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San Andres Marina faces increasing uncertainty after Qatari financiers missed another important payment deadline.
Al Alfia – the sovereign wealth fund associated with Qatar’s royal family – has asked for a second extension after failing to pay a second instalment to the marina’s occupation fee. This raises further concerns about the future of the project.
As a possible rival to Puerto Banus, this marina will cover over 100,000 square meters in the western part of Malaga’s port on the right hand side of the Guadalmedina River.
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The development, estimated to have a socio-economic impact of €15.7 million annually, will feature a commercial zone, 451 parking spaces (including 146 underground), and a capacity to accommodate 566 recreational boats ranging from eight to 30 metres in length.
The new marina includes significant facilities such as 3,000 sqm of retail space at the ground level and a 380 sqm sailing school.
The marina complex will also include mixed-use buildings that will cover 5,000 square meters. A harbour master’s control tower and office will occupy an area of 425 square meters, spread over a ground and three upper floor levels.
The project, designed by Malaga architect Jose Segui integrates pedestrian connections between commercial spaces and the central plaza near to the planned Music Auditorium. It also ensures visual continuity.
However, the project is now at a standstill due to Al Alfia’s failure to meet the April 4 deadline for the second payment, which exceeds €300,000.
This is the second time the Qatari backers have missed a payment, with the previous delay also resulting in interest charges of around €90,000.
Despite the missed deadline, Malaga’s mayor, Francisco de la Torre, downplayed the issue, asserting that the project would ultimately proceed, calling it ‘a good project for the city.’
After the missed payment, questions have been raised about whether or not the Port Authority of Malaga would approve the request for postponement. This would include interest fees.
Marina San S.L., owned by Al Alfia, could lose the concession it has been granted. – the company owned by Al Alfia – could be in jeopardy.
The Port Authority approved the project’s final approval in March. Developers could now apply for a construction license from the municipality.
Construction on the ambitious Marina Project is expected to start before the summer. However, recent financial concerns have raised doubts about whether or not this deadline will be met.
