MONEY ISSUE 84

THE REMARKABLE COLLECTIVE

22 Beverly Cutajar, Rachel Pool, and Mike Roberts unveil their vision for Maltese businesses

VISIONARIES RISING STRONG ANTON

TABONE

14 Vanessa Macdonald shares predictions and hopes for 2025 18 Two women's story of resilience in the face of adversity 28 Med TV: A new lens on the Mediterranean

Editor’s note — As we look ahead to 2025, we are faced with challenges and opportunities that shape our approach to the future. This edition of MONEY is centred around the theme of New Beginnings, a timely focus as we reflect on the changes that lie ahead, locally and globally. With fresh perspectives, we explore how Malta’s businesses and economy can navigate the evolving landscape.

The past few years have tested the resilience of many industries, and the road to recovery requires careful thought and planning. From evaluating Malta’s competitiveness in a changing world to addressing the growing demand for transparency and sustainability, these issues are at the forefront of our collective consciousness.

In this issue, we bring together a variety of voices and viewpoints, shedding light on the steps needed to ensure that Malta remains competitive while balancing growth with social and environmental responsibility.

One of the key insights emerging from this edition is the importance of taking a proactive approach to the future. It’s not enough to react to change; businesses and leaders must be prepared to adapt, collaborate, and find new ways to address the challenges. We look at examples of local initiatives, such as The Remarkable Collective, which offers a new approach to business growth, and Med.tv, which aims to connect the diverse cultures of the Mediterranean through accessible media content. These are just a few examples of how innovation and strategic thinking can create opportunities for the future.

However, these efforts cannot succeed in isolation. To ensure long-term progress, we must focus on transparency, sustainability, and

collaboration. As we examine Malta’s evolving real estate sector and the ongoing challenges businesses face, it’s clear that success will depend on our ability to adapt and align with broader global trends.

At MONEY, we remain committed to providing insightful analysis and expert opinions that help guide conversations around Malta’s economic future. We hope this edition encourages reflection on the opportunities before us and the steps needed to navigate them thoughtfully.

As we begin 2025, let’s continue to move forward with a focus on adaptability, collaboration, and sustainable growth for the benefit of all.

EDITOR Anthony P. Bernard

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Visionaries: Predictions and hopes for 2025

The results of the European Parliament elections in June showed that there were many issues affecting our quality of life which transcended partisan politics. Vanessa Macdonald spoke to experts to find out what could be done in 2025…

18

Rising strong: Tales of two resilient women

Resilience: what does it mean? In this interview, we explore the stories of two remarkable women who exemplify the true essence of resilience, sharing their triumph, strength, and unyielding determination, irrespective of the odds. Dayna Camilleri Clarke caught up with Lorinda Mamo and Claire Sammut to learn more.

Democracy is dead. Long live democracy.

With the inauguration of Donald Trump as President of the United States, the world—and America itself—finds itself at a crossroads. As MONEY explores in this piece, his rise to power not only marks a seismic shift in the nation's political landscape but also underscores the transition of the United States from a democracy to what many are calling an oligarchy. America's future and role appear profoundly uncertain.

22 COVER STORY 28

The Remarkable Collective: Rewriting Malta's business legacy

Med.tv: A new lens on the Mediterranean

Anton Tabone discusses with MONEY the launch of Med.tv, a pan-Mediterranean TV channel aimed at showcasing the region's culture, history, and diversity.

Dr Beverly Cutajar, Rachel Pool, and Mike Roberts unveil their transformative vision for Maltese businesses to compete and thrive globally. In an exclusive with MONEY, the dynamic trio shares the inception and aspirations of The Remarkable Collective—a groundbreaking professional services brand aiming to redefine talent, training, and recruitment strategies for a more competitive Malta. 14 26 38 50 42 46 30

Cleaning up and doing it right

Corruption may be inevitable, but inaction is not. Manuel Delia delves into the measures necessary to combat corruption, foster transparency, and ensure justice, outlining how we can protect the integrity of our democracy for a fairer future.

A vision for Malta's future: Beyond the illusion

Malta's Vision 2050 promises transformation, but lofty ambitions often lack depth and actionable frameworks. JP Fabri challenges Malta to move beyond short-term politics and embrace structural reforms in education, governance, and infrastructure, prioritising long-term prosperity over fleeting political gains.

This year, ask different questions

Theo Dix challenges leaders to rethink 2025— not as another year for incremental goals but as a turning point for transformative change. With AI and shifting paradigms reshaping industries, this year isn't about doing more. It's about questioning assumptions, adapting to new realities, and redefining what success looks like.

From success to sustainability: A roadmap for Valletta and the Grand Harbour

Malta's Valletta and Grand Harbour areas are at a crossroads between preservation and growth. As experts weigh in, it becomes clear that while significant progress has been made, a unified, long-term strategy is essential to unlocking their full potential. Victor Calleja explores the path forward through the eyes of industry leaders.

Investment trends to watch

As we enter 2025, investors are navigating an ever-evolving landscape of financial opportunities marked by innovation, resilience, and transformation. Paul Rostkowski highlights a blend of traditional and unconventional investment driven by innovation.

Bold moves: How sometimes new beginnings need revolution, not evolution

In a world where incremental changes can only take you so far, bold moves are the key to unlocking new levels of growth and innovation. Richard Muscat Azzopardi shares insights from Switch's revolutionary shift, exploring the courage, strategy, and lessons behind making bold decisions that redefine success.

From legacy to new beginnings: When and how to sell your business

For many entrepreneurs, their business is more than just a livelihood—it is a deeply ingrained part of their identity. Thomas Cremona, an expert in business transitions, provides valuable insights into how owners can navigate the emotional and strategic complexities of selling.

AI in risk assessment

Ing. Stephen Mallia explores how Artificial Intelligence (AI), particularly large language models (LLMs) like ChatGPT and Gemini, is revolutionising product safety risk assessments under EU regulations. The industry is entering a bold new era of enhanced consumer protection and accountability by merging AI's analytical prowess with human expertise.

MONEY's columnists —

1 Dayna, a former newspaper editor and journalist, is a wordsmith extraordinaire. With a knack for crafting impeccable marketing text and brand manifestos, she effortlessly balances grammar and brand voice.

2 JP is a founding partner at Seed, a multi-disciplinary advisory practice.

3 Manuel is a civil society activist and writer.

4 Paul is the CSO for a local alternative investment fund manager in Malta. He has extensive experience in local and international asset servicing operations, focusing on UCITS and alternative investment funds.

Slope style

Conquer the slopes with cutting-edge fashion and effortless alpine elegance.

5 Richard is the CEO of Switch — Digital & Brand, a marketing agency that forms part of ICOM, the world’s largest network of independent agencies.

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

7 Theo Dix is a senior manager leading EY- Parthenon, the global strategy consulting arm of EY in Malta.

8 Thomas is an ACCA-certified professional who founded Casa Rooms in 2014, which was later sold to VBL plc. Now leading IDISAV, he aids firms in exit planning and fundraising.

9 Victor is a writer and columnist.

10 Vanessa had every intention of retiring but so far has been caught up by exciting freelance projects and voluntary work.

VISIONARIES

PREDICTIONS AND HOPES FOR 2025

The results of the European Parliament elections in June showed that there were many issues affecting our quality of life which transcended partisan politics. Thousands of people wanted to flag the aspects which bothered or worried them. Vanessa Macdonald spoke to some experts to find out what could be done in 2025…

Sustainable mobility for all

Prof. Maria Attard Director Institute for Climate Change and Sustainable Development

The year 2025 marks the end of the first quarter of this century, and much has changed since the year 2000. Mobility in particular has changed in Malta. Car dependence has significantly influenced the way we move and, over the years, its negative impacts on the transport system, society, the environment and public health have increased to critical levels. Congestion and pollution levels are unsustainable and public health concerns over obesity and other diseases have been consistently rising since the start of this century. Our public spaces are dominated by cars whether parked or moving, and our elderly and children have lost their independence because of fear and smelly, dirty and unpleasant streets. 2025 is our opportunity to do better!

My predictions and hopes for 2025 is to work on truly sustainable mobility for all. The idea that we design and develop a transport system which fits and provides for everyone, for those that wish to drive, walk, cycle and use shared modes (including public transport).

