MONEY ISSUE 79 by BE.COMMUNICATIONS

BUSINESS

LIFEST YLE

DESIGN

THE NEW BEGINNINGS EDITION ISSUE 79

Michael Bonello / 20 COVER STORY

THE ALLIANCE OF REAL ESTATE PEOPLE

Joanna Delia / Jonathan Shaw / Yazmin Zammit Stevens Trudy Kerr / Jo Caruana / 24

HOW TO MAKE 2024 THE YEAR OF BADASSERY

JP Fabri / 30

NEW YEAR, NEW PRIORITIES

Theo Dix / 40

MALTA'S MOMENT OF TRUTH

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WELCOME

Editor’s note — As we enter a new year,

and the digital marketplace.

Money delves into a spectrum of narratives, each painting a unique financial, personal,

Theo Dix and Paul Rostkowski invite us to think

and professional development aspect. Our

about the larger picture. Dix discusses the

features this time are not just about finance

critical decisions facing Maltese leaders in an

but also new beginnings—about the interplay of

era of rapid technological change and shifting

ambition, innovation, and resilience in the face

demographics. At the same time, Rostkowski

of evolving economic landscapes.

highlights the increasingly pivotal role of emerging markets in global economic growth.

We begin with Vanessa Macdonald's poignant exploration of personal development and its

Jordan Portelli's piece on the interest rate

tangible payoffs. Her piece reminds us that

shock of 2023 provides a sobering perspective

introspection can be as crucial as action in our

on financial markets, a crucial read for

journeys towards success and fulfilment. It's

understanding the implications of such

a fitting preamble to the inspiring stories of

economic tremors.

Dr. Sylvana Brannon, Stephanie Bugeja, and Charmaine Calleja—women who redefined their

The innovative spirit continues with Adrian

career trajectories with remarkable courage

Galea's deep dive into Malta Enterprise's

and determination.

new startup framework, a bold initiative to revolutionise our entrepreneurship and fiscal policy approach.

Our cover story highlights Alliance Real Estate Group's meteoric rise under Michael Bonello's visionary leadership. It's a narrative of breaking

Finally, Richard Muscat Azzopardi's

norms and setting benchmarks, a testament

commentary on generative AI in business is a

to what innovative thinking can achieve in the

compelling reminder of the balance between

dynamic world of real estate.

technological advancement and the enduring value of the human touch in marketing.

Continuing on the theme of foresight and planning, Vanessa Macdonald returns with

Each article in this edition is a piece of a

practical advice on setting financial goals for

larger puzzle: understanding our evolving

the year. And as always, we underscore the

world and finding our place within it, whether

importance of professional advice in financial

through personal development, strategic

decision-making.

financial planning, or embracing technological innovations.

JP Fabri's examination of Malta's economic outlook presents a strategic view of our

We hope the stories and insights in this edition

nation's future, emphasising the significance

inspire you, offer clarity and guide you towards

of planning in crucial areas like education and

a year of growth, success, and personal

renewable energy.

fulfilment.

This is paralleled by Maria Bilocca and Justin Mizzi's insightful analysis of Malta's retail sector, navigating the challenges of overdevelopment

E D I T O R Anthony P. Bernard

D E S I G N Be.Communications

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ISSUE 79

MONEY

FOR EVERY YOU

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CONTENTS

Investing in yourself: The ultimate new beginning

How to make 2024 the year of badassery

New year, new priorities

Do you sometimes get a feeling of frustration, a niggling thought that you could be doing something more meaningful? Whatever the reason, it is time to take stock and understand more about who you are and where you should be. Vanessa Macdonald looks at the importance of personal development and its payoffs.

18 Breaking barriers: The inspiring career journeys of three remarkable women In a world where career paths often follow conventional trajectories, some defy expectations, embracing change and pursuing their dreams at different stages of life. Dayna Camilleri Clarke speaks to three extraordinary women—Dr Sylvana Brannon, Stephanie Bugeja, and Charmaine Calleja—each with a unique story as they ventured into new beginnings later in life.

Lyndsey Grima's refreshing take on the New Year invites you to swap the mundane for the marvellous. With insights from local luminaries, this feature offers a glimpse into 2024, filled with bold moves and brighter days.

JP Fabri addresses Malta's economic outlook and strategic priorities as a new year unfolds. Focusing on the nation's robust post-pandemic recovery and current challenges, there is a need for strategic planning in areas like education, productivity, renewable energy, and infrastructure. It underscores the importance of a cohesive, future-focused economic development strategy that aligns with Malta's strengths and addresses emerging global challenges.

34 The mall renaissance

Financial resolutions for a new beginning Have you set your financial goals for the coming year? Vanessa Macdonald has some tips for you. (Remember to seek professional financial advice before making investments!)

COVER STORY

The Alliance of real estate people In the dynamic world of real estate, Alliance Real Estate Group has emerged as a trailblazer, defying industry norms and setting new benchmarks for success. Under the visionary leadership of its award-winning CEO, Michael Bonello, the Group has experienced unprecedented growth, expanding its footprint from seven founding branches to thirty and more than tripling the number of property advisors on its books to over 350, redefining Malta's real estate corporate landscape.

As the built environment undergoes a colossal transformation, Maria Bilocca, design architect at Archi+, and Justin Mizzi, real estate valuer and advisor at Archi+, dissect the complex evolution of Malta's retail sector over the past decade. Amid concerns of overdevelopment and challenges from online shopping, discover the resilience of malls and the innovative strategies shaping a new era.

40 Malta's moment of truth Theo Dix delves into the crucial choices that Maltese business leaders and policymakers must make during rapid technological advancements, demographic changes, and global challenges. Today's choices will shape its path for years.

CONTENTS

Emerging markets in 2024

Tech, tweets, and transformations: A deep dive into Web Summit 2023

AI and the big reset

Paul Rostkowski explores the dynamic role of emerging markets in shaping the global economy. As 2024 unfolds, these markets, once secondary players, now appear pivotal, driving over half of the worldwide GDP growth with innovative and resilient growth strategies.

Jessica Camilleri brings you an exclusive insight into the Web Summit 2023. As the go-to technology conference in Europe, it draws tens of thousands of attendees seeking to delve into the latest technologies, connect with industry players, and explore investment opportunities.

In the seismic shift catalysed by OpenAI's Generative AI, businesses are racing to automate processes, but Richard Muscat Azzopardi warns against a myopic focus on cost-cutting. He explores the profound impact of AI on marketing, emphasising the enduring value of humanity, brand authenticity, and the indispensability of genuine relationships.

The interest rate shock Jordan Portelli looks into how the interest rate shock has impacted the economy in 2023 and what the implications could be next year for the economy and financial markets.

48 New beginnings in global trade

Adrian is a venture capital and portfolio start-up investors. He also manages a

In the ever-evolving landscape of international trade, Stephen Mallia explores the transformative role of importers in meeting the stringent safety criteria set by the EU.

Unveiling Malta's Start-Up Blueprint

investment fund manager in Malta. He has

that inspires start-up culture in Malta.

extensive experience in local and international asset servicing operations, focusing on UCITS

Dayna, a former newspaper editor and

and alternative investment funds.

journalist, is a wordsmith extraordinaire. Richard is the CEO of Switch — Digital

marketing text and brand manifestos, she

& Brand, a marketing agency that forms

effortlessly balances grammar and brand

part of ICOM, the world’s largest network of

voice. Throughout her varied career, Dayna

independent agencies.

has shaped narratives and inspired both colleagues and clients alike to lead global brands.

Stephen is a freelance product regulatory compliance expert and mechanical engineer with over 13 years of experience in the field,

Jordan is an economist and CIO / portfolio

In a bold move, Malta Enterprise introduced a stakeholder consultation for a revolutionary Malta start-up framework. Adrian Galea delves into the intricacies of this plan, exploring themes of equity, fiscal policies, and human capital while emphasising the role of entrepreneurs and the need for continuous improvement.

Paul is the CSO for a local alternative

Facebook group called Malta Startup Space

With a knack for crafting impeccable

the gym.

management professional for early-stage

providing practical client-focused advice.

manager for a local financial services company. Theo is a senior manager leading JP is a founding partner at Seed, a multi-disciplinary advisory practice. Lyndsey is a freelance writer and social

EY- Parthenon, the global strategy consulting arm of EY in Malta. Vanessa had every intention of retiring

media marketeer. When she’s not typing away,

but so far has been caught up by exciting

you will find her focusing on her training at

freelance projects and voluntary work.

Valletta - Mercury - The Point

PERSONAL DEVELOPMENT

INVESTING IN YOURSELF

The Ultimate

New Beginning

Oddly, we are often willing to spend money

a comfort zone, you may wish to ask yourself

on our outward appearance but baulk at the

what you could do to grow, obtain knowledge,

idea of spending it on our wellbeing. American

improve your skills and change your life. Does

motivational speaker Jim Rohn summed it up:

how you dedicate your time to various parts

an investment in your personal development

of your life result in a sense of fulfilment and

is the best investment you can make. One

purpose?

reason for our reluctance is that personal development results are not immediate.

It may take a while to complete this journey,

However, this is not about achieving short-

but the marvellous thing is that it acts

term goals but about a lifelong process that

through self-motivation, with each goal

needs to be reviewed at each step.

achieved encouraging you to aim higher. As your confidence grows, you set new goals,

The first thing to do is ask yourself whether

and achieving them gives you the courage to

you are happy where you are. If so, then stop

overcome the inevitable obstacles you will

reading. If you feel that you are stifled, or in

encounter.

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Do you sometimes get a feeling of frustration, a niggling thought that you could be doing something more meaningful? It might start as a result of what you are doing and seeing someone else enjoy what they are doing. Whatever the reason, it is time to take stock and understand more about who you are and where you should be. Vanessa Macdonald looks at the importance of personal development and its payoffs.

Personal development helps with self-growth

us cringe is coping with criticism, whether

at various levels. First, you better understand

malicious or constructive.

yourself, which may be quite a revelation as we get to know ourselves, warts and all. Selfawareness is about looking at your strengths and weaknesses, challenging your values and beliefs, and understanding what motivates you. This self-awareness will help you see yourself in the context of your relationships. No matter how empathetic you are, focusing

Falling is not a failure. Failure comes when you stay where you have fallen.

The big question is: "Where do I want to be?" As always, the most straightforward questions are often the most profound. Make sure that you set clear and well-informed goals. Remember that your goals may differ from what you had a decade ago. They are not necessarily about status, income or hierarchy.

on other perspectives helps us improve our

Nevertheless, self-awareness is the first step,

communication skills and deal with tension

and it may reveal that you need more skills

and conflict. Another area likely to make

and qualifications to progress towards your →

MONEY

THE NEW BEGINNINGS EDITION

PERSONAL DEVELOPMENT

goals. Would moving up an MVQ level help your

quote: "It's not about 'having' time. It's about

promotion? Would a new language open a new

making time." It is all too easy to sacrifice

horizon?

the things that gave us absolute pleasure – playing football, being part of a band,

Lifelong learning is now more ubiquitous

dancing, volunteering – because of the

than ever, and with intense evening courses,

pressure of work and family commitments.

there is so much to choose from. Run by the Education Ministry (lifelonglearningcourses. gov.mt), lifelong learning courses include a variety of languages and sections specifically dedicated to improving your career, such as computer literacy, accounting, human resource management and so on. Most run for 12 weeks and are incredibly cost-effective. Those over 60 get the first course free of charge per academic year. Many private institutions can offer

As always, the most straightforward questions are often the most profound.

One of the great sources of that sense of unease is losing the balance between looking after ourselves and looking after others. Remember that good nutrition, sufficient sleep and daily exercise are essential and play a massive part in how much we can cope with stress (positive or negative). To summarise, these are the stages you could use to map out your journey:

enticing courses directly linked to your career or personal development, whether

Stage #1: Self-Knowledge

photography, cooking or gardening.

Take a long, hard look at yourself and consider your strengths and weaknesses.

For those of you who argue that you don't

This is the starting point for any personal

have enough time in the day – remember the

development.

Tips from the pros

Désirée Steinmann Certified coach, DISC profiler and professional master trainer at Steinmann International One of the quotes I send, especially to women who want to improve themselves, is this: "Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness, that most frightens us. We ask ourselves, 'Who am I to be brilliant, gorgeous, talented, fabulous?' Actually, who are you not to be? You are a child of God. Your playing small does not serve the world. There is nothing enlightened about shrinking so others won't feel insecure around you. We are all meant to shine, as children do. We were born to manifest the glory of God within us. It's not just in some of us; it's in everyone. And as we let our light shine, we unconsciously permit other people to do the same. Our presence automatically liberates others as we are liberated from our fear." — Marianne Williamson, A Return to Love: Reflections on the Principles of A Course in Miracles. To become the best we can become, we must not work on our weaknesses to improve but build on our strengths to become exceptional. We need to see our strengths as something special, even if it comes easily to us. Then, we must understand that we always have choices and can make them, and we must permit ourselves to follow our gut/dream/desires. To get there, surround yourself with people who already follow their passion and support and believe in you. Avoid people who need you to stay on their level or not change for them to be comfortable.

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Stage #2: Comparison

you want to get and the waypoints to help

backwards – as an opportunity to learn more

Look at the people you consider to be

you navigate. But then take that first step!

about yourself. Socrates once said, "Falling

where you want to be. Try to understand

You can always change your mind, retreat

down is not a failure. Failure comes when

why you chose them and what it is about

to your comfort zone and start again. There

you stay where you have fallen."

their achievements that you would like to

is more than one way to get from A to B!

emulate.

There is no set and fixed agenda here, no

Stage #5: Reach Your Potential

successes or failures, only your goals and

Remember that reaching your goals is only

what you are ready to do to achieve them.

one point on a journey. You might want to go

Stage #3: Modification

further or even get a different destination….

At some point, you need to move from theoretical changes to practical ones,

Stage #4: Acceptance

What is important is that you constantly

whether this means signing up for a

Stay calm if the progress is slow, and

review all the lessons you have learned

course, applying for a promotion or job, or

your initial ideas don't take you where you

along the way – and don't give up. Keep on

auditioning for a part! Create a map of where

want to go. See every step – even if it is

dreaming!

Tips from the pros

Pia Vassallo Positive psychology coach and Mindfulness trainer at Metta Wellbeing The connection between investing in one's wellbeing and career development is strongly supported by evidence-based research. The PERMA model, developed by Martin Seligman, highlights the five pillars that enable flourishing in a personal or professional context. Here are a few evidence-based strategies: 1. Positive emotions go beyond transient happiness. It's about cultivating a positive mindset. Start by developing positive emotions by practising gratitude and affirmations daily, incorporating activities that bring joy into your daily routine and integrating mindfulness to manage stress. Incorporating mindfulness into daily routines can help maintain a positive emotional state, improve focus, and reduce stress even during challenging times. 2. Engagement: Enhance engagement by diving into tasks that match your strengths and interests and seek challenges that yield satisfaction. Align tasks with your strengths, values and interests for increased engagement, motivation and fulfilment. 3. Relationships: Build relationships by interacting with colleagues, offering support, practising active listening, and showing appreciation. Building strong relationships leads to a supportive network and a sense of belonging. This enhances job satisfaction and team unity. 4. Meaning: Seek meaning in your work by aligning your role with personal and organisational values. How do they contribute to the larger goals of the organisation or society? Knowing that your work has meaning can be incredibly motivating and rewarding. 5. Accomplishment: Set attainable yet challenging goals and celebrate all successes. Adopt a growth mindset, looking at challenges as opportunities for growth, not obstacles. Celebrate achievements, no matter how small. Positive psychology approaches have wide-ranging benefits, with research findings confirming various benefits to organisations, leaders, and employees. Benefits include increased creativity, resilience, critical thinking, life and job satisfaction, optimism, and more goal-oriented behaviour. Workplaces that nurture wellbeing have a lower rate of burn-out and increased profitability. This leads to a win-win situation for the company and the employees.

