WTC Opens on the Rock

By Ariela Moraru

WTC Gibraltar

Gibraltar—The World Trade Center Association (WTCA) has opened its newest addition to its global network in 91 countries. The 254,000-square-foot Grade A office building in Gibraltar was inaugurated by Chief Minister Fabian Picardo and developer Gregory Butcher. The total investment amounted to more than €100 million (around $107 million) over several years.

Picardo emphasized that the new building is a sign of continued collaboration with international partners despite Brexit-induced fears of isolationism. With 90 percent of Gibraltar’s business and services in the EU single market being conducted with the UK, investors remain optimistic.

The initial WCTA concept in 1939 was “world peace through trade” and the developer hopes that WTC Gibraltar will promote international trade.

“Gibraltar is a service economy and it’s imperative that we can offer the major businesses that are already here, and international businesses looking at Gibraltar as a potential jurisdiction, the kind of working environment they demand in order to stay competitive,” said Butcher in prepared remarks.

Major international companies such as Regus, Bet Victor, BDO and Costa Coffee, but also SMEs, make up the diverse range of tenants.

“We have a range of financial services tenants including insurance companies, family offices and wealth managers, e-money companies and gaming businesses, all of whom are taking advantage of the state-of-the-art infrastructure which enables trading on the London markets in 1/35,000th of a second,” Butcher added.

Image courtesy of WTC