Moving away from the “system of automobility” will not be easy, and it has never been easy in the many cities that have engaged with shifting away from the car. I hope for a political champion who will forge ahead with the necessary infrastructure changes, primarily building (again) the network of connected and accessible pavements to encourage and support walking. And a network of cycle lanes that connect actual locations and the introduction of cycling lessons for both school children and adults. In this manner we provide the means and the skills for people to shift.

Public transport is provided the space to operate efficiently and not compete with the car for road space. And for parking to be effectively priced to reflect the cost of our precious urban space.

I hope for a change in discourse that moves away from mobility based on private car ownership to multi-modality.

Prof. Maria Attard

I hope for a change in discourse that moves away from mobility based on private car ownership (even electric…) to multi-modality: the possibility of moving around through clean and sustainable modes. Walking and cycling for short trips and using public transport or other shared modes for longer distance trips. I predict changes in public attitudes if we start changing our (political) discourse.

The year 2025 is a good year to start with quick wins, small and cheap infrastructure changes and designing the future visions for a sustainable transport system for all!

Sustainable environment

Zen D'Amato Gautam Founder and Director Eco Market Malta

We’re living in some pretty exciting times. In just the last few years, we've seen technology make huge leaps – AI, rockets aimed at Mars – and so much more. It’s amazing how far we’ve come. But while we’re reaching new heights in tech, we’ve still got a long way to go when it comes to understanding how important it is to be in sync with nature. We’re part of the environment, and if we don’t take care of it, our way of life – and even our survival – will be in jeopardy.

For the past several years, Eco Market has been a steadfast advocate for the Sustainable Development Goals (SDGs), with a particular focus on Goal 12: Responsible Consumption and Production. This goal highlights the urgent need to rethink the way we consume and produce goods to ensure a sustainable future for our planet. Every product we buy has a story, and it’s our responsibility to ask the right questions. Who made it? Where does it come from? Was nature harmed or a community exploited to create it? Were the workers involved treated fairly and paid a living wage?

These questions are not just about holding companies accountable but also about empowering consumers to make informed and ethical choices. When we take a moment to reflect before making a purchase, we can drive demand for sustainable practices, fair trade, and ecofriendly innovations.

Looking to the future, I’m excited about the shift toward sustainability and ethical consumption. I believe eco-friendly options will be the standard, not the exception. More and more, consumers will demand products that are sustainable, made from recycled or renewable materials, and designed to be energy efficient. Circular economies –where products are reused, repaired, and recycled – will become the norm. And for brands, transparency will be key. Consumers will want to know where their products come from and how they’re made, including the conditions under which they’re produced.

This is the future I hope for: a future where we make conscious choices, knowing that we’re protecting our planet and supporting ethical practices. In 2025, let’s make mindful shopping a habit. →

Let’s choose products that are good for the earth, good for people, and that contribute to a healthier, more sustainable world for generations to come. This is the future we all deserve.

Embracing holistic wellbeing

Pia Vassallo Founder Metta Wellbeing

We stand at the intersection of rapid innovation and complex global challenges. Navigating these challenges demands building resilience, collaboration, adaptability and innovative thinking.

To create a prosperous and creative future, we must adopt a holistic, proactive approach to wellbeing that integrates personal development into the foundations of society, organisations, and individual lives.

Mental health concerns are escalating worldwide. Gallup’s 2023 Global Emotions Report highlighted a troubling trend: stress, worry, and anger are at record highs, with 41% of adults worldwide reporting daily stress. The European Commission’s 2023 report highlights that businesses investing in mental employee wellbeing see improved employee retention, higher productivity, and reduced absenteeism.

This is particularly relevant in Malta, where SMEs dominate the economy and depend heavily on adaptive and engaged employees.

Research demonstrates a simple yet powerful concept: thriving individuals create thriving communities, businesses, and societies.

Focusing solely on addressing disorders overlooks the broader spectrum of human potential. Wellbeing programs that nurture strengths, foster resilience, and promote growth offer a more transformative approach.

Positive Psychology (PP) offers evidence-based strategies, tools and techniques to address complex challenges and ambiguity. By focusing on strengths, engagement, meaning and purpose, PP shifts the narrative from weakness to strengths, from challenges to opportunities, from surviving to flourishing.

A prosperous 2025 requires shifting from reactive health care to proactive wellbeing strategies, integrating wellbeing practices into daily routines rather than addressing them only during crises.

For individuals, embracing lifelong learning, using one’s strengths, mindfulness, and regular physical exercise are all proven to equip individuals to manage stress and adapt to uncertainty. Leaders who model these traits foster cultures of trust and innovation within organisations, setting the stage for collective growth and productivity. Companies that embed wellbeing into their core strategies consistently outperform competitors, demonstrating the tangible benefits of such investments.

Research demonstrates a simple yet powerful concept: thriving individuals create thriving communities, businesses, and societies.

— Pia Vassallo

Imagine a 2025 where mental health is destigmatised, personal growth is a societal norm, and innovation is fuelled by wellbeing.

The Japanese concept of kaizen, or continuous improvement, reminds us that small, incremental changes can lead to profound growth.

In 2025, let us prioritise holistic wellbeing over disorder and crisis management, emphasising empowering individuals to discover their potential and fostering environments that inspire engagement, meaning, creativity, and growth. Thriving individuals lead to prosperous organisations and innovative societies.

By embracing holistic wellbeing, we can navigate uncertainty with confidence, creating a 2025 where prosperity is not merely financial but deeply human, sustainable, and inclusive.

Sustainable finances through literacy

Sarah Pulis Head of Conduct Supervision Malta Financial Services Authority

As we step into 2025, financial literacy continues to emerge as a cornerstone of individual empowerment and societal wellbeing. It’s not just a skill: it’s a pathway to resilience, confidence, and informed decision-making. A financially literate person is better equipped to navigate the complexities of today’s economic landscape, ask the right questions, and make choices that align with their personal goals.

The Malta Financial Services Authority (MFSA) has embraced this vision, making financial literacy central to its strategic priorities. Through the work of its Financial Education Committee, the MFSA is not only educating but also inspiring communities to take charge of their financial futures. By focusing on vulnerable groups, such as the elderly and youth, it ensures that no one is left behind in this journey toward empowerment.

In 2024, we have made tangible progress. From engaging TV and radio discussions to face-to-face presentations for students, seniors, and small shareholders, the MFSA has equipped citizens with greater knowledge on investments, insurance and banking products and services. The MFSA has also raised more awareness on scams and financial safety, topics that are increasingly critical in our digital age.

Our collaboration with the OECD, under the European Commissionfunded TSI project, is one of the latest endeavours that the MFSA has taken on, to be implemented over the next two years. By leveraging global expertise, Malta is advancing its financial literacy agenda. The integration of these efforts into schools and through consumer associations showcases a forward-thinking approach, ensuring that financial literacy becomes a lifelong learning journey.

Financial literacy is not merely about managing money: it’s about building a resilient society. It equips individuals to weather economic uncertainties and fosters a culture of accountability and growth. As I look to the future, my hope is that these initiatives translate into higher levels of financial literacy in Malta, where it is universally accessible and embraced as a fundamental life skill.

Sustainable development and cultural heritage

Patrick Calleja Executive President Din l-Art Ħelwa

Sustainable development is supposed to have emerged as a critical imperative for nations around the globe. Recent international political events, however, particularly in the United States, have shifted this imperative into reverse gear by seriously aggravating the threat to climate change.

Of course, it is not just climate change that is defining a path towards a more sustainable future, but it is certainly a catalyst.

Thankfully Malta has its own Sustainable Development Strategy for 2050: every little bit helps! This Strategy actually includes “Placing Culture and Heritage at the Heart of the Development of Our Local Communities” as one of its objectives and it is the importance of this aspect that this short essay focusses upon.

It has been said that, except perhaps for the centre of Rome, Malta and Gozo have more buildings of architectural significance per square kilometre than anywhere in the world. Our megalithic temples, baroque churches, fortifications, urban conservation areas are not just tourist

attractions; they embody our identity and values.

Quoting from Malta’s Sustainable Development Strategy for 2050: “Cultural heritage is the backbone of our society and is fundamental in developing a sense of belonging within a community. Therefore, by safeguarding and enriching it, Malta will be protecting our cultural identity while enhancing social capital, boosting economic growth and ensuring environmental sustainability.”

Climate change poses very real threats to Malta and Gozo, including rising sea levels, increased temperatures and erratic weather patterns. It is just a matter of time until the effects of these climatic changes on the natural and built environments are shockingly manifested locally with unaccustomed cataclysmic scenes. It will be perhaps at that point in time when the value of our cultural built heritage and natural environment – because it will be nearly lost for good – will finally be acknowledged.

