At the official launch of the new air link between Gibraltar and Madrid, Joe Holliday, the Minister for Enterprise, Development, Technology and Transport, summed up the mood: “Third time lucky.”

Ándalus Lineas Aereas is stepping in to fill the gap left by Iberia and GB Airways.

Both those airlines had launched daily links in the wake of the Cordoba Agreement, but both pulled out because of low passenger yields. Recently released official figures show that, on average, Iberia filled under half the available capacity on each trip.

Ándalus, however, is confident of succeeding where others have so far failed.

The key to the company’s bullish attitude is a completely different business model that targets the needs of both tourists and, crucially, the business traveller.

The company is linking the Spanish capital with two round-trip flights a day, the first leaving Gibraltar early in the morning, the second late in the evening.

That makes it possible for businessmen to complete a day’s work at either end of the route and be home for dinner.

Where Iberia and GB Airways were using large short-haul passenger planes, Ándalus has opted for smaller 50-seat Embraer jets.

“This link is important and will provide a world of opportunity for Gibraltar and the Campo area,” Mr Holliday told reporters at the official launch.

“We all have a role to play to support the project and make sure it work, and it is in Gibraltar’s general interests that it does.”

This is still early days for this project but Gorka Zamarreñoi, the company’s commercial director, said between 60% and 70% of all available seats were being sold on each trip.

At times when demand is low, the company is leasing a smaller jet to avoid empty flights.

Ándalus has further plans for the Rock.The company intends to start flights to Barcelona.

Beyond that, it has plans to establish a twice-weekly link between Gibraltar and Bilbao.

Ándalus is a new company that started operating last year with flights between Málaga and Nador, in Morocco.

It also flies between Seville and Marrakesh, also in Morocco.