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Officials announce billion dollar Cancun mega-project

Cancun, QR. — Mexico’s President Andrés Manuel López Obrador along with head of the Federal Secretary of Tourism, Miguel Torruco Marqués, have announced, what they say, is the largest tourism investment projects in 30 years.

In a press conference, Torruco Marqués announced the Grand Island Cancun project, which will be developed by the Murano company with an investment of nearly $1 billion USD. The project will consist of a 3,000-room hotel and convention center which will be operational in a first stage in 2022.

While the first stage will consist of the hotel, the second stage will be the 10,000 square meter convention center, expected to be up and running for 2024.

“The financing is being granted in one part by Bancomext, which reiterates the support we have with a development bank, and two foreign banks that reiterate their interest in continuing to invest and leverage projects in Mexico.

Marcos Sacal, general director of the Murano company, one of the investment companies, said that the complex involves the creation of thousands of jobs during its construction and in the operation stage.

“It is estimated that job creation during construction of around 7,500 and during the operation of 12,000, between direct and indirect, to reach a total of 20,000 jobs during the life of the project,” he said.

He confirmed that the financing is being granted in one part by Bancomext and two foreign banks and that, during the construction phase, it is estimated that the national supply will be 85 percent and during the operation, 95 percent.

López Obrador commented that these projects will strengthen the tourism sector, which he considered is a fundamental part of the Mexican economy.

“This sector is strategic because it not only generates wealth, but distributes wealth. It is an activity that allows income to workers, carriers, fully reactivates the economy,” he said.

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