Nature, not man, will be to blame.

The rapid urbanisation and uncontrolled development taking place in Malta and Gozo, driven by economic demands and a growing population, is a constant threat to these cultural landmarks. It is also unsustainable.

One very recent and critical example of this short sightedness and lack of planning is the approval by the Planning Authority for the development of a housing estate and aparthotel within 18th century Fort Chambray in Gozo. The development will necessitate the demolition of most of a 19th century British Barracks and the relocation of its façade.

This form of development diametrically opposes the objectives set out in Malta’s Sustainable Development Strategy. Our Islands do not need another hotel either. Clearly, for now, the real and greater threats to our cultural heritage and to the sustainability of a cohesive, equitable and empowered society are manmade. We are prepared to blame Mother Nature for our losses but not ourselves.

First step towards sustainable development: education.

The real and greater threats to the sustainability of a cohesive, equitable and empowered society are manmade.

— Patrick Calleja

Rising strong

Tales of two resilient women

Resilience: what does it mean? For many, it's the ability to bounce back from adversity to stand firm in life's challenges. However, for resilient women, it goes beyond mere survival; it's about transformation, courage, and the relentless pursuit of growth despite the obstacles. In this interview, we explore the stories of two remarkable women who exemplify the true essence of resilience, sharing their triumph, strength, and unyielding determination, irrespective of the odds. Dayna Camilleri Clarke caught up with Lorinda Mamo and Claire Sammut to learn more.

Lorinda Mamo

Lorinda Mamo founded HappyPlay Co. and embodies the power of creativity as a tool for resilience and connection. With a background in biological sciences and a career in design and storytelling, she's known for her iconic quote, "Every great design begins with an even better story." Her creative hub, HappyPlay Co., offers workshops and experiences that inspire joy, imagination, and connection through crafting and play.

As a mother to a medically complex child and a breast cancer survivor, Lorinda's journey is one of courage and unwavering positivity. These experiences shaped her belief in the transformative role of play and creativity in navigating life's challenges. Lorinda also delivers workshops for entrepreneurs and companies, helping them explore creativity as a driver of innovation and resilience. Known on social media as A Bird with a French Fry, she shares her journey of positivity, resilience, and creativity through social media, public speaking, and podcasts, inspiring others to approach life's challenges with hope and courage. Through her work and personal story, Lorinda

inspires others to find joy and strength in every chapter of their lives.

What inspired you to pivot from a background in biological sciences to pursue your passion for art, design, and creativity?

Although my formal education was in biological sciences, my heart was always drawn to creativity. In 2010, my husband and I started a small side business creating websites, which evolved into a creative advertising and branding agency. However, when my son was born in 2013, his medical complexities, and soon after, my journey with cancer became a priority. We ended up losing and closing our business just as it was beginning to grow.

B eing in and out of the hospital with my son and navigating surgery after surgery, I couldn't commit to a regular job. At the same time, I needed an outlet for my psychological and emotional well-being, as well as a way to earn some income. That's when I turned to my creativity. I began making small accessories, selling them online, and even supplying shops between hospital visits and surgeries in London. It was a powerful reminder that creativity had always been my true calling, and it ultimately laid the foundation for what was to come.

Facing significant challenges, such as

your son's medical complexities and your breast cancer diagnosis, how did you find the strength to rebuild your personal and professional life during those trying times?

Focusing on my passions gave me purpose and joy, even during the most challenging moments. There was so much happening that I could not change, and creativity helped me cope, provided a much-needed distraction, and gave me a sense of accomplishment. Creativity wasn't just a hobby; it was my therapy and a way to channel my energy positively.

How did your experiences as a mother and caregiver influence your decision to create HappyPlay Co.?

Spending so much time in the hospital with my son further deepened my love for play and continued to open my eyes to its power. Play became a tool for communication, especially when we had to explain complicated things to my little boy, like his surgeries and treatments. It brought him joy, even in challenging circumstances, and helped him process what was happening in a way words couldn't. At the same time, I realised how much play and creativity were helping me as well. Those small moments of crafting or playing with

Gratitude became my anchor,

helping me appreciate small moments of joy and connection

amid adversity.

Lorinda Mamo

him allowed me to switch off from the stress and reconnect with a bit of joy, even when my heart was shattered.

These experiences solidified my belief in the importance of play—not just for children but also for adults. Creativity allows people to reconnect with their inner child, unlocking memories and emotions they might not have tapped into for years—just watch any adult pick up a crayon!

Interestingly, HappyPlay Co.'s idea has been my dream since I was pregnant. Having always loved crafts and now embracing parenthood, I envisioned a creative space where people could come together to nurture creativity. I imagined a place for parents to spend quality time with their children while also carving out time for themselves—creating a space for anyone seeking creativity, connection, joy, and inspiration. HappyPlay Co. also houses KIN CafeBar, which offers an all-around unique opportunity for the community and creatives to gather and connect over refreshments while engaging in creative activities or just visiting.

In what ways has creativity served as a tool for healing, growth, and reinvention in your journey?

Creativity helped me see that I was more than our illnesses and struggles. It gave me a sense of accomplishment and pride, even when everything else was dark and uncertain. There's something therapeutic about making things with your hands—it releases serotonin and dopamine, the "feel-good" chemicals that boost positivity. For me, creativity wasn't just a way to pass the time; it was a way to remind myself of all the beauty life still had to offer.

What key lessons did you learn about resilience and gratitude while navigating personal and professional challenges?

One of the biggest lessons I've learned is the importance of perspective. My son's and my health challenges taught me to focus on what truly matters in life. Gratitude became my anchor, and I learned to appreciate the small moments of joy and connection, even amid adversity.

For me, resilience is about accepting that life will have its ups and downs and finding ways to adapt and move forward. Creativity was →

my way of doing that, and I encourage others to embrace it as well.

What is your long-term vision for HappyPlay Co., and how do you hope it will contribute to the lives of children and families?

My vision for HappyPlay Co. is to continue growing as a vibrant creative hub where people of all ages can come together to create, learn, and connect. Whether it's a child discovering a new craft or skill, a family bonding over creative activities, or an entrepreneur exploring how creativity fuels innovation, HappyPlay Co. will continue to develop the space and varied experiences that bring joy and inspiration. It's about more than just crafting; it's about offering an environment where people can switch off, make new friends, and rediscover the joy of play.

HappyPlay Co. is already quite a unique destination, offering party events that are different and creating memorable experiences for families and individuals alike. The aim is also to continue developing and producing products that enhance and extend the play experience outside of HappyPlay Co.'s premises, allowing the magic of creativity to continue well beyond the events.

Ultimately, I hope it will encourage people to embrace creativity to enrich their everyday lives and strengthen their relationships.

What advice would you offer to individuals looking to restart their lives, rebuild after adversity, or reinvent themselves meaningfully?

Focus on your journey. It's easy to get caught up in comparing yourself to others and feel like you're falling behind, especially when challenges set you back. But life isn't a race; it's about finding your path and moving forward at your own pace.

Find something you're passionate about, and let that guide you. Passion can be a powerful motivator, whether a creative hobby, a new skill, or simply reconnecting with what makes you happy. Remember, resilience isn't about avoiding challenges but learning to navigate them with hope and determination.

www.facebook.com/HappyPlayCo

Women of my generation in Malta are game changers, and I'm proud to be part of this movement.

Claire Sammut

Claire Sammut

Claire Sammut is a dynamic professional who has carved a unique path by excelling in two highly demanding and varying fields: restaurant management and professional boxing. As the operations manager at Marilu's Restaurant in Siggiewi, Claire oversees daily operations with a results-focused approach, ensuring exceptional

service quality while creating a positive team culture. With extensive experience in recruitment, training, customer service, and cost management, she has developed an impressive track record of leading hospitality ventures to success. Claire holds the remarkable distinction of being Malta's first female professional boxer outside the culinary world. Previously ranked 33rd globally in the lightweight division, her boxing journey reflects a deep dedication to discipline, perseverance, and breaking barriers. She has inspired many by proving that excelling in physically and mentally demanding arenas is possible.

A University of Malta graduate with a Bachelor's degree in History of Art, Claire's background includes contributions to the arts, education, and community initiatives. Her multifaceted career has seen her play roles ranging from teacher and artist to logistics manager, consistently showcasing her adaptability and drive for excellence.

