A project by the Swedish furniture company IKEA to build a commercial complex in Loulé at a cost of €200 million will create 3,000 jobs directly and indirectly.
The Plano de Urbanização Caliços-Esteval is expected to receive the green light from the municipal assembly at the beginning of next month, after which the Swedish company can move forward with a request for approval of the building plans.
Loulé mayor Seruca Emídio hopes that “if all goes well”, work will start this year. According to the local authority, the commercial space should open its doors in 2014.
At the same time, IKEA has come to an agreement over compensation with the Faro municipal authority for various multimillion euro developments in the district, reported Correio da Manhã.
The IKEA complex, to be located in Loulé, will border Faro council and thus, as compensation, the company is expected to invest €200,000 in road improvement projects in that municipality.
Faro Mayor Macário Correio told the newspaper that road access to Santa Bárbara de Nexe will be improved.