Doubts grow over Malaga’s ‘Puerto Banus’ project as Qatari funders miss another payment – But what is the new mega-port?

THE San Andres Marina project faces growing uncertainty as its Qatari backers have missed another crucial payment deadline.

Al Alfia, the sovereign wealth fund linked to Qatar’s royal family, has requested an extension for the second time after failing to pay the second instalment of the marina’s occupancy fee, further raising concerns over the project’s future.

Billed as a potential rival to the famous Puerto Banus, the marina is set to occupy over 100,000 square metres in the western section of Malaga’s port, located on the right bank 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 will include significant facilities, such as 3,000 square metres of retail space on the ground floor, and a sailing school covering 380 square metres.

In addition, mixed-use buildings will take up 5,000 square metres, all within the marina complex, and a harbour master’s office and control tower will occupy 425 square metres spread across a ground floor and three upper floors.

Designed by Malaga architect Jose Segui, the project integrates pedestrian connections and ensures visual continuity between the commercial spaces and a central plaza near the planned Music Auditorium. 

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.’

The missed payment has now raised questions about whether the Port Authority of Malaga will approve the request for a postponement, which would include the interest fees for the delay. 

If the request is denied, the concession granted to Marina San S.L. – the company owned by Al Alfia – could be in jeopardy.

The Port Authority had previously granted final approval to the project in March, clearing the way for the developers to apply for a municipal construction licence. 

If all goes according to plan, construction on the ambitious marina project is set to begin before the summer, though the latest financial issues now cast doubt on whether this timeline will be met.