Balancing her professional and athletic pursuits, Claire exemplifies how passion and hard work can lead to success across diverse domains. Her story is a testament to the power of determination and her commitment to paving the way for others in business and sports.

Boxing and managing a popular restaurant are both physically and mentally demanding. How do you stay resilient and maintain focus in such high-pressure environments?

Iplan and make lists but have learned to be flexible and not get frustrated over 'to do' stuff that has not been done or unforeseen circumstances. I strive to do the most important things, like training in the morning. I take a short nap before my evening shift at the restaurant, which splits my day into two separate sections. In this way, I can face my work clearly. I have learned that rest and recovery are essential. My rowing coach, Dr. Michelle Vella Wood, told me that that is the difference between an amateur and a professional. A professional knows when to stop.

What lessons from your boxing career have translated into your role as a restaurant manager at Marilu's? How do those experiences shape your leadership style?

Training as a boxer taught me how to break down difficult combos or movements. At work, when something is tedious, or I'm

doing it for the first time, I similarly break it down into steps to pluck up the courage and succeed in completing the task. The hard training sometimes gives me a slow-mo vision of incidents and helps me dissect and understand what is happening better. Meeting diverse people from all walks of life throughout these years has sharpened my gut feeling. How I plan a fight, focusing on the dominant aspects of my opponent, has taught me how important it is to choose my battles. Boxing has taught me to lose gracefully and make the best out of every situation.

You've undoubtedly faced societal expectations and stereotypes in both fields. How have you navigated and overcome these

challenges, and what advice would you give to others confronting similar obstacles?

I try not to give in to what society expects of me and not to care about the opinions of people outside my circle. Here's where I will share my mantra! I love the climax of the song 'Innuendo' by Queen: 'You can be anything you want to be, just turn yourself into anything you think you could ever be'. I live by it. When people tell me I can't do something, I take it as a dare and do everything I can to achieve it. It goes without saying I am highly competitive and ambitious. I want to do things properly, and I enjoy learning new things and taking an interest in people and their hobbies. I try not to get carried away.

Both boxing and catering are male-dominated. Things are changing slowly. More than ever, I believe women from my generation in Malta are significant game changers. I feel I'm part of this movement.

Balancing professional boxing, managing a popular eatery, and personal life is no small feat. How do you find the mental and emotional strength to juggle these responsibilities?

The hardest part is the financial aspect. It's the one that is mostly beyond my control.

Who or what inspires you to push forward when the going gets tough, and how do you measure personal growth in your professional and personal life?

My inspiration is my family, especially my parents. They are so hardworking and kind. I like to have 'conversations' with my grandmas. I wonder how they were at my age and what obstacles they had to face for me to have the life that I have today.

I keep and have always kept a physical diary that doubles up as a journal. I jot down comments, informative notes, mantras, appointments, and feelings. At the end of the week, month, and year, I review the previous week, month, and year and review it - my decisions, the people in my life, and my habits. My close friend Chiara and I (who attended the same primary and secondary school together) call it the curse of the 'everyday better'.

Quotidie Melius (better every day) was the motto of our school.

Sometimes, as an athlete, I also measure my personal growth in kilos. The less I weigh, the more disciplined I am. I am optimal physically and mentally at a certain weight, which has a feel-good effect on me.

← Rachel Pool, Group COO and Co-Founder of Ceek Talent; Dr Beverly Cutajar, Chairperson and Founder of The Remarkable Collective; Mike Roberts, Group CEO.

THE REMARKABLE COLLECTIVE

Dr Beverly Cutajar, Rachel Pool, and Mike Roberts unveil their transformative vision for Maltese businesses to compete and thrive globally. In an exclusive with MONEY, the dynamic trio shares the inception and aspirations of The Remarkable Collective—a groundbreaking professional services brand aiming to redefine talent, training, and recruitment strategies for a more competitive Malta.

REMARKABLE COLLECTIVE

Rewriting Malta's business legacy

For many, the global recession of 2008 spelt uncertainty and upheaval. For Dr. Beverly Cutajar, it marked the beginning of a remarkable journey. After facing two redundancies in just six months, Beverly was at a crossroads. Rather than succumbing to despair, she took a bold leap into entrepreneurship. Thus, Think Talent was born.

"At the time, I had no business background, no products, no services, and very little capital," Beverly recalls. "What I did have was a vision." That vision, rooted in her academic pursuit of talent development as

part of her social sciences doctorate, sought to empower individuals and organisations through innovative training and HR strategies.

Think Talent quickly gained traction, becoming synonymous with quality training, coaching, and consultancy. Beverly explains, "Our mission was clear from the outset: to help clients unlock their potential by equipping them with practical skills and actionable knowledge."

Expanding the vision: Ceek Talent is born. By 2014, Think Talent had evolved →

We go beyond matching skills to jobs—we ensure that candidates and organisations align on values, vision, and growth. — Rachel Pool

significantly. Beverly recognised an increasing demand for recruitment services among clients and launched Ceek as a dedicated recruitment arm. Enter Rachel Pool, who joined as CEO and business partner.

Ceek, now rebranded as Ceek Talent focuses on aligning candidates with their prospective employers' culture, job role, and future potential. "Our approach is highly personalised," Rachel explains. "We go beyond matching skills to jobs—we ensure that candidates and organisations align on values, vision, and growth."

Ceek Talent's innovative approach has helped countless businesses build high-performing teams while providing candidates with meaningful career opportunities. It also laid the groundwork for the holistic solutions now offered under The Remarkable Collective.

Ceek Talent 's emphasis on market insights and trends allows businesses to adapt to shifting industry landscapes. "Staying competitive isn't just about hiring the right people—it's about anticipating and responding to change," Rachel adds. This adaptability is a cornerstone of the Collective's philosophy.

The turning point

The COVID-19 pandemic brought unforeseen challenges but also opportunities for reflection and reinvention. For Beverly, it was a time to reassess priorities. In May 2024, she appointed Mike Roberts as Think Talent's CEO to help realise a broader vision.

" With Mike's appointment, we accelerated the implementation of a three-year strategic plan," Beverly shares. "This plan encompassed not only Think Talent and

Ceek Talent but also the creation of new brands under a unified structure."

The result? The Remarkable Collective, founded and owned by Beverly, is a holding company designed to integrate and elevate the group's diverse offerings. Mike stepped up to Group CEO, while Rachel, co-owner of Ceek Talent, became the Group COO .

Mike's leadership style brought a fresh perspective to the team. "Our goal was to create an ecosystem where each brand complements the other," he explains. "It's about synergy and shared purpose."

Introducing the remarkable collective

The launch of The Remarkable Collective marks a pivotal moment for the group. The company can deliver seamless, integrated solutions to its clients by uniting its brands under one umbrella.

"This isn't just about combining services," Mike emphasises. "It's about creating a dynamic ecosystem that drives innovation,

fosters collaboration, and empowers businesses to compete globally."

The group's growth strategy includes the expansion of two other brands and plans to create four additional ones within the following year. Beverly adds, "Our aim is to provide a comprehensive suite of services that address every stage of a company's journey. "

The Remarkable Collective's emphasis on integration means clients can access everything from recruitment to strategic consultancy under one roof. This approach saves time and resources and ensures a cohesive strategy across all aspects of business development.

A culture of collaboration and excellence

At the heart of The Remarkable Collective is a commitment to collaboration. This ethos is reflected not only in its client relationships but also within its team. The company's internal culture thrives on positivity, support, and continuous learning.

"Our internal chat group is a hub of encouragement, innovation, and fun," Rachel notes. "It's where we celebrate

This isn't just about combining services; it's about creating a dynamic ecosystem that drives innovation, fosters collaboration, and empowers businesses to compete globally. — Mike Roberts

new hires, share ideas, and plan our famous Friday breakfast treats."

The group's leadership team—comprised of experts in HR, training, international business, and more—is instrumental in driving its success. "We believe in leading by example," Mike says. "Our team's diverse expertise and dedication set the standard for our services."

Team-building initiatives, a focus on personal development, and fostering a sense of belonging are just some of the ways The Remarkable Collective ensures its workforce remains motivated and aligned with its mission.

Meeting Malta's business challenges

One key motivation behind The Remarkable Collective's formation is addressing systemic challenges within Malta's business community.

"In my years as a consultant, I've seen how nepotism and legacy hiring can stifle innovation and growth," Mike explains. "Our mission is to offer a fresh, strategic approach prioritising quality, competitiveness, and sustainability."

