A planned World Trade Centre in Gibraltar is set to help bring global recognition for the jurisdiction and ensure sufficient top quality office space is available to meet growing demand, it is claimed.
The WTC is likely to attract commercial property tenants who already have offices in Gibraltar and also firms that are looking to locate to the area as it will offer quality office space, according to officials.
It will have a concierge reception for visiting senior inter-governmental and business leaders at the new international airport terminal now being built, state of the art video conferencing and telephone communications and worldwide reciprocal facilities with 300 similar Centres across the globe.
The Gibraltar Government is pushing for the WTC status as it is concerned that the lack of readily available quality office space could put a brake on the territory’s further development.
‘We need to have more offices, especially if, as expected, the new Corporate Tax legislation provides an impetus for growth with new business and organic growth in insurance, funds and other areas. We have got to have available on spec, quality office space; otherwise they will come, like the jurisdiction, but then won’t be able to locate here, because of lack of physical infrastructure,’ said Chief Minister Peter Caruana.
The World Trade Centre Gibraltar has come about because Ocean Village entrepreneur Gregory Butcher is to build an 11,000 square meter tower at Marina Bay, effectively trebling the office space already sold or leased at his Ocean Village development.
Members of the World Trade Centre Association have invited Butcher to attend the annual general assembly in Beijing next month when a vote of support is expected for the Gibraltar project to form part of a network covering more than 100 countries.
‘It has been proven that the presence of a World Trade Centre raises the business profile of the location in which it sits and the global alliance made possible opens up local businesses to a world of interconnections opportunity,’ Butcher explained.
International businesses like merchant bank Morgan Stanley, American Express and ABN Amro are represented in many of the existing WTCs and are anticipated to be interested in the prospect of the Gibraltar project given the tax benefits locally.
In common with other WTCs, Gibraltar’’ version in the extended Ocean Village will offer flexible spaces, a wide range of services, including secretarial, virtual offices, executive meeting rooms, year round exhibition and display space, as well as business lounge and Club services ideal for networking.
Many existing Gibraltar enterprises operating from multiple locations are expected to be attracted by the availability of over 3,000 square meter of space on a single floor, to bring greater efficiency through economy of scale, improved communication and staff motivation.
‘World Trade Centres are inherently endorsed both by governments and the private sector, attracting investment grade businesses, such as the global leaders in international trade and commerce, to make a powerful impact on the this territory’s economy and status,’ Butcher said.
‘Already many of the existing Ocean Village partners involved in, stock trading, asset management and gaming, as well as businesses looking to set up in Gibraltar have expressed interest in expanding into the new project. The existence of a WTC in Gibraltar would strengthen our territory’s already impressive success in financial and other markets,’ he added.