MONEY

THE NEW BEGINNINGS EDITION

NEW BEGINNINGS

BREAKING BARRIERS The inspiring career journeys of three remarkable women

In a world where career paths often follow conventional trajectories, some defy expectations, embracing change and pursuing their dreams at different stages of life. Dayna Camilleri Clarke speaks to three extraordinary women—Dr Sylvana Brannon, Stephanie Bugeja, and Charmaine Calleja—each with a unique story of courage, resilience, and determination as they ventured into new beginnings later in life.

Dr Sylvana Brannon Lawyer Dr Sylvana Brannon is a 52-year-old legal professional and a lifelong learner passionate about diverse pursuits. Notably, her law degree marks her fifth degree accomplishment, showcasing her commitment to continuous education. Driven by a penchant for change and guided by intuition, she has navigated various career paths, finding inspiration in each transition. In addition to her legal expertise, Dr Sylvana Brannon holds the distinguished director role at Stem Cells Malta, pioneering the country's first stem cell banking service. Her groundbreaking initiative took shape when she relocated from Canada to Malta, introducing the concept when it was still unfamiliar within the local landscape. Dr Sylvana Brannon's innovative spirit and dedication have left a lasting legacy within the field of stem cell banking in Malta. What inspired you to make a bold career change and pursue your dreams? Becoming a lawyer was never "my dream" as such. I was always keen on defending human rights; of course, we encounter many situations where rights are breached. However, in 2016, I found myself a victim of a severe human rights violation involving my children, whom I had raised practically alone for twelve years. I assumed that the law would protect me. Still, I found myself trapped in bureaucracy, logistics and paperwork in a system that promised justice in a reasonable time but instead contributed to the abuse and suffering I was being subjected to by my abusers.

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Can you share a pivotal moment or experience that fuelled your

make their case my own. I hate the fact that victims have to spend so

determination to follow your passion? I found myself doing a lot of

much money to get justice after they are involuntarily dragged into

research on my own to learn about legal avenues open to me and to

situations by abusers and criminals.

understand the various court procedures I was being put through. During my quest for justice, I also encountered multiple lawyers.

Sometimes, people exclaim surprise and admiration at this step I took.

Unfortunately, I had a very negative experience with some of them,

But to be honest, for me, it was just the logical next step in my journey.

with questionable ethics. I remember thinking to myself, this can't be

I had no choice. And once I started, quitting was not an option. It might

the only way.

be intimidating to think about how long the course takes, but it's just one step at a time. I used to see it as one assessment session at a time,

One summer day, about a year after I had initiated court proceedings

so breaking it up into three-month blocks more or less. The next thing

with negligible progress, I was commiserating with a close friend over a

you know, you're done. Whether I did the course or not, six years would

glass of wine at St Thomas Bay. I was explaining some things about my

have passed anyway. At least six years have passed, and I'm a warranted

case to her. She said, "Syl, you have learned so much about the law! You

lawyer instead of being stuck whining and complaining about my fate.

might as well be a lawyer!" We had a good laugh about that, and on the spur of the moment, I told her, "F*** it, I just might!" I logged online and

What advice do you have for other women contemplating a significant

applied. I remembered all about it when I received the acceptance letter,

career shift to pursue their aspirations? Some of the best things in

I vented my anger in reading cases and law books, which made me feel empowered rather than a victim. — Dr Sylvana Brannon

at which point I realised this is, actually, what I want to do. The rest, as

life are unplanned. The important thing is to keep an open mind and to

they say, is history.

consider all opportunities that come your way. Shut up the voice in your head that finds a problem with everything and go for it, one step at a

Were there specific challenges you faced during the transition, and

time. It is better to try and make mistakes than to be afraid of trying and

how did you overcome them? During the course, I was still raising kids

living with the "I wonder if…"

on my own. I was also battling two heavy court cases and running a business. I was an emotional mess as I was hardly seeing my kids at the time as a result of the crime I was subjected to. Studying was the place

Stephanie Bugeja

where I found comfort. When I felt particularly angry at my situation or

Research support officer and PhD student

in unimaginable pain, I would immerse myself in learning, going deeper and beyond what the syllabus stated. I vented my anger in reading

Stephanie Bugeja embarked on her professional journey in 1981,

cases and law books, which made me feel empowered rather than a

commencing as a clerk at the Central Bank of Malta. Transitioning to

victim. My youngest son Ethan was particularly supportive, studying

Grant Thornton, she served as the personal assistant to the managing

with me, asking me questions, and keeping me on my toes as only an

partner before venturing into the realm of education. Stephanie

innocent child can. My other children motivated me differently, as what I

assumed the role of school secretary at St. Martin's College and later at

was doing was for them, and I had no choice but to keep going.

Chiswick House School.

The funny thing was that in the time it took for my case to close, I

In 2016, a new chapter unfolded as Stephanie decided to pursue higher

started and finished my diploma as a legal procurator, Bachelor of

education at the University of Malta. Her academic journey culminated

Laws, and even Master of Advocacy! Actually, my cases are still ongoing

in attaining a BA (Hons.) in Youth and Community Studies in 2019 and a

because one is in appeal, and the other necessitated that I open a

Master in Community Action and Development in 2022.

constitutional case to address the excessive delays and the breach of the right to family life.

Currently, at 61, Stephanie serves as a Research Support Officer II with the Faculty of Social Wellbeing at the University of Malta, concurrently

How has your new career path brought fulfilment and satisfaction

embarking on a PhD journey.

compared to your previous one? I now work as a lawyer, fighting the same fights for my clients that I fought (and am still fighting) for myself.

Beyond her academic pursuits, Stephanie is an ardent sports

I only accept passionate cases where I can connect with the client and

enthusiast, having played tennis since she was 12 and a dedicated →

MONEY

THE NEW BEGINNINGS EDITION

NEW BEGINNINGS

Juventus supporter. Hailing from Vittoriosa, she actively engages in her city's traditional and cultural events, contributing significantly to the community's vibrant life. What inspired you to make a bold career change and pursue your dreams? My husband, Mark, encouraged me to attend university for several years. Nevertheless, although I scanned through all available courses every summer, I always seemed to find an excuse not to pursue my dream. Another source of inspiration was a dear friend and colleague, Denise Borg, who encouraged me to pursue my dream as she believed in my capabilities more than I did then. Were there specific challenges you faced during the transition, and how did you overcome them? My only daughter Emma had just started middle school then, and juggling pick-up times, after-school activities, and other family commitments was challenging. Despite his demanding profession, I found great support from my husband, who did his utmost to support me every step of the way with my parents, who were always a phone call away. Interestingly, however, I faced my biggest challenge just before the start of my first lecture. As I walked into the lecture room, I found six pairs of 18-year-old eyes looking at a person older than their mother and thinking, without any doubt, that I was their lecturer. At that moment, the "fight or flight" response took over. I believe that my decision to "fight" was the best decision I ever made, and I am happy to say that up till this very day, the six pairs of 18-year-old eyes have become part and parcel of my extended family.

Go for it! It is a challenging journey, but with sheer determination and perseverance, there is no doubt that you will succeed. — Stephanie Bugeja

Can you share a pivotal moment or experience that fuelled your

What advice do you have for other women contemplating a significant

determination to follow your passion? Although I had harboured a wish

career shift to pursue their aspirations? Go for it! It is a challenging

to pursue my studies for many years, what finally pushed me to pursue

journey, especially if one juggles family and other commitments. But

my dream was an unpleasant incident at work where I felt that I was

with sheer determination and perseverance, there is no doubt that you

mistreated. At that point, I decided to move on and embark on a new

will succeed.

journey as a university student at the age of 54. How has your new career path brought fulfilment and satisfaction

Charmaine Calleja

compared to your previous one? Being immersed in university life was

Head of Financial Crime Compliance / MLRO

a breath of fresh air. The opportunity to interact with fellow students, despite the vast age difference, with lecturers and the Faculty of Social

At 43 years old, Charmaine Calleja holds the esteemed position of head

Wellbeing staff ably led by the dean, Prof. Andrew Azzopardi, gave

of Financial Crime Compliance / MLRO at a prominent bank.

me the courage and determination to give my all to achieve my goals. This new experience also broadened my horizons, brought about new

Her distinguished career in the financial services industry began in

opportunities, gave me more independence, and demonstrated that I

2007, marked by roles such as compliance manager at a local CSP and

could achieve my dreams.

senior compliance manager at a local acquiring bank. Before venturing

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NEW BEGINNINGS

into finance, Charmaine showcased her leadership skills as a senior duty

is when I joined a local insurance company as a Tied insurance

manager at a 4-star hotel.

intermediary. From then, I started to enjoy AML/CFT rules, regulations, and other compliance work, and over time, I kept on

With a wealth of experience and expertise, Charmaine has consistently

investing in myself and my job, and it became my passion.

navigated the complexities of compliance and financial crime prevention throughout her career. Her commitment to excellence and multifaceted

Were there specific challenges you faced during the transition,

professional background have positioned her as a critical player in the

and how did you overcome them? The biggest challenge is finding

financial sector.

the right opportunity and people ready to trust you to do new things you have never done before. I was lucky to find two people who

What inspired you to make a bold career change and pursue your

believed in me and who opened the path to the amazing career I

dreams? At 27, I wasn't aware that this career would become my

hold today. I repaid their trust by working hard and investing in my

dream. Back in 2007, I worked 15 hours a day, including weekends.

growth and knowledge. At 43, I completed a 4-year journey that

When my nephew was due to be born, I realised that I was working

qualified me for a Master of Science in Financial Crime Compliance

too much and may not have much time to see him growing up; this

in a digital society.

My advice is never to give up and to be kind to oneself. No one is ever too old to make a move that will help improve your life on a personal and professional level. — Charmaine Calleja

Can you share a pivotal moment or experience that fuelled your determination to follow your passion? After completing my diploma, I informed my then-manager that I wanted to improve my academic education by taking a postgraduate course that would lead me to a master's. The answer at the time was that a diploma was enough for me at my age, considering I already held an important position. Although disappointed, I did not let this dishearten me and became more determined to succeed. I moved on to my current employment and found enormous support throughout my academic journey. How has your new career path brought fulfilment and satisfaction compared to your previous one? Working in the financial sector, particularly within the financial crime compliance sector, has enriched me in many ways, but what is most interesting is that it is a career that opens up the door for lifelong learning, independence and continuous career growth. What advice do you have for other women contemplating a significant career shift to pursue their aspirations? My advice is never to give up and to be kind to oneself. No one is ever too old to make a move that will help improve your life on a personal and professional level. I have learned in this life that everything can be taken away from you except education. So, there is always time to invest in oneself and remain focused, and it does not matter how many times you fall or that you may take longer to complete something. What matters is that you get there at the end.

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THE NEW BEGINNINGS EDITION

COVER STORY

THE ALLIANCE OF REAL ESTATE PEOPLE Uniting property experts under one brand to innovate and improve Malta's real estate market

In the dynamic world of real estate, Alliance Real Estate Group has emerged as a trailblazer, defying industry norms and setting new benchmarks for success. Under the visionary leadership of its awardwinning CEO, Michael Bonello, the Group has experienced unprecedented growth, expanding its footprint from seven founding branches to thirty and more than tripling the number of property advisors on its books to over 350, redefining Malta's real estate corporate landscape.

Bold decisions for change

transition. "We planned to switch off our old

marked a paradigm shift for Alliance. What

Alliance's journey began with a bold

system on a Friday and switch on a fully-

sets Alliance apart is the unique approach

decision to break free from the constraints

fledged and operational replacement with

of bringing former competitors together as

of an international franchise model. CEO

thousands of active property listings by the

part of the same team. CEO Michael Bonello

Michael Bonello shares that the decision for

following Monday morning. Looking back, it's

expresses pride in achieving what no Maltese

independence was driven by a realisation

amazing how everything worked so smoothly,

brand has done before, creating a united front

of serious master franchise shortcomings

and the number of new listings kept increasing

from individuals who were once competitors.

that remained unaddressed. With unanimous

exponentially.", explains Bonello. "That first franchising announcement in March

support from his team, this pivotal moment established an independent Maltese real

At the time, Alliance operated seven founding

2022 was the culmination of months of hard

estate brand and marked a significant turning

branches: Alliance Tigne, managed by Gordon

work to structure an equitable franchising

point in the company's history.

Valentino; Alliance Strand, managed by Angelo

model that could take us to the next level

D'Arrigo and George Tabone; Alliance Marina,

of our corporate growth in year three", he

Strategic planning and seamless transition

managed by Fabien Debono, and Raphael

explains.

Its first year was dedicated to meticulous

Degabriele, Nicky Sammut, Paul Sammut and

planning and execution. With the support of

Ana-Marija Zafvirovska and Francois Spagnol

"First to join were Alliance Balzan, run by

CFO Leslie Xerri, the guidance of business

managing Alliance Swieqi, Alliance Pender,

Jamie and Lorraine Dimech and Alliance

advisor Ivan Bartolo and legal expertise from

Alliance San Gwann and Alliance Santa Venera

Attard, run by Erika Deguara and Nikki Vella

Dr. Norval Desira, a seamless transition was

respectively.

Petroni. These were two completely new localities for us to operate from, and whilst

set in motion. Noteworthy was the strategic investment in human and technical resources,

Letting division: A strategic launch

we already had our flagship Alliance branch

including dedicated training for property

Alliance Letting was a strategic move 18

in Sliema, newcomers such as Alliance by

advisors led by CPO Frank Borg and the

months after the main brand launch, aligning

Thirty-Four, run by Adrian Friggieri and Gordon

formation of an in-house compliance unit

with completing a non-compete period. Abigail

Cachia and Alliance by Fine Homes, run by

headed by MLRO Mario Gauci and Ritianne

Simiana, appointed as Letting COO, played a

Andrew Debono, who is also based in Sliema,

Spiteri.

pivotal role in rapidly building a robust letting

demonstrated that successful synergies can

team, positioning Alliance as a significant

be found with people who were previously

player in the letting sector.

competitors. One franchise office we had

Its newly recruited CMO Pierre Mizzi concluded

opened in the Sliema Fortizza area was forced

the branding design, website and social media channel setups, whilst Group COO Gordon

Franchising: Uniting former competitors

to shut down due to serious failures to adhere

Attard handled the technical side of the

The introduction of franchising in March 2022

to our standards", he continues.

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COVER STORY

As the Alliance family approaches 400 members, Michael Bonello announces a strategic decision to suspend new franchise applications in 2024. The focus will shift to consolidating, optimising operations, and strengthening the existing branches to benefit personnel and clients.