The Collective's holistic model includes eight pillars of support:

1. Find & Hire: Attracting and retaining top talent.

2. Induct & Develop: Onboarding and continuous employee development.

3. Legal & Compliance: Ensuring

businesses navigate legal and regulatory landscapes effectively.

4. Plan & Build: Fostering team growth and succession planning.

5. Expand & Grow: Leveraging outsourcing and new business opportunities.

6. Market & Sell: Enhancing market presence and driving revenue growth.

7. Analyse & Report: Providing data-driven insights for strategic decision-making.

8. Introduce & Partner: Facilitating collaborations that drive innovation and expansion.

These pillars reflect the group's commitment to providing comprehensive support at every stage of a company's growth.

Together, we're not just building a business— we're shaping a legacy. — Dr Beverly Cutajar

Looking ahead: A global vision

While The Remarkable Collective is firmly rooted in Malta, its ambitions extend beyond its shores. "Our goal is to prove our model locally and then scale it internationally," Rachel says. "We want to show that Maltese

businesses can compete and lead globally."

One of the group's long-term initiatives is the creation of a sales and a coaching academy. "Malta's greatest resource is its people," Mike asserts. "By investing in their development, we build a foundation for sustainable growth and success."

These academies aim to address skill gaps, foster innovation, and prepare the next generation of leaders to excel in an increasingly competitive global market.

A remarkable future

The Remarkable Collective is more than a business venture; it's a bold vision for Malta's future. With Beverly, Rachel, and Mike at the helm, the group is poised to redefine professional services, empower individuals, and elevate Malta's global standing.

"Ultimately, our mission is to inspire change and challenge the status quo," Beverly concludes. "Together, we're not just building a business—we're shaping a legacy."

Dr Beverly Cutajar, chairperson and founder of the Group

Democracy is dead. Long live democracy.

The phrase "Democracy is dead. Long live democracy" has perhaps never felt more poignant than it does now. With the inauguration of Donald Trump as President of the United States, the world—and America itself—finds itself at a crossroads. As MONEY explores in this piece, his rise to power not only marks a seismic shift in the nation's political landscape but also underscores the transition of the United States from a democracy to what many are calling an oligarchy. Coupled with rising wealth disparity, increasing international isolation, and the ascent of global powers like BRICS, America's future and role appear profoundly uncertain.

The oligarchic shift

Donald Trump's presidency is the culmination of decades of growing corporate influence, systemic corruption, and the disenfranchisement of ordinary citizens. As a billionaire who openly flaunts his wealth and connections, Trump symbolises the triumph of oligarchy—a government by the few, where power is concentrated in the hands of an elite class. His cabinet, stacked with billionaires and corporate executives, is a stark reminder that the interests of the wealthy have taken precedence over those of the general populace.

The influence of money in politics has been a growing concern for years. From the Citizens United v. FEC ruling in 2010, which allowed unlimited corporate spending in

elections, to the staggering costs of political campaigns, the voice of the average American voter has been drowned out by a flood of cash. Trump's inauguration signifies a continuation of this trend. Under his administration, the wealth gap is poised to widen further, entrenching economic inequality and eroding the foundations of democracy.

Yet democracy is not the only thing under threat in the United States. Civil liberties and social safety nets are deteriorating rapidly, and the freedom of the press, once a cornerstone of American identity, is also under siege. At the end of empires, these rights tend to erode as elites prioritise their interests over those of the general population. The U.S. is no exception, and these developments paint a bleak

picture of the nation's future.

Wealth disparity and the French Revolution parallel The Gini coefficient, a measure of income inequality, paints a grim picture of the United States. Recent data suggests that the U.S. is teetering dangerously close to levels of disparity not seen since the French Revolution. In the late 18th century, France's aristocracy hoarded wealth while the masses starved, leading to one of history's most violent uprisings. While the guillotine is unlikely to return, the parallels between then and now are hard to ignore.

Today, the wealthiest 1% of Americans control over 40% of the nation's wealth. Meanwhile, wages for the working class have stagnated, and the cost of living continues to soar. Homelessness is rampant, healthcare remains inaccessible to millions, and education is increasingly out of reach for low-income families. This disparity isn't just a moral failing; it's a powder keg. History has shown that extreme inequality is unsustainable. Without systemic reforms, the U.S. risks social unrest on an unprecedented scale.

In a fascinating twist, the temporary ban on TikTok and the resulting surge in downloads of the Chinese app Rednote inadvertently revealed how indoctrinated many Americans have become. Discussions comparing American and Chinese societal structures highlighted stark differences in healthcare, education, and cost of living. For many, it was a wake-up call, underscoring how U.S. governance prioritises corporations and lobbyists over the well-being of its people.

The end of American exceptionalism

Trump's "America First" doctrine signals a retreat from the international stage. This inward turn—marked by trade wars, withdrawal from international agreements, and a general disdain for global cooperation—has left traditional allies disillusioned and adversaries emboldened. While Trump's supporters may champion this as a reclamation of sovereignty, it's increasingly clear that American isolationism is creating a vacuum in global leadership.

Long dependent on U.S. military and economic support, Europe is beginning to chart its course. Initiatives like the European Union's push for strategic autonomy, the bolstering of NATO's European pillar, and the strengthening of economic ties within the continent suggest that Europe is preparing to stand independently. By reducing reliance on the U.S., Europe can redefine itself as a cohesive, influential global power.

The rise of BRICS

As the U.S. retreats, the BRICS nations (Brazil, Russia, India, China, and South Africa) are gaining momentum. These emerging economies represent over 40% of the world's population and a significant share of global GDP. Their rise is not merely an economic phenomenon but a geopolitical shift that promises to balance global influence.

China and India, in particular, are leading the charge. China's Belt and Road Initiative has reshaped infrastructure and trade networks across Asia, Africa, and Europe, while India's burgeoning tech industry positions it as a key player in the 21st-century economy. The BRICS nations are also exploring alternatives to the dollar-dominated financial system, which could undermine U.S. economic hegemony.

For the first time in decades, the unipolar world order dominated by the U.S. gives way to a multipolar landscape. While this transition poses challenges, it offers more equitable global governance opportunities.

A world where power is distributed among multiple players has the potential to address global issues—from climate change to poverty—in ways that a U.S.centric model could not.

Malta's prospects in a changing world order

These global shifts present unique opportunities for Malta. The island has historically thrived by adapting to changing geopolitical landscapes as a small but strategically located nation. The rise of a multipolar world and Europe's push for greater autonomy offer Malta the chance to assert itself as a key player within the Mediterranean region and beyond.

Malta's financial services sector, bolstered by its EU membership, stands to benefit from the shifting balance of power. With U.S. isolationism driving European nations to strengthen their economic ties, Malta can position itself as a hub for trade, investment, and innovation within Europe.

Moreover, the rise of BRICS offers new markets for Maltese businesses. By fostering relationships with these emerging powers, Malta can diversify its economic partnerships and reduce dependency on traditional Western markets.

Malta can also excel in the digital economy. As BRICS nations like India and China lead in technology and innovation, Malta's focus on blockchain, fintech, and digital entrepreneurship can create synergies with these

global leaders. By embracing a forward-looking approach, Malta can attract investments, build expertise, and cement its reputation as a global innovation hub.

Culturally and diplomatically, Malta's role as a bridge between Europe, North Africa, and the Middle East has become even more significant. As Europe redefines its identity and BRICS challenges the status quo, Malta can leverage its unique position to mediate, collaborate, and influence policies that benefit the region.

The path forward

As the United States grapples with political and economic challenges, the shifting global order presents Europe and Malta with unique opportunities. Moving towards strategic autonomy, Europe can champion democratic values, human rights, and economic innovation, positioning itself as a global leader in a multipolar world.

By leveraging its role within the European Union, Malta can strengthen its financial services, trade, and innovation sectors. Opportunities lie in forging partnerships with emerging powers such as the BRICS nations, diversifying economic ties, and becoming a digital entrepreneurship and technology hub.

While the U.S. faces an uphill battle to reclaim its democratic identity, Europe and nations like Malta have an opportunity to lead by example. Together, they can redefine democracy and governance in the 21st century, ensuring these values remain resilient in a rapidly changing world.

Long live democracy—in whatever form it may take.

A new lens on the Mediterranean

With a diverse background in law, diplomacy, and business, Anton Tabone discusses with MONEY the launch of Med.tv, a pan-Mediterranean TV channel aimed at showcasing the region's culture, history, and diversity. From addressing challenges to fostering inclusivity, Tabone shares his vision for creating a platform that connects and represents the Mediterranean on a global scale.

