IFEMA MADRID Announces Major Investments in Strategic Projects

Recently, during a meeting organized by Nueva Economía Forum, IFEMA MADRID's President of the Executive Committee, José Vicente de los Mozos, unveiled a series of major investments in strategic projects. The objective is to position IFEMA MADRID as a leading venue for leisure and entertainment in Spain, aligning with its primary goal of diversification. One of the prominent projects, set to commence after summer, involves transforming catering facilities into a gastronomic hub, with an investment exceeding 12.5 million euros. This strategic initiative, scheduled to launch in September 2023, is anticipated to generate over 121 million euros in the next decade. To further enhance its diversification efforts, IFEMA MADRID aims to provide top-notch leisure and entertainment facilities. The eagerly awaited Bulevar de los Musicales (Musicals Boulevard) is expected to become operational in 2027, featuring Madrid's largest-ever theaters. This independent project requires an investment of around 40 million euros and is managed entirely by IFEMA MADRID, with support from partners and sponsors. The Boulevard will host long-running successful events and offer a significant gastronomic facet. IFEMA MADRID is also committed to sustainability, with a significant project involving the installation of a photovoltaic solar plant on the Recinto Ferial. This green initiative, with a planned investment of 7 to 9 million euros and an installed capacity of over 6MW, will be Madrid city's largest solar photovoltaic installation. Expected to be operational by the end of 2024, it is projected to reduce the venue's electricity consumption by over 30%. Moreover, the development of Valdebebas, which had been delayed during the pandemic, is now back on track. IFEMA MADRID has applied for land from the City Council, paving the way for expanding its facilities over a plot of more than 500,000 square meters. This expansion will bolster the institution's capability to attract major international events and embark on new projects and initiatives. Addressing the prospect of hosting the Formula One World Championship, José Vicente de los Mozos confirmed that IFEMA MADRID has submitted a letter of request, supported by the Government of Spain, the Community of Madrid, and the City Council. The institution aims to create a comprehensive F1 experience in Europe, leveraging its versatile space with twelve halls to deliver a spectacular event. Regarding the potential assignment of the Palacio de Congresos de la Castellana, IFEMA MADRID is exploring collaborations, including one with Real Madrid, based on the tender specifications from the Ministry of Industry, Trade, and Tourism. IFEMA MADRID strongly believes in reclaiming this asset for Madrid and is ready to bid for it if deemed feasible. These strategic investments and transformative projects are crucial in realizing the full potential of IFEMA MADRID. As the second economic engine in the Madrid region after Barajas airport, IFEMA MADRID contributes 5,100 million euros (3.2% of the city's GDP and 2.8% of the region's GDP) and supports over 40,000 jobs. These initiatives are projected to significantly boost the institution's economic expectations for 2023, with an estimated turnover of around 180 million euros.

IFEMA MADRID Announces Major Investments in Strategic Projects

Recently, a meeting organized by Nueva Economía Forum saw the President of the Executive Committee of IFEMA MADRID, José Vicente de los Mozos, announce a series of significant investments in strategic projects for the institution. These initiatives aim to propel IFEMA MADRID to the forefront of the industry in Spain and establish it as a leading venue for leisure and entertainment, aligning with its main line of diversification.

One of the foremost projects set to kick off after summer is the transformation of catering facilities into a gastronomic hub, backed by an investment exceeding 12.5 million euros. The strategic endeavor, slated to launch in September 2023, is projected to generate over 121 million euros in the next decade.

To further its diversification objectives, IFEMA MADRID seeks to provide top-notch leisure and entertainment facilities. The forthcoming Bulevar de los Musicales (Musicals Boulevard) is eagerly anticipated by major show and concert production companies across the country. This independent project, expected to be operational in 2027, will feature Madrid's largest-ever theaters, requiring an investment of approximately 40 million euros. The Boulevard will not only accommodate long-running successful events but will also offer a significant gastronomic facet. The project is being wholly managed by IFEMA MADRID with support and investment from partners and sponsors.

In line with its commitment to sustainability, IFEMA MADRID is embarking on a significant sustainability project. This includes the installation of a photovoltaic solar plant on the Recinto Ferial, with planned investment ranging from 7 to 9 million euros. Boasting an installed capacity of over 6MW, it will become Madrid city's largest solar photovoltaic installation. This green initiative is set to reduce the venue's electricity consumption by over 30%, as per initial estimates, with the project anticipated to be operational by the end of 2024.

The development of Valdebebas, which had been put on hold during the pandemic, is now resumed. IFEMA MADRID has applied for land from the City Council, enabling the expansion of its facilities over a plot of more than 500,000 square meters. This expansion is expected to enhance the institution's ability to attract major international events and embark on new projects and initiatives.

Addressing questions about hosting the Formula One World Championship, José Vicente de los Mozos confirmed that IFEMA MADRID has presented a letter of request, supported by the Government of Spain, the Community of Madrid, and the City Council. IFEMA MADRID aims to create a comprehensive F1 experience in Europe, leveraging its versatile space with twelve halls to make the event a spectacular success.

Regarding the possible assignment of the Palacio de Congresos de la Castellana, IFEMA MADRID is exploring potential collaborations, including one with Real Madrid, depending on the tender specifications from the Ministry of Industry, Trade, and Tourism. The institution firmly believes that this asset should be reclaimed for Madrid and is prepared to bid for it if feasible.

These strategic investments and transformational projects are crucial to unlocking the full potential of IFEMA MADRID. The institution holds the distinction of being the second economic engine in the Madrid region after Barajas airport, contributing 5,100 million euros (3.2% of the city's GDP and 2.8% of the region's GDP) and supporting more than 40,000 jobs. The anticipated impact of these projects will significantly boost the institution's economic expectations for 2023, projecting a turnover of around 180 million euros