Ina Pavlova was another well-established real estate company that decided to rebrand its premises to Alliance. Her team opened Alliance by Steps Properties in St Julian's in June of that year. Bonello explains how those first six franchises proved that the franchising concept made for a stronger Alliance ready to continue accepting more people who wanted to be part of the growing Alliance family. Working with developers To enhance relationship-building and gain deeper insights into the requirements of property developers, Sandro Chetcuti was invited to join the company's board Michael Bonello was awarded The Economic Update's Top Entrepreneur Award in 2012 and

of directors immediately following the

the Real Estate CEO of the Year title at the Malta Real Estate, Property, and Development

conclusion of his presidency at the Malta

Awards in 2021.

Developers Association in 2021. Notably, several prominent residential projects →

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THE NEW BEGINNINGS EDITION

COVER STORY

currently underway have incorporated

Our nineteenth branch opening was Alliance

Ahmed Ali to open Alliance by Malta

pertinent suggestions from Alliance, thereby

St Paul's Bay with Ottavio Suda, Natasha

Commercial Agency in Ta' Xbiex. Zabbar

enhancing the quality of their developments

Cassar, Margaret Gauci and Marise Camilleri,

was another location where we didn't have

to serve the end buyers better.

and the twentieth followed soon after with

a branch until it was opened by two Alliance

Alliance The Place, spearheaded by co-

stalwarts – Gordon Valentino and Kenneth

Phenomenal growth in 2023

owners Chris Cachia and Kristine Bonnici.

Grillo. As much as we love welcoming new

With a growth mindset launched at the

Then came Alliance Naxxar with Jeffrey Mallia

people to Alliance, we're excited to see a highly

company's annual meeting, an astounding

and Marco Satariano in charge. This was

experienced property advisor rise to become a

expansion programme led to Alliance opening

another completely new locality for us.

business owner and manager with us.

year. Spearheaded by the head of franchises,

We welcomed two established offices from

Mark Molnar is another estate agency owner

Naomi Ver Elst Micallef, with the support

two other franchise networks in May and

who decided to forgo his brand to join Alliance

of a strong C-Level team, the growth was

June. Mauro Sammut came with his team

with his team of 8 property advisors. Mark is

strategic and purposeful. New branches

of 14 sales and letting advisors to open the

now operating Alliance by Let Buy Mark from

were established in familiar and previously

new Alliance M Estates branch in Gzira, and

a prestigious office on the Sliema front. The

untapped localities, showcasing Alliance's

Charlene Xerri Gatt opened Alliance Gozo with

last two teams to join us this year also left

commitment to serving diverse markets.

her team also joining en masse.

from an international franchise. Dylan Callus

Michael Bonello takes us through the

BCP Properties is another opening we

us to open Alliance Tarxien, and Joe Caruana

trailblazing journey, "We expanded North

celebrated around the end of June. Co-

Curran joined with his 9 advisors to open

with the signing on of Graziella Vella with her

owners Mantvydas Matthew Narusevicius and

Alliance Ibrag.

team, opening Alliance North in St Paul's Bay

Pavle Brajkovski are building a great team at

and Oren Chasanmus opening Alliance Rental

this branch, as is Andrew Agius at Alliance

My immense satisfaction is that most of

Solutions in Sliema. Also in March, we opened

Mosta. Andrew also joined us from another

these people left well-established franchise

Alliance Central Business District and two

agency to take over this prominent corner

networks or, in some cases, their solo

branches in Fgura – Alliance South with Kevin

office, and it's great seeing him build his team.

businesses to plug into our system and start

seventeen new branches in a few months this

and his team of 12 property advisors joined

working together with positive synergies on

De Leonardo, Roderick Zahra and Rodnick Abdilla, and Alliance Fgura with Kris Bugeja

More enquiries kept coming in over the

the same team. Now I can say that my dream

and his team.

summer, and by September, we welcomed

has come true."

Alliance management team from left: Frank Borg, Naomi Ver Elst Micallef, Pierre Mizzi, Gordon Attard, Leslie Xerri, Michael Bonello, Mario Gauci, Abigail Simiana, Jeremy Borg Grech and Ritianne Spiteri.

ISSUE 79

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COVER STORY

2024: A year of consolidation

for digital media training exemplify the

the ongoing development of its personnel

As the Alliance family nears 400 people,

commitment to enhancing the skills and

through comprehensive training programs.

Michael Bonello announces a strategic

expertise of its property advisors. The focus

Alliance Real Estate People is a testament

decision to halt the acceptance of new

on exclusive listings through the Alliance

to the power of vision, strategic planning,

franchisees in 2024. The focus will shift

Selected product, led by industry expert

and collaborative efforts. The company has

towards consolidation, optimising operations,

Jeremy Borg Grech, reflects a commitment to

carved a prominent niche in the Maltese

and further strengthening the existing branch

excellence and client satisfaction.

real estate market and is redefining industry standards. As the journey continues, the

network to benefit Alliance personnel and Future initiatives

focus remains on unity, innovation, and a

Looking ahead, Alliance plans to continue

commitment to delivering exceptional value

Continuous improvement

its trajectory of innovation and growth.

to clients.

Alliance remains dedicated to the

The Alliance team, fuelled by a relentless

continuous improvement of its services.

pursuit of excellence, envisions the launch

Follow the unfolding chapters of this

The establishment of the Alliance Academy

and enhancement of new products, further

remarkable success story at alliance.mt and

and this year's collaboration with ICE Malta

improvements in market offerings, and

on social media.

Alliance Head Office

Alliance M Estates

Alliance San Gwann

Email: hello@alliance.mt

Mauro Sammut

Paul Sammut & Anna Ebejer

Whatsapp: +356 7779 7909

helloame@alliance.mt

hellosgn@alliance.mt

Alliance Attard

Alliance by Malta Commercial Agency

Alliance Santa Venera

Erika Deguara & Nikki Vella Petroni

Ahmed Ali

Francois Spagnol

helloatt@alliance.mt

hellomca@alliance.mt

hellosvn@alliance.mt

Alliance Balzan

Alliance Marina

Alliance South

Jamie Dimech & Lorraine Dimech

Fabien Debono & Nicole Aquilina

Rodnick Abdilla

hellobzn@alliance.mt

hellomrn@alliance.mt

hellosth@alliance.mt

Alliance by BCP Real Estate

Alliance Mosta

Alliance St Paul's Bay

Pavle Brajkovski

Andrew Agius

Ottavio Suda & Natasha Cassar

hellobcp@alliance.mt

hellomos@alliance.mt

hellospb@alliance.mt

Alliance Central Business District

Alliance Naxxar

Alliance Strand

Reuben Micallef

Marco Satariano

George Tabone & Trevor Caruana

hellocbd@alliance.mt

hellonxr@alliance.mt

hellostr@alliance.mt

Alliance by Fine Homes

Alliance North

Alliance Tarxien

Andrew Debono

Graziella Vella

Dylan Callus

helloafh@alliance.mt

helloant@alliance.mt

hellotxn@alliance.mt

Alliance Fgura

Alliance Pender

Alliance The Place

Kris Bugeja

Nicky Sammut

Chris Cachia

hellofgr@alliance.mt

hellopnd@alliance.mt

helloatp@alliance.mt

Alliance Gozo

Alliance Rental Solutions

Alliance by Thirtyfour Real Estate

Charlene Xerri Gatt

Oren Chasanmus

Gordon Cachia & Adrian Friggieri

hellogozo@alliance.mt

helloars@alliance.mt

helloatf@alliance.mt

Alliance Ibragg

Alliance by Steps Properties

Alliance Tigne

Joe Caruana Curran

Ina Pavlova

Gordon Valentino & Alexandra Vella

helloibg@alliance.mt

helloasp@alliance.mt

hellotgn@alliance.mt

Alliance by Let Buy Mark

Alliance Swieqi

Alliance Zabbar

Mark Molnar

Raphael Degabriele & Nemanja Trajkovic

Kenneth Grillo

hellolbg@alliance.mt

helloswq@alliance.mt

hellozbr@alliance.mt

clients.

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THE NEW BEGINNINGS EDITION

GOALS

HOW TO MAKE 2024 THE YEAR OF BADASSERY Lyndey Grima's refreshing take on the New Year invites you to swap the mundane for the marvellous. With insights from local luminaries, this feature offers a glimpse into 2024, filled with bold moves and brighter days. 26

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GOALS

As the new year starts, it's time to bid farewell to the

Can you share an example of a resolution that challenges

predictable and embrace the extraordinary. It's time to

the status quo and aligns with this mindset?

ditch the dull and usher in a wave of audacious goals and My resolution for 2024 is to edit and sharpen my

unapologetic ambitions.

boundaries. As time goes by, one gains experience and Say goodbye to the mundane resolutions that fade by

better perspectives on life. I want to preempt and avoid

February and welcome a year of fearless pursuits. These

getting involved in situations that waste my time and

local celebrities and entrepreneurs have mastered the

energy, which will make me more efficient and effective in

art of turning dreams into reality. Discover the secrets to

projects and with people who rightly deserve my time.

their success, the grit that propels them forward, and the mindset that defines a true badass. As we set the tone for 2024, it's not just about resolutions;

Jonathan Shaw

it's about embracing the extraordinary, stepping into your

CEO, Retail Marketing

power, and making it a year to remember. What steps or goals do you plan to set that reflect a bold and

Joanna Delia

empowered mindset for 2024?

CEO, People & Skin It primarily centres on exploring the concept of cognitive behaviour, where the correlation between our thoughts and What steps or goals do you plan

subsequent actions, emotions, and behaviour is directly

to set that reflect a bold and

linked. The emphasis lies not on the issue or circumstance

empowered mindset for 2024?

but on our initial thought process. Strategic planning and focusing on the bigger picture are also crucial to avoid

A few years ago, we had a mentoring exercise with a coach,

distractions and stay on course.

and when asked what my goal was, I said I wanted to make my doctor colleagues as successful as myself, and we are

In a world often filled with routine resolutions, how do

finally there! One of our star clients even said that the latest

you plan to break the mould and make your 2024 goals

doctor to join the team, an ENT surgeon by trade, does

extraordinary, embracing the spirit of badassery?

even better non-surgical rhinoplasties than I do, and I was I prefer not to establish resolutions that lack timeliness

overjoyed!

or measurability. Instead, I find that a 'to-do' list is For 2024, my goal remains to continue fostering the

more effective. It's simpler, more transparent, holds me

palpably good energy we have as a team—to continue to

accountable, and feels more tangible. At the end of the

fine-tune our service and to strive to provide excellence

year, it's either accomplished, done or not done.

as we always have. I will continue implementing environmentally friendly measures, like not owning a car

Can you share an example of a resolution that challenges

for 13 years, buying handmade or locally-designed clothes,

the status quo and aligns with this mindset?

eating a plant-based diet, and trying to convince more Consider a common resolution many people make: "To start

people to do the same!

training." More often than not, enthusiasm slowly declines, Finally, I will dedicate even more time and resources to

and the commitment is gone within the first month. This

supporting the local cultural scene, with a particular

resolution is overly generic, lacks measurability, and →

emphasis on contemporary art. I know this year will be very rewarding! In a world often filled with routine resolutions, how do you plan to break the mould and make your 2024 goals extraordinary, embracing the spirit of badassery? I am an efficient, fearless go-getter. At the start of every new year, I'm excited for more time to do more, see more, taste more, meet more people, and have an opportunity to work hard to make everything I do better and help everyone around me be and feel better.

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THE NEW BEGINNINGS EDITION

Strategic planning and focusing on the bigger picture are crucial to stay on course. — Jonathan Shaw 27

GOALS

leaves ample space for backing out of your original commitment. Alternatively, consider a specific 'to-do'

Trudy Kerr

action: committing to training for at least 30 minutes daily.

Presenter and producer,

While it may seem more challenging initially, it proves to be

The Interviewer

more manageable and doable in the long run. There's no space to opt-out or room for indecision or alternatives. What steps or goals do you plan to set that reflect a bold and empowered mindset for 2024?

Yazmin Zammit Stevens

We often see resolutions and goals about what we, as

Weightlifter and owner,

individuals, can achieve and gain. Experience has taught

Training Room

me that one of the best goals we can set our sights on is to give and pay it forward. Giving has an incredible way of paying back more than we could imagine. And giving

What steps or goals do you plan

doesn't have to be expensive.

to set that reflect a bold and empowered mindset for 2024?

I've told this story often on The SHE Word, but back in the middle of 2023, I was flying out of an airport late at night,

My main goal for 2024 is to be more fearless in taking risks,

and as I went into the bathroom, I spotted a beautifully

speaking my mind, and doing what I think feels right. I've

dressed lady standing at the sink washing her hands.

always had strong intuition, and it's never steered me

For some reason, and I can't explain why, I felt compelled

wrong so far, so I know I can trust it. Now, it's about putting

to tell this woman how good she looked. But let's face

it into action.

it, approaching a stranger isn't always easy. So I made a promise; I told myself that if she were still standing when

In a world often filled with routine resolutions, how do

I came out of the cubicle, I would compliment her. I came

you plan to break the mould and make your 2024 goals

out, and there she was, adjusting her hair in the mirror. So, I

extraordinary, embracing the spirit of badassery?

inquired whether she spoke English, and she nodded. And I told her, 'You look so beautiful, absolutely stunning'. There

Routine resolutions are acceptable. It's the fact that people

was silence for a moment, and she looked deeply at me and

are quickly bored with their routine resolutions, too. I credit

replied, 'You have no idea how much I needed to hear that;

most of my success to routine goals—small steps that

thank you,' and she slipped away to her flight. I have no idea

eventually lead to a much bigger target. So, my 2024 goal

what her story was or why my small comment meant so

is to keep working hard, one step at a time, and to show up

much, but it made a difference.

every day and finish the work. Those boring things you tick off your to-do lists, day in and day out, are what get you to

This exchange cost me nothing, but it gave me so much.

the big stuff.

No, it isn't easy to compliment a stranger, but it is a habit. The more you do it, the more you comment on how good

Can you share an example of a resolution that challenges

a jacket looks on a lady in a clothing store or smile at a

the status quo and aligns with this mindset?

stranger in the street and tell them they look amazing, the easier it gets. And it is a beautiful habit to get into. The

One of my resolutions that aligns with this mindset is to

most profitable and rewarding goal that anyone can set

be more than you expect of yourself. I've recently become

their sights on for 2024 is to make a difference and be an

obsessed with working to accomplish things that I thought

influence by giving.

