MONEY ISSUE 72

BUSINESS

|

LIFEST YLE

|

DESIGN

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N ISSUE 72

COVER STORY

LEADING LADIES OF REAL ESTATE Alliance Real Estate Group (18)

WHY SUSTAINABLE BUILDING IS CRUCIAL Alex Torpiano (10)

MALTA’S ARCHITECTURAL HERITAGE

Edward Said (14)

THERE’S MORE TO BUILDING A SUSTAINABLE BUSINESS THAN GREENWASHING

Richard Muscat Azzopardi (54)

A banking partner you can rely on, giving you the power to succeed.

Sparkasse believes in building and keeping strong relationships with customers, which is why our banking services are all about you.

At Sparkasse you will find a team of professional bankers willing and competent to meet your specific Private and Corporate Banking needs.

Banking & Investments: a personalised service through one relationship.

Banking | Custody | Investments

Speak to an advisor today.

T: E: info@sparkasse-bank-malta.com Sparkasse Bank Malta plc, 101 Townsquare, Ix-Xatt ta’ Qui-si-Sana, Sliema SLM3112, Malta.

Sparkasse Bank Malta plc is a public limited liability company registered in Malta with registration number C27152 and registered office at 101 Townsquare, Ix-Xatt ta’ Qui-si-Sana, Sliema SLM3112, Malta. Sparkasse Bank Malta plc is licensed by the Malta Financial Services Authority to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta), and to provide investment services and custody and depositary services in terms of the Investment Services Act (Cap. 370 of the Laws of Malta).

WELCOME

Editor’s letter — The Real Estate and

COVER

Sustainability issue is a controversial one.

Alliance Real Eastate Group

But unfortunately, we’ve reached the point

Read the full story on P.18

where the two words don’t appear to have any common ground. More so, they are diametrically opposed to each other. How can one preach sustainability when you cannot look out of a window without seeing a tower crane perching perilously over an already-built area?

If someone had to say that Malta is not overbuilt and sliding fast down the slippery slope of the point of no return, I’d recommend that they visit an optician. It is evident to anyone that the country is in constant construction mode.

Even if you cannot see, the never-ending hum (or incessant digging in some instances) of construction is prevalent… not to mention the increased dust levels in the air. Whichever one

account of the dicey relationship between

E D I T O R Anthony P. Bernard

of your senses you choose to use, construction

construction and climate change.

[anthony@moneymag.me]

is affecting them all.

Within the issue, you can also read the advice

D E S I G N BloomCreative

But, as with every topic, there are various

of Edward Said, an architect and heritage

[bloomcreative.com.mt]

angles that one can look at, and if you speak

expert. He explains what should be done to

to people who work in real estate, they would

preserve what remains of Malta’s architectural

say that the construction and renovation of

identity. This is another crucial point that

properties are essential for the market and

needs to be considered because buildings

the sector. So, if there is a demand, then let’s

are not inherently wrong, and Malta has some

provide the supply. But, of course, one can still

architectural gems to offer – but we need to

ask, ‘but at what cost?’

protect them to safeguard that part of our

P R I N T I N G Print It D I S T R I B U T I O N JD Distributors

MONEY is hand-delivered to Malta’s businesses,

heritage.

including managers and directors of the country’s

And this is where the real crux of the issue of

top blue-chip companies, iGaming companies, all

sustainability comes in. Are we developing

Concrete blocks of flats are useful for living

new properties in a sustainable manner? Are

space but hardly pretty to look at. Perhaps

we making the most of new technological

it’s just how the industry has developed,

foreign embassies and Maltese embassies abroad

developments that allow for reduced water

emphasising purpose over aesthetics. Perhaps

(the UK, Rome, Brussels and Moscow). All government

and electricity consumption? Are we using

it all boils down to population growth, where

sustainable building materials that don’t

people must live in apartment blocks because

For information regarding promotion and advertising:

require quarries to be continually excavated?

the time of families occupying individual

(+356) 2134 2155 · [hello@moneymag.me]

5-star hotels, including their business centres, executive lounges and rooms (where allowed), all

ministries and entities.

houses is mainly gone. But, ultimately, it’s all It’s easier to come up with the questions than

about practicality and what the people need.

with the answers. Still, it ultimately boils down to the fact that if we ignore the importance

It’s evident that unless serious action is taken

of sustainability, we are turning our backs

to provide green solutions within the real

on the real issue of climate change – and the

estate and construction sector, we’re heading

consequences it brings.

for a crash landing regarding climate change

Money is published by Be Communications Ltd, No. 81, Howard Street, Sliema, Malta SLM 1754

FACEBOOK-SQUARE LINKEDIN · [becommunications.com]

and sustainability. Some experts say that Some people are committed to fighting for the

we’ve already reached the point of no return

All rights reserved. Reproduction in whole or in part

cause of sustainability through their roles,

– but positive change still needs to happen to

is strictly prohibited without written permission.

such as Prof Alex Torpiano, who explains how

safeguard our planet

sustainable building will have a direct effect

and our lives.

Opinions expressed in Money are not necessarily those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor

on climate change, and if we don’t take this

and publishers cannot be held responsible for errors

into account – and seriously – then we are

or omissions in articles, advertising, photographs or illustrations. Unsolicited manuscripts are welcome

partaking in the destruction of the earth

but cannot be returned without a stamped, self-ad-

through climate interference. His article on

dressed envelope. The editor is not responsible for

page 8 gives an insightful and straightforward

04

material submitted for consideration.

ISSUE 72

MONEY

spend & win

USE YOUR

BOV VISA CREDIT CARDS

FOR A CHANCE TO WIN A TRIP TO THE

FIFA WORLD CUP™

THANKS TO VISA

Get in the chance to win 2 tickets, for you and your guest for the FIFA World Cup 2022™ for one of these matches Opening Match, Round of 16 or Final Match. T&C’s Apply.

Get in touch | bov.com |

@bovofficial

Issued by Bank of Valletta p.l.c. 58, Triq San Żakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is regulated by the MFSA and licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).

CONTENTS

10

30

44

Why sustainable building is crucial for tackling climate change

Competing through sustainability

Only a change of the guard can save Malta’s urban and rural environment

In recent years, the battle has raged on two different fronts of climate change.

The first was whether climate change was happening, and the second was whether humans caused climate change.

Alex Torpiano continues.

14 Malta’s architectural heritage: a hostage to progress or profit?

While many businesses have some sustainable programme or project running all year, many lack a more in-depth understanding of how sustainability may improve a business model. So, what does it take to turn sustainability into a competitive advantage in today’s corporate environment? Lyndsey Grima asks Tamara Fenech, founder of Cosie Studio, and James Sammut, senior partner at Tuning Fork.

34 There are 360 degrees.

Why stick to one?

Lea Hogg met with Edward Said to find out what should be done to preserve what remains of Malta’s architectural identity.

18 Leading ladies of real estate COVER STORY

Whilst Alliance Real Estate Group still has slightly more men than women working in their branches, the company is decidedly celebrating women’s participation in leadership roles to effectively address remaining misconceptions about gender balance.

06

We have heard much about the need to change planning policies to protect the country from the destructive, unsightly urban and rural development that has spread like a blight in the past five years. Labour Party figures are among those calling for policy reform, and the government has been hinting that it is currently working on tweaking planning policies. Victor Paul Borg goes on to explain.

Lyndsey Grima caught up with Annamaria Attard Montalto, the local architect leading this design project, to talk about Mercury Towers

by Zaha Hadid Architects as an architectural project, the importance of restoration, sustainability, and how it aims to give back to the community.

46

40

JP Fabri discusses why the government and industry stakeholders need to launch a skills strategy for the sector to prepare the resources needed to support the country’s sectoral transformation.

Green(ing) real estate is imperative to achieve climate neutrality Moving towards a more sustainable society and urgent climate action have gained more and more traction in the past years. In addition to government policies and international agreements, active commitments by private sector companies and greater scrutiny by shareholders, customers and civil society are increasingly driving this green transition. Dr Kathrin Kutlescha reports.

ISSUE 72

Skilling the built environment cluster

48 A SWOT analysis of the real estate market Over the years, the local real estate market has emerged as a sector of robust growth. Nonetheless, Jordan Portelli has started seeing cracks following the positive run experienced over the past decade.

MONEY

CONTENTS

50 Data matters: how can Malta solve its transparency challenge?

Over the past three years, markets worldwide have become increasingly uncertain due to events such as the Russian invasion of Ukraine and the COVID-19 pandemic. Malta is no exception, with the recent greylisting adding to this uncertainty even further. Justin Mizzi explains the importance of having meaningful data in uncertain times.

52 Proptech’s disruptive force in the real estate industry With €9.12 trillion in global assets, commercial real estate is more significant than all other asset classes available to investors. Moreover, it is coupled with residential real estate, which has a much higher value than that of a commercial nature.

So, it’s not difficult to understand the part this asset class has played in generating extraordinary wealth for those who have committed to it. Giorgio Saronne and Daniel Galea explain.

Lea produces and hosts a popular current affairs TV show. She provides multi

54 There’s more to building a sustainable business than greenwashing

of the world.

P L A N N I N G P.44

media content, analysis, forecasting and assessment reporting for a number of

JP is a founding partner at Seed,

international corporates.

a multi-disciplinary advisory practice.

A R C H I T E C T U R E P.14

T R A I N I N G P.46

Lyndsey is a freelance writer and social

Jordan is an economist and CIO / portfolio

media marketeer. When she’s not typing away,

manager for a local financial services

you will find her focusing on her training at

company.

the gym.

R E A L E S TAT E P.48

The world has had its wake-up moment regarding corporate greenwashing, says Richard Muscat Azzopardi, and the results are that most businesses still don’t care about the environment. The idea of a sustainable business is far more attractive than the reality.

with more than two million words and

part of ICOM, the world’s largest network of

hundreds of pictures to his name, in books,

independent agencies.

magazines, and newspapers in every corner

M A R K E T I N G P.54

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

S U S TA I N A B I L I T Y P.30 | A R C H I T E C T U R E P.34

Richard is the CEO of Switch — Digital Victor is an investigative journalist

& Brand, a marketing agency that forms

07

Winter 2019 / Issue 12

April 2016 / Issue 01

18

ISSUE 2 - AUGUST 2013 BUSINESS | LIFESTYLE | DESIGN

THE CREATIVITY AND DESIGN ISSUE

THE TOURISM ISSUE

ISSUE 27 OCTOBER/NOVEMBER 2014

Issue 13 June/July 2012

¤5 WHERE SOLD

INTERVIEWS:

HARLEQUIN DESIGN, DUNCAN BONE, NOMAD

Travel essentials The best cars for overland travel

Creating niche markets Exceeding visitor expectations Make No Misteak Victor Paul Borg p.16 // Starry nights with Vincenzo Guarino Rachel Zammit Cutajar p.20 Feeling Puckish Nick Diacono p.38 // Never Too La[t]te Trevor Diacono p.44

ISSUE 12

TECHNOLOGY AT SEA MALTA CRUISING CLUB TROPHÉE BAILLI DE SUFFREN LATEST MOTOR BOATS REVIEWED

START-UPS

CONTAGIOUS CAMPAIGNS

GAME CHANGER Peter Valentino on MSF and the Olympic Games • TOP TIPS Stay safe when sailing at night AT THE HELM Peter Valentino speaks to Mario Aquilina • AMAZONS A swim-wear shoot that's surely to rock your boat

July 2016 / Issue 02

MAY 2009 – ISSUE 137

December 2016 / Issue 03

JUNE 2008 - ISSUE 131

OFFICE DESIGN

Chefs with tattoos / The cocktail hour cometh / Recipes for success

ISSUE 9 - AUGUST 2015

181

Cheers for cocktails / Summer recipes / Tasting Tokyo / Street Food

JUNE 2016

FEMME MAGAZINE

THE ECO AND IT ISSUE

COOL OFFICE WEAR

FM IS ThE MaLTa FaShIOn awardS OFFICIaL MagazInE Special Cannes review

BEACH FASHION

CITADEL KEELBOAT SPRING SERIES

ROLEX FASTNET RACE

INTERVIEW:

KEN READ

REVIEWS:

SEALINE F530 AND JEANNEAU 54

VOLVO OCEAN RACE:

A SPECTACULAR FINISH

HOLIDAY WARDROBE MAY 2008 - ISSUE 130

JUNE 2006 - ISSUE 115

MAY 2007 - ISSUE 122

October 2019 / Issue 11

SUMMER COLOURS

June 2010. ISSUE 14 6. FMLIFEST Y LE.COM

Maltese flavours in Mexico / Christmas: food that sings / Nuts for coconut / A fish called lampuka

FMLIFESTYLE.COM

MALTA FASHION AWARDS OFFICIAL MAGAZINE

MAY 2010. ISSUE 1 4 5. FMLIFEST Y LE.COM

FEMME MAGAZINE

Winter 2020 / Issue 14

Trying out new recipes?

BUY YOUR GROCERIES ONLINE AT

FEM EMME ME MAG MA AZI A NE | NOV AZ N OV ISS S UE 164 | FML FMLIFE IFESTY TYLE. LE COM BUSINESS

Issue 08 July/August 2011

|

LIFEST YLE

|

DESIGN

THE FINANCE EDITION ISSUE 69

COVER STORY

A WEALTH OF EXPERIENCE Alistair Muscat

(1 6)

POLITICAL AND ENVIRONMENTAL IMPERATIVES IN A POST-COVID-19 REALITY Colin Lawrence & Paul Bonello (8) SOFT POWER: THE DIPLOMATIC FRONTIER Hon Evarist Bartolo (3 0) FINANCING GREEN & GREENING FINANCE JP Fabri (3 6)

WHAT YOUR HAIR COLOUR SAYS ABOUT YOU WINTER WARMERS ROCK THE BAROQUE LOOK

BERLIN FASHION WEEK

5

reasons why you should SHOP on myfood.mt

Easy to use

WIN A CANON FULL HD CAMCORDER

Next day delivery

€3 Voucher when spending €50

Free delivery over €75

€7 Voucher when spending €100

Normal Delivery Service Charge Monday to Sunday €5.00

1970s: THE DECADE OF FASHION LOVE

APRIL 2015

July 2019 / Issue 10

ISSUE 14

ISSUE 11

RUFFLES HER FEATHERS

177

CLEAN TECHNOLOGY / GREEN FINANCE / INTERVIEW WITH MINISTER AUSTIN GATT

The Foodist Elsa Messi p.8 // Endorsing local seafood JD Farrugia p.12 Food Art Rachel Zammit Cutajar p.16 // Oh, dear summer, where have you gone? Trevor Diacono p.45

TIFFANY PISANI

0033-CE20 myfood Q4 Campaign September 2020 Ad 265x210.indd 3

Chef Zoran Bogdanovski Elsa Messi p.10 // Xmassing Cranberries Rachel Zammit Cutajar p.19 Tongue-In-Stew Nick Diacono p.37 // It takes two to Mango Trevor Diacono p.45

09/10/2020 15:41

OCTOBER 2007 - ISSUE 125

FM Issue 177 - 1

December 2018 / Issue 08

ISSUE 6 - JULY 2014

ISSUE 3 - OCTOBER 2013

FEMME MAGAZINE | ISSUE 172 | FMLIFESTYLE.COM

Eat rEligiously

SPECIAL MIDDLE SEA RACE FEATURE

KURT ARRIGO NEW MODEL REVIEWS LOCAL AND INTERNATIONAL NEWS

LOVE TIFFinterview with the

OCTOBER 2010. ISSUE 14 8. FMLIFEST Y LE.COM

CLUB EVENTS EXCLUSIVE INTERVIEW: VOLVO OCEAN RACE TEAMS

NOVEMBER 2010. ISSUE 14 9. FMLIFES T Y LE.COM

ORACLE TEAM USA CONQUERS AMERICA ROLEX MIDDLE SEA RACE

Exclusive Next Top Model winner of Britain’s

FEMME MAGAZINE | DEC ISSUE 165 | FMLIFESTYLE.COM

Esimit Europa 2 takes line honours NEW YEAR FASHION RESOLUTIONS

ROLEX MIDDLE SEA RACE 2012 SPECIAL EDITION

HISTORY

BUILD

Sir Francis Chichester

Lupo Di Mare

INTERVIEW

THIS MONTH'S TOP 10

Patrick Pollacco

Yachts and Powerboats

IIG Bank Gozo Race RMSR 2012 in pictures Taking line honours RMSR 2012

TROUSERS VS SKIRTS RECYCLING YOUR LOOK

MONSOON ACCESSORIZE CATALOGUE PULLOUT INSIDE

CHRISTMAS IN PURPLE

Winning the Rolex Middle Sea Race

NOVEMBER 2007 - ISSUE 126

JUNE 2007 - ISSUE 123

ISSUE 31 - DECEMBER 12

May 2017

May 2018 / Issue 06

ISSUE 8 - MAY 2015

REVIEWS THOMAS MEACHEN RC44 VALLETTA CUP

Renzo Grottesi – a sailor’s life

the Malta team

PRINTS AND ACCESSORIES

AND THE GUEST WORE...

ISSUE 27 - DEC 11

14

GETTING A SPRING COMPLEXION

BACK TO THE 1990s

/ Festive Twists Alex Mattei / p.10 // Unwrapped Victor Paul Borg / p.22 // // Say Cheese! Chef Dario / p.40 // I Can Feel It Ramen...Fat Louis’s / p.46 //

ISSUe 08

ALEX THOMSON: EXCLUSIVE INTERVIEW KAYAKING ADVENTURES

The Foodist Elsa Messi p.10 // Will Malta shine in fine dining? Rachel Zammit Cutajar p.12 A different kettle of fish Nicholas Diacono p.18 // Beat the heat Emma Mattei p.24 ISSUE 30 - OCTOBER 12

// Strawberry Fields / p.20 // Breakfasts From Around The World / p.33 //

VOLVO OCEAN RACE BARCELONA WORLD RACE

// Think Outside The Sandwich Box / p.42 // Ditching Plastics / p.49 //

Winter 2019 / Issue 12

April 2016 / Issue 01

ISSUE 6 - JULY 2014

ISSUE 2 - AUGUST 2013 BUSINESS | LIFESTYLE | DESIGN

18

THE CREATIVITY AND DESIGN ISSUE ISSUE 27 OCTOBER/NOVEMBER 2014

INTERVIEWS:

HARLEQUIN DESIGN, DUNCAN BONE, NOMAD

CLUB EVENTS EXCLUSIVE INTERVIEW: VOLVO OCEAN RACE TEAMS

KURT ARRIGO NEW MODEL REVIEWS LOCAL AND INTERNATIONAL NEWS

Make No Misteak Victor Paul Borg p.16 // Starry nights with Vincenzo Guarino Rachel Zammit Cutajar p.20 Feeling Puckish Nick Diacono p.38 // Never Too La[t]te Trevor Diacono p.44

ISSUE 12

TECHNOLOGY AT SEA MALTA CRUISING CLUB TROPHÉE BAILLI DE SUFFREN LATEST MOTOR BOATS REVIEWED

START-UPS

CONTAGIOUS CAMPAIGNS

GAME CHANGER Peter Valentino on MSF and the Olympic Games • TOP TIPS Stay safe when sailing at night AT THE HELM Peter Valentino speaks to Mario Aquilina • AMAZONS A swim-wear shoot that's surely to rock your boat

July 2016 / Issue 02

MAY 2009 – ISSUE 137

December 2016 / Issue 03

JUNE 2008 - ISSUE 131

OFFICE DESIGN

Chefs with tattoos / The cocktail hour cometh / Recipes for success

ISSUE 9 - AUGUST 2015

181

Cheers for cocktails / Summer recipes / Tasting Tokyo / Street Food

JUNE 2016

Special Cannes review

BEACH FASHION

INTERVIEW:

KEN READ

REVIEWS:

SEALINE F530 AND JEANNEAU 54

VOLVO OCEAN RACE:

A SPECTACULAR FINISH

HOLIDAY WARDROBE MAY 2008 - ISSUE 130

JUNE 2006 - ISSUE 115

MAY 2007 - ISSUE 122

FEMME MAGAZINE

THE ECO AND IT ISSUE

COOL OFFICE WEAR

FM IS ThE MaLTa FaShIOn awardS OFFICIaL MagazInE

CITADEL KEELBOAT SPRING SERIES

ROLEX FASTNET RACE

June 2010. ISSUE 1 4 6. FMLIFES T Y LE.COM

Maltese flavours in Mexico / Christmas: food that sings / Nuts for coconut / A fish called lampuka

October 2019 / Issue 11

SUMMER COLOURS

FMLIFEST YLE.COM

MALTA FASHION AWARDS OFFICIAL MAGAZINE

MAY 2010. ISSUE 1 4 5. FMLIFES T YLE.COM

FEMME MAGAZINE

Winter 2020 / Issue 14

Trying out new recipes?

