If one reads this page on the Loule Camara site (http://www.cm-loule.pt/index.php?option=com_noticias&id=369) and the reports in the Portugues press, this project in Loule refers to a new general aviation airfield handling light aircraft and exec jets, not a commercial airport.
One of the reasons for siting it next to Cimpor is that is will be close to Vilamoura so that the Hoi-polloi can park their exec jets. I understand that will be like the one at Tires, Cascais outside Lisbon. (http://www.aerodromo-cascais.pt/)
This certainly would free up landing slots at Faro for commercial flights. I think, from memory, that Faro can handle up to 22 flight movements per hour.
Getting the smaller aircraft out of there would certainly allow for more commercial traffic at Faro, particularly, in peak summer periods.