I would never manage to. In a world often filled with routine resolutions, how do you plan to break the mould and make your 2024 goals

I credit most of my success to routine goals—small steps that eventually lead to a much bigger target. — Yazmin Zammit Stevens 28

extraordinary, embracing the spirit of badassery? In 2010, I had a horse riding accident that nearly cost me my life. On a very regular Monday morning in January at 6.25 am, the ex-racehorse I was training bolted and to avoid the horse getting to a busy road, I pulled the horse into a 'jockey stop' and, in doing so, the horse fell on top of me. I sustained two brain haemorrhages and a ruptured spleen. This is not the only close call I have experienced in my life, and each time, it reiterates the same message: 'We are only

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GOALS

here for a blink of an eye; what do we have to lose?' As with

We are our own worst enemy. Stepping out of our comfort zone gives us the strength and empowerment to overcome so many more obstacles, and that is where the magic happens. — Trudy Kerr

many others, I genuinely believe failure is as important as success. I believe that when we have looked our biggest fear in the eye and may have even lost, we have nothing left to be afraid of. So, what are my badass goals for 2024? To continue doing what I am doing—making a difference by having conversations women and men rarely have but really should—and seeing how far we can take this—no limits. At least, not within me! Can you share an example of a resolution that challenges the status quo and aligns with this mindset? I have short legs and am anything but athletic, but after the accident in 2010, I decided that I wanted to run the London marathon for my 40th birthday. I am a London girl, originally, and the marathon happened to fall on my 40th landmark. I recall expressing this desire to a group of

those steps have served me well, and I will keep repeating

friends at a dinner party, and my then-partner told me that

them.

I could never run the London marathon as I had 'short legs like a pit pony and ran far too close to the ground'. Suffice it

As for being bold, I have learned a) the power of doing more

to say, the relationship didn't last much longer, and I indeed

in less time and b) to work the way I want to. My average

ran the London marathon in 2014 for the Epilepsy Society

week includes afternoons out of the office, having lunch

and, in doing so, cured myself of accident-related epilepsy,

with friends, seeing a show in London, or wandering around

a result of the horse-riding accident.

a museum. I never feel guilty for not being at my desk when I 'should' or adhering to a strict schedule. Doing things

I went on to run another 21 marathons and ultra runs,

differently probably felt a bit bold when I first implemented

including a 126km run around Malta for the Neil Agius

that approach, but now I realise there's no right way to build

initiative Wave of Change. Ten years later, I have set my

a business and that success happens when you work hard

targets for several ultra-races this year, including a 92 km

but don't force it.

run across Sweden and a 63km run in Cappadocia. In a world often filled with routine resolutions, how do Running still doesn't come naturally to me. Some days, I

you plan to break the mould and make your 2024 goals

love it, and some days, I resent the early morning wake-up

extraordinary, embracing the spirit of badassery?

call, and I am not suggesting that everyone start running. However, I believe that in most circumstances, we are our

My life is routinely unroutine and unapologetically so. I

own worst enemy, particularly in business. Stepping out of

loathe routine. It might be a late start, a lunchtime walk

our comfort zone gives us the strength and empowerment

with the dogs, an afternoon theatre trip, and late nights

to overcome so many more obstacles, and that is where the

working with clients or researching trends. Or it could be a

magic happens.

jampacked day of 10 back-to-back Zoom meetings or a long in-person strategy session with clients in London. So, in 2024, I resolve to stay away from anything routine. My one major goal for this year is to become more involved in my

Jo Caruana

local community.

Founder and CEO, Finesse Group Can you share an example of a resolution that challenges the status quo and aligns with this mindset? What steps or goals do you plan to set that reflect a bold and

With the world on fire, everything can feel futile and

empowered mindset for 2024?

depressing. I have found the best way around that is to get stuck into helping at a grassroots level. So, a key resolution

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It's all about learning how to navigate a new world where

this year is simply to get involved with local projects, lend a

humans and technology are ever more entwined while

hand, and make a difference - even in a tiny way. I am lucky

figuring out what a positive, sustainable future looks like.

enough to live in a truly brilliant community and am excited

As a result, I am constantly listening, learning and adapting;

to help it thrive.

THE NEW BEGINNINGS EDITION

MONEY

FINANCIAL RESOLUTIONS FOR A NEW BEGINNING

Have you set your financial goals for the coming year? Vanessa Macdonald has some tips for you. (Remember to seek professional financial advice before making investments!) It is easy to set targets for eating and exercise when it comes to New

respectively and will vary greatly depending on what stage of life you

Year's resolutions, but do we overlook the importance of setting

are in. If you are starting a career and are planning a family and home,

resolutions for our finances?

your plans will look very different from those of someone already at the end of their career and planning for retirement.

The day-to-day routines tend to slide without our noticing, so we must take a step back and look at our finances now and then to ensure that

Short-term goals

we are on track.

The main short-term goals include setting a budget, reducing debt, and starting a 'rainy day' fund.

Ideally, you should look at your short-term, medium-term and longterm goals. These would cover one year, five years and over five years,

What you require for the coming year is relatively easy to plan. Are there

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purchases or holidays you are planning, and will you require a loan, or

you need to borrow. You may even find that you have excess funds –

can you save up for them? Think ahead and ensure you set aside what

get advice from a financial adviser about your options for investment

you need, whether saving or shopping for a loan.

depending on your risk appetite.

Check your balances and make sure that all payments are up-to-date.

Over the medium term, your 'rainy day' fund should also grow. The

There are plenty of apps to help you, but even a simple spreadsheet can

importance of this fund cannot be overestimated! It could make

help you keep track of one-off payments like car insurance or school

a massive difference if the unexpected happens, whether this is

fees, as well as regular ones like mortgage repayments, while listing all

something positive – like a holiday – or negative, such as replacing a

your income, whether regular or one-off. This helps you to see where

washing machine or a bout of sickness. Ensure that the money (even

you stand at a glance and can flag problems or deviations when it is still

small sums) is set aside – and don't be tempted to cheat! How much do

early enough to do something about it!

you need? Ideally, you should have the equivalent of six months' worth of income, but this will vary depending on your passive income (like

And once you have established a budget, stick to it! Work out how

rentals) and assets such as liquid investments.

much you can afford—and not just the obvious, like food and utilities, but everything from Christmas presents to personal care. Of course,

The best way to build up a fund is to re-direct one-off gains, from the

you can set aside money for random purchases and treats, but ensure

government bonus to dividend payouts, from overtime payments to

you have enough money for your mandatory outgoings. You would be

gifts. You won't miss it if you managed to get by without this money!

surprised at how much this helps you focus on your spending! The old saying goes that if you care for the pennies, the pounds will take care

Long-term goals

of themselves. It may need to be updated to cents and euros, but it

If you have not thought about your pension yet, don't overlook the

remains as accurate now as it was in the past.

importance of starting early. Thanks to the magic of compounding,

We must take a step back and look at our finances now and then to ensure that we are on track.

It also helps you to understand the concept of opportunity cost: what

someone who puts €100 a month into a fund from the age of 25 would

else could you be doing with the money you spend on eating out, for

have 80% more in the pot than if they put €200 a month in from age

example? Could you reduce the amount of food waste? Could you take

45, even though the amount they put in would be the same. There are

your lunch to work every now and then? You don't have to do without,

pension calculators online that will guide you about your future state

but if you cut each spending category by 10%, what could you do with

pension, and this would ideally be complemented by active or passive

the money saved?

income.

It is also best to seek advice if you are trying to reduce your credit card

You might hope to buy a business or expand, so ensure you have a

debt or tax dues, as the worst possible thing you can do is ignore them!

sound business plan that a professional has reviewed. Once you know

Things can escalate quickly, but remember that no one wants this to

where you want to get and how much it would cost, you can start

happen, and you will find far more help from banks and tax authorities if

setting aside money.

you approach them and seek help! Looking ahead, try to have a mix of liquid and illiquid assets. A second Medium-term goals

property might be a significant investment and can generate revenue

Keep an eye on any loans or mortgages with interest rates rising to

– but if you need a sum of money at short notice, it will not help. Ideally,

ensure you have the best deal. You may be locked into a particular

you would have the money you need for your short-term goals, a rainy-

agreement, but there may be things you can do in terms of switching to

day fund, and investments that maximise your return, depending on

another product or making larger or smaller payments by tweaking the

your risk appetite.

term of the loan – although there might not be as much leeway as you Setting goals is meant to give you direction, not guarantee success. Life

would hope!

hits us with all sorts of ups and downs, and being prepared can make If you plan to buy a big ticket item requiring a loan, you should save

the difference between coping well and getting into a hole that seems to

up over the years for the deposit, as this will also reduce the amount

get deeper.

MONEY

THE NEW BEGINNINGS EDITION

S T R AT E G Y

NEW YEAR, NEW PRIORITIES JP Fabri addresses Malta's economic outlook and strategic priorities as a new year unfolds. Focusing on the nation's robust post-pandemic recovery and current challenges, there is a need for strategic planning in areas like education, productivity, renewable energy, and infrastructure. It underscores the importance of a cohesive, future-focused economic development strategy that aligns with Malta's strengths and addresses emerging global challenges.

As the year ends and a new one starts, one

policy framework to foster strong, socially and

international attractiveness hinges critically

can reflect on our economic performance

environmentally sustainable, and inclusive

on our ability to provide industry with skilled

and, more importantly, our performance going

growth.

resources.

on our strengths and, more importantly, what

Boosting productivity will be imperative

Accelerating decarbonisation and boosting

areas can be strengthened and improved.

to achieve high, sustainable, and inclusive

investments in renewables will help

growth. Malta's Recovery and Resilience

strengthen Malta's resilience to energy shocks

Malta has experienced an impressive recovery

Plan under the Next Generation EU initiative

and competitiveness. It is imperative to make

from the pandemic. Output growth has

is starting to deliver much-needed reforms

steady progress in implementing the 2021

rebounded sharply since the reopening of

and investments in digitalisation and green

Low Carbon Development Strategy to allow

the economy in 2021. The recovery has been

transition. Beyond these, efforts should

consumers greater passthrough of market

aided by fiscal support, increased labour

promote research and innovation, address

energy prices, enhance energy-saving and

participation, large inflows of foreign workers,

skill gaps, and tackle the low take-up rate of

efficiency incentives, complete the climate

and, more recently, limited passthrough from

adult learning for the low-skilled. In addition,

vulnerability risk assessment, and update

monetary policy interest rates to domestic

education outcomes for students with non-EU

the climate change adaptation plan. As Malta

retail lending rates. With weaker external

backgrounds should be closely monitored.

starts to absorb European funds, investment

forward. It is time for a collective reflection

in renewable energy needs to be central.

demand and waning post-pandemic pent-up demand, Malta will maintain among the highest

Over the past few weeks, comparative data

Although the fuel subsidy has allowed Maltese

growth rates in Europe. Labour markets

has shown how poorly they performed in

families and businesses to budget their

remain tight, while the unemployment rate

critical educational rankings, including math

energy costs, it has kept us from quickening

remains historically low. Both headline and

and reading. There needs to be a conscious

our transition to renewable energy as in

core inflation peaked a year ago and have since

and aggressive focus on our educational

other countries. Therefore, as the subsidy

decelerated as global inflationary pressures

system, as we already feel its limitations in the

will need to be phased out, it would be an

have eased. Still, elevated inflation will stay

labour market, and current shortages will be

excellent opportunity to tie the tapering with

persistent and above the 2% target until late

exacerbated. It is high time that we focus on

investment support for renewable energy

2025, partly reflecting tight labour markets

developing our readiness for future skills on a

and storage solutions. This needs to be a

and sustained demand pressure. The challenge

sectoral level to ensure that we will have the

priority for 2024, as the green transition will

for the medium term is to ensure a robust

talent pipeline required by the industry. Our

also be a competitive advantage for countries

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S T R AT E G Y

that embrace it and increase their share of

of a mission-oriented industrial strategy that

renewables.

reinvents the vertical dimension to focus on problems that draw on many different sectors. It also ignores the importance of supporting

In light of flagging productivity and looming structural capacity constraints, there is a need to refocus Malta's economic development strategy. Key themes should include analysing (i) gaps in the needed labour force and skills to achieve sustainable long-term growth, (ii) immigration policies to ensure there is the proper supply of skills needed to meet demand, (iii) needs in physical and social infrastructure, including roads, housing, education, and health services, (iv) a holistic productivity and industrial policy that will support our export-driven growth and trade, and, (v) an articulated long-term vision for the country which specifies where the country wants to be in ten years from now. As the latest Eurobarometer sentiment has shown, there is a growing realisation that this

There is a growing realisation of the need to refocus Malta's economic development strategy.

general-purpose technologies that potentially transform production distribution and consumption across an entire economy. In today's age of global challenges, one needs a new industrial strategy to attract investment and be an essential leverage tool to find solutions to societal challenges. In this case, the focus is on the problems or difficulties, and the industrial strategy is built around trying to solve them through transversal policy actions and strategic investments. Through well-defined missions to solve critical challenges, policymakers can influence the direction of growth by making strategic investments and using suitable instruments across many different sectors. These create new industrial and innovation landscapes that

is needed, from social partners to various

build the confidence and growth expectations

leading economic commentators to the

of the private sector. Here, governments act

general public.

as market-shapers or market-creators rather than market-fixers. A compelling case exists

As discussed, education and skill

conditions across the national economy,

for building a modern industrial strategy that

enhancements will be critical for Malta's

such as taxation and vertical policies that

addresses these challenges by stimulating

sustainable growth. The National Employment

target interventions in specific areas, notably

investment across, rather than through,

Policy had a holistic approach to focus on

sectors such as manufacturing incentives

sectors.

future readiness, and like other strategic

or a framework specifically for life sciences.

documents, it is now imperative that

This steep and horizontal dimension has

Finally, the country needs a broad vision

government focuses on implementation.

become the conventional understanding of

focusing on critical elements such as well-

The policy looked into skill development,

industrial strategy. It ignores the opportunity

being, health prevention, education, culture,

acquisition and transfer on various levels and

economic development and environmental

also called for an evidence-based approach to

sustainability. Currently, the government

migration to ensure that the needed skills and

has different strategies and visions that are

numbers are available for the market.

narrowly focused. However, Malta needs a bigpicture vision to guide us to where we want

Infrastructure is a critical enabling factor for

to be a decade from today. This long-term

future growth. Here, infrastructural gaps are

thinking will be critical, and 2024 will be a year

showing, especially in energy; however, there

in which this can finally materialise through

is an investment plan. Various studies have

broad-based social consultation.

highlighted the need for further investment in the sewage infrastructure. Planning and

The challenges are many; however, our past

improved project management need to be

performance is a testament to our resilience

a key concern in the future. Concerning

and adaptability and needs to remind us that

housing, a recent report by the Foundation for

we can surmount challenges and perform

Affordable Housing has touted the idea of new

well. This brings me to the last point I want

business models to support housing market

to mention. I hope that 2024 is the year of

failures. This is a step in the right direction,

efficient and effective implementation. Often,

and this kind of thinking should be done across

implementing policies, strategies, and actual

different infrastructural domains to ensure

projects falls below expectations and for us

that investment needs are met.

to become truly effective at what we do, this needs to change. Having a centralised project

The industrial strategy has historically

management office might be the new year's

involved horizontal policies that try to improve

resolution Malta requires...

MONEY

THE NEW BEGINNINGS EDITION

R E TA I L

THE MALL RENAISSANCE As the built environment undergoes a colossal transformation, Maria Bilocca, design architect at Archi+, and Justin Mizzi, real estate valuer and advisor at Archi+, dissect the complex evolution of Malta's retail sector over the past decade. Amid concerns of overdevelopment and challenges from online shopping, discover the resilience of malls and the innovative strategies shaping a new era.