BUY YOUR GROCERIES ONLINE AT

FEM EMME ME MAG MA AZI A NE | NOV AZ N OV ISS S UE 164 | FML FMLIFE IFESTY TYLE. LE COM BUSINESS

Issue 08 July/August 2011

|

LIFEST YLE

|

DESIGN

THE FINANCE EDITION ISSUE 69

COVER STORY

A WEALTH OF EXPERIENCE Alistair Muscat

(1 6)

POLITICAL AND ENVIRONMENTAL IMPERATIVES IN A POST-COVID-19 REALITY Colin Lawrence & Paul Bonello (8) SOFT POWER: THE DIPLOMATIC FRONTIER Hon Evarist Bartolo (3 0) FINANCING GREEN & GREENING FINANCE JP Fabri (3 6)

WHAT YOUR HAIR COLOUR SAYS ABOUT YOU

TIFFANY PISANI

WINTER WARMERS ROCK THE BAROQUE LOOK

BERLIN FASHION WEEK

5

reasons why you should SHOP on myfood.mt

Easy to use

WIN A CANON FULL HD CAMCORDER

Next day delivery

€3 Voucher when spending €50

Free delivery over €75

€7 Voucher when spending €100

Normal Delivery Service Charge Monday to Sunday €5.00

1970s: THE DECADE OF FASHION LOVE

APRIL 2015

July 2019 / Issue 10

ISSUE 14

ISSUE 11

RUFFLES HER FEATHERS

177

CLEAN TECHNOLOGY / GREEN FINANCE / INTERVIEW WITH MINISTER AUSTIN GATT

The Foodist Elsa Messi p.8 // Endorsing local seafood JD Farrugia p.12 Food Art Rachel Zammit Cutajar p.16 // Oh, dear summer, where have you gone? Trevor Diacono p.45

0033-CE20 myfood Q4 Campaign September 2020 Ad 265x210.indd 3

Chef Zoran Bogdanovski Elsa Messi p.10 // Xmassing Cranberries Rachel Zammit Cutajar p.19 Tongue-In-Stew Nick Diacono p.37 // It takes two to Mango Trevor Diacono p.45

09/10/2020 15:41

OCTOBER 2007 - ISSUE 125

FM Issue 177 - 1

December 2018 / Issue 08

ISSUE 6 - JULY 2014

ISSUE 3 - OCTOBER 2013

FEMME MAGAZINE | ISSUE 172 | FMLIFESTYLE.COM

Eat rEligiously

SPECIAL MIDDLE SEA RACE FEATURE

KURT ARRIGO NEW MODEL REVIEWS LOCAL AND INTERNATIONAL NEWS

LOVE TIFFinterview with the

OCTOBER 2010. ISSUE 1 4 8. FMLIFEST Y LE.COM

CLUB EVENTS EXCLUSIVE INTERVIEW: VOLVO OCEAN RACE TEAMS

NOVEMBER 2010. ISSUE 1 4 9. FMLIFEST Y LE.COM

ORACLE TEAM USA CONQUERS AMERICA ROLEX MIDDLE SEA RACE

Exclusive Next Top Model winner of Britain’s

May 2017

FEMME MAGAZINE | DEC ISSUE 165 | FMLIFESTYLE.COM

Esimit Europa 2 takes line honours NEW YEAR FASHION RESOLUTIONS

ROLEX MIDDLE SEA RACE 2012 SPECIAL EDITION

HISTORY

BUILD

Sir Francis Chichester

IIG Bank Gozo Race RMSR 2012 in pictures Taking line honours RMSR 2012

TROUSERS VS SKIRTS

Lupo Di Mare

INTERVIEW

THIS MONTH'S TOP 10

Patrick Pollacco

Yachts and Powerboats

RECYCLING YOUR LOOK

MONSOON ACCESSORIZE CATALOGUE PULLOUT INSIDE

CHRISTMAS IN PURPLE

Winning the Rolex Middle Sea Race

NOVEMBER 2007 - ISSUE 126

JUNE 2007 - ISSUE 123

ISSUE 31 - DECEMBER 12

14

May 2018 / Issue 06

ISSUE 8 - MAY 2015

REVIEWS THOMAS MEACHEN RC44 VALLETTA CUP

Renzo Grottesi – a sailor’s life

the Malta team

PRINTS AND ACCESSORIES

AND THE GUEST WORE...

ISSUE 27 - DEC 11

ISSUE 30 - OCTOBER 12

GETTING A SPRING COMPLEXION

BACK TO THE 1990s

/ Festive Twists Alex Mattei / p.10 // Unwrapped Victor Paul Borg / p.22 // // Say Cheese! Chef Dario / p.40 // I Can Feel It Ramen...Fat Louis’s / p.46 //

ISSUe 08

ALEX THOMSON: EXCLUSIVE INTERVIEW KAYAKING ADVENTURES

The Foodist Elsa Messi p.10 // Will Malta shine in fine dining? Rachel Zammit Cutajar p.12 A different kettle of fish Nicholas Diacono p.18 // Beat the heat Emma Mattei p.24

// Strawberry Fields / p.20 // Breakfasts From Around The World / p.33 //

VOLVO OCEAN RACE BARCELONA WORLD RACE

// Think Outside The Sandwich Box / p.42 // Ditching Plastics / p.49 //

Winter 2019 / Issue 12

April 2016 / Issue 01

18

ISSUE 2 - AUGUST 2013 BUSINESS | LIFESTYLE | DESIGN

THE CREATIVITY AND DESIGN ISSUE ISSUE 27 OCTOBER/NOVEMBER 2014

INTERVIEWS:

HARLEQUIN DESIGN, DUNCAN BONE, NOMAD

Make No Misteak Victor Paul Borg p.16 // Starry nights with Vincenzo Guarino Rachel Zammit Cutajar p.20 Feeling Puckish Nick Diacono p.38 // Never Too La[t]te Trevor Diacono p.44

ISSUE 12

TECHNOLOGY AT SEA MALTA CRUISING CLUB TROPHÉE BAILLI DE SUFFREN LATEST MOTOR BOATS REVIEWED

START-UPS

CONTAGIOUS CAMPAIGNS

GAME CHANGER Peter Valentino on MSF and the Olympic Games • TOP TIPS Stay safe when sailing at night AT THE HELM Peter Valentino speaks to Mario Aquilina • AMAZONS A swim-wear shoot that's surely to rock your boat

July 2016 / Issue 02

MAY 2009 – ISSUE 137

December 2016 / Issue 03

JUNE 2008 - ISSUE 131

OFFICE DESIGN

Chefs with tattoos / The cocktail hour cometh / Recipes for success

ISSUE 9 - AUGUST 2015

181

Cheers for cocktails / Summer recipes / Tasting Tokyo / Street Food

JUNE 2016

FM IS ThE MaLTa FaShIOn awardS OFFICIaL MagazInE Special Cannes review

BEACH FASHION

REVIEWS:

SEALINE F530 AND JEANNEAU 54

CITADEL KEELBOAT SPRING SERIES INTERVIEW:

KEN READ VOLVO OCEAN RACE:

A SPECTACULAR FINISH

HOLIDAY WARDROBE MAY 2008 - ISSUE 130

JUNE 2006 - ISSUE 115

MAY 2007 - ISSUE 122

FEMME MAGAZINE

THE ECO AND IT ISSUE

COOL OFFICE WEAR

ROLEX FASTNET RACE

June 2010. ISSUE 1 4 6. FMLIFES T Y LE.COM

Maltese flavours in Mexico / Christmas: food that sings / Nuts for coconut / A fish called lampuka

October 2019 / Issue 11

SUMMER COLOURS

FMLIFEST YLE.COM

MALTA FASHION AWARDS OFFICIAL MAGAZINE

MAY 2010. ISSUE 14 5. FMLIFEST YLE.COM

FEMME MAGAZINE

Winter 2020 / Issue 14

Trying out new recipes?

BUY YOUR GROCERIES ONLINE AT

FEM EMME ME MAG MA AZI A NE | NOV AZ N OV ISS S UE 164 | FML FMLIFE IFESTY TYLE. LE COM BUSINESS

Issue 08 July/August 2011

|

LIFEST YLE

|

DESIGN

THE FINANCE EDITION ISSUE 69

COVER STORY

A WEALTH OF EXPERIENCE Alistair Muscat

(1 6)

POLITICAL AND ENVIRONMENTAL IMPERATIVES IN A POST-COVID-19 REALITY Colin Lawrence & Paul Bonello (8) SOFT POWER: THE DIPLOMATIC FRONTIER Hon Evarist Bartolo (3 0) FINANCING GREEN & GREENING FINANCE JP Fabri (3 6)

APRIL 2015

July 2019 / Issue 10

WHAT YOUR HAIR COLOUR SAYS ABOUT YOU

TIFFANY PISANI

WINTER WARMERS

RUFFLES HER FEATHERS

ROCK THE BAROQUE LOOK

BERLIN FASHION WEEK

5

reasons why you should SHOP on myfood.mt

Easy to use

WIN A CANON FULL HD CAMCORDER

Next day delivery

€3 Voucher when spending €50

Free delivery over €75

€7 Voucher when spending €100

ISSUE 14

ISSUE 11

177

CLEAN TECHNOLOGY / GREEN FINANCE / INTERVIEW WITH MINISTER AUSTIN GATT

The Foodist Elsa Messi p.8 // Endorsing local seafood JD Farrugia p.12 Food Art Rachel Zammit Cutajar p.16 // Oh, dear summer, where have you gone? Trevor Diacono p.45

Normal Delivery Service Charge Monday to Sunday €5.00

1970s: THE DECADE OF FASHION LOVE

0033-CE20 myfood Q4 Campaign September 2020 Ad 265x210.indd 3

09/10/2020 15:41

ISSUE 6 - JULY 2014

ISSUE 3 - OCTOBER 2013

ORACLE TEAM USA CONQUERS AMERICA ROLEX MIDDLE SEA RACE

SPECIAL MIDDLE SEA RACE FEATURE

CLUB EVENTS EXCLUSIVE INTERVIEW: VOLVO OCEAN RACE TEAMS

NOVEMBER 2010. ISSUE 1 4 9. FMLIFES T Y LE.COM

ALEX THOMSON: EXCLUSIVE INTERVIEW KAYAKING ADVENTURES

The Foodist Elsa Messi p.10 // Will Malta shine in fine dining? Rachel Zammit Cutajar p.12 A different kettle of fish Nicholas Diacono p.18 // Beat the heat Emma Mattei p.24

FEMME MAGAZINE | ISSUE 172 | FMLIFESTYLE.COM

KURT ARRIGO NEW MODEL REVIEWS LOCAL AND INTERNATIONAL NEWS

LOVE TIFFinterview with the

Exclusive Next Top Model winner of Britain’s

OCTOBER 2010. ISSUE 1 4 8. FMLIFES T Y LE.COM

OCTOBER 2007 - ISSUE 125

FM Issue 177 - 1

BACK TO THE 1990s AND THE GUEST WORE...

ISSUE 27 - DEC 11

ISSUE 30 - OCTOBER 12

May 2017

14

FEMME MAGAZINE | DEC ISSUE 165 | FMLIFESTYLE.COM

Esimit Europa 2 takes line honours ROLEX MIDDLE SEA RACE 2012 SPECIAL EDITION

NEW YEAR FASHION RESOLUTIONS HISTORY Sir Francis Chichester INTERVIEW Patrick Pollacco

BUILD

TROUSERS VS SKIRTS

Lupo Di Mare

THIS MONTH'S TOP 10 Yachts and Powerboats

RECYCLING YOUR LOOK CHRISTMAS IN PURPLE

MONSOON ACCESSORIZE CATALOGUE PULLOUT INSIDE

IIG Bank Gozo Race RMSR 2012 in pictures Taking line honours RMSR 2012 the Malta team

Winning the Rolex Middle Sea Race

NOVEMBER 2007 - ISSUE 126

JUNE 2007 - ISSUE 123

ISSUE 31 - DECEMBER 12

May 2018 / Issue 06

ISSUE 8 - MAY 2015

Renzo Grottesi – a sailor’s life // Strawberry Fields / p.20 // Breakfasts From Around The World / p.33 // // Think Outside The Sandwich Box / p.42 // Ditching Plastics / p.49 //

REVIEWS THOMAS MEACHEN RC44 VALLETTA CUP

VOLVO OCEAN RACE BARCELONA WORLD RACE

GETTING A SPRING COMPLEXION

PRINTS AND ACCESSORIES

Chef Zoran Bogdanovski Elsa Messi p.10 // Xmassing Cranberries Rachel Zammit Cutajar p.19 Tongue-In-Stew Nick Diacono p.37 // It takes two to Mango Trevor Diacono p.45

Winter 2019 / Issue 12

April 2016 / Issue 01

ISSUE 9 - AUGUST 2015

ISSUE 2 - AUGUST 2013 BUSINESS | LIFESTYLE | DESIGN

18

THE CREATIVITY AND DESIGN ISSUE ISSUE 27 OCTOBER/NOVEMBER 2014

INTERVIEWS:

HARLEQUIN DESIGN, DUNCAN BONE, NOMAD

ROLEX FASTNET RACE REVIEWS:

SEALINE F530 AND JEANNEAU 54

CITADEL KEELBOAT SPRING SERIES INTERVIEW:

KEN READ VOLVO OCEAN RACE:

A SPECTACULAR FINISH

Make No Misteak Victor Paul Borg p.16 // Starry nights with Vincenzo Guarino Rachel Zammit Cutajar p.20 Feeling Puckish Nick Diacono p.38 // Never Too La[t]te Trevor Diacono p.44

ISSUE 12

Chefs with tattoos / The cocktail hour cometh / Recipes for success

TECHNOLOGY AT SEA MALTA CRUISING CLUB TROPHÉE BAILLI DE SUFFREN LATEST MOTOR BOATS REVIEWED

START-UPS

CONTAGIOUS CAMPAIGNS

GAME CHANGER Peter Valentino on MSF and the Olympic Games • TOP TIPS Stay safe when sailing at night AT THE HELM Peter Valentino speaks to Mario Aquilina • AMAZONS A swim-wear shoot that's surely to rock your boat

July 2016 / Issue 02

MAY 2009 – ISSUE 137

December 2016 / Issue 03

JUNE 2008 - ISSUE 131

OFFICE DESIGN

ISSUE 9 - AUGUST 2015

181

Cheers for cocktails / Summer recipes / Tasting Tokyo / Street Food

JUNE 2016

FEMME MAGAZINE

THE ECO AND IT ISSUE

COOL OFFICE WEAR

FM IS ThE MaLTa FaShIOn awardS OFFICIaL MagazInE Special Cannes review

BEACH FASHION

CITADEL KEELBOAT SPRING SERIES

ROLEX FASTNET RACE

INTERVIEW:

KEN READ

REVIEWS:

SEALINE F530 AND JEANNEAU 54

VOLVO OCEAN RACE:

A SPECTACULAR FINISH

HOLIDAY WARDROBE MAY 2008 - ISSUE 130

JUNE 2006 - ISSUE 115

MAY 2007 - ISSUE 122

October 2019 / Issue 11

SUMMER COLOURS

June 2010. ISSUE 14 6. FMLIFEST Y LE.COM

Maltese flavours in Mexico / Christmas: food that sings / Nuts for coconut / A fish called lampuka

FMLIFESTYLE.COM

MALTA FASHION AWARDS OFFICIAL MAGAZINE

MAY 2010. ISSUE 1 4 5. FMLIFEST Y LE.COM

FEMME MAGAZINE

Winter 2020 / Issue 14

Trying out new recipes?

BUY YOUR GROCERIES ONLINE AT

FEM EMME ME MAG MA AZI A NE | NOV AZ N OV ISS S UE 164 | FML FMLIFE IFESTY TYLE. LE COM BUSINESS

Issue 08 July/August 2011

|

LIFEST YLE

|

DESIGN

THE FINANCE EDITION ISSUE 69

COVER STORY

A WEALTH OF EXPERIENCE Alistair Muscat

(1 6)

POLITICAL AND ENVIRONMENTAL IMPERATIVES IN A POST-COVID-19 REALITY Colin Lawrence & Paul Bonello (8) SOFT POWER: THE DIPLOMATIC FRONTIER Hon Evarist Bartolo (3 0) FINANCING GREEN & GREENING FINANCE JP Fabri (3 6)

WINTER WARMERS

5

reasons why you should SHOP on myfood.mt

Easy to use

WIN A CANON FULL HD CAMCORDER

Next day delivery

€3 Voucher when spending €50

Free delivery over €75

€7 Voucher when spending €100

ISSUE 14

ISSUE 11

ROCK THE BAROQUE LOOK

BERLIN FASHION WEEK

Normal Delivery Service Charge Monday to Sunday €5.00

1970s: THE DECADE OF FASHION LOVE

APRIL 2015

Winter 2019 / Issue 12

WHAT YOUR HAIR COLOUR SAYS ABOUT YOU

RUFFLES HER FEATHERS

177

CLEAN TECHNOLOGY / GREEN FINANCE / INTERVIEW WITH MINISTER AUSTIN GATT

The Foodist Elsa Messi p.8 // Endorsing local seafood JD Farrugia p.12 Food Art Rachel Zammit Cutajar p.16 // Oh, dear summer, where have you gone? Trevor Diacono p.45

TIFFANY PISANI

0033-CE20 myfood Q4 Campaign September 2020 Ad 265x210.indd 3

Chef Zoran Bogdanovski Elsa Messi p.10 // Xmassing Cranberries Rachel Zammit Cutajar p.19 Tongue-In-Stew Nick Diacono p.37 // It takes two to Mango Trevor Diacono p.45

09/10/2020 15:41

ISSUE 6 - JULY 2014

ISSUE 3 - OCTOBER 2013

ISSUE 12

ORACLE TEAM USA CONQUERS AMERICA ROLEX MIDDLE SEA RACE

CLUB EVENTS EXCLUSIVE INTERVIEW: VOLVO OCEAN RACE TEAMS

NOVEMBER 2010. ISSUE 14 9. FMLIFES T Y LE.COM

ALEX THOMSON: EXCLUSIVE INTERVIEW KAYAKING ADVENTURES

Make No Misteak Victor Paul Borg p.16 // Starry nights with Vincenzo Guarino Rachel Zammit Cutajar p.20 Feeling Puckish Nick Diacono p.38 // Never Too La[t]te Trevor Diacono p.44

FEMME MAGAZINE | ISSUE 172 | FMLIFESTYLE.COM

SPECIAL MIDDLE SEA RACE FEATURE

KURT ARRIGO NEW MODEL REVIEWS LOCAL AND INTERNATIONAL NEWS

LOVE TIFFinterview with the

OCTOBER 2010. ISSUE 14 8. FMLIFEST Y LE.COM

OCTOBER 2007 - ISSUE 125

FM Issue 177 - 1

Exclusive Next Top Model winner of Britain’s

FEMME MAGAZINE | DEC ISSUE 165 | FMLIFESTYLE.COM

Esimit Europa 2 takes line honours NEW YEAR FASHION RESOLUTIONS

ROLEX MIDDLE SEA RACE 2012 SPECIAL EDITION

HISTORY

BUILD

Sir Francis Chichester

Lupo Di Mare

INTERVIEW

THIS MONTH'S TOP 10

Patrick Pollacco

Yachts and Powerboats

IIG Bank Gozo Race RMSR 2012 in pictures Taking line honours RMSR 2012

TROUSERS VS SKIRTS RECYCLING YOUR LOOK

MONSOON ACCESSORIZE CATALOGUE PULLOUT INSIDE

CHRISTMAS IN PURPLE

Winning the Rolex Middle Sea Race

NOVEMBER 2007 - ISSUE 126

JUNE 2007 - ISSUE 123

May 2017

May 2018 / Issue 06

ISSUE 8 - MAY 2015

REVIEWS THOMAS MEACHEN RC44 VALLETTA CUP

Renzo Grottesi – a sailor’s life

the Malta team

PRINTS AND ACCESSORIES

AND THE GUEST WORE...

