Alquimia to invest €120M in the Canary Islands

Alquimia to invest €120M in the Canary Islands

A large movie set equipped with all the latest technology in terms of audio-visual production, with 6.000 sqm of bright areas and a 16 metre headroom, will be part of an audio-visual and technological complex called Dreamland Studios. It will feature adjoined offices, dressing rooms, smaller studios and a Water Tank for underwater shooting, a theme park based on immersive virtual reality, an auditorium, an I&D lab and a training academy specialised in audio-visual, computer graphics and app programming. This is the project Alquimia Venture Capital, a venture capital firm, will develop – through the joint venture it has with Volcano Films and Newport Media Films – seeking to diversify the Canary Islands economy, which is too much dependent on tourism.

The expected investment surpasses 120 million euro to which should be added European recovery funds. The goal is to start construction works before the end of the year and to have the first operating spaces ready by the beginning of 2023. The developers predict the creation of 400 direct and more than 1.200 indirect jobs during the project’s first stage. They will also take advantage of European funds directed towards changing the economic model and digitization.

The group acquired a 160.000 sqm terrain in the North of the Island of Fuerteventura. Other islands, such as Lanzarote, Tenerife and Gran Canaria have shown interest in the project and the developers do not discard any options.

Applying innovation and technology to leisure and tourism.

The project integrates film production and technological development areas with an innovative leisure concept: a theme park based on experiences of full virtual reality immersion.

«Using the latest in terms of immersive technology, with robotic arms, glasses, gloves and assisted by ultra-realistic scenarios created by computer, our visitors will be able to experiment in a single day a free-fall parachute drop, a walk on the surface of a different planet or swim with sharks. Our catalogue will contain more than 15 experiences for all audiences», stated Carlos Albero, Alquimia’s CEO and developer of this project.

Demand for entertainment, which is increasing exponentially, has turned series, films and videogames into essential products during the pandemic. This situation, combined with the Canary Islands attractive tax environment, which stimulates both audio-visual production and the creation of videogames, resulted in the appearance of projects such as Dreamland Studios.

«The Covid-19 pandemic generated, in 2020, a huge bottleneck within the audio-visual production sector. Once actors and production teams are allowed to travel safely and freely, there will be so many pending projects, there won’t be enough space to host them all», stated Sebastián Álvarez, Volcano Films’ CEO and one Dreamland’s developers.

The bet on landscape integration and sustainability

«When we contracted Idom our message was clear. The projects’ integration within its surroundings and respect for environment are the priorities» stated José Antonio Newport, Newport Media Films’ CEO and Confederación Canaria de Empresarios’ Vice-President.

Idom, engineering, consulting and multidisciplinary architecture services multinational company, led projects such as the new San Mames stadium, the expansion of the University in Senega and Idom’s corporate buildings in Madrid and Bilbao, both certified Platinum Leed.

«Having the landscape integration as a priority, Idom created a space which mixes iconic architecture with the colours that surround it. Buildings that seem volcanoes, sinuous shapes and local vegetation are the elements used to create the cinema city, fully self-sustained thanks to the implementation of renewable energy production technology and the recycling of all the hydric resources used», stated Pablo Benlloch, IDOM’s director and manager for project Dreamland.

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