According to a statement released by the company the multi million euro project had been blocked for ten years but will now be going ahead in the Loulé municipality.
Loul’e is already home to some of the most prestigious resorts in the Algarve including Vale do Lobo, Quinta do Lago and Vilamoura and the area around Almancil is widely known as the “Golden Triangle” thanks to the wealth that is generated there.
The Kuwait based company, which also owns the Pine Cliffs in Albufeira, first purchased 381 acres of land in the Loulé area known as Vale do Freixo in 2001 according to a report by the Portuguese news agency Lusa.
After being stalled for more than ten years United Investments Portugal have now stated that the project has been given the go ahead to move forward and will be acknowledged as a centre for economic development.
Carlos Leal, head of operations in Iberia and South America for the company told Lusa that they anticipate the urbanisation project to take a further 18 months to finalise completely but that work should start on the construction of the development towards the end of 2014 or the beginning of 2015. However the final plans will still be subject to licensing approval.
The final push to be able to get the project moving came thanks to intervention to allow the project to go ahead.
Carlos Leal said: “The support of the Agency for Investment and Foreign Trade in Portugal (AICEP) made the project possible to move forward”.
If the tourism project moves forward as planned then there will be an investment by the company of between 200 and 250 million euros to build between 1800 and 2000 tourist beds.
The development is set to include a boutique hotel and various real estate and tourism projects, including villas and apartments and will be considered to be a project of national interest.
According to the statement the new development will also include an 18 hole golf course and will create around 350 direct jobs in the area.
The company have already had operations in Portugal since 1985 and have investments in the Algarve with the Pine Cliffs Resort and the Sheraton Algarve hotel.