ISSUE 31 - DECEMBER 12

14

GETTING A SPRING COMPLEXION

BACK TO THE 1990s

ISSUE 27 - DEC 11

ISSUE 30 - OCTOBER 12

// Strawberry Fields / p.20 // Breakfasts From Around The World / p.33 //

VOLVO OCEAN RACE BARCELONA WORLD RACE

// Think Outside The Sandwich Box / p.42 // Ditching Plastics / p.49 //

April 2016 / Issue 01

18

ISSUE 2 - AUGUST 2013 BUSINESS | LIFESTYLE | DESIGN

THE CREATIVITY AND DESIGN ISSUE ISSUE 27 OCTOBER/NOVEMBER 2014

TECHNOLOGY AT SEA MALTA CRUISING CLUB TROPHÉE BAILLI DE SUFFREN LATEST MOTOR BOATS REVIEWED

START-UPS INTERVIEWS:

CONTAGIOUS CAMPAIGNS

HARLEQUIN DESIGN, DUNCAN BONE, NOMAD

GAME CHANGER Peter Valentino on MSF and the Olympic Games • TOP TIPS Stay safe when sailing at night AT THE HELM Peter Valentino speaks to Mario Aquilina • AMAZONS A swim-wear shoot that's surely to rock your boat

July 2016 / Issue 02

MAY 2009 – ISSUE 137

December 2016 / Issue 03

JUNE 2008 - ISSUE 131

OFFICE DESIGN

Chefs with tattoos / The cocktail hour cometh / Recipes for success

ISSUE 9 - AUGUST 2015

181

Cheers for cocktails / Summer recipes / Tasting Tokyo / Street Food

JUNE 2016

Special Cannes review

BEACH FASHION

INTERVIEW:

KEN READ

REVIEWS:

SEALINE F530 AND JEANNEAU 54

VOLVO OCEAN RACE:

A SPECTACULAR FINISH

HOLIDAY WARDROBE MAY 2008 - ISSUE 130

JUNE 2006 - ISSUE 115

MAY 2007 - ISSUE 122

FEMME MAGAZINE

THE ECO AND IT ISSUE

COOL OFFICE WEAR

FM IS ThE MaLTa FaShIOn awardS OFFICIaL MagazInE

CITADEL KEELBOAT SPRING SERIES

ROLEX FASTNET RACE

June 2010. ISSUE 1 4 6. FMLIFES T Y LE.COM

Maltese flavours in Mexico / Christmas: food that sings / Nuts for coconut / A fish called lampuka

October 2019 / Issue 11

SUMMER COLOURS

FMLIFEST YLE.COM

MALTA FASHION AWARDS OFFICIAL MAGAZINE

MAY 2010. ISSUE 1 4 5. FMLIFES T YLE.COM

FEMME MAGAZINE

Winter 2020 / Issue 14

Trying out new recipes?

BUY YOUR GROCERIES ONLINE AT

FEM EMME ME MAG MA AZI A NE | NOV AZ N OV ISS S UE 164 | FML FMLIFE IFESTY TYLE. LE COM BUSINESS

Issue 08 July/August 2011

|

LIFEST YLE

|

DESIGN

THE FINANCE EDITION ISSUE 69

COVER STORY

A WEALTH OF EXPERIENCE

YEARS Alistair Muscat

(1 6)

POLITICAL AND ENVIRONMENTAL IMPERATIVES IN A POST-COVID-19 REALITY Colin Lawrence & Paul Bonello (8)

SOFT POWER: THE DIPLOMATIC FRONTIER Hon Evarist Bartolo (3 0) FINANCING GREEN & GREENING FINANCE JP Fabri (3 6)

WHAT YOUR HAIR COLOUR SAYS ABOUT YOU WINTER WARMERS

ROCK THE BAROQUE LOOK

BERLIN FASHION WEEK 1970s: THE DECADE OF FASHION LOVE

OCTOBER 2007 - ISSUE 125

FM Issue 177 - 1

ANNIVERSARY CLUB EVENTS EXCLUSIVE INTERVIEW: VOLVO OCEAN RACE TEAMS

NOVEMBER 2010. ISSUE 1 4 9. FMLIFEST Y LE.COM

ORACLE TEAM USA CONQUERS AMERICA ROLEX MIDDLE SEA RACE

SPECIAL MIDDLE SEA RACE FEATURE

KURT ARRIGO NEW MODEL REVIEWS LOCAL AND INTERNATIONAL NEWS

LOVE TIFFinterview with the

Exclusive Next Top Model winner of Britain’s

Esimit Europa 2 takes line honours

NEW YEAR FASHION RESOLUTIONS

ROLEX MIDDLE SEA RACE 2012 SPECIAL EDITION

HISTORY

BUILD

Sir Francis Chichester

TROUSERS VS SKIRTS

Lupo Di Mare

INTERVIEW

THIS MONTH'S TOP 10

Patrick Pollacco

Yachts and Powerboats

RECYCLING YOUR LOOK CHRISTMAS IN PURPLE

Winning the Rolex Middle Sea Race

NOVEMBER 2007 - ISSUE 126

JUNE 2007 - ISSUE 123

FEMME MAGAZINE | DEC ISSUE 165 | FMLIFESTYLE.COM

€7 Voucher when spending €100

Chef Zoran Bogdanovski Elsa Messi p.10 // Xmassing Cranberries Rachel Zammit Cutajar p.19 Tongue-In-Stew Nick Diacono p.37 // It takes two to Mango Trevor Diacono p.45

IIG Bank Gozo Race RMSR 2012 in pictures Taking line honours RMSR 2012

ISSUE 8 - MAY 2015

Renzo Grottesi – a sailor’s life

the Malta team

GETTING A SPRING COMPLEXION

PRINTS AND ACCESSORIES

AND THE GUEST WORE...

May 2018 / Issue 06

Since our launch in 2002, our blend of compelling content and superb photography with features on business, politics, yachting, tech and social issues continues to make each beautifully crafted magazine a collectors’ item. The years quickly established a reputation as a dynamic, high-end publishing house brought together by an emerging set of designers, photographers, stylists and writers tied by a search for creativity and authenticity. And as we celebrate our 20th anniversary, we’d be nothing without the support of all our advertisers with who we’ve been lucky enough to work with over the years.

MONSOON ACCESSORIZE CATALOGUE PULLOUT INSIDE

Free delivery over €75

09/10/2020 15:41

BACK TO THE 1990s

/ Festive Twists Alex Mattei / p.10 // Unwrapped Victor Paul Borg / p.22 // // Say Cheese! Chef Dario / p.40 // I Can Feel It Ramen...Fat Louis’s / p.46 //

ISSUe 08

May 2017

14

€3 Voucher when spending €50

Eat rEligiously

ISSUE 31 - DECEMBER 12

Next day delivery

FEMME MAGAZINE | ISSUE 172 | FMLIFESTYLE.COM

ISSUE 27 - DEC 11

ISSUE 30 - OCTOBER 12

reasons why you should SHOP on myfood.mt

Easy to use

Normal Delivery Service Charge Monday to Sunday €5.00

0033-CE20 myfood Q4 Campaign September 2020 Ad 265x210.indd 3

December 2018 / Issue 08

ISSUE 6 - JULY 2014

ISSUE 3 - OCTOBER 2013

ALEX THOMSON: EXCLUSIVE INTERVIEW KAYAKING ADVENTURES

5

WIN A CANON FULL HD CAMCORDER

ISSUE 14

ISSUE 11

RUFFLES HER FEATHERS

APRIL 2015

OCTOBER 2010. ISSUE 1 4 8. FMLIFEST Y LE.COM

TIFFANY PISANI

177

CLEAN TECHNOLOGY / GREEN FINANCE / INTERVIEW WITH MINISTER AUSTIN GATT

The Foodist Elsa Messi p.8 // Endorsing local seafood JD Farrugia p.12 Food Art Rachel Zammit Cutajar p.16 // Oh, dear summer, where have you gone? Trevor Diacono p.45

// Strawberry Fields / p.20 // Breakfasts From Around The World / p.33 //

REVIEWS THOMAS MEACHEN RC44 VALLETTA CUP

VOLVO OCEAN RACE BARCELONA WORLD RACE

// Think Outside The Sandwich Box / p.42 // Ditching Plastics / p.49 //

Winter 2019 / Issue 12

April 2016 / Issue 01

18

ISSUE 2 - AUGUST 2013

THE CREATIVITY AND DESIGN ISSUE ISSUE 27 OCTOBER/NOVEMBER 2014

OFFICE DESIGN

TECHNOLOGY AT SEA MALTA CRUISING CLUB TROPHÉE BAILLI DE SUFFREN LATEST MOTOR BOATS REVIEWED

START-UPS INTERVIEWS:

CONTAGIOUS CAMPAIGNS

HARLEQUIN DESIGN, DUNCAN BONE, NOMAD

Make No Misteak Victor Paul Borg p.16 // Starry nights with Vincenzo Guarino Rachel Zammit Cutajar p.20 Feeling Puckish Nick Diacono p.38 // Never Too La[t]te Trevor Diacono p.44

ISSUE 12

Chefs with tattoos / The cocktail hour cometh / Recipes for success

GAME CHANGER Peter Valentino on MSF and the Olympic Games • TOP TIPS Stay safe when sailing at night AT THE HELM Peter Valentino speaks to Mario Aquilina • AMAZONS A swim-wear shoot that's surely to rock your boat

July 2016 / Issue 02

MAY 2009 – ISSUE 137

December 2016 / Issue 03

JUNE 2008 - ISSUE 131

BUSINESS | LIFESTYLE | DESIGN

ISSUE 9 - AUGUST 2015

bemags.com Special Cannes review

BEACH FASHION HOLIDAY WARDROBE

JUNE 2006 - ISSUE 115

MAY 2007 - ISSUE 122

FEMME MAGAZINE

THE ECO AND IT ISSUE

COOL OFFICE WEAR

FM IS ThE MaLTa FaShIOn awardS OFFICIaL MagazInE

ROLEX FASTNET RACE REVIEWS:

SEALINE F530 AND JEANNEAU 54

CITADEL KEELBOAT SPRING SERIES INTERVIEW:

KEN READ VOLVO OCEAN RACE:

A SPECTACULAR FINISH

MAY 2008 - ISSUE 130

JUNE 2016

June 2010. ISSUE 1 4 6. FMLIFES T Y LE.COM

181

Cheers for cocktails / Summer recipes / Tasting Tokyo / Street Food

SUMMER COLOURS

FMLIFEST YLE.COM

Maltese flavours in Mexico / Christmas: food that sings / Nuts for coconut / A fish called lampuka

October 2019 / Issue 11

Winter 2020 / Issue 14

Trying out new recipes?

BUY YOUR GROCERIES ONLINE AT

FEM EMME ME MAG MA AZI A NE | NOV AZ N OV ISS S UE 164 | FML FMLIFE IFESTY TYLE. LE COM

BUSINESS

Issue 08 July/August 2011

|

LIFEST YLE

|

DESIGN

THE FINANCE EDITION ISSUE 69

COVER STORY

A WEALTH OF EXPERIENCE Alistair Muscat

(1 6)

POLITICAL AND ENVIRONMENTAL IMPERATIVES IN A POST-COVID-19 REALITY Colin Lawrence & Paul Bonello (8) SOFT POWER: THE DIPLOMATIC FRONTIER Hon Evarist Bartolo (3 0) FINANCING GREEN & GREENING FINANCE JP Fabri (3 6)

APRIL 2015

July 2019 / Issue 10

WHAT YOUR HAIR COLOUR SAYS ABOUT YOU

TIFFANY PISANI

WINTER WARMERS

RUFFLES HER FEATHERS

ROCK THE BAROQUE LOOK

BERLIN FASHION WEEK

5

reasons why you should SHOP on myfood.mt

Easy to use

WIN A CANON FULL HD CAMCORDER

Next day delivery

€3 Voucher when spending €50

Free delivery over €75

€7 Voucher when spending €100

ISSUE 14

ISSUE 11

177

CLEAN TECHNOLOGY / GREEN FINANCE / INTERVIEW WITH MINISTER AUSTIN GATT

The Foodist Elsa Messi p.8 // Endorsing local seafood JD Farrugia p.12 Food Art Rachel Zammit Cutajar p.16 // Oh, dear summer, where have you gone? Trevor Diacono p.45

Normal Delivery Service Charge Monday to Sunday €5.00

1970s: THE DECADE OF FASHION LOVE

0033-CE20 myfood Q4 Campaign September 2020 Ad 265x210.indd 3

09/10/2020 15:41

FM Issue 177 - 1

ISSUE 6 - JULY 2014

ISSUE 3 - OCTOBER 2013

ORACLE TEAM USA CONQUERS AMERICA ROLEX MIDDLE SEA RACE

SPECIAL MIDDLE SEA RACE FEATURE

CLUB EVENTS EXCLUSIVE INTERVIEW: VOLVO OCEAN RACE TEAMS

NOVEMBER 2010. ISSUE 1 4 9. FMLIFES T Y LE.COM

ALEX THOMSON: EXCLUSIVE INTERVIEW KAYAKING ADVENTURES

The Foodist Elsa Messi p.10 // Will Malta shine in fine dining? Rachel Zammit Cutajar p.12 A different kettle of fish Nicholas Diacono p.18 // Beat the heat Emma Mattei p.24

FEMME MAGAZINE | ISSUE 172 | FMLIFESTYLE.COM

KURT ARRIGO NEW MODEL REVIEWS LOCAL AND INTERNATIONAL NEWS

LOVE TIFFinterview with the

Exclusive Next Top Model winner of Britain’s

OCTOBER 2010. ISSUE 1 4 8. FMLIFES T Y LE.COM

OCTOBER 2007 - ISSUE 125

BACK TO THE 1990s AND THE GUEST WORE...

ISSUE 27 - DEC 11

ISSUE 30 - OCTOBER 12

JUNE 2007 - ISSUE 123

ISSUE 31 - DECEMBER 12

May 2017

14

FEMME MAGAZINE | DEC ISSUE 165 | FMLIFESTYLE.COM

Esimit Europa 2 takes line honours ROLEX MIDDLE SEA RACE 2012 SPECIAL EDITION

NEW YEAR FASHION RESOLUTIONS HISTORY Sir Francis Chichester INTERVIEW Patrick Pollacco

BUILD

TROUSERS VS SKIRTS

Lupo Di Mare

THIS MONTH'S TOP 10 Yachts and Powerboats

RECYCLING YOUR LOOK CHRISTMAS IN PURPLE

MONSOON ACCESSORIZE CATALOGUE PULLOUT INSIDE

IIG Bank Gozo Race RMSR 2012 in pictures Taking line honours RMSR 2012 the Malta team

Winning the Rolex Middle Sea Race

NOVEMBER 2007 - ISSUE 126

MALTA FASHION AWARDS OFFICIAL MAGAZINE

MAY 2010. ISSUE 14 5. FMLIFEST YLE.COM

FEMME MAGAZINE

May 2018 / Issue 06

ISSUE 8 - MAY 2015

Renzo Grottesi – a sailor’s life // Strawberry Fields / p.20 // Breakfasts From Around The World / p.33 // // Think Outside The Sandwich Box / p.42 // Ditching Plastics / p.49 //

REVIEWS THOMAS MEACHEN RC44 VALLETTA CUP

VOLVO OCEAN RACE BARCELONA WORLD RACE

GETTING A SPRING COMPLEXION

PRINTS AND ACCESSORIES

Chef Zoran Bogdanovski Elsa Messi p.10 // Xmassing Cranberries Rachel Zammit Cutajar p.19 Tongue-In-Stew Nick Diacono p.37 // It takes two to Mango Trevor Diacono p.45

ENVIRONMENT

WHY SUSTAINABLE BUILDING IS CRUCIAL In recent years, the battle has raged on two different fronts of climate change. The first controversy was whether climate change was happening, and the second was whether humans caused climate change. Even recently, some politicians (in the United States and Brazil) either dismissed the science as a hoax or quoted science that supported their point of view, even though they probably did not understand it, Alex Torpiano continues.

FOR TACKLING CLIMATE CHANGE

Today, there seems to be overwhelming

It is recorded that every layer of the oceans

whether climate change is human-made.

evidence that the globe is getting warmer; the

is warming up. Glaciers and ice sheets

Scientists have declared that to ensure that

earth’s surface temperatures have increased

are shrinking, and sea levels are rising. In

the temperature rise over the next couple of

by 1.2 degrees centigrade since 1880, with

addition, the extremes of temperature have

decades does not exceed 1.5 degrees, the

most of the increase occurring after the

also increased. Somehow, droughts, floods

world must reduce carbon dioxide emissions

Second World War. In some parts of the world,

and wildfires have become more frequent

into the atmosphere. The corollary to this

the effect has been more dramatic - in the

worldwide.

is that the natural carbon sinks - primarily large forest areas but any natural green areas

Arctic, the surface temperature increase has

available - need to be preserved.

been about double this amount. This data

The 2021 Intergovernmental Panel on Climate

can also be misleading because the oceans

Change Report, and the 6th Assessment

are an excellent heat sink and have absorbed

Report, seem to have confirmed global

The European Union is one major political

a considerable amount of atmospheric heat.

warming and closed the argument on

block that has embraced, practically without

10

ISSUE 72

MONEY

ENVIRONMENT

hesitation, the call to reduce carbon emissions

buildings, energy, and a circular economy and

This also means that as we strive to make

and will be devoting considerable resources to

(ii) the decarbonisation of transport. Both are

our buildings more energy-efficient, water-

becoming a global leader in this area. The post-

related to this objective of climate neutrality

efficient, etc.., we are only addressing a small

Covid-19 funding programmes that the EU is

by 2050.

part of the overall carbon footprint. If we focus on the balance between energy consumed and

offering its members, through the Recovery and Resilience Programme of Funds, are,

Regarding the energy efficiency of buildings,

that produced from renewable sources, only a

consequently, focused on these objectives.

it is essential to realise that the remarkably

tiny part of the problem is addressed.

more significant proportion of carbon in The EU has approved Malta’s plan to use

the construction industry does not reside

One report (World Business Council for

the grant of €316 million available, recently

in the operational phase of the life-cycle of

Sustainable Development) has pointed out

reduced by €60 million, because it seems

buildings but the construction phase. This

that zero carbon footprint comes from zero

we have less need of these funds than other

is probably even more true in Malta, where

(new) buildings - thus promoting renovation,

countries in the EU. The grant is meant to

the weather is relatively mild all year around.

and refurbishment, rather than demolition

help Malta’s economy recover, but in a more

The construction phase generates more than

of existing buildings, which is what we enjoy

sustainable and resilient way, addressing

50% of the carbon footprint of buildings, and

doing in Malta. Demolition of existing buildings

the challenges and opportunities of a “green

most of this does not come from “polluting”

- unfortunately, considered in Malta almost a

and digital transition” of the economy. The

construction vehicles but the materials used in

right related to ownership - is probably more

countries benefitting from this facility had to

construction, namely their manufacture and,

wasteful of carbon than anything else.

create plans to show what climate investments

in Malta’s case, transport. This is what is called

and reforms would be promoted (a minimum

embodied energy. Six materials, particularly

According to this council, the next best thing

of 37% must be spent on these objectives)

cement, steel and glass, represent 70% of this

is to build less - that is, to build only that

and what digitalisation initiatives would be

embodied carbon. The manufacture of cement

which is strictly required to support our other

launched (minimum of 20%).

alone has been estimated to contribute as

socio-economic activities, education, health,

much as 8% of total global emissions. Even

industry, and tourism. We must acknowledge

In Malta’s plan, six pillars were proposed - the

with energy neutrality during the operational

that thinking of the construction industry

first two concentrate on (i) energy efficiency of

phase, buildings will not be zero carbon.

as a motor of the economy is intrinsically »

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

11

ENVIRONMENT

not sustainable. It is necessary to ban the

issue, cannot be blithely promoted in Malta.

been expended on road infrastructure -

speculative, investment-driven development

(There is also the issue about how to dispose of

using significant volumes of “carbon-heavy”

that the construction industry has seen,

PV panels at the end of life).

concrete; now, tens of millions are proposed to be used on private electric vehicles.

particularly in the last decades.

Regarding the circular economy, the thrust

Unfortunately, after this massive investment,

Only then would it make sense to confront

must indeed be recycling - and the issues of

we will still have road congestion.

“intelligent” buildings, such as recycling

recycling building waste, especially excavation

materials, using low-carbon materials

waste, are at the top of the agenda. But a

If it were desired to embrace a circular

procured as locally as possible, determining

more holistic view is to look at the reasons

economy, would we devote any attention

the most efficient form of the building,

for generating so much excavation waste in

to what happens at the end of life of these

optimising material use, and so on. Finally,

Malta’s industry. For example, most of the

vehicles, especially their batteries? More

those in the industry know the enormous

excavated volumes are motivated by the

than making our economy greener, it seems

amount of waste generated by a building

“encouragement” to provide more and more

this fund will significantly boost the car

operation, from inert building material waste to

underground car parking, which presumes

manufacturing industry without improving our

cardboard containers, off-cuts, etc.

more private vehicles on the roads. So,

quality of life.

glibly talking about recycling construction To reduce all these issues within the

waste without addressing the cause of so

While we propose spending millions to electrify

construction industry, considering “energy

much construction waste is a self-defeating

our vehicles, there is no mention of the forms

efficiency of buildings” is hopelessly reductive

exercise.

of transport on which Malta relies, namely air and sea, which are several magnitudes more

to a complex problem.

The other important pillar in the proposed plan

polluting in terms of emissions than cars.

Even the issue of energy generation must be

is the decarbonisation of transport. The bulk

tackled more holistically. Promoting renewable

of the funds directed towards this pillar (€111

The point that is being made here is not

energy in Malta has meant the extensive

million, more than 30%) goes towards subsidies

that we should not contribute our share in

promotion of PVs, well and good, but solar

for electric vehicles, collective and multi-

mitigating the human impact on climate

farms come at the expense of open land, be it

modal transport schemes, and subsidies for

change by reducing our emissions footprint.

agricultural or simply green areas. We would

collective road public transport (free buses).