“We buy the cars we like, choose the houses

Despite these apprehensions, the reality has

'all-under-one-roof' concept in Malta (a few

that we find attractive and then justify

been quite different. Rather than withering

decades after our Western counterparts).

those choices by various reasons that might

away, the mall has shown resilience;

This was the year of the liberalisation and

appear convincing. But we need not convince

investor sentiment has remained high, and

globalisation of Malta's economy, which

ourselves. We know what we like.”

we are currently witnessing significant

encouraged foreign chains to set up in

— Zajonc, 1980

transformations through an exciting new

Malta, forcing local traders to develop

era as several significant developments

more convenient and unique distribution

A transformational decade

are entering the market, with the Arkadia

strategies. The new lifestyle offered the

Over the past decade, the transformation

refurbishment and the opening of the Mercury

community comfort, convenience, safety and

of our built environment has been colossal,

and Shoreline malls leading the way.

a pleasurable shopping experience.

such as concerns about overdevelopment and

While it could be argued that this is somewhat

Mapping change

compromised quality. However, it cannot be

speculative or unsustainable, many other

Local malls can vary significantly, from their

denied that notable positive changes have also

questions are raised. Why is there so much

location to size, quality, types of tenants, and

occurred.

movement happening? Is this part of any

even rental rates; however, common trends

cycle? What changes are in the pipeline for

can be observed. By mapping the history

malls that could dominate the next cycle?

and development of malls in Malta, one could

eliciting primarily negative connotations,

At first glance, the retail* sector appears to

notice a cyclical pattern of new generations

have experienced more minor changes than the other main asset classes, with few notable

A new beginning

of malls starting approximately every fifteen

significant developments such as the opening

Retail is in our DNA, dating back to 750 BC

years.

of Pama (2015), Centreparc (2019), and the

when the Phoenicians settled in Malta and

recent refurbishments of Bay Street (2019)

used the islands as a stop on their trade

This trend is observed (see table below)

and Arkadia (2022).

routes. The retail sector in Malta has lately

through various notable mall developments,

undergone a gradual transformation, where

demonstrating the industry's continuous

The retail market has endured considerable

it was fragmented with small businesses in a

efforts to adapt to the market's ever-

upheavals recently, with the onset of

few towns (such as Hamrun, Valletta, Sliema

changing preferences and stay relevant for all

COVID-19, increased competition from a

and Mosta) and a limited number of importers,

generations.

foreign market (the Sicilia Outlet Village),

wholesalers and distributors. This fifteen-year cycle coincides with the

and the rise of online shopping. Signals of a potential downfall for traditional brick-and-

While a few large buildings housing multiple

typical span of the human generations

mortar establishments were and still are being

shops could be traced before, 1987 can be

(Boomers, Gen X, millennials, etc.). Introducing

somewhat reinforced.

seen as the critical year for the start of the

new planning policies also influences the real

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estate cycle and economic and technological

Timeless fundamentals

Resilient and adaptable

developments.

Naturally, malls still need to hold on to the

The real estate industry has never been as

fundamentals in any era. Even though they are

dynamic and open to new ideas as it is. For

Retail after the apocalypse

risky assets, malls have historically been seen

malls to keep it up, they can no longer be seen

Retail faces the same challenges as other

as attractive investments since renovations

as a physical space or a passive investment

asset classes, such as inflation, ESG

are typically the tenant's responsibility, as

but also as a brand.

requirements, oversupply, etc. However, retail

supply is limited and less elastic due to policies

also faces its unique challenges, with the

and layout and size requirements. Some floors

Malls need a designated specialised team

main one being that in retail, the building is

can be located at basement levels.

with a variety of backgrounds (facilities management, accounts, marketing, etc.) to

where the products are found, whilst, for other typologies (such as dwellings), the building is

The critical investor expectations for business

be agile, creative, innovative, and prepared

the product.

success such as the vital investment KPIs

against a variety of future disruptions and

(lease length, tenant mix, healthy rent/sales

risks such as generational trends, climate

In this digital age of abundance - where

and service/payroll ratios, etc.) and design

change and obsolescence.

retailers offer everything on demand,

(quality, durability, efficient and flexible

consumers have access to real-time pricing

layouts, size, parking, etc.) and location

This will result in new lease terms (with

and reviews, and seamless shopping

(access, competition, footfall, exposure,

greater use of turnover-based rents) and

experiences make it almost too easy to

demographics, etc.) attributes will unlikely

structures (for example, special purpose

complete a transaction - how is the physical

ever change.

vehicles) and a shift in mall management so it will be customer-oriented as well as

space meant to compete? The answer is simple and can be summed up in one line: its users are

However, this is different from customer

tenant-oriented to keep up with its customers'

human (at least until now).

expectations. Whilst the central positioning

increasing demands of quality, convenience,

and differentiation strategies (experience,

service, entertainment and the rising need for

Long live the mall

price and convenience) will likely remain,

immediate gratification.

Even though it was seen as a 'non-essential

the four primary attributes that shape

use' over COVID-19, retail is an essential part

the customer's perception (shopping mall

Quality and sustainable

of our society, providing not only products

attributes, product attributes, transport-mode

'Flight to quality' and ESG imperatives will

but also unique, memorable and meaningful

attributes, and consumer attributes) will likely

remain the investors' leitmotif, which will

in-person experiences which embrace the

continue evolving at an ever-increasing rate.

start to weigh heavily on the non-prime stock.

joy of discovery, physical interactions, and

This new era lasts less than fifteen years like

This applies not only to the design of the mall

the tactile engagement that online platforms

the previous ones.

itself but also to the choice of tenants and the training and professionalism of the staff

cannot fully replicate. The changing face of retail

(from the sales team to the administration and

Furthermore, online shopping does not

Mall operators have to come to terms

security).

appeal to all generations and does not work

with the fact that what the online realm

as well for all types of products; malls offer

provides cannot be replicated. The pandemic

Consumers now have knowledge at hand. They

many other uses besides shops and are an

accelerated the retail's need to adapt swiftly.

know what to choose and make their decisions

essential contribution to the growing life, work

Retailers seek innovative ways to entice the

far before buying. Ethical, transparent and

and play concept; stores act as experiential

community to visit the physical space more

low-carbon footprint products and approaches

spaces to burnish brands and add a sense

often, stay longer, spend more money, and feel

are sought after more than ever.

of stability and reliability to a brand when

safe while having memorable experiences. Inclusive and social

compared to digitally native vertical brands; stores can serve as places to pick up or return

One-dimensional, standalone or isolated

It is not just the E in ESG that has an

goods ordered online; and the physical retail

malls will likely need to catch up as these

important role; it is also the S (mainly through

experience is often an anchor location that

are product-centric. Malls have gone from

accessibility and diversity, equity and

drives a halo effect (this refers to the increase

product-driven to experiential and interactive

inclusion), with more human generations than

in online sales following the opening of a

to better engage the customer (i.e. customer-

ever to satisfy and an ever-increasing number

physical store) across channels for brands and

centric) by aiming toward a seamless

of tourists and foreigners moving to Malta,

retailers.

integration of online (the convenience of

providing something for everyone is difficult.

digital channels) and offline (the unique allure With all this being said, it does not mean that

of in-store shopping) shopping through brick-

Diversification and densification through the

all malls are likely to survive and thrive (some

and-click strategies (i.e., an omnichannel

tenant mix (without compromising comfort or

malls have failed before, and some will likely

approach).

design quality) and events are the solutions to keep malls relevant for the local community by

fail again, even without all the new stock being proposed); so this leads to the question of

This will result in new concepts - that will

creating new social inclusion and interaction

what is needed for local malls to thrive in this

evolve the design, brand and management of

through the notion of 'place-making', which

new era?

these assets – such as the following:

will make the mall's spatial experience →

MONEY

THE NEW BEGINNINGS EDITION

R E TA I L

comparable to that of a village square or a

be 'in the moment' ('newness and nowness'),

high street? What will happen in 2028 when

main street.

present and immersed in social and spatial

there is new stock from the end of the pre-

experiences.

1995 rents? How will these malls cope with this new stock proposed in this new third

Examples of these include: • • • • • •

•

generation?

Having a mix of local and independent

While futuristic designs might be the solution

retailers.

in some cases, the reality is that sometimes

Seasonable events, such as Christmas

the future looks much more like the past

The last decade was not the first time the

stands and pop-up activities for children.

than you could ever predict. Solutions to

mall's future was questioned; this was brought

Culinary experiences (e.g. the Plaza food

providing this type of landscape could be

up in the 90s with the introduction of the

hall, 2018).

more straightforward than you think, such

Internet and will be brought up again. We bet

Luxury tenants (e.g. Mavenry at The Point,

as through green elements, vegetation,

that it will remain an area of great opportunity

2022).

natural light and natural materials (think the

as long as people realise that it now takes

House, DIY & plants (e.g. Homemate at The

Arkadia refurbishment) – shifting the indoors

more than managing real estate, but instead

Point, 2023).

out and creating a solid link between the

managing people's needs, emotions and

Play and entertainment areas (climbing

outdoors and indoors; design that facilitates

behaviours.

activities in the Shoreline, the Esports

cleanliness, safety, comfort, health, and well-

facility in Plaza, or badger karting in

being; creating designated areas for art and

*For ease of exploration in this article, we will

Mercury).

events, and creating tailor-made experiences

solely focus on the shopping malls, excluding

Even going as far as to have a mix in one

prioritising customers as individuals, whether

other forms of retail such as high street stores,

shop (e.g. Antonio's Barber Shop at the

through personalised recommendations,

department stores, and supermarkets (which

Franks, Plaza).

smart navigators or interactive displays.

merit an article of their own). Shopping malls, by definition, are large, typically enclosed complexes

Human and experiential

A golden yet uncertain age looms

that house a variety of retail stores and potentially

The future mall is shifting to creating

The remaining part of this decade will go

recreational facilities—special thanks to Albert

immersive retail landscapes that sustain the

through many exciting developments worth

Frendo, Steve Abela and Edwin Borg for their

functional needs of our lives and our need to

following, such as what is happening to the

contribution to this article.

History and development of shopping malls in Malta Era

Years

1989 - 2004

2005 – 2020

2021 onwards

Economic, legal and

•

1987: the year of the liberalisation

•

Post-population boom

and globalisation of Malta's

•

Eurozone

•

New wave of foreigners

economy

•

Tourism explosion

•

COVID-19

Expansion of the Malta

•

Increase in purchasing power

•

ESG requirements

International Airport

•

Rise of the car

•

Opening of the capital markets

•

Opening hours and days

•

Plaza, 1993

•

The Duke, 2008

Under construction

•

Energy, mid-1990s

•

The Point, 2010

•

Mercury, 2023-2024

•

Arkadia, 1998

•

Axis, 2011

•

Shoreline, 2024

•

Galleria, 1999

•

Daniel's, 2012

•

Smart Mall, 2024

•

Embassy, 1999 (closed in 2019)

•

The Landmark, 2013

•

Bay Street, 2000

•

Pama, 2015

Permits (approved)

•

Main Street, 2004

•

Centreparc, 2019

•

Pama extension

•

Ex-ITS site, Paceville

•

Town Square, Sliema

social developments •

Malls: New

Malls: Refurbished

•

Savoy, 1994

•

Plaza extension 3, 2011

•

Arkadia, 2022

•

Plaza extension 1, 1996

•

Bay Street, 2019

•

Savoy, 2023-2024

•

Plaza extension 2, 2005 (continues) →

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History and development of shopping malls in Malta Era

Technological

•

2 Internet

Social media (which led to the

•

AI / PropTech

concept of the mall as a brand)

•

VR / AR / Metaverse

•

Start of online shopping

•

Rise of E-commerce

•

2006 local plans

•

DC 2015

•

FAR (2014)

•

advancements

Planning policies

New gen on the block

•

First local plans

•

Development planning act

Gen X key customer demands:

Millennials' key customer demands:

Gen Z key customer demands:

Service, quality and a good choice of

Convenience and a more extensive

Loyalty, sustainability, cleanliness,

brands.

tenant mix.

safety, entertainment, experience, personalisation.

Customer

Functional benefits

expectations and

(Service, product, tenant and

Larger and more comfortable

More multi-purpose / event spaces.

benefit

customer-centric)

circulation spaces and atriums.

Benefits for consumers are focused

Experiential benefits

Some of the more significant

on the essential attributes of

(Experience centric)

developments can offer the 'Live-

a product and are linked to the

This refers to what it feels like to use

work-play' experience and a 'pjazza'

consumer's primary motivations and

the product. A mall's experiential (or

to support the mall.

needs.

aesthetic) benefits include a beautiful

Experiential benefits

view, purposely built with good

Symbolic benefits

A mall is functional if it can fit

design, more catering facilities, high

This refers to the symbolic meaning

a sufficient number of shops, is

ceilings, etc.

that a product or service confers

safe from fire, has basic public

upon its users, to what using the

infrastructure connectivity, and

product says about the customer.

includes basic amenities such as

In the case of a shopping mall,

bathrooms.

this could mean a green, healthy, and inclusive building with a good tenant mix that caters to all generations.

Mall staff and

•

Location and design

Sales, customer and facilities

•

manager.

operation

•

criteria

•

Experience and event manager.

communication manager.

•

Turnover-based leases have become the norm.

•

Start of turnover-based leases.

They are in the centre of already

•

Larger areas over fewer floors.

popular shopping towns in Malta

•

Ample private parking.

(i.e., they are primarily in-town

•

Purposely built new

•

More multi-purpose spaces.

developments.

•

More green and natural

malls). •

Marketing, brand and

Vertical malls are primarily based

•

Larger circulation areas.

around more floors (due to the

•

Start of malls opening in

scarcity of land in town centres).

convenient and accessible

Many were previously cinemas

locations near large catchment

built in the 50s and became

areas and outside busy town

obsolete in the 90s (Plaza, Savoy,

centres (ex Pama, The Landmark

Galleria, Embassy).

and Centre Parc).

•

Part of new significant mixeduse developments.

elements. •

More pedestrianisation surrounding the mall.

Many were built with additional use (Plaza-Office; GalleriaCinema; Embassy-Cinema; Bay Street-Hotel; ArkadiaSupermarket).

MONEY

THE NEW BEGINNINGS EDITION

MALTA’S DEFINITIVE

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ISSUE 32

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MONEY

THE NEW BEGINNINGS EDITION

CROSSROAD

MALTA'S MOMENT OF TRUTH Embracing the winds of change in 2024

ISSUE 79

MONEY

CROSSROAD

Theo Dix delves into the crucial choices that Maltese business leaders and policymakers must make during rapid technological advancements, demographic changes, and global challenges. With AI reshaping business landscapes and Malta's population dynamics posing unique challenges, the island nation must balance innovation with sustainable development. As it navigates these changes, today's choices will shape its path for years. The arrival of a new year often ignites collective introspection and a re-

and societal implications must be considered when deploying these

evaluation of paths and strategies. The potential for change and growth

technologies? And crucially, what data foundations need to be put in

seems limitless during this time of resolutions and aspirations. For

place today to enable these organisations to achieve their ambitions?

individuals, it's about personal goals and life choices; for businesses, it's about strategic adaptations and market foresight; and for governments,

AI's role in business goes beyond incremental improvements; it

it's about policy decisions and the direction of countries. This mindset of

catalyses fundamental shifts in how companies operate and compete.

change and decision-making is crucial as it sets the tone for the coming

The real power of AI lies in its ability to transform business models, open

months, influencing the trajectories of various spheres of our lives.

new market opportunities, and counter significant threats.

