Global Gulf Consulting has recently launched  Invest in GC the official mobile application of Gran Canaria Society of Economic Promotion (SPEGC),  Investors will find practical information on how to do business in the island with the best taxation system of Europe. It includes information on sectors to invest and opportunities as well as a tourist guide and top companies and who is who listings.

To download the mobile app please click here 

KUNA : Spain woos Kuwaiti investors - Economics - 09/04/2015

KUWAIT, April 9 (KUNA) -- Desiring to enhance investment cooperation with Kuwaitis, a delegation from the government of Gran Canaria, one of the seven islands that comprises the Spanish Archipelago Canary Islands, is visiting some Kuwaiti corporations to encourage businessmen to invest in the island which is under the legal umbrella of the European Union.
"We have met with senior officials of some Kuwaiti companies such as Agility, Kuwait Petroleum Corporation and National Technology Enterprises Company (NTEC)," Jimena Delgado-Taramona, head of the Society for the Economic Promotion of Gran Canaria, told KUNA in an interview.
She said they are interested in investing in the island due to its unique conditions, adding that these companies will be mostly attracted not only by the tax regime but also by the logistics benefits it offers.
"We are in Europe, but with some tax benefits in an island that offers a natural privilege geographical location in the middle of the Atlantic Ocean between Africa, Europe and America," she noted.
The Gran Canaria falls under the Special Tax Regime of Canary Islands (REF), one of the most attractive fiscal schemes in Europe which includes the Special Economic Zone (ZEC) that offers only 4 percent corporate tax and incentives as the Special Investment Reserve (RIC) that aims to further reduced taxes.
The island has become a logistic hub for international corporations that work in Africa, but live in our island, she added.
She noted that Kinross, a large mining company in the world, has already headquartered in Gran Canaria to attend its mining business in Mauritania and Ghana.
She stated that international institutions like USAID, the Red Cross or the World Food Program have also settled in the island its humanitarian hub that serves Africa.
Although the island is a tourist destination that receives about four million visitors a year, it seeks to attract Kuwaiti investors in other areas such as clean energy, marine technology, biotechnology and logistics, Delgado-Taramona said. As for the outcome of the visit she said: "This visit has past our expectations, lauding Kuwaiti generosity and hospitality." She hopes that Kuwaitis would come to invest in the island and also to have vacation, asserting that they will enjoy moderate weather there.
She added Kuwaitis expressed their satisfaction with all opportunities in the island. She noted companies are increasingly choosing the island for its location as a gateway to emerging markets in West Africa and a distribution platform between Africa, Europe and America.
"Our port is the main one in the Mid Atlantic with Norwegians, Germans and Americans locating their business there on repair and maintenance of oil rigs as well as other services for the oil-rich region of West Africa," she made clear. "We have been in the region for almost eight years and we feel that Spanish people and culture are very close to Kuwaitis," Nayra Delgado, GGC's Managing Director, told KUNA.
"Therefore, it is easier for Kuwaitis to establish long-term relations with our companies in Spain and vice versa," she affirmed. (end) hm

With a strategic geographical location, the island of Gran Canaria, one of the seven islands comprising the Spanish Archipelago of Canary Islands, has become a magnet for international investors. Located in the Mid Atlantic Ocean about 210 km off the oil rich West African coast and 1,250 km away from mainland Spain and Europe, Gran Canaria prime logistic infrastructure has attracted business related to the oil and mining industry of Africa. Mining companies like Australian Kinross have already located their headquarters in the island to serve its business in Mauritania while rigs from Ghana, Equatorial Guinea or Nigeria queue in Las Palmas Port for their annual check. S3, a Swedish aerospace company, will soon launch zero gravity space flights from the island, while scientist from all over the world are scrutinizing the deep sea searching for the magical chemistry isolated in algae.



The island offers a Special Tax and Economic Regime (REF) within the legal framework of the European Union but with the lowest corporate tax of Europe at 4% and reduced Indirect Tax (IGIC) at 7%. Investments can also benefit from 90% of profit exempted to taxation within the Investment Reserve (RIC). The combination of geography, location and economic incentives has also transformed Gran Canaria in a major movie set with renowned Hollywood movies filmed there, lately, Exodus, from Ridley Scott.



The island boosts an enviable climate nicknamed “the eternal spring”, never too cold and never too hot. With the best climate of the world according to recent studies, Gran Canaria with a population of less than one million people receives around 3 million tourists annually. But recently, due to the low property prices, Gran Canaria has also become the place to buy a house in Spain. Arab investors are also gliding over the opportunities in the island to buy their dream house, in a dreamland.



Read more in our upcoming investment report FindMe in Gran Canaria

We have just released our latest report on investment opportunities in Kuwait for the Spanish market as the two countries celebrate 50 years of diplomatic relations.  

Kuwait is currently undergoing a massive infrastructure development plan that includes kilometers of roads, a metro and railway system that will connect the country with the rest of the GCC. Construction of dozen of hospitals and schools has already started and government expenditure is pouring over the rich oil sector, hoping to renovate the infrastructure to increase production capacity from the current 2.3 million barrels to 4 million by 2020.

Spain is one of Kuwaiti´s preferred holiday destination and many kuwaitis have their summer home there. Spanish fashion brands are present in the most iconic malls while the spanish football league "La Liga" is a trending topic in Kuwait.  Nadal, at tennis or Alonso in GP are also the preferred stars of many young kuwaitis. Almost 80% of the country´s population is under the age of 30. 

After more than a lost decade, after the Iraq-Iran war and then the invassion of Kuwait by Sadam Husseim, Kuwait wants to pick up with its fast developing neighbouring countries and compete with them in a record time.  A Vision 2030 long term development plan intends to transform the country.

This plan is seen as an opportunity for Spanish companies that are already present in the region as FCC, OHL or Indra or for new companies and even entrepreneurs that have succeded in Kuwait.

Read the full report below

The oil rich Gulf Region has become one of the most attractive investment destinations of the world with sound economies and massive expansion plans. According to the Economist Intelligence Unit the region will grow to a US$2trn economy by 2020. Hardly affected by the global financial crisis, governments in the Gulf have increased their budget expenditure into social projects to prevent their countries from the contagious Arab Spring. New universities and hospitals, schools and hundreds of housing projects rise around massive infrastructure developments set to create a robust region with diversified economies and an international heavy weight. Soon to become world top exportation leaders of petrochemicals, metals and plastics, the region is increasingly important in the global economy but also in the global politics.

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