Can you share the inspiration behind the establishment of Med.tv and what motivated you to become a shareholder in this venture?

Iwas looking to invest in a Malta-based project with an international dimension. I was also searching for a project to add intrinsic value to our beloved Malta and help the country resonate internationally. I essentially looked to invest in a project that would add soft power to Malta.

I firmly believe that having Med.TV headquartered in Malta ticks all the boxes I set out to achieve from day one. Of course, a project like Med.TV goes well beyond the confines of Malta. It is intended to showcase the beauty, allure, history, culture, cuisine, music, and more of all the countries surrounding the Mediterranean Sea. Med.tv will broadcast the Mediterranean countries as one entire region. I also firmly believe that the uniqueness and the diversity of the countries surrounding the Mediterranean Sea from north to south and from west to east will offer engaging and entertaining television to all kinds and ages of audiences and contribute to instiling a sense of identity, of shared belonging, amongst the people living in this region of the world. With this vision clear, I invested significantly in this ambitious project. I also managed to raise equity from other

investors and started hiring the best people to support me in converting this vision into reality.

What unique value does Med.tv aim to provide its audience, and how does it differentiate itself from other media platforms in the region?

Med.tv is a pan-Mediterranean TV channel. It is an outward-looking international TV channel that will be viewed simultaneously by satellite (on Hotbird) throughout North Africa, Europe, and most of the Middle East. Hence, contrary to other media outlets in other Mediterranean countries with an inwardlooking agenda, Med.tv will offer new and exciting television content that transcends national boundaries and differentiates itself from the current standard TV offerings. Med. tv will not transmit news content – I think audiences are already well-served thanks to many TV news channels. Still, the channel will transmit high-profile programs covering business matters in the Mediterranean. We will host Mediterranean-themed discussion programs inviting personalities from various areas - politics, business, tourism, culture, and history - to discuss topics that seldom find a media platform where such issues are viewed and discussed. Public policy can be formulated by creating the right media platform and allowing people to come together and discuss Mediterranean-centric topical matters.

From extensive research we have conducted, it transpires, perhaps contrary to what is widely recognised, that linear TV still has a very strong following and is the most credible source of information among all other media platforms. Med.tv will be broadcast on satellite

TV and all social media channels, such as Facebook and Instagram, as well as online and on a dedicated app. Med.tv will also be accessible on cable networks in several countries, including Malta, of course.

Given your extensive law, diplomacy, and business background, how do you envision leveraging your experience to guide Med.tv towards achieving its goals?

Indeed, Med.tv is the sum of my various professional backgrounds. Establishing peace and stability in the Mediterranean has long been on the international political agenda. The international community is still far from achieving the desired results. Regional wars, conflicts and migration issues, amongst others, all need diplomatic solutions. Several regional institutions and fora already exist that address these Mediterranean issues, such as the Union for the Mediterranean or the Parliamentary Assembly of the Mediterranean, but much more is needed to achieve lasting peace and stability in the region. Med.tv will welcome the key protagonists on its discussion programs so that audiences can educate themselves on the subject and then formulate their own opinions. Hence, my diplomatic background will contribute to developing the agenda of these Mediterranean-themed discussion programs.

Of course, the experience of having a business background is critical in converting the vision and the idea of establishing Med. tv into a successful business venture. Med. tv's quality content will be visible worldwide on all existing media platforms, potentially targeting hundreds of millions of viewers. This is certainly a unique offering to sponsors and advertisers to have maximum visibility of their brand name internationally.

What challenges have you encountered during the development and launch of Med.tv, and how have you addressed them?

The project at hand is massive. Creating an international TV channel is one of the most challenging business endeavours one can embark upon. It is 18 months in the making. We are trying to create an international TV channel like no other. An experienced Londonbased media company executive told me that launching a new TV channel can be more complex than launching into outer space! This

puts everything about the task at hand into perspective. However, despite the mammoth challenges, I somehow overcame the fear of the unknown and tackled these challenges head-on. This endeavour could not have become a reality without the unconditional support of a small but competent team of professionals who share the same vision. The team is led by Albert Debono, the CEO of Med Media Services Ltd., who, thanks to his experience in the TV industry, business acumen and management skills, has been instrumental in bringing Med.tv to the doorstep of being launched in a couple of months.

How does Med.tv plan to engage with the Mediterranean region's diverse cultural and linguistic communities to ensure inclusive content?

It is precisely the diverse cultural and linguistic nuances that make the Mediterranean what

fosters mutual understanding and respect.

Med.tv will prioritise multilingual content production and distribution to ensure inclusivity, offering programs subtitled or dubbed in key regional languages. This approach ensures accessibility while preserving the authenticity of each culture's voice.

Additionally, Med.tv plans to actively engage local creators, journalists, and cultural organisations in each region, empowering them to tell their stories from their perspectives. Flagship programs like Med What's On will spotlight regional events and celebrations, giving viewers an authentic taste of life across the Mediterranean.

By incorporating interactive platforms, such as social media and live audience participation, Med.tv will invite viewers to contribute their cultural narratives, creating a dynamic and collaborative space for dialogue. This strategy ensures that our content reflects the region's diversity and evolving identity, rooted in shared experiences and distinct local flavours.

Med.tv is not just a TV channel— it's a bridge that connects the Mediterranean's rich cultures, history, and shared identity.

What are your aspirations for Med.tv in the next five years, and what impact do you hope it will have on the media landscape in Malta and beyond?

I envision Med.tv becoming a mainstream TV offering during the next 5 years. I envision Med.tv becoming a natural reference point for anything and everything Mediterranean. I expect the channel to be viewed from all corners of the world, significantly contributing to making the Mediterranean region safer for tourism or business purposes. I aspire to see Med.tv contribute its fair share towards showcasing the great attractions and positives that one finds within this region while acting as a counter-force for the struggles and disparities in the area. After 5 years, I hope to have brought all founding investors a significant return on their investment.

it is today. Med.tv will leverage the universal language of audio-visual communication to celebrate and connect these rich and varied cultures. By showcasing the unique lifestyles, traditions, and heritage of different countries and territories across the Mediterranean, we aim to create a shared cultural tapestry that

Someone once said, "Dare to dream big, then do something about it". I am on that journey...

FROM SUCCESS TO SUSTAINABILITY: A ROADMAP FOR VALLETTA AND THE GRAND HARBOUR

Malta's Valletta and Grand Harbour areas are at a crossroads between preservation and growth.

As experts weigh in, it becomes clear that while significant progress has been made, a unified, long-term strategy is essential to unlocking their full potential. Victor Calleja explores the path forward through the eyes of industry leaders.

Ma lta is at the centre of a never-ending debate about the goose and the golden eggs. About loving the gold of the eggs but not caring enough for the goose. How true is this? What is lacking in the vision for some of Malta's prime assets, Valletta and the Grand Harbour area?

Should more be done? Should we look at what has been achieved, what has been done, and what can't be undone, and devise a proper strategy for that area in conjunction with the rest of Malta? Is there one vision, one uniting vision, that can genuinely be seen as a national one?

Three experts in the field, three people involved in the world of property and hospitality, give Money their views on where we stand and where we should be going.

Interestingly, the three agree that Valletta has been a success story and that we need to build on this success, and all agree that the Grand Harbour region has all the ingredients to be another success story. All agree that a lot still needs to be done and that we must formulate a way forward to harness the good these areas offer. They all believe in the future as long as we learn from the past. The consensus is that everyone involved, residents, entrepreneurs, government, tourism entities, and heritage organisations, must be part of the vision for the region.

Here's what Sven von der Heyden, Andrei Imbroll and Raphael Aloisio had to say about their experiences and their expectations.

Sven von der Heyden

Chairman and founder, Von der Heyden Group

Where do Valletta and the Grand Harbour stand today?

I'm totally mesmerised by Valletta—by its history, by everything about it. I feel awed when I think of how it came to be, how the Knights of Malta built it after the Great Siege as a fortress to withstand any new attacks by the Ottomans. Interestingly, it's a capital that hasn't been ransacked—aside from the bombing in WWII, of course. It's an incredible story of resilience and success.

From the 1960s to just before 2010, little

happened in the city. With investors moving in and turning it from nothing, its revival has been a successful turnaround.