Even if Malta and the rest of Europe meet

be trying to achieve resilience on the one

I have a significant problem with so much

their ambitious decarbonisation targets,

hand, but cutting off the other hand related to

investment in private vehicular transport -

the world will not meet its lower carbon

resilience in the face of climate change itself,

which is doomed to eventual failure if success

emissions targets without the cooperation

such as against flooding, in favour of food

is measured, as it should be, by travel free

of major economies such as India, China,

security, amenity etc. Schemes that apply for

from congestion and hassle. Considerable

Brazil, and others, and climate change is

mainland Europe, where land area is not an

EU funds (€700 million approx.) have already

inevitable. It is, therefore, necessary for

Sustainable construction practices

12

ISSUE 72

MONEY

ENVIRONMENT

Malta to prepare itself properly for climate

The European Commission has already

available by encouraging and facilitating

change. The Commission’s assessment of

suggested a proper price tag be placed

expatriate labour. Successive governments

Malta’s plans contains the phrase “Malta is

on water. Tighter controls over groundwater

and hotel operators have continued to push

particularly vulnerable to climate risks”. In

extraction should undoubtedly accompany

for a higher number of tourists - even though

my view, we are not doing enough - barely

this.

tourists are generally more water-demanding than locals. Water resources are but one of

anything - to manage these risks and adapt to the realities of climate change.

The regeneration of groundwater aquifers,

the reasons why the islands’ tourism model

then, is impeded by:

should change. Even as we mouth the pious intentions to go for quality - and hence

Regional climate change simulations have a degree of uncertainty because of the

(i) increasingly impervious ground

reduced - tourism, we seem unwilling to do

inter-related variables. This is a problem if

surfaces, be it an increased building

anything which could even see a levelling off

one wishes to plan complex interventions

footprint or the sealing of all roads,

of tourist numbers, let alone a reduction. Let

to adapt to the predicted change. There

streets, and even country lanes by the

us finally acknowledge that tourism depletes

is, however, a generic prediction for a

increasing use of concrete, even in rural

scarce resources.

changing climate which includes warmer

contexts; As ambient temperatures rise and rainfall

and drier conditions and a greater tendency to extreme conditions - more vigorous rain

(ii) more intense rain episodes, leading -

decreases, water resources are reduced as

intensity over shorter periods and much

because of the impervious surfaces - to

opposed to the need for additional water for

more sweltering summers. This could have

flooding and water run-off into the sea.

our agricultural areas. A recent study has

significant impacts on our islands, possibly

Solutions exist, such as using permeable

estimated that even retaining the current

almost existential.

pavements, managed aquifer recharge

level of agricultural activity will require 28%

technologies, or green roofs to mitigate

more water. Climate change will therefore

stormwater run-off.

impact the islands’ food security, biodiversity,

In the first instance, changing rainwater

Malta is NOT on course to meet climate targets.

patterns will impact water resources. For

A national action plan also exists, but the

and soil cover quality. Suppose one combines

example, one study predicts a 16% reduction

amount of investment into these and related

this situation with the reality of the Planning

in groundwater resources. This results

technologies are currently woefully low,

Authority’s unhesitating approval of more

mainly from a reduction in precipitation and

particularly when compared to the investment

and more development projects in our valleys

an increase in water demand (there is an

in those activities that directly counter these

and the so-called “outside development

additional, but smaller, impact from rising sea

objectives. Such as road building without

zones” based on policies stretched beyond

levels).

stormwater management systems or subsidies

recognition. In that case, the result cannot be

for impervious photo-voltaic farms over large

considered as doing enough (or anything) to

agricultural tracts.

adapt to the realities of climate change.

economic well-being, should be driving us to

Water demand is intrinsically linked to

Although the Commission’s assessment of

make water planning a top priority in terms

demography. Yet, amazingly, there is no

Malta’s Recovery and Resilience Plan was

of climate change adaptation. In a question

overarching plan for dealing with the issue of

positive, some words should ring alarm bells.

to the Commission in 2010, it stated that

long-term water demand. One would expect

First, the assessment clearly states that

groundwater extraction is occurring faster

that the long-term availability of water

Malta is “NOT on course to meet climate

than replenishment, and thus, Malta may run

resources would inform the maximum number

targets”. Consequently, the fact that NO

out of potable water by 2025. Also, there are

of inhabitants the islands should aim at.

investment seems to be proposed to enhance

about 8500 registered boreholes in Malta

Moreover, one would expect such maximum

our infrastructural resilience (water supply,

and an unknown number (at least as much)

capacity to be essential in preparing spatial

food and agriculture) seems to be a lost

of unregulated ones. This water is extracted

and land-use plans.

opportunity in this regard. As the Commission

The change in rain patterns, and the fundamental importance of water for our

comments, “the Plan does not contain any

at no cost, whether intended to be used for the bottled water industry, filling swimming

On the other hand, successive economic plans

measures with biodiversity as an objective.”

pools, or sustaining agriculture!

have pushed for increasing the human capital

That is not good.

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

13

ARCHITECTURE

MALTA’S ARCHITECTURAL HERITAGE: A HOSTAGE TO PROGRESS OR PROFIT? Lea Hogg met with the architect and heritage expert Edward Said to find out what should be done to preserve what remains of Malta’s architectural identity.

A search of an online real estate site lists 270 residential properties across Malta. 50% are sold at over €500,000, and 20% are over one million. With no sign of a decline in property values, will Malta’s architectural heritage continue to be sacrificed for profit?

Malta’s legacy architecture enjoys international renown, and Unesco considers Valetta the most concentrated historical site in the world. The country is the site of some of the oldest free-standing structures on earth, but like Malta’s medieval, Byzantine and Arab architecture, only a few examples have survived.

As a passionate defender of our architectural heritage Edward Said devotes his energies to creating awareness of the importance and value to society of architecturally significant buildings and protecting those that remain.

Closely involved in various building conservation and masterplan projects, including restoring Forts St Elmo, Manoel, Tigne, St Angelo, the Macina at Senglea and the Lazzaretto complex, Said’s credentials are undisputed. A founding member of the Sliema Heritage Society, set up in 2010 to foster an appreciation of the town’s architectural patrimony, he fears Sliema’s remaining heritage architecture is endangered with a surge of new applications to demolish traditional townhouses in favour of apartment blocks.

Said views the decision on new high-rise buildings in Sliema and Mrieħel as a travesty, cites the Tigne Sliema development as a massacre and agrees the Townsquare project is grotesque and considers some planning decisions unfathomable. Many share his views, and much criticism has been levied at the planning process and loopholes that allow profit to rule over the population’s needs and the environment’s health.

Asked if he believes the planning process is tainted or if it is simply a case of ignorance and apathy, Said replies that there is limited appreciation of architecture within the population. He explains that there was little planning

Our Lady of Victory Church

regulation before 2006. The rampant development after the war increased after independence and resulted in the

14

ISSUE 72

MONEY

ARCHITECTURE

prevalence of vernacular architecture. This ambivalence appears imbued in the Maltese DNA. Today there is increased regulation. The Planning Authority is responsible for making Malta a pleasant and desirable location to live in. The Environment and Resources Authority is charged with safeguarding the environment for a sustainable quality of life. However, critics believe that both regulators are failing abysmally in their objectives.

Some argue that the ERA just slavishly follows PA directions.

Said admits frustration with enforcement failures and the outcome of some planning decisions. He accepts that

Edward Said

regulators are influenced by politicians who, in turn, seek favour from constituents by pandering to their views.

Said maintains that heritage is rarely considered an asset

meet the demand. Understanding that there is an ever-

in Malta and decries heritage being left to the mercy of

increasing strain on the country’s heritage with population

politicians where building and construction have a direct

growth, he agrees with the view of the superintendent of

impact leaving people with money in their pockets.

cultural heritage that “an equilibrium between conservation and adoption for modern-day use” must be found.

But Said is no protectionist. On the contrary, he views

He argues, however, that the planners must consider

buildings as machines that serve a purpose, but he

architecture rooted in the modern tradition but tied to the

advocates for more appealing but affordable housing to

landscape and cultural context. »

Lija Facade

...planners must consider architecture rooted in the modern tradition but tied to the landscape and cultural context.

Lija Facade

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

15

ARCHITECTURE

Edward Said’s stance is that buildings must be harmonious

Rainwater harvesting and the rehabilitation of wells is

with the surroundings and sympathetic to the landscape.

another Edward Said ‘campaign’. We must urge a stocktake

He is campaigning to preserve good examples of the

of the country’s water storage system, repairing and

60s, 70s and 80s architecture and is compiling a list of

renewing to promote water conservation. Road drainage

structures he is lobbying to be saved for posterity.

connected to underground reservoirs must be integral to road construction. Climate change is a reality, so in addition

Said asserts that trees should be part of the government’s

to conserving water, we must build ‘greener buildings”.

strategy for infrastructure. He advocates roadside and sidewalk tree planting, which he contends is an investment that improves the landscape and the quality of life. In addition, green spaces, not only playgrounds, must be integrated into each town and village, says Said.

Sliema has been transformed since my childhood, Edward Said adds. Still, the Sliema Heritage society successfully saved buildings and raised public consciousness regarding the importance of protecting the few remaining examples of traditional dwellings. It is counter-intuitive for the government to allow the demolition of townhouses and their replacement with concrete canyons that obstruct sea breezes, dwarf, low-rise houses, and obscure views, says Said. The Canary Islands and Santorini are excellent examples of islands retaining their touristic appeal by

Canary Islands

preserving their architecture, and we should learn from them.

The early Maltese builders constructed walls, roofs and Edward Said carries on to argue that what is needed is

windows to control temperature. As global warming

for the government to set up an informal think tank. He

increases, the way we design and create today’s buildings

believes that by working collaboratively, government,

must consider climate control. This will take regulation,

environmentalists, architects, developers and urban

and like so many other issues regarding Malta’s built

planners can improve regulation and create a built

environment; it will take Government backing if further

environment focused on what may be suitable for people,

damage is to be controlled.

environment, heritage, and economy. He suggests that the government could set lottery funds aside to remedy

Edward Said studied architecture at the University of Malta and

the worst examples of planning blight and convert historic

holds a post-graduate degree in historic building conservation.

buildings to museums, galleries, or prestigious hotels. One

In 2012 he obtained a master’s degree in the conservation of

good suggestion he adds may be that the funds generated

historic gardens and cultural landscapes from the University of

from the lottery can be used to preserve and maintain

Bath. His primary focus is historic building conservation, and

significant buildings.

he has published various papers on Maltese architectural history.

The Canary Islands and Santorini are excellent examples of islands retaining their touristic appeal by preserving their architecture, and we should learn from them.

Santorini

16

ISSUE 72

MONEY

planit Your Corporate Travel Partner.

Taking care of your business travels, any time, anywhere.

Planit Travel Services Ltd. is a corporate travel management company established in Malta in 1996; servicing various companies locally and abroad with their corporate travel requirements.

www.planit247.eu +356 2133 1010 |

+356 9999 1512

COVER STORY

Women from different Alliance branches were invited for a commemorative photo celebrating Women’s Day 2022

LEADING LADIES OF REAL ESTATE As more women join the labour force, Malta’s real estate market remains generally considered a male-dominated realm where women seem to play a somewhat secondary role. Meanwhile, whilst Alliance Real Estate Group still has slightly more men than women working in their branches, the company is decidedly celebrating women’s participation in leadership roles to effectively address any remaining misconceptions about gender balance.

18

ISSUE 72

MONEY

COVER STORY

Data from the International Labour Organization’s ILOSTAT database

“We are always on the lookout for more capable and determined

indicates that when Alliance was first set up in 2006, less than one out

entrepreneurs to work with us as real estate professionals, and

of every three workers in Malta were women (31.5%), and today, females

gender-based selection has never even been a consideration for us”,

still make up only 42.7% of the entire gainfully employed population

contends Alliance CEO Michael Bonello. “Our corporate setup helps

in the country. Moreover, women are also still lagging behind men in

well-established agents grow and, at the same time, supports new

terms of salaries. According to data from the National Statistics Office,

entrants on their journey to get licensed as professional estate agents

in 2020, the average gross salary in Malta was estimated to be €2735

within a matter of a few weeks. With thirteen offices and two new branch

higher for men than for women. However, since this statistic is based on

openings planned for later this year, we always have room for more

an average gross annual basic salary for employees of €18,913, it may

people to join our teams, and the last thing we want is to restrict the

not be so relevant for self-employed individuals such as those working

already limited talent pool out there”, he continues.

in real estate. For example, estate agents working as sales or letting advisors with a company like Alliance Group are generally engaged as

The scarcity of potential female candidates for entrepreneurial-based

self-employed entrepreneurs in the form of a symbiotic relationship with

roles is visible in statistical data. According to development indicators

the agency. As a result, their earning potential is usually much higher

compiled from officially recognized sources by the World Bank, in 2020,

than this modest national average for employees, with some males or

self-employed females made up only 7.925% of the Maltese workforce.

females reaching six-figure annual incomes.

However, with Alliance Group now numbering more than 200 people, and just over 40% of them being women, the company is amongst the most

Alliance advisors are supported with administration services, training

gender-balanced agency in the industry, and looking at leadership roles,

programmes, technical assistance and the full backing of the company’s

the males to females ratio gap is narrowing even further than ever.

corporate infrastructure to achieve their maximum earning potential without limitations. Furthermore, there is absolutely no discrimination

“In our industry, people reach leadership roles based solely on their

based on gender, age, ethnicity or other factors. Apart from being

entrepreneurial abilities and, ultimately, their performance. So it’s not

contrary to its culture of inclusivity, it would also restrict the group’s

a question of simply issuing a policy to promote more women leaders”,

ambitious growth objectives.

concludes Bonello. »

Our corporate setup helps well-established agents grow and, at the same time, supports new entrants on their journey...

Alliance CEO Michael Bonello Photo by Alan Carville

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

19

COVER STORY

SOME OF THE LEADING REAL Erika Deguara | Co-Franchise Owner, Alliance Attard Erika joined Alliance in 2021 when she signed on as franchise owner to operate Alliance Attard with her business partner Nikki Vella Petroni. Her background in hospitality business management and her vast network of contacts in real estate investments yield excellent results for the branch, with a growing team of sales and letting advisors active in all areas of the property market.

Lorraine Dimech | Co-Franchise Owner, Alliance Birkirkara When Lorraine and her husband Jamie signed on as franchise owners of Alliance Erika Deguara

Birkirkara in 2021, Lorraine pivoted from her academic career to support their growing business with her superb people skills.

Fortunate enough to work together daily, this husband and wife team are nurturing and supporting a growing team of sales and letting advisors offer a high degree of personal service to their clients.

Brenda Magri | Senior Property Advisor,

Lorraine Dimech

Alliance Marina Brenda’s success in real estate is evident by the numerous certificates and trophies she has collected in the six years she has worked in the sector. Highly driven and determined to provide the best value to her clients, she relentlessly pursues her goals, dealing with people from all walks of life very effectively.

Amongst her many experiences, in 2020, she gained wide praise for her creative solution Brenda Magri

to help a visually impaired person “see” what soon became his future home.

Ina Pavlova | Franchise Owner, Alliance

by Steps Properties Ina is the most recent addition to the Alliance Group management team, as she recently signed on as franchise owner for Alliance

by Steps Properties in St Julian’s. Ina is

Abigail Simiana

determined to accelerate the growth of

20

ISSUE 72

MONEY

COVER STORY

ESTATE LADIES AT ALLIANCE What you need to make it in real estate: »

Emotional intelligence;

»

Empathy;

»

Good listening skills;

»

Some creative flair;

»

Good communication skills with different people;

»

Dedication and determination.

Alliance CFO Leslie Xerri, CEO Michael Bonello, Ina Pavlova and Abigail Simiana at the franchise agreement signing setting up Alliance by Steps Properties

the estate agency she started nine years ago, with the benefits of the Alliance brand, infrastructure, training, marketing and operations management support.

Abigail Simiana | Letting Chief Operating Officer Abigail joined in 2021 to set up and lead the newly launched Alliance Letting division.

With her experience in customer service, sales management, property letting, and the support of the Alliance management team, in

Ana-Marija Zafirovska

the past six months, Alliance Letting has built a team of over fifty letting agents speaking

Ritianne Spiteri

more than 12 languages to cater for a diverse

Ana-Marija Zafirovska | Branch

client base.

Manager, Alliance San Gwann

Ritianne Spiteri | Head of Anti-Money

Ana-Marija runs the Alliance branch in San

Laundering and Administration

Gwann with a team of 20 dedicated sales and letting property advisors, who are among the

Ritianne leads the admin team comprising

top performing in the group. She graduated

thirteen office administrators from different

with a degree in Sociology in Macedonia

Alliance branches, who are responsible

and achieved a Master’s in Marketing after

for the day-to-day management of the

moving to Malta in 2010. Ana-Marija worked

branch office administration, supporting

in marketing and advertising roles and then

some 200 sales and letting advisors across

moved to real estate, eventually working her

the network. She also has the crucial

way up to management in this field.

responsibility of coordinating with the

MONEY

company’s AML office to ensure operations

Find out more about opportunities

remain fully compliant with all anti-money

available at Alliance on alliance.mt or

laundering regulations.

our social media platforms.

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

21

PROMO

The Role of Real Estate in Maltese Society

Frank Salt Real Estate director Grahame Salt shares his overview of Malta’s resilient property market and the Group’s social responsibility initiatives for 2022. He also talks about the company’s plans and strong environmental awareness.

If there is one person that knows the local property market, it is

industry, so all the salaries had to be covered by the company, and

Grahame Salt. He has been at the forefront of what is undoubtedly

initially, this was a cause for concern. However we wanted to support

Malta’s most iconic real estate group since he was a child, as his father,

our teams, and also be fully prepared and ready when business

Frank Salt, started the company more than 50 years ago. Since then, it

resumed. In addition, we knew that the lock-down situation with Covid

has grown into the largest family-owned and run real estate agency in

was unlikely to last and normality would resume”.

Malta with 18 branches and an ever-growing team of agents supported The local market indeed lived up to its legendary reputation as being a

by a sizeable back-office team.

completely different animal from the rest of the EU market, with sales Having weathered the past two somewhat difficult years, the company

for 2020 equaling those of 2019. This momentum was mainly driven

retained its entire staff complement for a reason during COVID. Says

by local Maltese buyers who have always believed in real estate as the

Grahame: “There was no government assistance for the real estate

preferred form of investment. This upswing continued into 2021, with

22

ISSUE 72

MONEY

PROMO

even more sales being registered, resulting in a record year for sales, revealing beyond doubt the Maltese real estate market’s resilience.

“Foreigners, of course, were not allowed to travel to Malta, and this proved the strength of the local market,” Grahame explains.

As many ex-pats at the time left the islands to go back home, it called for a change in strategy by Frank Salt Real Estate. Grahame continued, “The group has always had a healthy mix of local and international clients, and with foreigners unable to travel, we then decided to focus all our energy on directing our marketing efforts to a local audience.”

With things fully returning to normal, the sales and rentals to the foreign market have bounced back, especially in the rentals market.

Due to this increased activity, the opportunity has arisen to recruit and

If we get this right, we will remain very successful as a country and [...] encourage sustainable foreign investment for many decades to come.

appoint additional sales and rental agents in Malta and Gozo. This is something the company is currently actively pursuing. not the best solution for different offices operating under one brand When asked why Frank Salt Real Estate does not adopt a franchise

to be competitors with one another. We must promote teamwork and

business model, Grahame had this to say: “According to our findings

collaboration between branches”. Grahame continued: “We have a long

and research, we do not believe that the franchise model serves Malta

and proud history to maintain, and it takes time to provide the right

well. It is successful in larger countries when a company looks at rapid

training and support to the right person. Anyone considering joining

expansion. Still, with Malta’s geographic size and each office in the

our team with the right amount of ambition, drive and talent can rest

franchising scenario being owner-run and managed, we believe it is

assured that they will be supported and backed by excellent training and by the best real estate brand in the country”.

Frank Salt Real Estate is a property company that focuses on property sales, rentals and commercial real estate. Even though it is a challenging but rewarding business, taking care of the human element is always important. Says Grahame: “We firmly believe in improving all of our agent’s professional skills through regular and ongoing training.

In addition, we support the principle of everyone being part of one big work family. But we’re not always all about work; we also like having fun organising various social company events during the year for which we are legendary! We also invest in improving the overall performance and wellbeing all our staff through in-house programs which are to the benefit of everyone, on both a personal and professional level.”

