campello and Santa Pola aimed at creating 10,000 new mooring places.

(25 February 2004)