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Portugal’s new digital nomads are settling in Lagos in sunny Algarve. Most of Portugal’s new digital nomads are between 30 and 40 years old according to LUSA. They have chosen to move to the Algarve during the low season when accommodation is cheapest. These new digital nomads are not only from other European countries, but also from other regions in Portugal. Lagos in the Algarve is attracting a large number of digital nomads since there is already a large community settled there. Many come for the winter season, then move on until they come back the following winter. The owner of Lagos Digital Nomads, Joana Glória, stated that her group now has 6,500 members that are active between mid-September and mid-May, with many of them coming from Germany and the Netherlands. The WOT Lagos Montemar Hotel is one of the main places where digital nomads may pay a fee to participate in co-working sessions. #digitalnomadsportugal #digitalnomadsalgarveportugal #LagosDigitalNomads #WOTLagosMontemarHotel #businesstourismportugal #portugalnews #portugalbusinessnews

Portuguese company Jerónimo Martins ranks in the Top 100 family businesses globally under the Global Family Business Index. Ranking at no. 1 is Wal-Mart Inc. in the US, while 2 Portuguese companies make it to the ranking of the Global Family Business Index, namely Jerónimo Martins that ranks 69th and Sonae SGPS that ranks 231st. The 2023 EY and University of St.Gallen Family Business Index reveals that the largest 500 family businesses are growing faster than the global economy at nearly twice the rate of advanced economies. They collectively generate USD 8.02 trillion in revenue and employ 24.5 million people worldwide. Jerónimo Martins SGPS is a Portuguese corporate group that operates in food distribution and specialized retail. It operates more than 4,900 stores in Portugal, Poland, and Colombia. The group is the majority owner of Jerónimo Martins Retail (JMR), which operates the Pingo Doce hypermarket chain in Portugal. The group is listed on Euronext Lisbon and is part of the PSI-20 index. Sonae is a Portuguese multinational business group based in the Porto district. It is present in 90 countries, operating in several sectors, including retail, financial services, shopping centres, information systems, media and telecommunications. It is the largest private employer in Portugal, with 53,794 employees. Sonae is listed on the Euronext PSI-20 in Lisbon. #JerónimoMartins #Top100familybusinessesglobally #GlobalFamilyBusinessIndex #Sonae #EuronextLisbon #topportuguesecompanies #portugalnews #portugalbusinessnews

EDP will invest EUR 24 B in Green Energy by 2025 to reach the target of becoming 100% green. 95% of the budget allocated for the company’s expansion will go towards renewable energy according to Negócios. This will ensure that 100% of the energy produced by EDP will be green by 2030. EDP will invest globally in green energy, with 40% allocated to Europe and 40% to Northern America, while Brazil and Latin America will be allocated 15% of total investments each and the rest of the world will receive the remaining 5%. With the upcoming investments, EDP will reach a capacity of 20 GW by 2025 from renewable sources. #EDP #EDPrenewables #greenenergyportugal #portugalnews #portugalbusinessnews

Portuguese fund manager Horizon Equity Partners is investing EUR 15.3 M in 2 solar parks in Cascais, Portugal. The solar parks will have a capacity of 4.4 MWp, that will lead to a yearly capacity of 7,000 MWh according to O Jornal Económico. Horizon Equity Partners is one of the 14 venture capital funds chosen by development bank Banco Português de Fomento for its program to consolidate the projects of SMEs and the solar parks will be built under their Infrastructure Fund. #HorizonEquityPartners #solarparksportugal #venturecapitalfundsportugal #BancoPortuguêsdeFomento #PRR #RRPPortugal #renewableenergyportugal #portugalnews #portugalbusinessnews

Portugal is one of the quickest countries to implement the EU Recovery and Resilience Plan (RRP). According to the Commission’s 2022 report, Portugal is one of the 5 countries that have already received the funds coming from the second payment request. The funds were disbursed since Portugal implemented the plan ahead of most other EU countries, having accomplished 17% of the goals. From the funds that were allocated, 76% of the amount was made available through Calls for Proposals, with 72% of this budget already allocated and a total of EUR 1.5 billion having already been paid. The key strategic areas on which Portugal focused for the implementation of the RRP funds are the Development Bank with additional capital amounting to EUR 250 million, mobilizing programs under the Agency for Competitiveness and Innovation IAPMEI, the decarbonization of industry including digital accelerators, the environment, energy efficiency including green hydrogen projects with an additional EUR 100 million due to a large number of applications, the Lisbon subway with a new subway line between Loures and Odivelas, computers in schools as well as housing with 26,000 houses to be built. #RRPPortugal #PRRPortugal #RRPimplementationportugal #economicnewsportugal #portugalnews #portugalbusinessnews #IAPMEI #PRR #RRP