When asked about the company’s take on social responsibility, he had this to say: “We are a local business, and our clients have always supported us over the years. We firmly believe in giving back, and we support many environmental projects, local charities, sports clubs and their teams through financial contributions and sponsorships on an ongoing basis. We believe that by investing in the youth through providing opportunities in sport, through education about the environment and by putting your money where your mouth is, we will not only lead by example but inspire others to do the same”.

Regarding the future, Grahame believes that Malta must be made even more inviting through the improvement of the country’s infrastructure, by investment in the landscaping of the islands and by creating more green spaces. This needs to be strongly focused upon by the government. “We are lucky to be living on these beautiful islands and we have to do this, first and foremost for ourselves, but also if we wish for Malta to remain an attractive tourism destination, something which we rely so much on. If we get this right, we will remain very successful as a country and not only attract the right people, but also encourage sustainable foreign investment for many decades to come”.

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

23

PROMO

HOW SPECIALISTS ARE MADE People working in real estate have different ways of being referred to, agents, consultants, brokers, and realtors, but the team at QuickLets, Zanzi Homes and QLC are known as specialists. Here’s why.

A group ‘Friday Meeting’

24

ISSUE 72

MONEY

PROMO

Some novels start with “the year was 2013”.

However, this is a true story. As the Maltese economy started diversifying further and attracting increased foreign investment, a trooper named Steve Mercieca sensed the winds of change and, like a fine-tuned compass, shifted in the right direction to respond to the new demands in the Maltese real estate market. “This is madness”, most of his family and friends told him. How could an inexperienced 27-year-old whose curriculum featured countless months-long jobs challenge veterans in the real estate industry, some of which had been around enough to see the invention of floppy discs and the personal

Marc Zammit Lupi, QuickLets brand manager

computer? Little did the critics know that they would serve as the catalysts Steve needed, which led to QuickLets and Zanzi Homes being

today steadily and rapidly. Rents and morale

a purpose to wake up in the morning, get out

born and today stand proud as the largest

increased as more grit, and purpose-driven

of bed and have something to look forward

real estate group with over 500 property

individuals believed in the project. It came

to achieving. As global concerns like carbon

specialists and 36 offices in Malta and Cyprus.

naturally for the leadership team to feel

emissions, microplastic usage, and persisting

the need to reward its top performers who

inequality emerge, today’s doers want to

The Seeds - Innovative, Diverse, Purposeful

demonstrated the ability to take QuickLets

join organisations like QuickLets and Zanzi

Like every property needs a solid foundation,

and later Zanzi Homes to a brand-new level.

Homes that enable them to make little but

so does a vision. You communicate your vision,

Steve and the co-founders conceptualised

significant improvements. And as people

and if it’s stimulating enough, like-minded and

a rewards scheme that would see their most

work with a sense of purpose, the business

like-hearted people start joining on the journey

vital, letting specialists gain the opportunity to

generates revenue that can be invested in

that leads to a better way of doing things and

open their branch whilst retaining the backing

society’s betterment. Such is the work of the

seeing the world. The passion for real estate

of an increasingly experienced management

QLZH Foundation, the philanthropic arm of

can be traced back to time immemorial, and we

team to help them succeed. This gave birth

the QuickLets and Zanzi Homes group, which

know when a structure, historical discovery,

to the QuickLets and Zanzi Homes Franchise

has educated over 6,200 children in Ghana,

and property is built from its design which

Network, which has opened its treasure chest

planted over 28,700 trees, and organised over

evolved over time. People love real estate,

to over 50 individuals across the Maltese

40 clean-ups, including removing nearly 10

but not everyone who wanted to make a

islands and internationally who are the group’s

tonnes of junk from the sea and surrounding

successful living out of it felt they fit the

franchise owners and brand ambassadors and

beaches.

mould estate agents were typically made of.

a key source of success.

Numbers don’t lie

The real estate agents of the new generations wanted something fresher, more dynamic,

Purpose for profit for purpose

Numbers tell a story, and the story QuickLets

more comfortable, and more expressive.

You often hear the term “profit for purpose”,

and Zanzi Homes tell is one of trust, that

So did the property owners and property

but the team at QuickLets and Zanzi Homes

of property owners and property seekers

seekers. Acutely, Steve and his co-founders

believe in a different version, a purpose for

alike. Throughout the past nearly nine years,

verbalised and put to paper what would shape

profit for purpose. Increasingly people need

the vision of the group and their focus on

the decisions and culture of the company

specialisation convinced not only franchise

QuickLets and Zanzi Homes would become.

owners and property specialists to join the

“We exist to innovate the real estate industry,

team but also captured the attention and trust

create a diverse culture and inspire purpose”,

of over 20,600 property owners seeking to rent

the mission statement.

out their properties through QuickLets and 16,800 looking to sell their properties through

Sharing is caring; franchising it forward

Zanzi Homes. Collectively, this means that the

As the vision became clearer and the

group has a property catalogue of over 68,400,

“madness” was accepted as lucidity and

which property owners in Malta and Gozo

astute observation of the changing real

entrusted them to rent or sell, contributing to

estate market, the QuickLetarians and

the group’s continuous growth, year-on-year and which nurtured in the team the humble

Zanzinites started multiplying purely by recommendations and word-of-mouth; organic is the healthier option. The team went

Members of the QLZH Foundation Environment Committee

drive to innovate further the local real estate market and venture offshore. »

from one to eight to thirty-five to what it is

MONEY

confidence to look at the future with hope and

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

25

PROMO

Cultural influence

Homes Academies. Two intense courses are

But an essential element of learning must be

Croissants with excellent wine? You think

designed to equip every property specialist

continuous and engaging. Therefore, all the

of France. Music and art? You think of Italy.

joining the team to become an expert in the

QuickLets and Zanzi Homes group members

Over-the-top team events? You think of

field. The contributors to the academies

are given access to the Tony Morris University,

QuickLets and Zanzi Homes. Yearly traditional

hail from different backgrounds. They have

which provides bite-size videos on every

boat parties, award ceremonies against the

built their expertise through academic

aspect of sales and customer excellence

ancient bastions of Valletta, skiing trips to

education, or the education life brings along

designed by an international expert in sales

Cyprus, and skydiving in Sicily are just a few

— experienced real estate professionals,

and customer service.

of the awesome events that the QuickLets and

franchise owners and managers from the

Zanzi Homes teams remember with a grin. See

company. In addition, lawyers, bankers,

However, the team also excels at conducting

for yourself by visiting the group’s YouTube

architects, and notaries also share their

one-of-a-kind group training events known

channel or social media accounts.

knowledge to perfect them into becoming

as Friday Meetings (despite taking place on

specialists.

various days), recalling the days when the

Technological If you want your team to succeed and your clients satisfied, it is logical to go technological, rhyme intended! QuickLets and Zanzi Homes specialists enjoy a state-ofthe-art real estate CRM system designed by property specialists for property specialists.

With a user interface aimed to facilitate people reaching their goals, be it to close a rental by the specialist or owners to rent their property out faster, success is guaranteed. QuickLets and Zanzi Homes were also the first in the market to launch virtual reality property tours and later invested in their 3D property mapping facility using the latest technology.

Never stop learning Academies are defined as “a place of study or training in a special field”, which explains why the real estate group refers to its induction courses as the QuickLets and Zanzi

Michael Paris (centre), managing partner at QLC with commercial specialists

entire company fit in a room of 200 chairs at a local hotel that accommodated the entire group. Unfortunately, there is no way to explain the vitality of these meetings unless you watch the videos on QuickLets and Zanzi Homes’ social media accounts.

House of specialised brands Whatever your need, be it medical, aesthetic, culinary or leisurely, if you aim to do it well, you will refer to a specialist. This concept has always driven our mentality to create specialist brands in the real estate field. Although imitation is known to be the highest form of flattery, undoubtedly, QuickLets remains the market leader specialising in the letting of properties. Zanzi Homes has established itself as a valiant leader in the sales of properties.

Supplementing the Groups offering, in the The QuickLets Leadership Team with the Mriehel Branch franchise owners

last couple of years, QLC Commercial Real Estate entered the scene with the mission of

26

ISSUE 72

MONEY

PROMO

“transforming the commercial landscape of the Maltese Islands” through specialisation.

With just below 10,000 units varying from small clinics and childcare centres to warehouses and entire office blocks, servicing around 4000 property owners, QLC is voyaging through the same success path its elder sisters QuickLets and Zanzi Homes followed through the years.

Attracting talent This recipe produced a delicious cake that many well-established and experienced professionals in the field wished to sample and devour. The most recent addition to the QuickLets team needs no introduction. Edward Agius joined Malta’s largest estate agency at the start of 2021. Edward started his journey in real estate as a letting specialist in 2000 with the trepidation one would expect when entering such a fast-paced market. However,

Yearly book donation in Ghana by the QLZH Foundation

it soon became excitement once he closed

We exist to innovate the real estate industry, create a diverse culture and inspire purpose.

his first deal, a feeling shared by many other

the market. In addition, we supply our data

the upward price trend was observed as the

new property specialists. Edward was the first

monthly to national statistics agencies to draw

warmer months ensued.

recruit of a new real estate brand in Malta. One

reports analysing the rental market.

Future

deal turned into hundreds which shot Edward into the spotlight. Edward’s skills were evident

Our reliable data confirms Sliema, Gzira, St

In risk management, you are constantly told

from the start, and he was soon assigned the

Julian’s, Msida, and Marsascala as leading

that “past performance is not indicative of

role of letting manager, leading letting agents

the way in the most rentable localities with

future results”, which is correct to say if you

in servicing their best tenants and landlords.

rents averaging from €800 to €1,400 with

exclude all that goes behind success and

His new responsibility proved essential in

Sliema, when comparing like for like, being

performance. Retaining an increasing level

the company’s growth and rewarded him by

the most expensive. Apartments, mainly

of innovation, diversification, and a sense

appointing him Head of Letting.

two-bedroom apartments, are in the highest

of purpose, inevitably, with a lot of hard

demand. When comparing the second quarter

work, leads to results of various magnitudes.

Our take on the letting market

of the year to the same period last year, we

Following the successful launch of its

Being the largest real estate group on

can notice an increase in rental prices of

international presence in Cyprus, a first for

the island comes with a lot of pride and

an average of 20%, a clear indication of an

a Maltese real estate brand, the company

responsibility. We feel obliged to take an

increased demand enjoyed by the exit from the

naturally considers other lucrative jurisdictions.

integral role in collaborating with property

economic struggles experienced through the

While remembering its roots in Malta and

owners and home seekers to reflect on

pandemic. This is accurate for our top fifteen

continuing to grow the franchise network

recent market trends. Our data allows us to

localities spread over the island. Whereas we

and product offering while encouraging more

do this, and the large volume of transactions

also noticed a slight price decrease at the

like-minded and like-hearted people to dream,

we facilitate allows a representative view of

beginning of this year, arguably negligible,

believe, and achieve.

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

27

POWERED BY

READ ONLINE

a springboard for local tech companies Techmag supports Tech.mt in elevating the local tech industry to new heights by building on the strengths it enjoys and assisting tech companies in succeeding by supporting their products and services in Malta and abroad.

NEXT EDITION NOVEMBER 2022 Interested in advertising? hello@bemags.com

In association with

PROMO

SEEDGREEN 2.0 An opportunity to fund your sustainable start-up idea and provide a solution to climate change!

The effects of climate change are changing the world more than ever before. As a result, we are already observing negative impacts on natural and human systems, including increased frequency of heatwaves, droughts, floods, forest fires and biodiversity loss, amongst others.

The main drivers for these effects are human and economic activities that release substantial carbon emissions, such as fuel-based transport, fossil fuel-based energy consumption, inefficient buildings, excessive waste generation and the unsustainable use of our water resources.

Therefore, the need to rethink our consumption patterns and adopt more sustainable practices has never been more crucial. Ultimately, we must move towards an economy based on green growth, prioritising green investments and creating green jobs.

Therefore, for the second consecutive year, the Ministry for the Environment, Energy and Enterprise (MEEE), in partnership with Junior Chamber International Malta (JCI Malta) and with the support of Malta Enterprise and EIT Climate-KIC Malta Hub, launched Seedgreen 2.0.

start-up business proposal, formulate their business model, mission

The Seedgreen programme offers an opportunity to young innovators

and vision for their start-up, and how their solution will effectively

who want to develop their sustainable ideas into viable start-up

contribute toward climate action. At the end of the Accelerator Stage,

solutions that could contribute to climate action efforts. In addition,

the six finalists of the programme will have the opportunity to present

the programme offers tutoring and tailor-made mentoring, which will

what they have learned and the start-up solution they have formulated

guide and train participants towards reaching critical milestones as they

to a panel of judges. The panel will select the three winners of the

progress with their proposed solutions. It is an opportunity not to be

programme who will receive pre-seed funding to help launch and

missed for all who want to act against climate change and be part of the

continue developing their green start-up solution.

necessary green transition in our country.

Those interested and who want to apply or know more about Seedgreen Seedgreen 2.0 is divided into two stages; the Validator Stage and the

2.0 are encouraged to visit www.seedgreen.org, where one can find the

Accelerator Stage. During the Validator Stage, participants can attend

programme guidelines, eligibility criteria and the application form. For

sessions on emissions and climate change, sustainability in business,

more information, one can also call (+356) 2331 6229. Applications must

entrepreneurship, finance and marketing. These will provide a solid

be submitted by the 24th of July 2022 at the latest.

foundation and sound knowledge to grasp essential concepts when working towards a start-up solution from scratch. In addition, this stage

The Seedgreen Programme is part of the national #ClimateOn

will help participants formulate a feasible and actionable business

Campaign, launched in May by the Ministry for the Environment,

proposal. Participants would then be allowed to present their business

Energy and Enterprise (MEEE). This campaign aims to promote the

proposals to a panel of judges, where 6 participants will be chosen as

necessary change in the lifestyle and processes of each economic

finalists to progress to the next stage.

sector, to reduce the impact of climate change on the environment.

In fact, the campaign’s slogan is ‘Activate Change!’. You can obtain

The Accelerator Stage will continue building on what was taught in

more information on the #ClimateOn Campaign from the social media

the Validator Stage and will include further tutoring and individual

platforms Facebook ( facebook.com/ClimateOnMalta) and Instagram

mentoring. Finalists must factually show how they will implement their

(instagram.com/climateonmalta).

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

29

S U S TA I N A B I L I T Y

COMPETING through SUSTAINABILITY

While many businesses have some sustainable programme or project running all year, many lack a more in-depth understanding of how sustainability may improve a business model. So, what does it take to turn sustainability into a competitive advantage in today’s corporate environment? Lyndsey Grima asks Tamara Fenech, founder of Cosie Studio, and James Sammut, senior partner at Tuning Fork.

For businesses wanting to embrace sustainability, the challenge lies in understanding what actions to prioritise and incorporate carbon reduction, diversity, and social responsibility in the most effective way possible into their business model.

Tamara Fenech recently founded Cosie Studio, intending to provide advisory services to businesses of all kinds on implementing sustainability into the core of their business model. The company prides itself on being co-creative, meaning that they avoid a top-down approach and instead equip their clients with the tools, insights, and resources they need to implement from the inside out. In addition, they work in a way that shares knowledge.

James Sammut is a Senior Partner at Tuning Fork, a company established in 2001 and deeply involved in sustainability ever since. It also provides advisory services in process optimisation, cybersecurity, and people management. Tuning Fork’s acquisition by NOUV in 2021 synergises the two organisational capabilities and strengthens the firm’s intent to tune organisations to true excellence. They are firm believers in the process and the people, driving change management, hand-holding people during challenging times of transition after objectively assessing organisations, listening to them and mapping the way forward. They aim to help clients optimise their businesses from concept to execution.

30

ISSUE 72

MONEY

S U S TA I N A B I L I T Y

How can sustainability create a competitive advantage for

How do you go about creating a sustainable approach for a client?

businesses in today’s very competitive world?

TF We work in three phases; formulation, implementation, and TF Today, many reports show that millennials and gen Z, who are

accountability. In phase one, formulation, we facilitate a series

currently the main consumer generations, are looking for brands that

of workshops designed specifically with the client in mind. These

share their values, but they are also willing to pay more for sustainable

workshops teach sustainable business fundamentals to equip them

products. Therefore, considering sustainable practices as a brand is an

with basic knowledge and understanding. Over here, we also work at

excellent first step in standing out in over-saturated markets.

creating, what we like to call, their sustainable definition, meaning we understand what is most important to the client in terms of creating

Besides, we have many new and innovative solutions that can support

a positive impact. We do this as we believe it is essential to level with

businesses in building new economic models that allow them to make

them. We then dig deep into their existing business model and industry,

long-term (sustainable) savings. Be it in material investments or finding

exploring their supply chain, stakeholders, etc. Here is where we

new economic activities to support their primary business idea. An

identify low-hanging fruits to begin creating solutions as effectively

excellent example of this is ‘take back’ schemes. For example, you’re

as possible. Essentially, this phase is where we formulate the right

a coffee shop, and one of your most significant expenses is disposable

solution for and with our clients. When creating solutions, we consider

coffee cups. By providing reusable cups that work on a deposit scheme,

various schools of thought, innovations and ideas and work with what is

the customer pays a €2 deposit on their cup, which they get to keep

most relevant for the client.

and reuse. Should they return it, they receive €2, and the coffee shop gets back their cup without reinvesting in disposable ones. There are

Phase two is about implementing the strategy. Here we are flexible and

many new and exciting ways to implement sustainability beyond the

support them in the best way for them - it is heavily dependent on the

noticeable changes like biodegradable plastic.

solution/strategy in place.

J S Future-focused companies are strategic and long-lasting. Future-

Phase three focuses on remaining accountable to the solution. We have

proof! Embracing sustainable practices now is critical for the longevity

often seen strategies fall short because there might not be the proper

of the business. It also brings about proper (correct and best-in-

internal infrastructure to see them through. This phase ensures that »

class) business behaviour and real (not made up) social responsibility expected by future generations more sensitive to environmental and social causes. Unfortunately, people have witnessed the exploitation of the environment and people for money’s sake. Compounded by weak governance controls, they lose trust in businesses due to scandals, abuse, and misappropriation. This disregard has also percolated institutions and authorities locally and globally.

Is there a silver lining? The solution lies within the very soul and ethos of businesses. Companies need to switch from a myopic moneycentred model to an overarching triple bottom line that aims to manage economic (profit), environment (planet) and social (people) elements in the process. Successful businesses invest in resources. The future beckons businesses to invest in sustainable processes. Unfortunately, some business leaders perceive this investment as a mere cost.

This short-sightedness can bring about their demise or pronounced hardship in managing a profitable business in the future. Businesses investing in sustainable practices are preparing a solid foundation for the competitive advantage of a future world.

...considering sustainable practices as a brand is an excellent first step in standing out in over-saturated markets.

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

Tamara Fenech

31

S U S TA I N A B I L I T Y

It is up to existing market players to identify such opportunities...

Due to this new dynamic, new markets and hence opportunities will result. It is up to existing market players to identify such opportunities and consider partnering or developing new areas to maximise these opportunities.

What are the critical steps to an effective and sustainable strategy?

TF Understanding that sustainability is a journey and not a destination is essential. It is crucial to harness the idea of progress and not perfection when wanting to implement sustainability. Systems thinking is also essential to a sustainable strategy, meaning that we recognise that everything is connected and forms part of a system.

When we want to change things, we need to look at things from a systems point of view, meaning which are the parts that make up the whole. At Cosie Studio, we live by the motto Think Macro, Act Micro this allows us to zoom in and out of pictures to make things practical and relevant. Lastly, I would say transparency is a crucial aspect of

James Sammut

sustainability. Being open and honest about our journey is the only way that we will create a widespread impact. Currently, most businesses are solutions/strategies are implemented and remain relevant. The space

opaque about their work, making it hard to believe any potential efforts

allows us to reflect and see if results are being reaped. It is also the

made. When companies are transparent, in a way that they own up to

space to re-evaluate should there be a need.

their mistakes, they make more room for trust and reliability between them and their audiences.

JS We have been an enabler of change in the environmental field for the last 20 years, and albeit a challenging prevalent forma mentis of

JS A sustainable strategy is not about planting some trees or

status quo, we have always pushed the environmental agenda and

replacing equipment with more energy-friendly systems. It is about

convinced critical market players (manufacturers, waste management

having a comprehensive plan of action driven by serious ‘onboarding’

facilities, cleaning companies, building services) to embrace more

executive teams and engaging all employees in the process.

sustainable systems.

The SDGs provide tools to implement a long-term business strategy We have been engaged in environmental assignments covering

highlighting the risks and opportunities of tomorrow. SDGs are and

environmental permitting, implementing environmental management

will be the talk of the town. By integrating them, businesses ensure to

systems, carrying out compliance, energy audits, and waste audits. In

satisfy their customers and investors.

addition, we are directly managing clients’ systems to optimise their

Our sustainability strategy aims to cater to these SDGs by hand-holding

environmental and occupational health and safety (OHS) performance.

organisations to become more sustainable, achieving the pragmatic balance between environment, economy, and social accountability.

