The Canary Islands are actively attracting investments due to their attractive fiscal incentives. Companies like Arquimea and Ghenova have chosen the archipelago to establish research centres and launch innovative products
The framework of tax incentives and retroactive tax programmes makes the islands a preferred base for projects in innovative energy and AI, according to Pablo Martín Carbajal, director of Proexca.
In 2020, Arquimea established itself in the Canary Islands through its low-tax platform, the Canary Islands Special Zone. Over a four-year plan, it aims to create 150 highly skilled jobs, particularly targeting recent graduates and PhD holders. One of the group’s goals is to attract talented individuals back to Tenerife from the Canarian diaspora.
Norwegian company Kongsberg Maritime, a global leader in automation, digitalisation, and autonomous ship systems, has been operational in the islands for eight years. They provide technology for hybrid and electric ships and are researching systems for autonomous and intelligent vessels. In 2024, the Ministry of Defence awarded Kongsberg Defence & Aerospace a contract worth nearly €500 million to modernise the advanced anti-aircraft defence system of the Spanish Armed Forces.
Diego Fernández, president of Arquimea, mentioned to the ZEC that for two years, the company had sought to establish a corporate research centre. Tenerife provided an ideal environment to achieve this long-term goal. The Arquimea Research Center aims to become a leader in private R&D projects that translate into high-value products, engaging various stakeholders in the value chain and focusing on technologies with significant social and economic impacts.
Arquimea chose Tenerife for three primary reasons: its longstanding collaboration with the Institute of Astrophysics of the Canary Islands, the University of La Laguna (ULL), offering a pool of skilled professionals, and the specialised INTECH centre with suitable facilities and laboratories.
Arquimea has signed an agreement with the Tenerife Council to establish the island’s first satellite control centre at ITER facilities and a teleport connecting with Canalink. With an investment of €300 million, CanarySat aims to attract investors interested in high-growth technological projects. CanarySat, headquartered in the Canary Islands, will manage and operate a fleet of 66 telecommunications satellites, providing services to other satellite operators and global telecom providers.
Naval Engineering
Ghenova, a leading company in naval projects, began operations in the Canary Islands, supported by Proexca’s investment attraction efforts. In February, Ghenova ventured into the Saudi market through a partnership with the AlSuwaiket group, focusing on naval and defence sectors, as well as energy and digital solutions.
Francisco Cuervas, CEO of Ghenova, highlighted that “talent and market opportunities” brought them to the Canary Islands, noting the significant presence of Canarian professionals in their team. Ghenova, with €43.5 million in revenue and employing 1,025 people, aims to expand its local office capacity from 20 to 40 employees by year-end.
Pablo Martín Carbajal, CEO of Proexca, expressed appreciation for Ghenova’s decision to establish a new centre in the Canary Islands, complementing the group’s global presence in Brazil, Colombia, Bolivia, Australia, the USA, the UK, Saudi Arabia, and South Korea. He underscored the significance of this development, stemming from collaborative efforts since their initial meeting during a Proexca-organised mission last year. Martín Carbajal also highlighted plans to explore new markets, particularly in Africa, strategically linked to the Canary Islands with established commercial ties and expertise.
Source: José Luis Jiménez – Vozpopuli