Real Madrid and the Community of Madrid sign a collaboration protocol for the creation of Madrid Innovation District
It will generate 1.2 billion euros annually for the region’s GDP and more than 23,000 permanent jobs.
Real Madrid and the Community of Madrid have signed a collaboration protocol for the creation of Madrid Innovation District (MID), a new technological space that will be located on land in Real Madrid City, where companies, institutions, athletes, entrepreneurs and citizens will coexist. 85 of its 120 hectares will be dedicated to promoting innovation, knowledge, the development of new technologies and attracting talent.
The signature ceremony took place at Real Madrid City and was attended by Real Madrid's Director of Institutional Relations, Emilio Butragueño; the Minister for Digitalisation of the Community of Madrid, Miguel López-Valverde; and the President of the Madrid Business Confederation, Miguel Garrido.
According to the report prepared by the consulting firm PWC, the MID will contribute around €1.2 billion annually to the regional GDP and create more than 23,000 jobs per year. The MID's construction will entail €1.3 billion in investment and more than 4,700 jobs.
Both institutions will collaborate to ensure that companies and research organisations establish themselves in this space. Educational and research centres focusing on digital skills, artificial intelligence and data will also be established.