The year 2023, in particular, stood as a testament to significant

Policymakers, too, face even more pressing questions as we enter

transitions and choices across multiple domains. In the realm of

the new year. They are tasked with steering Malta through a period of

technology and artificial intelligence (AI), breakthroughs have redefined

global upheaval, where economic growth, population growth, resource

industrial capabilities. They reshaped how we learn and work with

management, and environmental sustainability are inextricably linked.

what's still to come, elevating the need for ethical considerations and regulatory frameworks. The geopolitical landscape witnessed shifts

Looking back at the last decade, Malta's population has ballooned by

in alliances and power dynamics, necessitating astute diplomacy and

28.3%, outpacing all EU nations and rising from 422,509 in 2013 to

strategic foresight from world leaders.

542,051 in 2023, an addition of 119,542 people in just ten years. There has been a significant increase in tourism along with this surge, going

Escalations in global conflicts underscored the urgency for

from 1.6 million visitors in 2013 to possibly over 3 million in 2023. Such

peaceful resolutions and humanitarian responses, while economic

rapid growth in permanent residents and tourists presents a series of

transformations driven by tech innovations demanded adaptive

critical questions for Malta's future, particularly as we look towards the

strategies in business sectors and governance. These pivotal

next ten years.

developments in 2023 highlighted the ongoing dance of change, where individual, corporate, and governmental decisions could have far-

If current trends continue, what could Malta's population look like

reaching and lasting impacts.

a decade from now? If it continues on the same trajectory, the first question that comes to mind is how we will adapt our transportation

Malta navigated a landscape in 2023 that reflected its course and

infrastructure when the roads are already close to capacity. Regarding

future through these global changes. Locally, the focus intensified on

housing, our rental market is very tight despite the significant increases

issues such as urban development, environmental sustainability, and

in housing stock. Can Malta sustainably integrate an additional 30-

the evolving needs of the Maltese economy. This year was pivotal in

50,000 housing units, and how will this development shape the urban

reassessing how Malta could adapt to the fast-paced global changes

landscape? For critical and social infrastructure, what investment

while maintaining what makes the island distinct.

is needed to ensure that Malta's healthcare, education, and public services can effectively meet the needs of a significantly larger

As 2024 unfolds, business and policy leaders face critical decisions

population?

in an evolving global environment. For Maltese business leaders, the immediate and pressing challenge lies in AI. AI's rapid ascent from a

The economic landscape is also set to evolve. Policymakers need to

futuristic concept to a critical business tool demands a recalibration of

ponder what Malta's economy should aim to look like in ten years. Which

strategies and operations. These leaders' questions are complex and

sectors will be critical drivers of growth? What jobs will emerge, and how

consequential: How can AI be integrated into existing business models

should Malta's education system and workforce adapt to be ready to

to drive innovation, efficiency, and competitive advantage? What ethical

take on these roles? 2024 will be a complex year in which business leaders and policymakers

Every decision taken today will shape Malta's tomorrow. MONEY

must make bold decisions. They must navigate the trade-offs between maintaining the status quo and embracing new choices and directions. Let's guide change thoughtfully, assuming the need for innovation while managing the risks and trade-offs it necessitates.

THE NEW BEGINNINGS EDITION

INVESTMENTS

EMERGING MARKETS IN 2024 A new era of opportunity and growth

As we venture into 2024, the global investing

This burgeoning middle class is leading to

Indonesia: Home to over 270 million people,

landscape is transforming remarkably, with

an upsurge in demand for quality education,

Indonesia's economy is multifaceted,

emerging markets emerging as key players.

healthcare, and lifestyle products.

encompassing agriculture, digital innovation,

Historically known as a source of growth and

and manufacturing. Robust domestic

opportunity, these markets are now integral

Urbanisation and infrastructure development:

consumption and growing integration into

to the narrative of the global economy. The

The shift from rural to urban settings is

global supply chains drive its trillion-dollar

International Monetary Fund (IMF) forecasts

more than just demographic change. It's a

GDP, which attests to its expanding economic

a significant contribution from these markets,

transformation fueling the development of

significance.

accounting for over half of the worldwide GDP

new urban centres, improved infrastructure,

growth this year. In a world recovering from

and enhanced living standards, thereby driving

Brazil: As the largest economy in Latin

the COVID-19 pandemic, emerging markets

economic growth and societal changes.

America, Brazil's expected 2.3% growth in

are poised to take centre stage, offering a

2024 is significant. Agricultural exports, a

spectrum of opportunities and potential

Technological advancements: These markets

focus on sustainable development, and its

rewards for astute investors.

are not just adopting but are at the forefront

emergence as a tech innovation hub are

of integrating cutting-edge technologies.

crucial contributors to this growth.

Key trends driving emerging markets

Artificial intelligence, robotics, blockchain, and other digital innovations are not just

South Africa: Expected to grow by 2.2% in

Robust economic growth: These markets are

trends but are reshaping industries from

2024, South Africa's economy is diversifying

sprinting ahead, with an expected growth rate

healthcare to finance, manufacturing, and

and advancing. Its richness in natural

of 4.9% in 2024, outstripping the more modest

beyond.

resources and robust agricultural sector,

3.7% of developed economies. Increased industrial activity, foreign direct investment,

combined with strides in renewable energy Spotlight on key emerging markets

and an expanding digital economy are a few factors supporting this robust growth.

and digital innovation, showcase the continent's growing economic resilience and

India: With an impressive projected growth

potential.

rate of 7.6%, India stands out as a leader in Strategies for investing in emerging markets

The expanding middle class: The rapidly

economic expansion. Its combination of a

growing middle class in emerging markets

young, innovative population and a sizeable

is a critical driver of economic growth.

domestic market makes it a prime destination

Diversification: A balanced investment

Their increasing demand for goods and

for investment, especially in sectors like

approach, spreading across various sectors

services goes beyond mere consumerism; it

technology, e-commerce, and renewable

and regions, is essential for risk management

catalyses broader economic development.

energy.

and tapping into diverse growth opportunities.

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Informed research: Selecting companies with solid fundamentals and growth potential is critical. Understanding each market and its players is crucial for making informed decisions. Sector opportunities: Sectors like consumer staples, healthcare, financial services, and technology offer unique growth prospects. The increasing focus on sustainability and environmental, social, and governance (ESG) factors also creates new investment avenues.

In 2024, emerging markets are not just participating in the global economy; they're leading it.

Expert advice: The complexity of emerging markets makes specialist advice invaluable. Experienced professionals can offer insights and tailored strategies, helping investors navigate these markets more effectively. ETFs and Index Funds: These investment tools offer a straightforward way to gain exposure to emerging markets, combining diversification

substantial rewards for those who navigate

The narrative of emerging markets is one

with ease of management. ETFs, in particular,

these waters with care and understanding.

of resilience, innovation, and untapped

provide flexibility and liquidity, allowing investors to adjust their holdings easily.

potential. These markets respond to global Emerging markets: the bigger picture

challenges such as climate change and

In 2024, emerging markets are not just about

digital transformation, adopt sustainable

Understanding the risks

growth; they represent a shift in the global

practices, and leverage technology to

Investing in emerging markets involves

economic order. These markets are evolving,

leapfrog development stages.

understanding and managing risks.

offering new opportunities and avenues

Significant considerations include political

for investment. This evolution is not just

and economic instability, currency volatility,

about financial figures; it's about societal

market transparency, and liquidity issues.

transformation, technological adoption, and

For investors ready to delve into these

Nevertheless, emerging markets can offer

tapping into previously unexplored markets.

vibrant markets, the journey offers

Investor insights

growth, diversification and a chance to be part of a global economic shift. The key to success in these markets is understanding local cultures, business practices, and regulatory environments. It's a time when insight, adaptability, and strategic thinking are crucial. Looking ahead As we look towards the future, emerging markets are poised to play an increasingly important role in the global economy. With their young populations, increasing urbanisation, and technological adoption, these markets are at the forefront of defining the next wave of global economic trends. For investors, this represents an exciting opportunity to be part of a story of growth, transformation, and opportunity. As the world continues to evolve, these markets will undoubtedly be critical players in shaping the global economic future.

MONEY

THE NEW BEGINNINGS EDITION

ECONOMY

THE INTEREST RATE SHOCK Jordan Portelli looks into how the interest rate shock has impacted the economy in 2023 and what the implications could be next year for the economy and financial markets.

Nonetheless, other variables should have been considered

Recent policy shifts promise healthier returns for risk-adjusted investors.

when looking at historical trends. Namely, there were/are two factors that were only sometimes captured in past historical analysis, and these were the main contributors to more than expected economic resilience. These are the historically low levels of unemployment, sustained by upward trending wage growth, and the excess savings vs. historical trends. The pandemic triggered both, and they have been among the few positives, as they aided well from

Closing into 2023, it would be good to analyse how the

an economic point of view. Both are consequences of an

economic scenario unfolded and how the tale of a hard

unprecedented scenario that was not experienced before.

landing envisaged for the year diverged notably from what

In reality, these factors helped deviate from the theoretical

economists and financial markets predicted in the first

jargon and have surprised many, including central

months of the year. More interestingly, it deviated from

bankers, who admitted that such economic resilience was

what economic textbooks would dictate, resulting in a

unexpected. These variables have certainly prolonged the

sudden spike in interest rates. The lesson learned is that

risk of a severe economic shock.

historical events are not a naturally recurring course of events; thus, different macroeconomic events should be analysed on their merit. Theoretically, sudden spikes in interest rates cause economic disaster on the back of sustainability issues. For example, in an environment where interest rates have spiked quickly, how can a mortgage re-pay its monthly instalments? Can one afford the sudden rate variability following years of ultra-loose financing conditions where interest rates were at record lows? Or, for example, can a business sustain its finances in a situation where borrowing costs spike while demand softens on the back of high inflation? Or can governments support their finances if they were already at dangerous levels before the current spike in borrowing costs? Theoretically speaking, the answer is no! In reality, economists' prima facie were right to assume that the global economy should contract and that a deep recession was on the horizon.

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Heading into 2024, the question is whether a hard

accommodating. In such a scenario, government bonds

recession can be avoided through a soft-landing scenario.

will be the primary beneficiaries, while investment-grade

In both scenarios, how would the economy react? And what

bonds will do well.

would be the implications for financial markets? Undoubtedly, the past three years have been a rollerA soft or a hard landing? The probability of either

coaster, both from an economic point of view and for

happening is high; nonetheless, both will have diverging repercussions on the economy and investment asset classes. What is certain, though, is that the fixed-income asset class will be a sweet spot for 2024 within the highquality space, which will perform well in both scenarios.

The current Goldilocks economy could extend into 2024.

A soft-landing scenario is an economic situation in which growth will slow but not turn hostile. Conversely, inflation will probably remain sticky in the first quarter of next year. However, it should eventually start a modest declining trend on the back of the still elevated interest rates, relative to the past few years, as consumption subsides. At this point, central banks might start contemplating their moves away from the current restrictive monetary policy. Market expectations for these moves will eventually dictate

investors. Apart from the unprecedented geopolitical

the performance sensitivity between asset classes.

tensions that played a significant part in this uncertain environment, the main culprit was the aggressive hike

In a soft-landing scenario, bonds and equities will

in interest rates, which shocked the system following

perform well. As mentioned earlier, the degree of market

years of ultra-low interest rates. In reality, the abnormal

expectations vis-à-vis monetary actions will condition

volatility is a repercussion of the massive injection of

performance across asset classes. Undoubtedly,

liquidity by central banks, a short-term fix for the risks

investment-grade and risky bonds will benefit, and prices

surrounding economic growth. Constructively speaking,

will increase, while equities will also do well on the back of

the recent moves were and are a breath of fresh air as

more accommodating financing conditions.

they ensure much healthier returns from a risk-adjusted perspective for investors.

A hard-landing scenario is a situation of negative growth. This negative growth is mainly a consequence of a

Heading into 2024, without a crystal ball to determine

sudden fall in demand, which could be amplified further

whether it will be a soft or a hard landing, the current

with a spike in the unemployment rate. Inflation will

economic situation of a Goldilocks environment, which

automatically fall, forcing central banks to be significantly

indeed was not the base case for many in the initial months of 2023, can also be prolonged into the coming year. Indeed, heading into 2024, if managed well by central bankers, a soft landing is an achievable goal. Ultimately, it's mainly about the timing of modifying the current level of interest rate to avoid severe economic shocks. This should be the new normal in terms of the interest rate regime, and thus, it's about a level where the economy can absorb and adjust to these new levels. From an investment point of view and mainly for enthusiastic market participants, screaming opportunities are in place when we are at the peak or close to the peak of restrictive monetary policy. In primis, a safe harbour would be the fixed-income asset class, namely government and corporate investment-grade bonds, following more than a decade of hiatus from a risk-adjusted point of view. This specific asset class will do well if it is a hard or soft landing. On a more socio-emphatic note, despite geopolitical tensions being also drivers of economic uncertainty, let's augur that 2024 will be a better year from this front and that, ultimately, common sense prevails.

MONEY

THE NEW BEGINNINGS EDITION

PROMO

GLAMOUR AND GRATITUDE Muscats Motors, renowned for its commitment to luxury and excellence, recently orchestrated a series of prestigious, exclusive events at the opulent Range Rover House, nestled in the heart of Villa Blanche's elegance. This series of events, which took place from November 27th to 30th, was not just an occasion but a heartfelt celebration of the enduring relationship between Muscats Motors and its distinguished clientele.

The setting: A confluence of luxury

A four-day spectacle of gratitude and

Diverse and exclusive activities: Engaging

and elegance

celebration

every sense

The Range Rover House, synonymous with

Spanning four days, this meticulously planned

The event schedule was a blend of unique

luxury and refinement, provided the perfect

event was a gesture of deep appreciation

and exclusive activities designed to cater to

backdrop for this grand affair. Each corner

from Muscats Motors to its esteemed patrons,

the guests' diverse interests—two specially

of the venue radiated elegance, with its

who have played a pivotal role in shaping the

curated classes marked each day, providing

sophisticated decor and luxurious ambience

brand's success. Each day of the event was

guests with opportunities to explore new

setting the tone for an unforgettable

crafted to offer an experience that was not

experiences.

experience. The selection of this venue was a

only memorable but also deeply personal,

testament to Muscats Motors' dedication to

reflecting the brand's understanding of its

The first of these was a set of watch and

offering nothing but the best to its patrons.

clientele's preferences and tastes.

jewellery-making classes conducted by the

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Culinary delights and networking

The event at Range Rover House was more

opportunities

than just a series of gatherings; it was a celebration of the bond between Muscats

Post-class, guests were treated to exquisite

Motors and its esteemed clients, a showcase

after-class drinks, fostering a convivial

of luxury and refinement, and a testament to

atmosphere ideal for networking and

the brand's dedication to excellence. Each

unwinding. This was followed by an expert-led

aspect of the event, from the choice of venue

session on the art of wine and food pairing,

to the curated activities, reflected Muscats

culminating in a sumptuous dinner that

Motors' commitment to offering unparalleled

epitomised the pinnacle of fine dining—the

experiences to its patrons, further solidifying

evenings concluded with post-dinner drinks,

its position as a leader in the world of luxury

offering further opportunities for guests to

automotive experiences.

mingle and form lasting connections. The grand finale: A night of laughter and sophistication experts from Heir & Loom. These sessions offered a rare glimpse into the intricate world

A stand-up comedy show and a classy cocktail

of timepieces and fine jewellery, engaging

bar marked the event's final day, a vibrant

participants in a hands-on experience of

affair. This combination of laughter and

craftsmanship and artistry.

elegance provided a fitting end to the series of events, leaving guests with cherished

Following this, guests chose an enlightening

memories and a renewed appreciation for the

fragrance wardrobing session by Franks,

finer things in life.

where they explored the nuances of personal scent profiles, and an in-depth yachting class,

An event of international significance

offering insights into the luxurious world of yachting.