Countries will mobilise substantial funds to achieve the Sustainable

We establish systems based on world-renowned standards (e.g., ISO,

Development Goals established by the United Nations, which align

EMAS, ECO Label) and practices that result in global certification

with the requirements of the EU’sEU’s Corporate Sustainability Report

targeting best-in-class systems that allow the companies to stand out.

Directive (CSRD). Businesses must start working on this change to prepare and avail themselves of government agencies’ funds.

The key to the shift towards real sustainability is a serious commitment.

This cultural shift can only happen through awareness, education,

In the words of our chief visionary officer, Mark Aquilina, “sustainability

embedding these principles in tangible systems, and actively

cannot remain a buzzword. It means getting people to become more

empowering people to participate in decision-making and enforcement

human and start acting like humans again. This fundamental shift is

by authorities.

essential before delving into the world of sustainability”.

32

ISSUE 72

MONEY

Better Banking

Real Estate Developer Suite Loans to Finance Your Projects

FIMBank provides financing solutions to established developers at competitive market terms and pricing. We can assist you every step of the way, providing the assurance of having the financial backing to start and finish your project.

Efficient Service

Personalised Client Relationships

Competitive Rates

Contact us now to discuss your project.

2328 0129

realestate@fimbank.com

www.fimbank.com

FIMBank p.l.c., Mercury Tower, The Exchange Financial & Business Centre, Elia Zammit Street, St. Julian’s STJ 3155 FIMBank p.l.c. is a licensed credit institution regulated by the Malta Financial Services Authority and is listed on the Malta Stock Exchange.

ARCHITECTURE

THERE ARE 360 DEGREES.

WHY STICK TO ONE? Lyndsey Grima caught up with Annamaria Attard Montalto, the local architect leading this design project, to talk about Mercury Towers by Zaha Hadid Architects as an architectural project, the importance of restoration, sustainability, and how it aims to give back to the community.

Mercury Towers by Zaha Hadid Architects is an

Mercury House, which served as the island’s

iconic development that established Malta’s

central communications hub for several years,

place in the global design and architectural

and underground cold war vaults. A WWII

sphere. Incorporating the late Zaha Hadid’s

shelter is also partially located within the area.

signature style, the building challenges the rule that a structure must be 90 degrees.

Before setting the aims and goals for this

Mercury Towers defies the conventional

project, we carried out a SWOT analysis and a

rules of engineering and includes ‘the Twist’,

social impact assessment.

a unique aesthetical design element which will help redefine the idea of contemporary

Why choose Paceville for such an ambitious

architecture in Malta. Above all, this new

project?

landmark will provide vibrant open spaces in

Apart from the merits of the Mercury House

the heart of Paceville.

site, a community profile reflects that Paceville has evolved into a diverse population, including

How did the project come to life?

the older resilient residents, multicultural

The original plans for the Mercury Towers

in a derelict state. The site covers an area of

residents, visitors, tourists, and a local and

project started way back in 2016. At the time,

just under 10,000sq.m. and is located at one

expat workforce.

the Mercury site was partially excavated by the

of the main gateways to Paceville. Heritage

previous owners, and the Mercury House was

buildings are on the site, including the historic

The strengths of Paceville lie within its location, connectivity, and accessibility. It is an established commercial destination and multicultural hub and possesses varied environmental typologies. Despite this, the first impressions of Paceville are underwhelming. The area has become devoid of identity, presents limited public spaces and low-quality architecture and is submerged in traffic and congestion, noise and dirt, alongside the social issues in the area. This is what we have set out to change.

Paceville today is characterised by luxurious enclaves or semi-gated communities, which gave rise to a highly divided urban structure.

Each enclave is turning its back on the public streets, built to look inwards at their inner piazza or out onto the open sea. Access to the coast has been cut off, leaving the inner parts of Paceville with the original hamlet and its narrow grid streets as the only space left for circulation, which by itself is supporting the pressure of the 30,000 tourists and

34

ISSUE 72

MONEY

ARCHITECTURE

visitors that transit there during the summer

is also dominant in the development of our

months. This situation is squeezing out the

urban areas and consequently affects the

few residents remaining in inner Paceville

identity of urban environments. That is why

and deteriorating the urban fabric of this

managing and conserving local heritage and

town. The opportunities it offers lie with its

values becomes an essential aspect of urban

residents, coastline and heritage sites, with

design and planning.

a great potential to add value through quality architecture and the provision of inclusive,

Built in 1903, Mercury House is synonymous

open public spaces. The ripple effect of our

with the islands’ communications history. It

efforts is already experienced in Paceville, with

is being restored under the supervision of

new life being breathed into run-down sites,

our conservation architect and monitored by

benefitting the whole community.

the Superintendence for Cultural Heritage.

The restoration project will see the facades

Mercury Towers is often described as

returned to their original state and the stone

having ‘taken Malta to new heights.’ How

balustrade reconstructed at roof level. In

will Mercury Towers elevate Malta’s urban

addition, the timber apertures and wrought

landscape apart from its literal meaning,

iron are being restored or replaced with similar

rising to 33 floors?

apertures. So is the interior being painstakingly

The project’s main objectives included the

restored and re-adapted for public use.

creation of a unique arrival point, providing a sense of identity and place while also

area of the upper plate is more significant than

The area in front of Mercury House will

introducing value architecture. Mercury

that of the lower plate.

be open and merged with Triq San Gorg, becoming the project’s focal point, with its

Towers’ adopts an adaptive ‘reuse of cultural heritage buildings’ while providing a quality

The twist is a unique standpoint in the

imposing staircase once again welcoming

environment and accessible public and semi-

ZHA philosophy in their mission to create

the public within its walls. The underground

Sustainability and energy efficiency is a must in any project. public spaces. This approach creates a central

architecture that is fluid and full of movement.

vaults also enjoy a Grade 2 status. These

hub that facilitates a sense of community.

The Mercury Tower explores its space 360

vaults were constructed during the Cold

degrees as it rises from the ground up. The

War period to house telecommunication

Zaha Hadid Architects were commissioned

twist provides a dynamic and constant

equipment. Restoration works in the vaults

with the task to transform these objectives

surprise when viewed from different angles.

are still ongoing. The rooms still hold some old telecommunications equipment that is being

into an iconic building and a unique destination, all in all, to be a catalyst for

There was an element of renovation and

preserved and used as an exhibition space.

positive change. The Mercury Towers project

restoration when designing Mercury

The remaining spaces are being adapted as the

seeks to bridge the community, culture, and

Towers. Tell us more about that.

hotel wellness spa. In addition, an underground

communications.

Place identity is an essential dimension in

WWII shelter has been cleaned and left in its

urban areas’ social and cultural life. It is

original state and is now accessible.

The most interesting twist in Mercury

strongly linked to place attachment and

Towers is, in fact, its twist, defying the

a sense of belonging. In environmental

Zaha Hadid, before her passing,

conventional rules of engineering. So why

psychology, it is assumed that people strive

pioneered and oversaw the project. How

did you need to introduce this architectural

to develop a sense of belonging and to bond

is her influence seen in Mercury Towers

feature in Mercury Towers?

to a place, leading to a sense of security and

architecture and design?

Zaha Hadid always said, ‘There are 360

community. The identity of a place is more

The Mercury Towers project was the last

degrees. Why stick to one?’. The tower is

than the physical appearance. But also how

project Zaha Hadid oversaw before her

conceptualised as two stacked volumes with

the spaces function and how a community can

untimely departure. Unfortunately, I joined the

the upper part rotated in plan from the lower

come together and grow. Malta has become a

project after her demise, but I have heard many

part. This results in a twist transitioning

multicultural island with a diverse population.

an anecdote about the creative genius that she

between floor levels 10 and 12. The surface

This influx of globalisation and neo-liberalism

was. I must say, I have got to know »

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

35

ARCHITECTURE

Zaha through her work and collaborators,

through the narrow winding streets, you reach

efficiency is a must in any project. Energy-

who have managed to keep her architecture

an open space, the piazza with an imposing

efficient approaches were adopted early in the

philosophy alive through their numerous and

church as its focal point, the place where

project design phase, emphasising passive

ambitious projects worldwide. My collaboration

everything happens.

systems. In the tower, the alignment of the upper floors reduces solar gain while adding

with Manuela Gatto, director at Zaha Hadid Architects, was invaluable in understanding

Zaha Hadid Architects approached the

a sense of dynamism to the silhouette. The

how this design philosophy is reflected in their

Mercury Towers project with the same

tower’s insulated façade seeks to enhance the

projects.

mindset, but the space has a 3D dimension

scheme’s thermal performance, with limited

this time. The 90-degree rule is challenged

glazing on areas of significant direct sunlight.

Zaha Hadid believed that architecture is really

as space is explored in a 360-degree fashion.

We prioritised the use of natural daylight and

about well-being. People want to feel good in

The central tower twists and turns as it rises,

natural ventilation. Introducing roof gardens

a space. Buildings are not only about shelter

exploring the space as it moves up. The

and water features improves the thermal

but also about pleasure. Buildings should

numerous passageways lead to the main

performance of the building. Shading devices

bring some excitement and challenges to

piazza. In this event space, food, art and design

and sunscreens have been designed as part

people’s lives.

all come together, celebrating colour and

of the sustainable measures adopted by the

smells, offering the local community relaxing

building.

Zaha herself was also intrigued by the

and high-quality spaces within their town.

Mediterranean village. Their layers

Mercury House remains the project’s focus,

The material resulting from excavation has

and surprises inspired her. The typical

whilst the various buildings with their dynamic

been reused and recycled. The stone blocks

Mediterranean village has an organic and

and fluid shapes surround the main piazza.

from the demolished structures have been

Managing and conserving local heritage and values become essential to urban design and planning. labyrinth form with tiny narrow streets

Was sustainability and energy efficiency at

stored and recycled for reuse, while voided

twisting and turnings, exposing one surprise

the forefront when designing this project?

slabs are used to reduce the amount of

after another. The streets are characterised

We know buildings are responsible for nearly

concrete used in the project. Eco-screed is

by a symphony of light and shade punctured

40% of global greenhouse gas emissions

being used throughout the building.

with vibrant colours and the bright blue

and significantly contribute to climate

Mediterranean sky. As you move along slowly,

change. Therefore, sustainability and energy

The premises use LED luminaires throughout all areas. Elevators are equipped with energyrecovery systems, and purposely constructed reservoirs will collect the rainwater from the whole premises for irrigation and second-class water systems. In addition, we will adopt a green transport plan to reduce the impact of the traffic generated by the project. Bicycle deposits, including showering facilities and changing rooms, have been designed in specific areas to encourage the use of alternative transportation methods. The car park is also equipped with several charging points to encourage the use of electric cars.

As a lead architect and civil engineer for this project, how has your career shifted/ changed?

Shifted yes, but changed no. I was honoured to have been hand-picked as Zaha Hadid

36

ISSUE 72

MONEY

ARCHITECTURE

always to be able to stand on their two feet and not depend on anyone.

Finally, what can Mercury Towers give back to the community?

Mercury Towers will bring significant direct urban improvements to the surrounding areas. The approach adopted by Zaha Hadid Architects creates a clear visual identity and sense of place for the site. The resulting design changes one of the key gateways to Paceville, enabling multipath pedestrian access from public transport nodes and creating three vital open spaces that add to the public realm. Furthermore, these design choices provide adjacent value that will catalyse improvements in the shared streetscapes and the surroundings.

Mercury Towers will complement other new and significant developments in the area and introduce transitional forms to the adjacent Pender Tower and buildings along Triq San Andrija and Triq San Gorg. Again, it will introduce a quality residential component that will contribute to the economic vitality and complement the current recreational dominance in the area.

The project has cut no corners and adopted best-in-class methods and materials to create something extraordinary. Thus, this monument will foster a sense of pride in the Architects’ collaborator and to be part of this

Edinburgh, our façade engineers in Germany,

local community. Also, Mercury Towers will

exciting and challenging project. Yes, it has

and our interior designers in Istanbul. Bringing

hopefully instil a greater appreciation for

had its challenges, but with an incredible

these people together while working remotely

contemporary design and inspire the next

team of professionals at ZHA and my team in

is a challenge in and of itself.

generation with a more discerning approach to quality and design.

Malta, we managed to achieve more than we could have imagined. On a professional level,

Do you sometimes feel that the

this has been a challenging and exciting time.

architectural scene is still a man’s world?

In Zaha Hadid’s words, ‘You don’t always have

Working closely with ZHA has been a learning

Have you ever faced challenges in your job

to show art in what’s called a white box. You

curve which I have embraced with open arms.

simply because of being a woman?

can have a kind of complexity within an exhibit

We have worked very hard to get here. But I

I want to say no, but unfortunately, I

which actually respects the art as well.’

must also say that I have made good friends

sometimes experience resistance from some

who taught me that you should never stop

men I encounter throughout my working day.

dreaming and strive to do your best.

This situation has never discouraged me. I have developed a thick skin, remain confident and

I also gained invaluable knowledge on using

let the results speak for themselves.

the latest technologies and software in design and construction management. Most

I was fortunate to have been raised in a large

of our consultants are located outside Malta.

family of six siblings with three brothers and

Therefore, logistics and communication

two sisters. My parents always saw us as

are vital to the success of this project. Our

equals. There was no distinction because of

architects, for example, are based in London,

our gender or position in the family. We were

our structural engineers in Barcelona, our

all encouraged to follow our dreams and to

M&E engineers in Malta, our lighting designers

use our capabilities to the full. I now have

in New York, our landscape architects in

two daughters, and my only advice to them is

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

37

PROMO

Real Estate Finance

by FIMBank Interview with Jason Zammit, Senior Vice President, Business Head – Real Estate

The Bank has established itself as a

How do you feel that the pandemic has

reliable partner, assisting local developers

impacted the real estate market?

in different real estate projects. Can you

The COVID-19 pandemic was an unexpected

provide some background about FIMBank’s

development which tested the resilience of

Real Estate loans?

several businesses and Maltese industries.

We launched our lending business line into

However, the real estate market has

selected real estate six years ago. We have

overcome this challenge, with property still

built a strong team with the right experience

being deemed one of the best investments

and skills within a short time. The local market

locally. Having identified the real estate

has received the financing solutions offered

market as one of the economy’s main drivers,

well, and we have built a solid pipeline of

the government was quick to launch tax

transactions with significant promise for

incentives, which boosted property sales.

growth. We are committed to providing a quality service through our comprehensive

What does the future hold for FIMBank in

suite of products designed to meet the needs

terms of these kinds of products?

of established real estate developers.

Our approach towards building new vertical lines of business conforms with FIMBank’s overall strategy of creating innovative quality

Can you tell us more about the range of real estate loan products offered?

experience, with a dedicated team delivering a

banking solutions that reflect changing

We provide bank loans to developers for the

highly personalised level of customer service

market conditions. This is possible due to our

acquisition and development of the property.

that goes beyond the standard office hours.

success in merging traditional banking with

Our range of real estate facilities includes

Our efficient decision-making and transparent

advanced technology, thus providing our

funding to purchase land for development into

process make us a reliable lender to work with.

clients with high-value-added products and quality service. Ultimately, this is our value

residential units, commercial buildings, and mixed-use properties. We offer competitive

How would you describe the steps involved

pricing and terms, which vary depending on

in structuring a property development

the nature of the project. The repayment is

transaction?

Nevertheless, we are mindful that customers

structured to coincide with the sale of the

In the initial stage, we conduct a thorough

require easy access to their relationship

development or from the proceeds of the

due diligence exercise on the prospective

officer. At FIMBank, we pride ourselves on the

rental or business activity.

borrower. This usually includes a review of

fact that you can always talk to your banker

their track record in property development.

and that business is conducted on a one-to-

What are the benefits of choosing

The subsequent stage would focus on

one basis.

FIMBank’s real estate finance solutions?

understanding our client’s project and

FIMBank clients benefit from our expertise,

identifying the relative business objectives

For further information regarding FIMBank’s

skills and in-depth knowledge of the local

to tailor a package focused on the specific

range of real estate financing solutions, contact

property market. We have built a strong team

requirements. During this phase, we

realestate@fimbank.com or (+356) 2132 2100.

capable of tailoring solutions that satisfy the

comprehensively analyse the valuations,

diverse needs of our different clients. The

financial projections and budgeted costings.

cornerstone of our business model hinges

The objective is to maintain prudent lending

on the personalised relationships we develop

standards while serving creditworthy

with our clientele. We offer a ‘quality banking’

borrowers.

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

proposition.

39

R E A L E S TAT E

GREEN(ING) REAL ESTATE IS IMPERATIVE TO ACHIEVE CLIMATE NEUTRALITY Moving towards a more sustainable society and urgent climate action have gained more and more traction in the past years. In addition to government policies and international agreements such as the EU Green Deal or the Paris climate accord, active commitments by private sector companies and greater scrutiny by shareholders, customers and civil society are increasingly driving this green transition.

Dr Kathrin Kutlescha, a chemist and manager at EY Malta’s Sustainability team, reports.

40

ISSUE 72

MONEY

R E A L E S TAT E

On climate change, decarbonising the realestate sector will be crucial to succeed in this transition. Buildings represent the single largest energy consumer in Europe, using

Embodied Carbon & Construction-Related Emissions

40% of the EU’s energy, and creating 36% of the EU’s greenhouse gas (GHG) emissions1.

According to Eurostat, Malta’s households in 2019 were responsible for 19% of the country’s final energy consumption, including energy

Completion

Operational Carbon Usage of building (heating, cooling, lighting, appliances); Maintenance, repair and refurbishment

Processing and transportation of raw materials; Construction emissions

used for the building itself and appliances (compared to an EU average of 26%)2.

End-of-Life Carbon

Buildings and emissions in Malta

Recycle

On average, total EU GHG emissions from

Demolition; Disposal and transport of waste materials; Recovery of emissions via recyling

buildings decreased by 29% from 2005 to 2019, and emissions projections show a continued decrease in the future. However, Malta is one

Waste Treatment

of only three EU countries where the average

End-of-use

consumption has increased by 15% and is projected to level at around a 7% increase for 2020-20303.

Sources of Carbon Emissions across the Real Estate Life Cycle Even though buildings and appliances are getting more energy efficient, in the case of Malta, the resulting reductions were likely

Renovation reduces both the carbon

sustainable design principles (e.g. maximise

offset by a steep increase in dwellings, a

footprint of a building and the energy cost for

natural light utilisation) and choosing more

larger average floor area in buildings and

consumers. And needless to say, renovating

sustainable and energy-efficient construction

lifestyle changes such as a more significant

the housing stock and other buildings supports

materials whilst planning. In addition, reducing

number of appliances per household (e.g. air

economic recovery and creates new job

emissions throughout the construction and

conditioners).

opportunities 4.

utilisation phase (including maintenance and

These projections and the fact that most of

Greening real estate requires radical

during demolition, thus limiting waste whilst

today’s buildings will still be utilised in 2050

changes across the whole value chain

contributing towards a more circular economy.

when Malta and Europe are expected to

Efforts to decarbonise the building stock

become climate neutral; show the urgency

and improve the real estate sector’s carbon

Applying this full lifecycle approach can be

to address new construction projects and

footprint should consider the whole life cycle

initially challenging. A first step to improve

renovate and retrofit existing dwells in

of a building from design to demolition.

the sustainability of existing buildings such as

the residential and commercial sectors.

This can include applying smart and

office buildings, retail sites, or production »

refurbishment), and recycling most materials

Scope 3

Scope 2

Scope 1

Scope 3

Indirect

Indirect

Direct

Indirect

Operations of leased assets (lessee); employee commuting and business travel; purchased goods and services; material extraction and production

Electricity purchased from the grid; centralised heating - steam

On-site combustion of fuels (cooking, heating); refrigerant leaks

Operations of leased assets (lessee); waste disposal; sold goods and services; investments

Upstream Activities

Reporting Entity

Downstream Activities

Greenhouse Gas Emission Reporting

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

41

R E A L E S TAT E

efficiency strategy. For example, according

29%

to Eurostat data, about 27% of the final

Lighting and appliances

energy consumption in Maltese households is generated by water heating5. Replacing these

26.5%

with more efficient heat pump technologies

Water heating

can substantially save carbon emissions and energy costs.

18.3% Space heating

Apart from solutions focusing on energy efficiency such as exchanging appliances/

14.1%

machinery or improving insulation and thus

Cooking

avoiding energy losses by installing double 11.4%

or triple glazed windows, switching to more

Space cooling

sustainable sources of energy (e.g. by producing and storing solar PV energy on- or

0.8%

offsite, or switching from fossil fuels to a

Other end uses

renewable fuel) can also deliver substantial improvements.

