Albufeira has new business incubator centre.jpg

Albufeira has new business incubator centre

Albufeira City Hall signed a protocol that will see the birth of the city’s Business Incubator Centre. The document, which granted part of a support building of the Scale Model Racetrack to Albucoop – the Radio Taxis Cooperative of Albufeira, was signed on September 4.

Whilst part of the granted building will become Albucoop’s new headquarters, the remaining space will be coverted into the city’s Business Incubator Centre, a project developed by the municipality’s Office for Entrepreneurship (AGE). The goal is to incubate startup companies, create more jobs and boost entrepreneurship in the council.

The signing of the protocol took place on September 4
The signing of the protocol took place on September 4

“This business incubator is a result of our will to support entrepreneurial citizens who want to invest in new projects. Such an investment will help promote the creation of businesses and jobs. At its maximum capacity, the centre will be available to receive around 40 direct jobs and more than 30 startups,” said Paulo Dias, Albufeira’s alderman for Entrepreneurship, who publicly presented the project.

With two floors and covering an area of 367sqm, the building’s renovation will cost €115,000, which will be paid by Albucoop as a counterpart of the building’s granting.

“These facilities are essential to create new jobs and support young businessmen, boosting the economic development of Albufeira’s companies,” stressed Luís Filipe dos Santos, president of Albucoop.

He added that the renovation is expected to be complete in a few months’ time.