Reservations for Easter in Portugal are reaching a 2-digit growth, at a rate that is completely unexpected. According to the Portuguese Travel and Tourism association (APAVT), the growth rate in this sector is happening during the Easter season when prices are much higher. According to LUSA, there are more reservations for domestic travel, not only towards traditional destinations such as the Algarve, Madeira, the Açores, but also for the Alentejo in southern Portugal, for the Central Portugal region and for the Northern region. This is due to increased supply, to additional flights and to more airport slots in Porto. #tourismportugal2023 #APAVT #tourismreservationsportugal #portugalnews #portugalbusinessnews

Sales of Portuguese Corticeira Amorim reach EUR 1 billion in 2022. The subholding company belonging to the Amorim Group registered profits of EUR 98.4 million in 2022, increasing by 31.6% compared to the previous year, that is partly due to a favorable decision for a tax contingency amounting to EUR 11.4 million. Corticeira Amorim is a Portuguese subholding company belonging to the Amorim Group, a global leader in the cork industry. Amorim's holding company is listed on the Euronext Lisbon stock exchange. #CorticeiraAmorimsales2022 #CorticeiraAmorim #AmorimGroup #corksalesportugal #portugalnews #portugalbusinessnews

B2B cross border e-commerce payments in Portugal are expected to reach USD 40 billion by 2024 with the use of online marketplaces. According to Juniper Research, B2B cross border payments will grow by 9%, that is by USD 3 billion, between 2022 and 2024. With the increasing use of online e-commerce marketplaces in Portugal, international B2B payments are growing fast. #ecommerceportugal #onlinemarketplacesportugal #B2Bpayments #JuniperResearch #B2Bcrossborderpayments #portugalnews #portugalbusinessnews

Portugal’s electricity network REN is using Augmented Reality for increasing safety for workers in substations. Since workers are at risk of being exposed to electrical hazards due to very high-voltage, Portugal’s electricity network is now using augmented reality for overlaying virtual images to reality in real-time in order to decrease the risk of accidents. Images produced to augment reality allow teams that work on the electrical system to check the virtual images produced on their tablets, smartphones or computers. Workers may also be monitored in real time and the warning system produces a vibration when there is an elevated risk. #augmentedrealityelectricitynetworkportugal #augmentedreality #REN #augmentedrealityworkersafety #digitalnewsportugal #portugalnews #portugalbusinessnews #technewsportugal

Portugal and Spain will invest EUR 500 million in nuclear fusion with the aim of including this source of energy in the electricity grid within 10 years. Researchers from CIU3A and the universities of Seville, Évora and the Algarve will invest in the development of a small reactor to produce nuclear fusion according to elEconomista. The Tokamak Fusion Grid will produce large quantities of clean energy through a source that will be infinite. The project will be innovative since it will develop a compact nuclear reactor that will be capable of producing the same amount of energy as larger ones. Moreover, the reactor will be produced at a lower cost and will be more efficient, ensuring a sustainable source of energy. #nuclearfusionportugal #nuclearelectricity #CIU3A #universityofSeville #universityofÉvora #universityofAlgarve #elEconomista #TokamakFusionGrid #compactnuclearreactor #renewableenergyportugal #nuclearenergyportugal #portugalnews #portugalbusinessnews

Portuguese company Finerge is building 15 wind and solar farms, out of which 4 will be hybrid. The project, that has a capacity of 335 MW, will be completed in 2023 according to Negócios. With these new projects, Finerge will be able to increase installed capacity that is 1,592 MW currently. It is to be noted that Finerge recently had a refinancing operation for an amount of EUR 2.3 billion. Finerge operates 70 wind farms as well as 17 solar parks that are located in Portugal and Spain. The company is held by infrastructure funds managed by Igneo Infrastructure Partners, that is a global asset management company with a portfolio of over EUR 150 billion and investors that include financial institutions, pension funds and insurance companies. #Finerge #windandsolarfarmsportugal #IgneoInfrastructurePartners #renewableenergyportugal #portugalnews #portugalbusinessnews

Portugal invests EUR 150 M in a tech network of test beds under the Recovery and Resilience Plan (PRR). The network of test beds, that will conduct testing for new technologies, includes 30 innovation consortiums. This tech platform will provide support to startups and SMEs for developing new products and services. The test beds are expected to provide support to 2,415 pilot projects for innovative startups. This new approach will allow tech companies to test their products and services in both physical and virtual spaces. The initiative will be headed by Portugal’s digital entity EMPD with the collaboration of IAPMEI, ANI, Compete, DGAE and Startup Portugal. #testbedsportugal #techsectorportugal #startupsportugal #EMPD #IAPMEI #ANI #Compete #DGAE #StartupPortugal #portugalnews #portugalbusinessnews