Shares of Final Energy Consumption in Households, 2019

Sustainability is about more than tackling Carbon emissions Whilst currently the focus in terms of

facilities can be to determine the current

emissions from LPG sold as indirect Scope

sustainability is often GHG or carbon

state of carbon emissions and identify

3, whereas a hotel or restaurant using LPG

dioxide emissions, we should also consider

material aspects that can lead to significant

would need to report those as direct Scope

other sustainability aspects ranging from

improvements whilst also feasible to

1 emissions from on-site combustion.

environmental (e.g. water use, toxic materials,

implement.

Someone’s indirect emissions always cause

biodiversity) to social (work conditions,

direct emissions either up or downstream in

HSSE, equality and diversity, wellbeing,

the supply chain.

broader community aspects) and governance

Taking stock of the current Carbon footprint as a first step

(governance structures and internal

This would typically include assessing direct

Equipped with this knowledge, especially the

processes, compliance with regulations,

and indirect carbon emissions related to a

scope 1 and 2 emissions and use patterns of

reputation, culture) in a holistic and balanced

specific building or the total operations of a

existing buildings, one can identify specific

approach to avoid unintended backlashes on

company segmented into Scope 1, Scope 2

vital levers to improve the carbon footprint

other dimensions of sustainable development.

and Scope 3 emissions based on international

of a building (e.g. critical energy consumers),

standards or guidance such as the GHG

which can feed into a decarbonisation/energy

‘Greening’ such a traditionally ‘grey’ and dominant industry will be challenging,

Protocol.

especially given the numerous players involved Scope 1 emissions are those occurring from

in the value chain. Nevertheless, given such

sources owned and controlled by a company,

dominance and pivotal role in our economy,

while Scope 2 emissions are mostly related

albeit challenging, change is indispensable

to the purchase of electricity in Malta. As a

to create a more just, sustainable and

result, these two categories are often ‘simpler’

decarbonised economy and will require the

to calculate internal emissions. On the other

concerted effort of all involved. The next

hand, Scope 3 emissions tend to be more

decade will be crucial to delivering – let’s start

complex, as they include all other indirect

building our green future!

emissions within the supply chain (upstream and downstream).

[1] EU Factsheet Buildings December 2021 [2] Eurostat, Final energy consumption by sector

The reporting scopes very much depend on

[3] EEA data on Greenhouse gas emissions of

the perspective of the reporting entity – for

energy use in buildings

example, a supermarket would be reporting

[4] ECF & Cambridge Econometrics: Modelling

their emissions from the electricity used

the socioeconomic impacts of zero-carbon housing

as indirect Scope 2 emissions, whilst the

in Europe, 2022

electricity generator/provider would report

[5] Eurostat Energy consumption in households

those emissions as direct Scope 1. An oil

2019 Energy consumption in households -

and gas company would report the “future”

Statistics Explained (europa.eu)

42

ISSUE 72

MONEY

PL ANNING

ONLY A CHANGE OF THE GUARD CAN SAVE MALTA’S URBAN AND RURAL ENVIRONMENT We have heard much about the need to change planning policies to protect the country from the destructive, unsightly urban and rural development that has spread like a blight in the past five years. Labour Party figures are among those calling for policy reform, and the government has been hinting that it is currently working on tweaking planning policies. Victor Paul Borg goes on to explain.

No Environment Impact Assessment has been held for large-scale developments such as this one that was broken into smaller parts and put into different applications.

So, what planning policy change is needed?

policy, the policy on development near heritage

or applying the policies in an incomplete,

And is change needed at all?

buildings, and the extensive document known

pro-development, discretionary or arbitrary

as DC15.

manner.

out in more than half a dozen documents that

All these policies, taken holistically, could guide

The reasons for this drift are two: legislative

together amount to many hundreds of pages.

development in an innovative, proportionate,

change in 2016 that created fragmentation

At the core, we find the Local Plan, which is a

and contextual manner.

and loopholes, and then having the kind of

Malta’s planning policies are extensive, laid

people on planning boards that lean in favour

detailed blueprint for every part of the Maltese

of development.

Islands. Further interpretation is then afforded

But the key word is ‘could’ – therein lies much

by the thematic policies and development

of the problem. While some policies do need

objectives, which are like overarching

tweaking, there have been two principal

These two reasons can be seen from the role of

statements. The additional guidance policies

problems that have led to the current planning

context in planning. First, the law introduced

then give the local plan further nuance and

catastrophe. One of those is that the planning

the concept of ‘legal commitments’, and the

flesh: the chief ones are the rural development

boards have primarily taken to interpreting

planning boards started giving weighting to

44

ISSUE 72

MONEY

PL ANNING

precedent to the point that they tend to use

minor that they would not have changed

was introduced in 2016 to allow small-scale

precedent in planning to mean the new norm.

the proposed development in a meaningful

development and minor developments

or substantial way to void the policy points

a swifter passage through the Planning

In this way, the planning boards have used

highlighted in the report recommending

Authority, with a decision taken by a case

precedent to change the context rather than

refusal.

officer in a desk exercise. They intended to simplify and expedite planning decisions in

to contain a precedent.

All of this does not mean that no reform in

minor cases.

If we had to take a concrete example, it would

policies is needed. On the contrary, some

be the permit granted to a swimming pool

policies – some, not many – need changing to

In theory, the idea is sensible. But it has

below the ridge, and on the side of a valley, in

limit the scope for different interpretations and

two problems: a block of flats of up to 15

Gozo last month, which has caused an outcry.

narrow the discretion of the planning boards

is considered minor, and that’s not minor.

for the simple reason that the discretion is

Secondly, clever architects have exploited the

In that case, the Planning Commission (one

not being used judiciously. So, for example,

summary procedures to put a project through

of the planning boards) said that a permit

preserving the existing context – and not

in phases, and in the process, over several

for another block of flats given 200 metres

using the odd precedent as the context – must

years, end up with a development that would

up the road constituted a “material planning

be spelt out more clearly and given more

not have been approved had it been proposed

consideration” in terms of Article 72 (2) of

weighting.

in its entirety in one application.

it’s the only building with a pool beyond the

More broadly, there is much scope to introduce

By now, you can see where I am going with this

development lines along the ridge. But instead

more clear zoning and height limitations to

argument. Some provisions in the planning

of using the context to show that it was a

each different zone.

act certainly need defining further, and some

the planning act. Yet, in the 1.5km stretch,

policies need tweaking – and, above all, the

one-off that should not be repeated, it used the one-off to set a new norm – and upend the

The rural policy also needs tweaks and

concept of zoning must be further developed,

context.

tightening. This includes the part on stables,

and with it, the height-limitation of different

which is being interpreted rather loosely by

zones (even zones within the same town or

The Court of Appeal has, on various occasions,

the Planning Commission. And the part on

village).

denounced this legal reasoning. In one case,

swimming pools beyond the development

Michael Debrincat vs L-Awtorita tal-Ippjanar,

zones, as well as the part on agricultural

But beyond that, the planning boards need

the court said that “no commitment can

stores.

members who serve the interest of planning and seek to protect the urban fabric and the

ever take precedence over the refusal of a permit based on law, plan or policy. Article

The law also needs amendments. This includes

rural environment – that is the mission of the

72 (2) of Cap 552 holds that the Board must

widening the reasons for revocation of permits

Planning Authority. But unfortunately, several

consider plans and policies brought before it

and more limitedly defining the so-called

types of permits obtained during the last five

and another substantial element, including

summary procedure. This summary procedure

years have surrendered this purpose.

commitments. The emphasis of the legislator is on adherence to laws, plans and policies and other factors [including commitments] are taken into consideration as long as these do not derail laws, plans, and policies applicable for the [specific planning application] case.”

In other instances, the planning boards interpret policies arbitrarily, partially, or contradictory manner.

The predisposition of the planning boards to deliver permits is evident in a stark statistic: recent data in parliament shows that last year almost one in three permits granted were recommended for refusal by the Planning Authority’s technical team. In such cases, the planning boards engage with the architect and, after a few tweaks in the architectural

The Planning Commission justified granting

drawings, declare that they had addressed the

a permit for a pool in the area shown in

reasons for refusal and deliver the permit.

shaded red by referring to the pool shown within the red circle.

Yet in most cases, the tweaks would be so

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

45

TRAINING

Skilling the built environment cluster JP Fabri discusses why the government and industry stakeholders need to launch a skills strategy for the sector to prepare the resources needed to support the country’s sectoral transformation.

The built environment sector involves a

retrofitters, technicians, landscapers,

tradespeople, these companies tend to be

diverse range of activities from planning to

and specialised supporting staff in legal,

less productive and less profitable than larger

completing and maintaining or renovating built

professional, and administrative capacities.

construction enterprises.

structures and infrastructural developments.

It is also very diverse regarding the size and

Jobs and occupations range from planners,

scale of companies within the sector. While

This range of activities means that many skills

architects and engineers to construction

there is a high rate of self-employment and

are required within the built environment

firms, tradespeople, specialist utility providers,

micro-enterprises, particularly among skilled

sector, many of which are very specific to

THE FUTURE OF THE EUROPEAN BUILT ENVIRONMENT What will the European build environment look like in 2050? It is shaped by the effects of climate change, resource scarcity, changes in population, urbanization, and focus on health and wellbeing. Buildings integrate a vast amount of technology that connect buildings to information management and sharing platforms. Buildings have evolved into temporary storage of circular materials and products and have become datahubs that support optimal (energy) efficiency and wellbeing.

The sustainability performance, energy performance, and other performances are central drivers for comfortable living and working, and also determine the value of a building.

ENABLING WORKING AND LIVING IN A 24-HOUR ECONOMY

CLIMATE RESILIENT

In our 24-hour global economy buildings will provide combined working and living space. Leisure, sports, shops and other amenities are combined in buildings that provide 24-hour connectivity.

Buildings are entirely climate resilient: green, energy neutral buildings that are designed to withstand floods and heat stress and that are part of climate resilient cities and urban areas.

CIRCULAR BUILDINGS

Buildings are circular: built with reused materials and/or biobased materials, are modular and deconstructable. They have become a temporary storage of materials and products.

FLEXIBLE BUILDINGS

ENERGY POSITIVE

Buildings will facilitate flexible use. They are adapted for changes in use on the short term, while being constructed for the long term. Smaller and flexible units will provide living spaces for the growing urban population.

Buildings create energy through photovoltaic solutions and are highly energy efficient and independent of fossil fuels. Buildings are connected to a smart grid to share and store electricity and heat.

COGNITIVE BUILDINGS

SUPPORT A HEALTHY LIFESTYLE

Buildings will be able to autonomously manage its internal climate (light, temperature, air) and efficiently adjust e.g. energy use by themselves.

Cognitive buildings are connected to smart grids and are part of the IoT.

46

BUILDINGS FOCUS ON PERFORMANCE

Buildings provide a healthy environment: healthy noise management, optimal temperature management, clean air and daylight.

The design fully supports the wellbeing of its users.

ISSUE 72

MONEY

TRAINING

the sector. Consequently, built environment

physical labour will continue. However,

Strategy. On the other hand, this renovation

occupations can be split into two categories:

perceiving the industry as physically

wave can create a significant economic activity

‘core’ and ‘niche’ occupations. Core

demanding is considered a deterrent to

given that buildings need deep-retrofitting

occupations comprise most of the frontline

attracting new entrants into the sector.

interventions whilst new constructions should start to follow and adhere to a certification

staff, while niche occupations comprise those with more specialised trade, support and

There is an increasing emphasis on

system. Furthermore, as the industry is facing

managerial skills.

infrastructure in the narratives of future

several cost-related pressures and needs to

scenarios – particularly water and digital

transform itself, Malta is about to launch its

The fast growth in the sector has attracted

infrastructure, and several projects to

strategy for European funding. Here, the need

many companies and investors, supported

complete the road network infrastructure,

to transform this sector into a more circular,

by the excess liquidity. However, this has

but with an increased emphasis on commuter

digital, and green one should take priority, and

brought about an acute shortage of skilled

infrastructure. In addition, there is a

schemes need to be earmarked to support this

workers, with companies having to resort

discernible shift in attention to mitigating

vital industry and sector.

to third-country nationals. Other structural

the effects of climate change, with a focus

factors, such as the ageing of the workforce,

on the built environment, power generation

The foundational element for this

particularly amongst tradespeople and the

and the energy use in the built environment.

transformation remains the availability

meagre rate of female participation in the

Advances to date in integrating technology

of specialised talent. Here Malta requires

industry, present challenges in addressing

and sustainability are considered relatively

a determined strategy that is focused on

skills shortages.

minor. However, these incremental steps will

forecasting the demand needed by the

likely accelerate over the next ten years as a

sector together with the required skill set. A

In terms of the skills required in the next

response to energy use and the imperative

consultative exercise needs to be undertaken,

decade, many are the same as those required

to adapt to changing climate conditions. It

and the Malta Developers Association and the

now. However, changing technological and

is unclear whether this will be evolution or

Building & Construction Agency should take a

environmental factors, such as the increasing

revolution, the continuation of gradual long-

collaborative approach to the industry’s future.

importance of Building Information Modelling

term changes or a stepwise reform of current

Such a strategy would be able to recommend

(BIM) techniques, recent regulations around

practice.

several recommendations to support the industry in its efforts to transition. We cannot

net-zero buildings and the retrofitting of the existing building stock in line with the long-

Malta’s economic performance has benefitted

underestimate the importance of the skill card

term renovation strategy, create a need for

immensely from the surge in construction

and recognition of prior learning in supporting

additional upskilling and retraining to allow the

activity. However, it now needs to transition

traditional skills. However, educational

sector to respond to these trends. In addition,

towards a near-zero economy and has several

institutions need a concerted effort to support

the sector’s transformation away from

targets in line with the Long-Term Renovation

the development of much-needed skill sets that will enable the industry to transform itself.

In parallel, support and incentive mechanisms need to support private sector investment to

It is therefore imperative that the government, together with industry stakeholders, start a skills strategy for the sector to prepare the needed resources which will underpin the sectoral transformation the country yearns for and needs.

drive this change, especially in upskilling. The National Employment Policy launched in 2021 offers a national framework for this to happen and for a skills strategy to be developed whilst following the parameters and logic set-up in the Policy.

Given this changing environment, there are challenges in skill availability and preparedness for the built environment sector. It is therefore imperative that the government, together with industry stakeholders, start a skills strategy for the sector to prepare the needed resources which will underpin the sectoral transformation the country yearns for and needs. The built environment has been a significant economic contributor. Through its transformation, it can play a crucial role in transforming our economy and supporting the transition to a more sustainable industry.

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

47

R E A L E S TAT E

A SWOT analysis of the real estate market Over the years, the local real estate market has emerged as a sector of robust growth - a positive when looking at its growth trajectory and contribution to the domestic economy. Nonetheless, Jordan Portelli has started seeing cracks following the positive run experienced over the past decade.

Over the years, the local real estate market has emerged as a sector

influx of foreign workers has positively targeted the rental real estate

of robust growth - a positive when looking at its growth trajectory and

market. As a result, we experienced a price surge in the rental market,

contribution to the domestic economy. Nonetheless, Jordan Portelli has

which indirectly also has pushed higher the value of properties. More

started seeing cracks following the positive run experienced over the

importantly, note that location remains an essential aspect of the

past decade.

market. Key areas over the years have proved to be more resilient in periods of economic stress, as witnessed to a certain extent during the

Analysing the real estate market from a swot analysis perspective offers

pandemic. Thus, if the population remains stable, this will help sustain

some interesting insights into how the sector evolved over the years and

the property’s value.

how the cracks emerge due to various factors.

Although it might not be seen as a strength, indirectly, the real estate Strengths

market has, over the years, proven to have a positive wealth effect.

Over the years, Malta has attracted a remarkable influx of foreign direct

Indeed, people believe that investing in property is a long-term savings

investment triggered by the financial services and gaming industries.

investment. Thus, they tend to prefer real estate as opposed to other

Indeed, this was one of the reasons why Malta has, over the years,

investment offerings, possibly given its tangibility. The created wealth

600K

140

450K

105

300K

70

150K

35

0

0 2010

2012

2014

2016

2018

2020

2015

Source: NSO, Population growth

2016

2017

2018

2019

2020

2021

Source: NSO, Property Price Index

registered above-average growth figures compared to its European

effect can be seen from two fronts. This first would be where a buyer

peers. Inevitably, attracting foreigners was imperative to sustain the

bought a property which has appreciated over the years. Practically

said growth. As a result, looking at the population growth over the past

speaking, homeowners who bought their property in 2010 have what we

decade, there is a clear upward trend, with National Statistics Office

call in economic terms ‘equity value’, i.e. the residual value following the

(NSO) data showing a remarkable growth of 24% from 2010-2020.

costs involved in purchasing the property. This is visible when looking

Naturally, this reflects the positive correlation with economic growth.

at the Property Price Index (PPI) published by the NSO, which according to the latest data provided as of quarter 1, 2021, stands at 130.92, a 4.7%

The population growth emerged as a byproduct of the strengths in

increase compared to quarter 1, 2020, and a 37% increase compared to

growing and eventually sustaining the real estate market. Malta’s

quarter 1, 2015.

48

ISSUE 72

MONEY

R E A L E S TAT E

The second aspect of the positive wealth effect is the redevelopment of

sector. Thankfully we are blessed with historical heritage and now

the owned property. Undoubtedly this is one of the most vital aspects

with Urban Conservation Areas. I believe both areas within the sector

of the wealth effect. A practical example would be the development of

can continue to flourish and contribute to the real estate sector

additional units on an existing owned property. This would imply, for

and other sectors. An efficient example would be the renovations of

example, the development in a 4+1 area, where now the owner would

old palazzos in Valletta into upstream boutique hotels. This is also

own five units following the development.

happening in different localities across the island, and we have seen various restorations which not only improved the visual aspect of the

As a result, the strength within the analysis emerges as crucial for the

area in question but also created business opportunities in the sector

sector and the overall economy.

per se and others.

Weaknesses

In this regard, the government has recognised the need to incentivise

One of the main weaknesses of the sector, which can also be seen as

this area within the sector. Its latest budget announced a scheme in

a threat, is that over the years, the growth of the real estate market

which applicants may claim up to 18% on restoration costs or finishes.

has been heavily dependent on fiscal attractiveness. Undoubtedly,

Indeed, a very productive scheme not only incentivises the sector but

the tax regime for foreign direct investments (FDI) is one of the prime

also acts as a modernisation scheme.

reasons for attracting sectors such as the financial services and gaming industries mentioned earlier. Put it bluntly, a change in tax regime might

Threats

trigger an exodus of existing FDI, severely impacting the real estate

From a ‘threat’ point of view, we have seen the number of dwellings

market. Moreover, issues such as the greylisting, which has now been

spiking over the years. Despite that, this was also in line with the

resolved, do not augur well for the sector’s sustainability.

population growth. As stated earlier, over-development may trigger a supply/demand imbalance as a primary strength in supporting the

Another weakness is the reliance on government incentives offered over

industry. An efficient example was the negative implications brought

the years. A case in point is the recurring lower stamp duty incentive on

about by the pandemic. The tourism industry was shut down, and many

property purchases. This fiscal tool has continued to push growth within

foreigners working within it reallocated to their respective countries.

the sector. A possible decision of not extending such incentives will

This, in turn, conditioned the rental market with prices being impacted

inevitably lead to a negative impact on the sector.

to the downside. Thus, recognising the threat of oversupply remains a critical consideration, and this is precisely why we need to find other

The need for enhancement in regulations is indeed another weakness.

forms of sustainability.

Although a lot has been done over the years, when compared to international standards, the market needs more enforceable regulation.

Another threat to the sector is affordability. The spike in prices is

The market has grown exponentially over the years, but to a certain

pushing away young people from the property market. Recently a

extent, it remains pretty unruled. The lack of limited information on the

paper published by the Housing Authority clearly stated that a lack of

sector remains one of its shortcomings.

government or family intervention would push young couples not to afford renting or mortgages. This lack of affordability will translate into

Indeed, the concept of international Real Estate Investment Trust (REIT)

lower demand, which will pressure prices. The paper states explicitly

investing is very low or inexistent. However, ruled standards and more

that this is more applicable to anyone in Malta on minimum to the

standard information and research on the sector will probably attract

average wage.

REITs to consider investing in local property. This will surely be another Another plausible threat is the expected rise in interest rates. An

essential element in sustaining the sector.

increase in rates would translate into higher borrowing costs, which Opportunities

will make it less affordable to fund the purchase of a property and thus

Despite many believe that the hyper-modern market is not sustainable,

pressure prices lower. This is undoubtedly an inexistent threat over the

and I am one of them, other areas still offer opportunities within the

past decade but is becoming a reality given that major central banks are increasing rates to combat inflation.

In conclusion, the points mentioned within the analysis are among many others. Over the years, the strengths have outweighed weaknesses and threats; however, realistically speaking, now we have started to experience a re-balancing. Undoubtedly, supply remains a clear threat in the future, while the reliance on government incentives is a weakness.

The increase in the cost of living will also have an impact on the sector.