Now, because the Maltese are so good at business, it has gone overboard. It's definitely too noisy and disorganised. But with some care, organisation, more enforcement, and more planning, it can be improved. It needs to be managed carefully, with consideration for the residents and the flow of the city. From the heritage perspective, excellent work has been done to ensure developments respect the capital city's history.

If regulations to improve the quality of

Valletta's future relies on careful management and collaboration, balancing heritage with modernisation.

development are implemented and enforced, Valletta can be in top shape in 20 years.

The Grand Harbour itself is beautiful and breathtaking. The surroundings offer plenty of potential, but a lot needs to be done. The industrial parts, including the shipyards, are useful and necessary but are an eyesore. But this is part of the fabric of any city or string of cities. Can you change that? Can they go somewhere else? Maybe, maybe not.

But I do believe in the opposite side of the Grand Harbour. In fact, my company and I have put our money where our mouth is and invested heavily in this area. When we bought the first property in Senglea, people thought we were mad because the area was in rather bad shape. It paid off, as the area has improved a lot. We have now also invested heavily in Vittoriosa. The sheer beauty of the location speaks for itself. And the success seen in Valletta will, I'm sure, be replicated in this area, too.

What are the key challenges? Is additional intervention needed?

The noise levels need to be lowered. Traffic needs to be controlled further, and more pedestrianisation needs to be imposed for longer hours. Obviously, the ring road around Valletta works perfectly, but more enforcement is needed to keep the traffic flowing. Traffic in Malta—like noise—is a macro problem for the whole of Malta that needs to be solved not just for quality tourism but for any tourism and the locals.

The city's whole organisational structure needs to consider anyone connected to Valletta. Deliveries can't happen at all times of the day, and cleanliness needs to be improved. Valletta needs its residents to remain relevant, unique, and comfortable in a vibrant but liveable city.

Regarding the utilisation of properties, for example, on Republic Street and other streets, the rents for the ground floors keep skyrocketing. However, if you look at the first, second, and third floors, often there is nothing. Closed shutters and empty. That is something that I think requires intervention. Incentivise the owners to have these buildings restored and converted into residences. If necessary, the government could subsidise the rent. →

This is just one idea, but more ways can be found to keep Valletta's residency vibrant.

What should the vision for Valletta and the Grand Harbour be?

Regarding the future, I think Valletta is moving in the right direction. But we need to sell ourselves better.

As an island involved in the tourist development of Valletta and the Grand Harbour, Malta must raise the bar. In my view, we need fewer tourists but ones with deeper pockets. We all see how congested Malta is; the infrastructure just can't take it.

In the long term, we need to double the daily spending per client and concentrate on quality in everything we do.

What does quality tourism mean for the region? And how can it balance luxury, sustainability, and cultural preservation?

It simply means double the room rate. Don't make food more expensive because Malta has a great gastronomic offering, but it is already quite expensive.

Malta already has many great basic assets, from the airport to the history, heritage, and amazing sites. However, it needs to focus more on infrastructure, cleanliness, noise, and the environment. Taxi services should also be improved.

I also believe the government should pay more attention to ecological investments, such as green zones and areas. You just need to invest money in finding areas and planting trees and more trees. We do need more shade in Malta.

How can Valletta and the Grand Harbour achieve these long-term goals?

Ideally, all stakeholders should get together, forget their personal interests, and formulate a vision and strategy. Valletta can benefit from getting, say, 10 or 15 people who have succeeded in Valletta and the Grand Harbour and who can present their views and ideas for a way forward.

The precondition of this gathering—a think tank or whatever—is that anyone involved in it must forget all about their business.

Think just about Valletta, Grand Harbour, and Malta. Think about the future. Get the mayors involved, get their input and their own vision, and maybe formulate a report that goes to the government. If enough pressure is put on the authorities, then action will be taken not just in the region but even in other areas.

Should Valletta be approached as an isolated destination, or should a broader Grand Harbour regional strategy be developed?

I think it should be a broader strategy. It has to go hand in hand, not just with the Grand Harbour, but even with the rest of Malta and Gozo. Valletta is a crown jewel. Mdina, obviously, is another crown jewel. It needs the rest because people who travel nowadays want to go beyond the area they are in.

Do you have reason for optimism?

I love Malta, and yes, I believe in it. That's why I invested here and am still investing. And I would also invest in Valletta if, or rather when, the right opportunity arises.

Andrei Imbroll Chief executive officer, VBL Group

Where do Valletta and the Grand Harbour stand today?

Valletta has been a great success story. In 2010 or thereabouts, the authorities envisioned revitalising the city. Chapeau to them. However, it was the private investors who had the courage to take the plunge and invest in the city. We have progressed by leaps and bounds.

What is needed now is to determine what we want Valletta to be. It's a totally different story for the Grand Harbour area, which is like what Valletta was 25 years ago. The process has started, and we are seeing restorations happening and businesses flourishing. I'm sure it will take time, but we'll get there.

The Grand Harbour region and Valletta are critical if we want to attract high-end tourists. We need to create a strategy for both of these regions. I believe Valletta today is touristically a power to be reckoned with. It probably also has the best accommodation in any old European historical town.

Overall, the development over the last 10 to 15 years has been done with great sensitivity. But why should I, in 2025, still see a mountain of garbage on a street corner in Valletta? Why should the roads of Valletta be packed with delivery trucks from early morning to midmorning? Before 10.30, you can't have a proper Valletta experience, the experience of living in an awesome place.

It's all about logistics, as with the overabundance of chairs, tables, and blaring music. I'm not saying these should be completely forbidden—far from it—but with proper rules and enforcement, the whole experience will be raised three or four notches.

The Grand Harbour is just like Malta's diamond. It needs to be chiselled, and Valletta polished.

How does Valletta compare to other Mediterranean destinations in terms of tourism appeal, infrastructure, and economic development?

There are similar cities to Valletta, but nothing is as homogeneous as Malta's capital. It is the capital, the touristic centre, a hub of commercial activity, and a residential city as well, even though there are challenges in that area.

I think that's something we really need to protect. Valletta is special. That is why, in fact, our company continues to focus on investing exclusively in Valletta.

Nowadays, tourists look for an authentic experience, and Valletta can deliver that. Walk down to the lower parts of the city, to areas that are predominantly residential, and you will find that tourists enjoy walking down these areas, getting lost, seeing the clothes hanging outside, and seeing the kids playing in the streets.

Valletta is a very successful city, and this is all thanks to urban planning. When it was built and devised by the Order, it was all zoned. Shopping, entertainment, residential, and artisanal all had their specific areas. This is getting lost, which is causing the majority of problems nowadays.

When we started in 2012, it was very difficult to get a permit for a bar outside the core area in the upper part. Now, anyone who applies gets a permit practically anywhere. We need to go back to having designated areas.

Politicians tell us that they don't want to interfere with the market. But this is not interfering; policymaking directs the market to what you want to see.

How do we compare with the other destinations?

I think we compare extremely well. Mismanaged tourism, which I prefer to overtourism, is a problem not just here but in most other destinations. Better strategies to open and develop new attractions will help. We are seeing good initiatives right now from Heritage Malta and entrepreneurs. You deflect people in different areas. With better management, I think the entire product would benefit.

What should be the vision for Valletta and the Grand Harbour?

We need to decide whether we want high-end tourists to get away from just an emphasis on numbers and concentrate on quality, and my answer is yes. Politicians and the local population need to embrace these ideals.

If we had to work collectively, with direction from above, on getting a better quality of customer, we would get better prices, and everyone could reduce chairs and tables. We would also get better staff, offer staff training, and have less pressure on the business in general because the margins on a quality product are higher. There are ways to create sustainability and growth in the bottom line without growth in numbers, which is what many people, I think, advocate for today.

At the moment, we are doing nothing to define the product. My fear is that Valletta will become Malta rather than Malta becoming Valletta. As I said before, Valletta is the only place where urban planning ultimately gave us what we have today. Without Valletta and the Grand Harbour, Malta would be any other island in the Mediterranean.

We would have very little to identify us. We need to devise a strategy for Valletta, work on it and use it in other towns and villages. →

Valletta is very attractive for high-end tourists, but it lacks high-end retail, cleanliness, organisation, and flow. We really need to concentrate on those areas.

So far, the experience is still good. I think we can easily improve it with an effort on all our parts.

What does quality tourism mean for the region, and how can it balance luxury, sustainability, and cultural preservation?

