ZEC News

---

The Consortium Board of the Canary Islands Special Zone (ZEC) Authorises a New Airline
[2008-03-03]

 

The Consortium Board of the Canary Islands Special Zone (ZEC) Authorises a New Airline

 

·          Constituted with Canary Islands share capital, the new airline has made an initial committed investment of 22.7 million euros

 

Canary Islands 03/03/08.-  The Consortium Board of the Canary Islands Special Zone (ZEC), presided over by Mr Juan Alberto Martín, has ended February with the authorisation of an air transport company by the name of AÉREO STAR. The new airline, whose entire share capital comes from the Islands, has made an initial committed investment of 22.7 million euros. With the beginning of operations in the Islands, the airline will incorporate a total of 60 professionals from the field of air transport onto its staff. As well as regular and non-scheduled air transport, the airline will carry out ancillary activities such as the repair and maintenance of aircraft and staff training.

 

The objective of the entity is not only to extend the network of air transport between the Islands, but also to increase flights from the Islands to external destinations. In this respect, the airline intends to operate not only locally, but also within Spain and internationally. The establishment of this company is therefore a boost to the Islands’ economic and business relations.

 

In addition to the new airline, the Consortium Board of the ZEC gave the green light to seven other business projects whose investments total 5.2 million euros. In terms of job creation, a further requirement for ZEC companies, these seven companies will create almost 50 jobs between them. Five of the entities authorised come under the service sector (including the new airline), two are industrial concerns, and the remaining entity will be involved in trading. The overall figures for February for these eight projects represent a total investment of 27.8 million euros and the creation of more than 100 jobs. Three of the entities which became part of the ZEC at the February meeting of the Consortium Board have been formed with share capital from the Canary Islands, while the rest are made up of a combination of capital from Germany, Holland and Switzerland.

 

A major feature of the latest authorisations is that local share capital is behind the setting up of two projects which are particularly interesting in terms of their business profile. One of these is an integrated laboratory which will conduct studies on soil science, water, food and critical control points, while the other will base its business activity on services providing full assistance to persons with reduced mobility through the creation of a booking centre adapted to their requirements. The centre will offer a broad range of services from ticket bookings and holidays at hotels with special facilities to the chance to access an extensive programme of leisure activities.

 

In terms of the industrial companies, one will be involved in aquaculture while the other will specialise in the construction of a prototype for desalinating water, which will also produce energy at the same time. The projects authorised from the service sector are involved in areas as diverse as the computer industry and biotechnology. Overall, the ZEC has ended February with the authorisation of 500 projects, with investments totalling 785 million euros and commitments to create more than 7300 jobs.

 

 

 

 

 

 

 

 

Contact us HERE to receive up-to-date information about ZEC activities and to subscribe to the InfoZEC Information Bulletin.