Indeed, the outlook for the market is not the brightest. Its sustainability depends on various factors, such as the need for higher incomes. As already pointed out above, it is becoming less affordable; thus, higher incomes would be one of the salvations for sustainability. However, pessimistically speaking, given the current global turmoil, higher incomes at this stage would be difficult to achieve soon.

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

49

R E A L E S TAT E

DATA MATTERS HOW CAN MALTA SOLVE ITS TRANSPARENCY CHALLENGE?

Over the past three years, markets worldwide have become increasingly uncertain due to events such as the Russian invasion of Ukraine and the COVID-19 pandemic, which have resulted in consumer uncertainty, rising inflation and interest rates, and issues in the supply chain distribution. Malta is no exception, with the recent grey-listing adding to this uncertainty even further. Justin Mizzi, a real estate valuer at Archi+, an architecture firm based in Malta, explains the importance of having meaningful data in uncertain times.

In this uncertain and ever-changing world, markets need transparency as better information and data will often lead to more effective decisions, regardless of the application area. Therefore, the questions raised are: how transparent is Malta’s real estate market? And is there a way to track Real Estate Transparency (RET)?

What attracts real estate investment?

Malta’s real estate market has historically been active with good returns despite having limited RET. However, this has been primarily limited to local investment, whilst London, Paris, and other world cities within established economies also attract plenty of Foreign Real Estate Investment (FREI). Is this difference solely down to RET? Even though RET (which can be defined as markets where there is consistency, certainty and enforcement of rules and regulations.

Where corporate governance principles are observed, and property transactions take place fairly and equitably) is a crucial factor in attracting FREI, but it is not the only significant determinant. These markets offer more than RET and provide the proper range of economic, cultural and political conditions to attract foreign investors. have easier access to information, which leads to a competitive advantage.

It is argued that property market fundamentals such as economic growth, political stability, property prices, market size, lower transaction

»

behind FREI. In other words, foreign investors in the property sector may

It reduces speculations as high-quality data signal developers when and what types of spaces to build.

costs and less bureaucracy, amongst others, are the main driving force »

It allows for better risk management and enhances decisionmaking through better information, performance benchmarks, and

not appreciate RET if their returns are not attractive.

increased quality of real estate service providers.

The benefits of transparency

»

about urban infrastructure.

investment, this should not be interpreted as support for opaque real estate markets. On the contrary, improvements in RET should be

»

property rights.

Operating efficient and healthy markets that work for all participants is critical. Foreign real estate investors are not keen

»

It helps cities on a more sustainable path as we transition to a netzero carbon future.

to invest in unpredictable countries where domestic investors

50

It enhances the quality of life thanks to robust and well-enforced legal and regulatory frameworks, protecting citizens and their

considered by all stakeholders for several reasons: »

It enables sound long-term urban planning as it helps governments, public bodies, and the private sector make more intelligent decisions

While a higher level of RET does not necessarily result in more

ISSUE 72

MONEY

R E A L E S TAT E

Tracking transparency

the availability and quality of over 200 different factors in six main

Updated biennially, the Global Real Estate Transparency Index (GRETI),

categories, which are summarised as follows:

produced by JLL (one of the large global commercial real estate services

1. Performance measurements: which include property indices and

companies with offices in dozens of countries - Malta not being one of them), has been tracking and assessing the progress of RET across the

valuation standards.

2. Market fundamentals: which look at data across different property types.

globe since 1999.

3. Governance of listed vehicles: financial disclosure and corporate It is today the industry’s most widely used and valued benchmark for assessing RET and acts as an essential guide for cross-border investors, developers and occupiers of real estate – as well as government and

governance.

4. Regulatory and legal: building tax, planning, property title registration and debt regulation.

bodies looking for international benchmarks.

5. Transaction process: sale processes, bidding processes and

How does it work?

6. Sustainability: green leases, green building certification, energy

professional standards.

Local research teams, in consultation with business leaders and real

standards and carbon reporting.

estate professionals active in each market, complete the survey*, which enables the GRETI to score property markets on a 1 (highly transparent)

Where does Malta stand?

to 5 (opaque) transparency scale:

For the first time since its inception, the GRETI will feature Malta in its

1. Highly transparent: The world’s leading investment destinations with

12th and the latest edition (2022) thanks to PwC Malta, who, along with

the most mature real estate markets. The UK, US, France, Australia

Archi+, have collaborated (pro-bono) with JLL (given that they do not

and Canada have consistently dominated this category over the past

have a local presence) in compiling data on Malta’s real estate market.

few editions.

2. Transparent: European and Asian markets have solid regulations

It is no surprise that Malta has scored within the ‘Low Transparency’

and good governance. Market fundamentals data and performance

category, ranking 62nd out of 94 countries. There is a profound need for

measurement are areas for improvement.

the availability of reliable and timely market data in Malta, where areas

3. Semi-Transparent: Dominated by large emerging markets (such

such as sustainability, technology and digitisation merit considerable

as the BRIC economies), which have made constant progress in

improvement. However, there are areas to rejoice, as we scored well

recent years but need to address corporate governance issues and

on fronts such as governance of listed vehicles, regulatory and legal

regulatory enforcement if they are to progress.

aspects, and the transaction process.

4. Low Transparency: Primarily consists of emerging destinations in Africa, the Middle East and Latin America, where market tracking and

The challenge ahead

real estate regulation are still growing.

By focusing on specific action points that may be quickly addressed and

5. Opaque: Emerging markets are often hampered by geopolitical and

by benefiting from items such as PropTech, sustainability initiatives,

economic challenges. With limited regulatory frameworks, these

and AML regulations, which are boosting RET worldwide, there is a

markets are vulnerable to regression.

good chance for Malta to improve its score (from 3.63 to 3.5) within the next round of the GRETI. And although Malta’s journey to rank within

Is data only about transaction prices?

the ‘Transparent’ category may seem long and winding, some of our

Knowing the extent of a country’s real estate data is essential; however,

European neighbours, such as Luxembourg, Hungary and Spain, show

it is only half of the story. For a complete picture, qualitative data is also

that this is possible as they have all shown significant improvements

needed to determine whether investors trust and use the data.

over the past few rounds.

Furthermore, the focus is not only on the availability of data on

However, a shift in mentality is also needed to make the jump. While an

transaction prices; it is based on a holistic, comprehensive survey of

increasingly vast amount of data is being generated daily, the local real estate sector has never been strong at collecting this data in a way that allows it to be captured and consolidated systematically, which would lead to better insights.

To change this, we must reduce barriers to collecting and sharing data.

The key to more market transparency is changing the mentality of all market participants from an “information hiding” one to one where there is agreement that information sharing and transparency can benefit all. *These transparency measures have improved considerably over time - in terms of number and depth of questions - to reflect the changing requirements of cross-border investors and corporate occupiers. You can find full details of the results, contents, list of markets, and the details on the construction and findings of the JLL GRETI on the JLL website.

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

51

PROPTECH

PROPTECH’S DISRUPTIVE FORCE IN THE REAL ESTATE INDUSTRY

With €9.12 trillion in global assets, commercial real estate is more significant than all other asset classes available to investors. Reaching €1.25 trillion in 2021, investment into global commercial real estate was up by 55% compared to the previous year and 21% from 2019. Moreover, it is coupled with residential real estate, which has a much higher value than that of a commercial nature. So, it’s not difficult to understand the part this asset class has played in generating extraordinary wealth for those who have committed to it – from individuals, governments and institutions through to funds, corporations and Real Estate Investment Trusts (REITs). Giorgio Saronne and Daniel Galea explain.

While the real estate industry has historically

managing the whole of the investment

up unused areas. However, the standout niche

been powering through as a store of value for

underwriting process, incorporating this

thus far has likely centred around virtual

the past couple of years, it is also the asset

technology allows participants to evaluate

reality VR tours, a feature set to transform

class that has seen the slowest progress in

post-investment performance while

future buying and leasing transactions.

digital transformation and the adoption of new

disintermediating property purchase and sale

According to Goldman Sachs forecasts, the VR

technology. Moreover, owing to the multiple

procedures. More recently, the return to work

market in real estate alone could generate as

intermediaries inherent in a real estate-related

from the COVID-19 pandemic has also provided

much as €2.5 billion by 2025.

transaction, data relative to financing and

a unique opportunity for landlords to supply

several other aspects of operations tend to be

tenants with insights on their utilisation of

On the other end of the spectrum, owners and

less meticulous and transparent, paving the

space, enhancing value creation and freeing

managers have increasingly realised that they

way for potential disruption.

Having realised the opportunity that entering a previously untapped market could bring. As a result, several start-ups have been focusing their efforts on what is known as PropTech, or property technology – an area attempting to digitise and transform all aspects of the real estate industry. In simple words, PropTech is used as an umbrella term to incorporate all types of tech tools real estate experts utilise to optimise how parties buy, sell, market, research and manage a property.

Among the many facets users of PropTech have at their disposal, it is most commonly utilised as a way of obtaining market data which is then fed into screening and evaluating ongoing developments, investments, leasing and home buying opportunities. Apart from

52

ISSUE 72

MONEY

PROPTECH

must put more effort into reducing carbon emissions from buildings and construction, which the United Nations has said account for 39% of the global carbon footprint. Since 28% of these emissions are generated through heating, cooling and lighting sources, it is evident that high tech may significantly improve a building’s operational efficiency. For example, new technologies can reduce water consumption via sensors, and the Internet of Things (IoT) could keep track of construction materials to avoid wastage.

Throughout the pandemic, investment in real estate tech witnessed a substantial amount of growth. According to the Centre for Real Estate Technology and Innovation (CRETI), last year alone, €31 billion was pumped into real estate tech companies – 28% more than in 2020 and ballooning by over 300% across the past decade. Moreover, with 36% of investment being raised in Series D and higher funding

brokers. However, the rapid increase in the

informed investing and operational decisions

rounds, setting the stage for upcoming IPOs

number of PropTechs, the level of competition

on a property and portfolio level. Recent

and acquisitions, the signs are clear that

among them and the breadth of their

trends have shown that participants in the real

shortly, the term ‘PropTech’ will no longer be

involvement in the real estate sector make

estate industry are consistently improving at

used as a buzzword. Instead, it will transform

deciding on which company to trust difficult for

capturing, storing and using data to provide

into a mindset integrated into every property

real estate owners and managers alike.

them with optimal analytical information. As the tendency towards big data continues, the

development and management step.

It is becoming increasingly evident that real

PropTech space will continue to evolve and

From a local perspective, the fact that the

estate investors and owners are inclining

innovate, paving the way for a more efficient,

property market has been booming over

towards data-driven approaches, leveraging

transparent, and sustainable real estate

the past few years makes Malta the perfect

both external and internal data to make more

environment.

candidate to accelerate its adoption of PropTech. With close to 200 real estate agencies on the island, several freelance agents and numerous classified pages. Market participants have been trying to get ahead by providing their clients with the most user-friendly experience while enhancing the productivity of their sales associates and

The VR market in real estate alone could generate as much as €2.5 billion by 2025.

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

53

MARKETING

THERE’S MORE TO BUILDING A SUSTAINABLE BUSINESS THAN

GREENWASHING

The world has had its wake-up moment regarding corporate greenwashing, says Richard Muscat Azzopardi, and the results are that most businesses still don’t care about the environment. The idea of a sustainable business is far more attractive than the reality.

“Now serving paper straws” (which cost a

There are more ways to create a sustainable

fortune in energy to make and cannot be

business that doesn’t involve plastering a

recycled), “Biodegradable packaging” (will

recyclable symbol on paper packaging that

make their way to a landfill) or “Electric

will ultimately end up in Maghtab. One of those

vehicles only” (they’re charged from an

ways is creating a business that can stay in

oil-burning power source). Look at any

business. And working with businesses that

corporation’s sustainability measures, and

you actively help stay in business. Switching to

these three usually top the list, along with

paper straws should not substitute for acting

other tried-and-tested favourites such as ‘now

reasonably with the people and businesses you

serving only organic food’ and ‘clean beauty’.

interact with daily.

Anything that requires more effort than a

Sustainable-focused businesses also

well-timed PR post is shuffled off to the side for

understand that their supply chain should

when the business needs some good news to

be sustainable, too. If you constantly and

combat a recent crisis, and then it’s all hands

consistently do your best to leverage your

on deck to look like they’ve been hard at work

strengths to drive costs down, there’s going to

all this time.

be a point at which your suppliers can’t make it.

So, bigger businesses tend to use their

Or they’ll stop working with you, even if you’re

leverage of being bigger to push their costs

paying them loads.

down, squeezing every ounce of blood that

This is the problem with sustainability: it

they can squeeze from people who work for

takes time, effort, and patience to create an organisation that doesn’t neglect its

Malta is small. Everyone knows everyone

them and for suppliers that service them.

responsibilities, no matter what form they

through their connections or the friend-of-a-

It wouldn’t be such a big issue if we weren’t

take. So, it’s far more palatable to greenwash

friend connection, so it stands to reason that

small enough to make it a problem.

your responsibilities into something a little less

it should be easier to run an organisation here.

like loss of profit and a little more like a brave

After all, as you know the person running the

Large and small businesses are on different

attempt to strike out where no other business

company next door, you should be on more

ends of the size scale. Let’s take a large

(except all the other businesses who have done

than just speaking terms. And what about your

business to be anything above a hundred

the same thing) has done before.

employees? Most of which - at some point -

people. We can see that most businesses in

you would have worked with or known from

Malta tend to be small and medium enterprises

other parts of your life.

and usually work as suppliers or resources for larger businesses.

The reality is that businesses tend to be hostile

54

to each other. They tend to see the business

On paper, the cycle should make sense; the

world as a zero-sum game. The thought

large business funnels work into the small

process seems to be: “If I pay my supplier what

business, funnelling more work into smaller

they’ve asked me to pay them, then they’re

businesses and repeating until profit. But,

making money that I could technically have

in reality, this happens; businesses tend to

kept myself.”

stall or lag, and large businesses have a lot to

ISSUE 72

MONEY

MARKETING

»

The way business leaders treat their

answer for when it comes to easing the wheel.

corporations realise. However, greenwashing

So, creating a sustainable business, something

your way into a better business reputation only

that will outlast you and your generation, isn’t

hides the reality of how you run your business.

just greenwashing. It’s also ensuring that

If the way you work involves pushing small

the business cycle doesn’t get interrupted

organisations to breaking point in the lure

because you, as a large organisation, have

of ever-greater cash grabs, eventually, that

After decades of being told that it’s sustainable

decided to push and bully and abuse a small

business will break.

‘enough’ if a business makes bare-bones

Sustainability in business is tricky to get right and infinitely more valuable than many

The way corporations consider sustainability.

adjustments to its operations, the working

business until you get a portion of your bill reduced.

employees. »

We are amid a resignation revolution. It is a

world has decided that that isn’t enough. And

great thing:

it is ushering in an era where sustainability

»

It’s holding organisations accountable for

measures are built on people. When you create

the way people work.

an organisation everyone wants to work with

Switching to paper straws should not substitute for acting reasonably with the people and businesses you interact with daily. or for, you’ve reached peak sustainability; a business that can keep business coming in without sacrificing reputation or profit and without having to worry about keeping the wolves away from the door.

After all, the most sustainable product is the one you already own. And your relationships with your clients and suppliers are worth protecting more than a 3% discount you feel you can leverage if you flex your muscles.

It’s not too late to change to reflect the better part of your business.

You are in time to take a long hard look around you to see how you can work on building a business that’s sustainable in every sense of the word. Just make it a priority, and look at sustainability with a long-term view.

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

55

Scarf by Dan John at The Point

THAT SUMMER FEELING Photography

Styling

Model

Marvin Grech

Peter Carbonaro

Christian @ Models M

Swimwear by Adidas at Eurosport

Left: Shirt and bag by Charles & Ron | Swimwear by Adidas at Eurosport Right: Shirt and pants by Dan John at The Point

FA SHION

It’s the beautiful season, so it’s only fair that MONEY gives you beautiful things. [all items available from mrporter.com] TOM FORD Brighton embellished leather sandals

SAINT LAURENT

€790

Set of Four Oxidised Silver-Tone Cuffs €695

GUCCI Oversized camp-collar printed cotton-poplin shirt €820

CELINE HOMME Kurt straight-leg distressed shorts €590 BRUNELLO CUCINELLI Slim-fit linen bomber jacket €2,100

62

ISSUE 72

MONEY

FA SHION

PATEK PHILIPPE Pilot travel time rose gold €43,800 / elcol.com BRUNELLO CUCINELLI Straight-leg pleated cotton-twill drawstring shorts €490

FORTNITE Logo-print cottonjersey sweatshirt €160

GUCCI Wide-leg pleated wool-twill trousers €790

GIVENCHY City sport leather sneakers €495

MÉTIER Vagabond suede messenger bag €1,980

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

63

S U S TA I N A B I L I T Y

1

ECO WARRIORS MONEY finds a greener shade of products.

1 BIOLITE SOLARHOME 620 The portable off-grid solar lighting system. €200 / eu.bioliteenergy.com 2 ROTHY’S This bag is made with approximately 1388 grams of ocean-bound marine plastic. €475 / rothys.com 3 AEROGARDEN Grow enough fresh, safe produce to feed your entire family all year. €649 / aerogarden.com 4 ANKER 21W dual USB solar charger with a foldable panel. €110 / ecotradecompany.com 2

5 LEAF SHAVE Get a clean, 100% plastic-free shave with this Leaf Shave plastic-free razor. €90 / grove.co 6 REFILLABLE DEODORANT Their formula is so natural that you can eat it: no harmful GMOs, aluminium-free, paraben-free, vegan, gluten-free, and ethically made. €15 / byhumankind.com 7 ADIDAS Made with Parley ocean plastic. €132 / adidas.com 8 LOMI HOME COMPOSTER Speeds up the breakdown of organic waste into smaller fragments like earthworms break down and mix plant tissue into the soil. €499 / pela.earth

64

ISSUE 72

MONEY

S U S TA I N A B I L I T Y

3

6

7

4

8

5

MONEY

T H E R E A L E S TAT E & S U S TA I N A B I L I T Y E D I T I O N

65

NEWS

GiG awarded supplier licence in Ontario Gaming Innovation Group (GiG) has been granted a supplier licence for Ontario, allowing it to partner with operators based in the newly regulated Canadian province.

Having opened as recently as April 2022, the

B2B sportsbook and PAM.

Claudio Caruana, general counsel for GiG, says; “In receiving the registration from the AGCO,

registration marks an early entry for GiG that will allow it to serve a market expected to

The secured licence adds to the steadily

we have reached another important milestone

grow to €2bn in gross gaming revenue (GGR)

expanding list of regulated markets supported

in our resolute commitment to supporting the

over the next three years, according to H2

by GiG, 22 in total with another four pending,

iGaming industry for regulated markets, and

Gambling Data. The registration granted to

further strengthening its ability to be the

we’re delighted to be prepared to power new

GiG by the Alcohol and Gaming Commission

technical supplier of choice of those operators

and potential partners in the province.”

of Ontario (AGCO) covers its award-winning

with aspirations for success in online gaming.

gig.com

A library as a form of expression Edwards Lowell’s latest edition, the Edwards

This two-storey, multi-functional shopping

Lowell Book Store, is building on a strength

experience includes an art gallery, champagne

they have seen in their Portomaso Boutique.

bar, high-end library and displays of the finest watches and jewellery on the market. With the shop launch at No. 50, Zachary Street in Valletta, they are putting luxury books into the they selling high-end coffee table books, but

limelight.

they are also assisting with curating libraries Despite the increase in digital technologies

for hotels, residences, private offices and more.

changing how we digest information, the

With 97 years at the forefront of the luxury

global book market is expected to expand by

watch and fine jewellery business in Malta,

1.9% to $164.22bn by 2030, according to a

representing brands like Rolex, Patek-Philippe

report by Grand View Research Inc. Nothing

and Cartier, Edwards Lowell has experience in

compares to the feeling of a good book in your

quality, style, and attention to detail. This gives

hands, and we want to showcase our favourite

them a unique outlook when curating personal

volumes in a space that’s comfortable,

and corporate libraries for their clients,

personal, and unique. While public and

addressing individual needs.

university libraries are often vast and full of splendour, home libraries are more intimate

Also available from the Elcol website, the

(but not any less gorgeous). The room can be

Edwards Lowell Book Store offers a vast

formal and elegant or colourful and cosy, and

selection of perfectly bound, attractively

stylish focal points like a fireplace, desk, or

presented books on art, fashion, photography,

snug sitting area keep things as enjoyable as

travel and lifestyle, books of the highest

the volumes on the shelves.

quality with distinctive graphic identity and editorial savoir-faire, including those

66

The Edwards Lowell Book Store is the latest

from high-quality publishers, Assouline and

addition to their growth initiatives. Not only are

Taschen. elcol.com

ISSUE 72

MONEY

bloom@bloomcreative.com.mt

We build remarkable brands.

To view a selection of our best work, visit bloomcreative.com.mt