The south of Gran Canaria, led by Maspalomas, is consolidating its position as a strategic and priority market for CaixaBank within the archipelago. Aware of the fundamental role this region plays in the island's economy, driven primarily by the tourism sector, the financial institution has strengthened its support for local small and medium-sized enterprises (SMEs), channeling an unprecedented capital injection in 2024.
CaixaBank's commitment is reflected in compelling figures. In 2024, the bank allocated €568 million to finance SMEs in the Canary Islands, representing a significant 41% increase compared to the previous year. Much of this investment has naturally gone to companies in the tourism sector, which is predominant in the south of the island. In financing for the Canary Islands hotel sector alone, CaixaBank injected €473 million in 2024, a spectacular 119% increase compared to the previous year.
These figures, translated into more than 4.680 credit operations, have been crucial for hotels, apartment complexes, leisure, catering, and auxiliary services companies in Maspalomas, Playa del Inglés, and Meloneras to undertake renovation and modernization projects, acquire strategic assets, promote innovation and sustainability, and ensure the daily operations of their businesses.
CaixaBank's financial support aligns with the optimistic forecasts its own research department, CaixaBank Research, has for the Canary Islands' economy and tourism sector. According to the latest estimates from CaixaBank Research, the Canary Islands' Gross Domestic Product (GDP) is expected to grow by 3,0% by 2025. Although the forecast for 2026 is 1,7%, the archipelago's resilience remains a constant.
Regarding tourism, which is the economic engine of Maspalomas and the entire Canary Islands, CaixaBank Research's national forecasts for the sector are also encouraging. International tourist arrivals to Spain are expected to increase by 5% in 2025, reaching 98,5 million visitors. Tourism GDP for Spain as a whole is projected to grow by 3,6% in 2025 and 3,4% in 2026, which bodes well for southern Gran Canaria.
The success of this CaixaBank strategy lies in its specialization model. The bank has a network of eight specialized centers in the Canary Islands, including two Store Pymes centers and five Business Centers. This structure allows for close attention and financial solutions tailored to the specific needs of SMEs in the area, which often require in-depth knowledge of the tourism cycle, seasonality, and market trends. The presence of specialists in financing, real estate, and tourism ensures that companies in southern Gran Canaria find in CaixaBank a strategic partner capable of understanding and responding to their specific needs, thus consolidating Maspalomas' role as an investment and growth hub for the bank.