Under the aegis of Muscats Motors, the Range Rover House events have garnered

On another day, M. Demajo hosted an

global attention, with markets including Malta

immersive gin or whisky class, focusing on the

actively participating. This international

sophisticated tastes of spirits. These sessions

recognition underscores the event's

were about tasting and understanding the rich

significance and Muscats Motors' role in

history, production methods, and subtleties

shaping luxury experiences on a worldwide

that differentiate various spirits.

scale.

MONEY

THE NEW BEGINNINGS EDITION

COMPLIANCE

NEW BEGINNINGS in GLOBAL TRADE The role of importers in meeting EU safety criteria

In the ever-evolving landscape of international trade, Stephen Mallia explores the transformative role of importers in meeting the stringent safety criteria set by the EU. Beyond expanding business horizons, importers navigate the complexities of obtaining the coveted CE mark, ensuring compliance, dispelling myths, and fostering a long-term commitment to excellence and consumer safety in the busy world of global trade.

In the dynamic world of international trade, the concept of

for businesses. It signifies readiness to enter one of the

importation from the eastern world has changed, especially

world's most regulated yet lucrative markets. While opening

after recent global events. Nevertheless, regulations

doors to vast opportunities, this step also demands a

to maintain safety have been firmly established for a

comprehensive understanding of the EU's complex safety

considerable time. The requirement to ensure product

and regulatory landscape.

safety is not meant to burden businesses but rather to create a fair, competitive environment, especially for

Central to this journey, especially within the European

smaller importers working to establish themselves in the

Union, is understanding the significance of the CE mark—a

market. This new era extends beyond merely expanding

symbol that embodies compliance yet is shrouded in

business horizons; it involves embracing increased

misconceptions. This article aims to illuminate the realities

responsibility. The stringent safety criteria set by the EU

of the CE mark, elucidating its role in the EU's safety

present both a challenge and an opportunity to redefine the

criteria and dispelling common myths.

role of importers in ensuring product safety. The modern importer's role transcends traditional boundaries. No longer limited to logistics and supply chain

Obtaining the CE mark is akin to embarking on a new phase

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management, importers are now pivotal in guaranteeing that products comply with the EU's rigorous safety standards.

Importers must ensure that the correct CE markings, valid certificates of conformity, and comprehensive technical documentation accompany products.

This elevated role demands a deep understanding of the EU's regulatory landscape, which comprises complex directives and regulations governing product safety. The CE mark, standing for Conformité Européenne, is often misinterpreted. Far from being a mere label, it is a declaration by the manufacturer that their product meets all relevant EU regulations concerning safety, health, and environmental standards. It is a passport for products to enter and circulate freely within the European Economic Area (EEA). At this stage, importers must be vigilant about what must be marked and the associated documentation supporting this statement. Securing the CE mark is a rigorous process. It involves

the necessary testing and certification. This proactive

detailed product assessments, risk analyses, conformity

stance is not just about compliance; it's about championing

to specific technical standards, and the creation of an

product safety. It requires importers to understand EU

extensive technical dossier. The complexity of this process

safety regulations comprehensively and often seek

underscores the need for expert guidance, particularly for

partnerships with compliance experts or legal advisors.

businesses new to the EU market. It would be naive to rely solely on the impression the The challenge lies in the difference in cultural mentality,

manufacturer provides. There are numerous instances

approach and requirements, where production processes

where fake, copied, or falsified documentation has misled

and quality control measures may not inherently align with

European importers, frequently for short-term gains

EU requirements or are not enforced in countries outside

and quick sales victories. Robust documentation is the

Europe. Once a product is within the European market,

backbone of compliance.

the onus falls on importers to bridge this compliance gap, ensuring that products meet market demands and adhere

Importers must ensure that the correct CE markings, valid

to stringent safety criteria.

certificates of conformity, and comprehensive technical documentation accompany products. This meticulous

Effective risk management is crucial. Importers must

record-keeping serves multiple purposes: it ensures legal

conduct rigorous quality checks, ensure regular audits

compliance, facilitates smoother customs clearance, and

of supplier processes, and verify that products undergo

provides a safeguard in the event of product recalls or safety disputes. Each document received should be verified for authenticity before being accepted, stored and archived for possible reference in the future. One of the more subtle challenges for importers is navigating the cultural and regulatory differences inherent in global trade. This involves understanding the business ethos and manufacturing norms of their manufacturer's countries while ensuring these practices are compatible with EU standards. Successful importers often foster close relationships with their suppliers, promoting a mutual understanding of quality and safety expectations. Usually, initial screening can be conducted effectively without needing expert advice. Suppose a manufacturer needs to be more compliant or lacks awareness or understanding of their product's safety criteria. In that case, this serves as a clear indicator that any subsequent documents will likely fall short of EU standards. →

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THE NEW BEGINNINGS EDITION

COMPLIANCE

such as for high-risk machinery and medical devices, where the products can easily cause irreparable harm to the user. But this is not the general norm. Myth 3: Universal Quality Assurance The CE mark does not indicate a product's overall quality, performance, or durability. Instead, it signifies that the product meets the minimum legal requirements for safety, health, and environmental protection stipulated by EU directives and regulations. Myth 4: Comprehensive product testing by EU authorities Moreover, products with higher risk profiles require

The CE marking does not always involve testing or

the involvement of a notified body, which is mandatory

certification by EU authorities or third-party organisations.

according to the legislation. These entities, designated

In many cases, the manufacturer can self-declare

by EU member states, are responsible for independently

compliance with the relevant EU standards without any

assessing whether a product meets specific EU standards,

external verification, especially for less risky product

especially when public safety is a concern. As a result,

categories. It is essential to remember that if market

these independent laboratories must evaluate safety

surveillance authorities ask for proof of this self-

before the manufacturer can declare it safe.

declaration, the responsible party must be able to do so.

While a critical element in product compliance within the

Myth 5: Applicable to all products

European Union, the CE mark is often subject to various

Not all products require a CE mark in the European Union.

myths and misconceptions among importers. Some of

The CE marking is only mandatory for product categories

these include:

covered by specific EU directives that need it, such as electronics, machinery, medical devices, toys, some

Myth 1: A Mark of Quality or European Origin

construction products, etc. However, all products imported

Contrary to popular belief, the CE mark does not indicate

to Europe should have evidence of safety compliance

product quality, nor does it certify that a product is made

available, regardless of whether they fall under the CE

in Europe. Its purpose is to suggest that the product

marking directives.

meets EU safety and regulatory standards. Meeting this requirement is at the manufacturer's discretion, but the

Myth 6: Signifies European manufacturing

EU provides sufficient guidelines as a common interface

The CE mark does not indicate that a product was

between stakeholders.

manufactured in Europe. Products manufactured worldwide can bear the CE mark, provided they comply with

Myth 2: Issued by a Central Authority

the relevant EU legislation.

Another misconception is that a central EU authority issues the CE mark. In reality, the manufacturer self-declares

Myth 7: Guarantees consumer safety

compliance for most products after ensuring that their

While the CE mark does mean a product meets legal

product meets the applicable EU directives and regulations.

standards for safety, it does not guarantee that the product is entirely risk-free. It indicates compliance with

There are instances where specifically notified bodies need

the minimum safety requirements set by the EU, but like

to certify products before they are placed on the market,

any certification, it cannot account for all possible misuse or hazards. It is a statement that the manufacturer has considered all foreseeable hazards in its intended use. This leads to a requirement to ensure that the product is

This approach meets regulatory demands and embodies a commitment to excellence and consumer safety.

fit for use by the individual it uses. A typical scenario is appliances and devices entrusted to young hands, but it is explicitly indicated that these are unsuitable for little ones. Myth 8: Monitored and enforced by a central EU body Enforcement and monitoring of CE marking are generally carried out by national market surveillance authorities in each EU member state, not a centralised EU body. The Malta Competition and Consumer Affairs Authority (MCCAA) regulates and oversees this in Malta. The responsibility for ensuring that a product bearing a CE

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mark is compliant lies primarily with the manufacturer, the importer and the distributor. Myth 9: Single certification process for all products The process and requirements for obtaining a CE mark vary significantly depending on the product category and the specific directives or regulations applicable to it. Some products may require rigorous testing and certification by a notified body, while the manufacturer can self-certify others. Understanding these realities is crucial for manufacturers, importers, and consumers to interpret the CE mark's significance accurately and navigate the EU market's regulatory landscape effectively. Myth 10: CE marking equals access to all EU markets A common misconception is that once a product has the CE mark, it can be marketed in any EU country without further compliance checks. However, while the CE mark does indicate compliance

Specific requirements for the final product are likely to

with EU-wide standards, individual EU member states may

apply, and additional risk assessment measures must be

have additional requirements or interpretations of these

conducted. In a nutshell, importers should first confirm

standards. For instance, language requirements for user

the conformity of the complete device and, at a secondary

manuals and labels may differ from country to country.

stage, ensure that the components that form the assembly also abide by their requirements.

Manufacturers, importers, and distributors must adhere to these local requirements and the overarching EU

Importers play a vital role in ensuring initial compliance

regulations to ensure full market access. This is particularly

with safety standards and maintaining continuous quality

relevant in countries with stringent consumer protection

control and monitoring of products once they enter the

laws or specific safety standards that may go beyond the

market. This involves a proactive approach to assessing

EU baseline.

and managing potential risks, regular quality checks, and staying attuned to feedback from the market. The safety

Myth 11: CE + CE ≠ CE

and compliance journey doesn't end with obtaining the CE

As a final myth in this article, and perhaps the most

mark; it extends into a long-term commitment to uphold

important, I want to highlight the misconception that if

standards throughout the product's lifecycle.

individual product components are compliant and have the CE mark, the assembly's total will not automatically comply.

Additionally, the dynamic nature of EU regulations calls

This is especially evident for electronic and electrical

for importers to stay informed and adaptable. EU safety

products or machinery. Individual components must be

standards and regulations can evolve, responding to

verified, but when combining the totals, the assembly

new technologies, emerging risks, and shifting policy

does not automatically produce a fully compliant product.

priorities. Importers must, therefore, commit to ongoing education and adapt their practices accordingly. This continuous learning and adaptation provides regulatory obligations and opportunities to enhance their credibility, build consumer trust, and contribute to a safer market environment. By incorporating these aspects into their operations, importers can better navigate the complexities of EU market entry, establish robust and compliant supply chains, and ultimately drive success in international trade's challenging yet rewarding landscape. This approach meets regulatory demands and embodies a commitment to excellence and consumer safety, setting a standard for responsible and forward-looking global trade practices.

MONEY

THE NEW BEGINNINGS EDITION

S TA R T- U P S

UNVEILING MALTA'S START-UP BLUEPRINT In a bold move, Malta Enterprise introduced a stakeholder consultation for a revolutionary Malta startup framework. Adrian Galea delves into the intricacies of this transformative plan, exploring themes of equity, fiscal policies, and human capital while emphasising the crucial role of entrepreneurs and the need for continuous improvement.

In October this year, Malta Enterprise launched

technology through the act and process of

simple: You must build and nurture talent to

a stakeholder consultation for a Malta Start-up

entrepreneurship.

stand a chance. Successful people connected to the ecosystem, whether directly or

Framework*. Internationally, many approaches exist that

indirectly, attract more talented people to that

"With this strategy, we want to create a

misplace public policy, funding, government,

ecosystem.

framework that is really designed to cater

infrastructure, and institutions at the front

exclusively to the needs of start-ups. This

and centre of the system. Our approach is

Build for people and allow them to inspire you.

continues to reinforce the strong commitment that the government and Malta Enterprise have towards start-ups." The framework is divided into three main thematic areas: equity simplification, fiscal environment, and human capital. In addition to the written consultation process, Malta Enterprise also held several in-person group consultation meetings. These were attended by various stakeholders from the start-up community in Malta, including representatives of start-ups in Malta, as well as delegations from investor-side groups present on the island. In this article, I will review the topics and tenets of the written response that my colleagues and I from the start-up community prepared and submitted to Malta Enterprise as a part of this consultation process. A framework for sustainable entrepreneurship The prevalent goal of our response to this start-up framework is to create a sustainable environment for innovation and

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S TA R T- U P S

business in Malta compared to competing

be remembered as those select companies

Until today, in Malta, it is exceedingly rare

start-up jurisdictions detailing leading legal

representing Malta internationally at key

to meet someone who has successfully

and fiscal provisions affecting the different

strategic trade events that can showcase the

ideated, built, scaled and exited a technology

stages of a start-up lifecycle. Following the

work undertaken under the "StartInMalta"

start-up. It is imperative that a generation of

compilation of the research paper, a standard

brand. To support this, Malta Enterprise should

entrepreneurs meet, listen to, interact with,

set of term sheets, founders agreements, and

set up a start-up dedicated division that

and celebrate those who have come before

standard legal investment documents should

should be empowered to appoint expert panels

them—those who have achieved business

be created as a recognised and accepted

(with publicly shared remuneration) to assess

success and professional fulfilment through

guidance document for legal agreements

situations requiring technically complex and

entrepreneurship. The few success cases

concerning start-up-related transactions.

knowledge-intensive projects proposed by start-ups. Such dedicated division within

that we do enjoy, such as Sigma (events), Altaro and Hotjar (software technology),

Public-private partnership

Malta Enterprise should be measured against

and Weavr (fintech), to name a few, are

The public sector in Malta tends to maintain

its ability to meet publicly stated timeframes

rare. Unfortunately, these successes are

a significant influence on the marketplace,

for granting funds, schemes and grants.

rarely celebrated by the local community if recognised and known by business society

Overall, the driving interest of our response

at large.

to the consultation is two-fold: (i) we need to celebrate entrepreneurs (past and present)

Attracting foreign talent and entrepreneurs is critical to the framework. However, it must be part of a culture of learning by doing and paying it forward. Newcomers to the ecosystem should be integrated with the local community and ecosystem. Malta's positioning could be seen as the location that is trying its hardest to do better than others, welcoming worldwide talent and believing in the transformative power of entrepreneurship. We need to be a place where it is expected to meet a fellow entrepreneur in a bar, to overhear a start-up pitch happening over dinner and for people involved in the tech industry to feel they are just one step removed from meeting an advisor, engineer, finance professional that understands the peculiar

Embracing foreign talent is vital, but integration into the local ecosystem is key. Start-ups should learn by doing and pay it forward.

challenges of a start-up and can take their

and build for them, and (ii) we need to embrace the public measuring of activity to keep on improving over time. The following is a summary list of additional provisions we have proposed. •

Start-up typologies and definitions

•

Creation of the Malta registry "S-number"

•

Banking and bankruptcy fast-tracking for start-ups

•

Publicity and measurability requirements

•

Malta national start-up cohorts

•

Dedicated ME start-up division

•

Research paper on ease of doing business in Malta

•

for start-up transactions •

•

Tax incentive for founders, co-founders and employees

business to the next level. •

Research & development and academic institution initiatives

Peter Drucker, the world-famous investor, is often quoted as saying, "You can't manage what you don't measure".

