26 January 2005 – Alice Mascarenhas Gibraltar Chronicle
Wheels have been put in motion for Gibraltar’s most ambitious investment and development project in its history that will be built on the eastside of the Rock between Eastern Beach and Catalan Bay representing an inward investment in excess of £1 billion. Chief Minister Peter Caruana declared the Eastside Development Project would ensure the Rock’s economic and architectural development in the second 300 years of its history. Both he and Trade and Industry Minister Joe Holliday, yesterday signed the Commercial Master Agreement, on behalf of the Government, together with Andrew Roberts representing shareholders of MCB (Gibraltar) Limited and Chief Executive of Multiplex Construction (Pty) Limited with 51%, and Simon Reuben from Aldersgate Investments Limited with 49%. The signing comes after a protracted and complex negotiation. The move confirmed MCB (Gibraltar) Ltd as project developer. Multiplex is a Company quoted on the Australian Stock Exchange and is Australia’s largest constriction Company and a leading property developer in the UK. Aldersgate is an investment vehicle of brothers David and Simon Reuben.
Also involved in the project is one of the world’s most eminent Architects, Lord Foster, who has embraced the project with personal zeal and enthusiasm.