Standard term sheets and legal documents

and I do not see the possibility of a different situation for start-ups. The Maltese

•

Business angel and investor measures

•

Accelerator programs within government (govtech)

The framework proposal must recognise

government has tried to develop business

that it must improve and iterate over time as

innovation in Malta by launching campaigns

Our motivation to respond to the start-up

new proposals and solutions are fed into the

to attract foreign direct investment in

framework consultation is to add to the

system. To this end, the activities beneficiaries

specific sectors. These include examples

discussion around ideas and approaches. We

of the start-up framework incentives will

like fintech (mfsa.mt/fintech/regulatory-

hope the community and Malta Enterprise

have to report and contribute data to Malta

sandbox), medtech (med-tech.world), and

can iterate on this many times and develop

Enterprise, which should publish, at minimum,

Malta Blockchain Island (financemalta.org/

a framework based on solid principles and a

an annual report on their activities and an

app/uploads/2019/10/malta-destination-

sustainable mindset.

overall commentary on the ecosystem's

blockchain-island.pdf).

health.

My fellow contributors to the submission Malta should identify those sectors and

were Jessica Camilleri, Violetta Bonenkamp and

A research paper (renewable every three

technologies of excellence it wishes

Alex Borg.

years) should be commissioned by Malta

to focus on. Each year, it should hold a

Enterprise assessing the ease of doing

national competition whose winners will

MONEY

THE NEW BEGINNINGS EDITION

*https://www.maltaenterprise.com/node/1830

EVENTS

TECH, TWEETS, AND TRANSFORMATIONS A Deep Dive into Web Summit 2023

As my plane touched down, Lisbon's air buzzed with the energy of the

Queues became an integral part of the Web Summit experience, whether

Web Summit. The conference, a cornerstone for tech enthusiasts and

for entry into the venue, the arena, or a simple cup of coffee. On the

industry players alike, orchestrates a metamorphosis of the city into

inaugural day, after navigating multiple security checks, a patient

a pulsating hub for four days. Stepping into the Lisbon airport, the

1.5-hour wait culminated in the Altice Arena reaching total capacity

colossal tent, dwarfing even the MFCC, immediately caught my eye. It

for the opening ceremony. Newly appointed CEO Katherine Maher took

served as the epicentre for attendee registration, a labyrinthine process

centre stage, addressing the recent leadership transition prompted by

streamlined according to ticket types. Wristbands and lanyards were

co-founder Paddy Cosgrave's tweet. With grace and eloquence, Maher

swiftly dispensed, and just beyond that, the convenience of purchasing

acknowledged her years at the company, expressed gratitude to her

public transportation passes awaited.

predecessor, and underscored the importance of free speech within the corporate realm. Cosgrave's tweet, which sparked this chain of events, read: "I'm shocked at the rhetoric and actions of so many Western leaders and

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EVENTS

governments, with the exception in particular of Ireland's government, who for once are doing the right thing. War crimes are war crimes even when committed by allies and should be called out for what they are." In the weeks preceding the conference, Paddy Cosgrave's tweet, critical of Western leaders, ignited a firestorm, resulting in the departure of major players such as AWS, Google, Stripe, Intel, and Siemens. Cosgrave's subsequent 700-word apology and resignation left a palpable void on the expo floor, evident in the vacant stands that tech giants once adorned. Web Summit 2023 fostered a sense of camaraderie among attendees, transcending geographical boundaries. Notably, the InMalta stand stood proudly on the expo floor, showcasing Malta alongside other jurisdictions, including Spain, Great Britain, Qatar, Cote d'Ivoire, and the host nation, Portugal. The conference's innovative approach categorizes start-ups into Alpha, Beta, and Growth stages, affording them expo booths and opportunities

In contrast to the previous year, Web Summit 2023 lacked the star power

to compete for coveted slots such as the start-up showcase. Local

of influential speakers. The absence of figures like Toto Wolf, Queen

Cosgrave's tweet ignited a firestorm, leading to major departures. The void left on the expo floor was tangible, once adorned by tech giants.

start-ups like MyMama, Fyorin, and Loyale left an indelible mark, fueling

Rania of Jordan, and special guests on the opening night may have been

hopes for increased participation in the 2024 edition.

a ripple effect of significant tech brands withdrawing their participation. As Day 2 drew to a close, my thoughts meandered toward the possibility

Navigating the sprawling expo floor revealed a cornucopia of

of hosting a similar conference on smaller islands. Infrastructure

technologies. Established brands occupied booths throughout the

limitations appeared to be the only hurdle, and the spectacle of Lisbon

event, while emerging technologies from non-EU countries presented

in full swing, yet seamlessly accommodating its residents, left an

compelling opportunities for a European testbed. Though most were

indelible impression.

still in the R&D phase, these innovations resonated with attendees' expertise, necessitating mentoring and funds for further exploration.

The Maltese delegation eagerly anticipated Day 3, marked by successful start-up showcases, masterclasses by Malta Enterprise and Tech.mt,

Discussions among start-ups shed light on forming consortia across

and a bustling start-up lounge offering a haven for urgent tasks amid

EU countries, a strategic move to tap into EU Funds without diluting

the hustle and bustle of a conference of this magnitude.

equity. This collaborative approach emerged as a viable alternative for accessing expertise and resources within the European ecosystem.

Web Summit 2023 left me content with the quality of connections forged and intrigued by the trajectory the event might take under the

The conference's app underwent significant enhancements, particularly

stewardship of the new CEO. As the curtain fell on this year's edition,

in the pitch decks displayed on start-ups' profiles. This not only

the lingering question revolved around whether the incoming leadership

streamlined the networking process for attendees but also provided

could rekindle the allure of leading brands and restore the grandeur that

founders with a valuable tool to assess their competitors. The improved

attracts vast volumes of attendees for the 2024 edition. Only time will

interface facilitated a more efficient exploration of the myriad booths

unveil the unfolding narrative of Web Summit's continued evolution on

and technologies on display.

the global stage.

MONEY

THE NEW BEGINNINGS EDITION

MARKETING

AI AND THE BIG RESET → AI won't replace your purpose

We've been working on trend-watching for

from one year to the next. Generative AI has

complexities of managing teams. In my

the past five or six years. We look at trends

taken the world by storm.

opinion, this is a very short-sighted way of looking at things. If you're only seeing the rise

consistently in our daily work, but once a year, we compile the top trends in major industries

What seemed like a soft launch of a new tool by

of AI as a way to save on salaries, then you're

and verticals into a series of documents and

OpenAI at the end of 2022 catalysed a whole

probably looking at it incorrectly. You might

eventually into a large book of trends for the

new world, affecting every industry somehow.

save in the short term, but you'll be bitten in the backside before too long.

year. There is a gold rush by businesses to In all our years of working on them, this is the

accelerate the automation process, using

Human behaviour is changing at a much more

first time we've had such a significant shift

machines to save on wage costs and the

moderate speed, so we still see overlaps

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from one year to another around what people

easily automate. However, in parallel, ensure

While it might seem to be extra work to keep

expect from businesses. However, the dawn of

you use the time you save to create better

them motivated and excited about your brand,

generative AI has brought AI (in all of its forms)

interactions with your customers and clients.

they're the ones who will drive it forward

to the forefront - making it front and centre on

Don't see the time savings from automation

because they can feel an affinity to it (and

people's minds as they plan for 2024.

as an opportunity to save money; see them as

to you, hopefully) that can't be handled by

an excellent opportunity to give your people

machines built to automate.

The biggest issue with AI is that it's moving at

more time to build and maintain authentic

such a rapid speed that most people tend to

relationships with your customers.

Handmade/humanmade If we look at the industrial revolution, we can

be scared of it. On the one hand, you feel like you're missing out if you don't keep up-to-date

This will help you stand out from a crowd

quickly see that a significant percentage of

with everything that's going on in the industry;

increasingly looking for efficiencies and ways

tasks will be automated, and this will happen

on the other, you're overwhelmed by the

to save money. They're pushing themselves

at a much faster pace given the technologies

constant changes, and it makes it tempting to

into extreme commoditisation, effectively

we're seeing on the market today.

bury your head in the sand and wait for it all to

creating the perfect environment to be

settle down.

replaced entirely by machines.

I'm not holding my breath. I don't think it will

Brand

products and services. This will become

settle down soon, so my advice to businesses

We have been preaching the importance of

more acute as services become increasingly

is to keep on top of things in every way

brand from the agency's inception, but the

automated. Tasks that can be automated will

possible. The revolution is coming, and you

need for a great brand and a deliberate brand

invariably be automated, but that puts even

don't want to be on the guillotine when the

narrative has never been as acute.

more value on things made, designed, written,

But over the past decade, we've seen a resurgence of importance on humanmade

or shot by humans.

blade drops. And as you work on your brand, look for the Today, we'll look at what becomes ever more

aspects that make you stand out, the elements

Take a long, hard look at the aspects of your

critical as we head into a world of constant

that add that touch of authenticity that people

business that benefit from being made by

change. As every business around you gets

out there are so desperately looking for.

people, and concentrate on becoming better at them and, in the process, becoming better

access to and knowledge of AI tools, you must

known for them.

work even harder to determine what makes

Don't hide behind broad strokes statements.

you unique. What makes you stand out, either

Don't try to be everything for everyone.

in a crowded market or in a market that's being

That time has gone by, and people can build

And in the end...

taken over by AI tools?

individual chatbots to do precisely what they

Look at the aspects of your business (and life)

want; they expect specialisation, which will

that can be automated. Work hard on getting

only become more critical as time goes on.

the advantages AI will give you, but keep one

Humanity

thing in mind: focus on the stuff you're good at.

It might seem bleedingly obvious, but as we move into a world of extreme automation, our

People

Don't let the AI revolution blind you. Remember

humanity comes at a premium. There are tools

As we forge ahead with including AI and

what makes you you, what gives your business

out there that make it easy to personalise

automation in every aspect of our business,

the edge, and focus on improving that,

messaging at scale. Tools that help us create

there's one aspect that we should never

whether it can be automated or not.

the mythical "audience of one", but these are

neglect or automate parts of, and that's our

tools.

relationships with the people around us.

Using technology makes perfect sense

Your team is, and should remain, one of the

within areas of your business that you can

aspects that deserves most of your absolute attention. The people who work with you should always feel they're being treated with decency and authenticity. They are at the core of what makes you unique; if you neglect them,

In the era of extreme automation, our humanity becomes a premium. MONEY

they'll quickly find they can move on. It might seem tempting to let them do so as you automate more and more. However, you must remember that your clients want to interact with humans, and even if machines can do so much, there's always an element of bringing everything together that only humans can do (for now, I know).

THE NEW BEGINNINGS EDITION

STAR Photographer

Model

Stylist

Marvin Grech

Luca

Peter Carbonaro

[All items by Tommy Hilfiger. Shot on location in Valletta.]

STUDDED

[All items by Tommy Hilfiger. Shot on location in Valletta.]

FA SHION

SPENDTHRIFT What do you buy someone who has it all? MONEY stretches its budget. [All items available from mrporter.com, unless otherwise specified]

LOEWE + Paula's Ibiza straight-leg pleated cotton-twill trousers €720

PALM ANGELS Logo-print crystal-embellished cotton-jersey t-shirt €177

BMW Jacket €175 / info@mml.mizzi.com.mt

GUCCI Jordaan Horsebit suede loafers €750

BALMAIN Velvet-trimmed padded monogrammed canvas hooded gilet €2,490

FA SHION

BRUNELLO CUCINELLI Shawl-Collar wool, cashmere and silk-blend cardigan €3,100

SAINT LAURENT 3cm full-grain leather belt €475

MASSIMO ALBA Ionio2 straight-leg pleated cotton and hemp-blend gabardine trousers €360 CELINE HOMME Square-frame tortoiseshell acetate sunglasses €320

BMW Luggage €385 / info@mml.mizzi.com.mt

CHOPARD MILLE MIGLIA CLASSIC CHRONOGRAPH 40.5 mm, automatic, Lucent Steel™ €9,770 / elcol.com

NEWS

FORM unveils new shop-in-shop experience On November 30th, FORM celebrated the launch of its latest venture, a cutting-edge shop-in-shop concept that beautifully blends aesthetics and practicality. The event was further elevated by James Vella Clark's art exhibition, fittingly named "New Forms”. Established in 1947 and incorporated in 1976, FORM is a family-owned business renowned for its diverse range of home furniture and furnishings. With a commitment to quality, value, and exceptional aftersales service, FORM's portfolio now includes prestigious international and emerging brands. The latest refurbishment introduces dedicated spaces for brands such as Molteni & C, Bonaldo, Rimadesio, Natuzzi Italia & Editions, and Kave Home. James Vella Clark's exhibition, "New Forms," presented his artwork in a domestic setting, exploring the concept of an ideal home. His collection resonates with the theme of unrestricted artistic freedom, mirroring the liberty we cherish in our personal spaces. The event was marked by the inauguration of the new Bonaldo Spa Shop by Alberto Bonaldo and Leonardo Grillo, with Domenico Capobianco from Hastens adding to the occasion's significance. This collaboration with top suppliers signals a redefinition in design and décor. FORM

R1 redefines digital interaction with AI-powered 'pocket companion'

extends its gratitude to all who have joined them on this transformative journey. US start-up Rabbit, in collaboration with tech innovator Teenage form.com.mt

Engineering, has unveiled the R1 at the Consumer Electronics Show (CES) 2024 in Las Vegas. This groundbreaking device, dubbed a "pocket companion," is designed to challenge the prevailing influence of smartphones by utilising advanced artificial intelligence to handle complex tasks. Compact and eye-catching in bright orange, the Rabbit R1 is engineered to perform many functions, from booking flights and streaming music to editing Photoshop images. Users engage with the R1 much like a walkietalkie, holding a button on its side and speaking in natural language. The device's minimalist interface features a charming pixel-art bunny representing the AI assistant. Rabbit's innovation encourages a reevaluation of digital practices, prompting users to reconsider their interaction with apps, their expectations of security standards, and the design potential of personal devices. During a keynote at CES, Jesse Lyu, Rabbit's founder and CEO, emphasised the company's vision of creating "the simplest computer" that offers an intuitive, enjoyable user experience. Lyu highlighted a departure from traditional app-based operating systems, advocating a shift towards an interface centred around natural language, simplifying and enhancing user interaction with technology. rabbit.tech

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MONEY

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