Malta is far from a high-end luxury destination, and I doubt we can get there in the foreseeable future. That doesn't mean we cannot have quality tourism. I think Malta can be a super destination for high-earner Europeans.

We offer a great cultural experience, and we have achieved a very high level in the food world.

I'm afraid we still need to work on the whole experience in the Grand Harbour region. But what we did over a period of 10 years in Valletta, we can do there.

Floriana is beautiful and has so much potential. Marsa, in my view, could also be developed. The minute you start restoring and renovating, the private sector finds investment attractive. The Three Cities have seen huge improvements.

How can the region achieve its long-term goals?

We need to attract a different client and upgrade the product. MTA does a fantastic job attracting tourists to Malta, but I would never try to attract the kind of tourist who will leave dissatisfied. We need to work on repeat business. Get the top earners to come and visit and then get their families. We need to work on this, and with a concentrated effort—and with an upgrade in the product—we can manage.

Malta is now well-connected, but we need legacy airlines to attract higher-end tourists.

Should Valletta be approached as an isolated destination? Or should a broader Grand Harbour regional strategy be developed?

You need to have a strategy for the entire island. Not just Valletta.

What are the key opportunities and reasons for optimism regarding the region's tourism potential?

We have a fantastic product. The less we do to it, the better. I think the reason for my optimism is that the fabric is there. It's like a diamond, which just needs to be chiselled. More specifically, the Grand Harbour needs to be chiselled and Valletta polished.

Raphael Aloisio

Retired partner, Deloitte Malta

How do you feel about the Valletta and Grand Harbou r concept? Do you see them as one entity, or do you view them separately? How do you feel about their current status?

Well, the idea is interesting overall. When discussing tourism or anything related to it in a broader sense, you first need a product designed for a target audience.

If you're aiming for a very conservative strategy targeting one segment of people who just want to go from restaurant to restaurant, bar to bar, then no, it doesn't work. That's a very narrow strategy with a very specific audience. But if you're considering a broader approach, something that taps into the area's culture and heritage and aims to create a more comprehensive experience for a wider market, then yes, it could definitely work.

Now, there's a business angle to consider as well, which might sound more pragmatic than idealistic. If we're talking about high-end tourism, which many people already associate with Valletta and part of Grand Harbour, then the question becomes: how do we target those people? Are Valletta and the Grand Harbour going to be the sole destinations, or do we want to attract visitors to these areas and then let them explore the rest of Malta?

One thing I'd caution against is overgeneralising or making claims without a clear, strategic plan and a realistic timeline.

For instance, look at St. Julian's, which took 15 years to evolve into a five-star destination.

Valletta will need the same time and investment to shift its focus toward a highend market. We're talking about improving

assets and overall product upgrades to get this transformation. I also think that high-end does not necessarily exclude anyone else. The high end can coexist with the non-high end if done well and curated well.

Valletta started its revival in 2007, and over time, we've seen the city evolve from a neglected area, basically a dead city, to what it is today. The shift to a high-end tourism destination will require patience, consistency, and vision.

So, you see the Valletta and Grand Harbou r strategy as part of a much bigger, long-term plan?

To unlock Valletta and Grand Harbour's true potential, a clear, sustainable long-term strategy is key.

Yes, exactly. It needs to be part of a broader strategy, one that includes creating a new niche sector targeting different seasonal markets. Valletta and the Grand Harbour aren't typical summer destinations, and that's part of the challenge. The long-term strategy has to evolve carefully, with a clear focus on sustainability.

As we talk about high-end, we also need to address the practicalities. A lot of the development happening right now targets middle-to-lower categories. If the aim is high-end, there will need to be a more uniform approach to match that vision. You can't just build boutique hotels and upscale restaurants while only focusing on volume tourism. There must be a balance.

Do you think high-end tourism is compatible with the current offerings in Valletta and the Grand Harbour?

There's definitely potential, but there needs to be more focus on the cultural and heritage aspects. Valletta already has these elements— churches, auberges, fortifications, and history itself—which could be used to attract high-end visitors. But again, it comes down to numbers. Can Valletta support high-end tourism and cater to the local population that is not part of that high-end market?

The key is to position Valletta in a way that balances both. If we focus solely on tourists, we lose the local flavour that makes the city unique. The answer isn't to cater exclusively to high-end tourists or the local crowd but to find a sustainable balance between the two.

You mentioned the importance of positioning. Do you think the current strategies for Valletta and the Grand Harbour are clear enough?

Unfortunately, there's no clear, cohesive strategy right now. Everyone focuses on pointing out and discussing the limitations and challenges rather than the big picture. For this to work, we need to map out a clear vision for where we want to go, starting with a solid foundation for what Valletta and Grand Harbour can offer in the long term.

But on a larger scale, my concern is that no matter what strategies we devise, the real change, or rather the main push, needs to

come from the authorities.

The private sector has played a huge role in the success of areas like St. Julian's. The government's role has been to facilitate, but it's been the private sector that's driven development, and that's what's missing in Valletta right now. The private sector needs to take more initiative, but there also has to be a clear strategy, a well-formulated vision, and a plan to support this.

What should the vision for Valletta and the Grand Harbour be?

The vision should be about creating a sustainable, diverse tourism product that appeals to different niches. It can't be one-size-fits-all. We have strategies for various market segments, whether it's cultural tourism, high-end dining, or heritage experiences.

Is it a challenge to keep the momentum even when things are going well?

When things are going well, there's a tendency to let the focus slip. We need to keep that visionary thinking alive. Take the gaming sector, for example—while it was evolving, it didn't start as high-end. It took time, effort, and a strategy to build. Valletta's tourism needs the same approach. We must consider where we want to be in 20 years and plan accordingly. We need to climb those steps, and as long as we stay on track, we'll get there.

What do you think about current tourism strategies and their alignment with local needs?

The challenge is that tourism strategies often focus on volume rather than quality. We need a more balanced approach that addresses both. The MTA should help promote specific niche markets, like religious tourism, which could be developed further. However, the real work needs to be done by those outside of the MTA, who are driven not by vested interests but by the bigger vision.

Is Valletta's development hindered by trying to copy other destinations, or is there room for unique strategies?

We need to be cautious when looking at other destinations for inspiration. The key is

identifying what works in other places but adapting it to Malta's unique characteristics. Valletta and the Grand Harbour need their strategy tailored to their specific needs rather than copying what's been done elsewhere.

Do you think that Valletta and the Grand Harbou r can become Malta's number one tourism sector if the right strategy is implemented?

Yes, I believe it can be Malta's best tourism sector. Valletta has all the right foundations— culture, dining, heritage—it's all there. With the right plan, I think it can become a truly exciting destination, and it won't have to come at the expense of other areas. Valletta and the Grand Harbour can be reformed to become high-end tourist attractions without compromising what already works for the middle-tier tourism market.

Do you think the region can thrive without significant public sector intervention?

I think the public sector has an important role to play, but it should be more of a facilitator than a leader. The private sector should drive the strategy, but the government must support it with the proper infrastructure and incentives.

There must be a clear distinction between what the public sector can do and what the private sector should handle. If the government can provide targeted incentives for quality developments, like five-star hotels, that could make a big difference.

How do you see the region's future in terms of development?

The future is bright if we approach it strategically. We need to think long-term and be willing to make the necessary investments in infrastructure and product development. The private sector needs to be more entrepreneurial, and the public sector should provide the support required to bring this vision to life. It won't be easy, but it's achievable.

This article follows from the discussion developed at the event organised by the Malta Business Network, Grand Harbour 2050: Shaping the future of Malta's premier tourism asset.

Alliance Group announces record exceeding €423million in sales for 2024

Alliance Real Estate Group has announced an industry record exceeding €423 million in property sales for 2024. It cites the success of its branch expansion and optimisation strategy, as well as its focus on sales and letting expertise.

This achievement cements Alliance's position as Malta's top-performing real estate agency. Sales are estimated to account for nearly a quarter of all local promise-of-sale contracts facilitated by estate agencies.

The Group also set a separate milestone, surpassing €2.1 million in rental contracts after successfully tapping into the letting market in late 2022.

Alliance Chief Executive Officer Michael Bonello described the Group's performance as a pivotal moment for the company.

Bonello thanked the Group's dedicated personnel for their contributions and emphasised that the record-breaking results reflect Alliance's depth of talent, expertise, and commitment.

"I attribute this success fully to each and every one of our people. These achievements underscore the collective effort of our team and the impact of our strategic decision to focus on the quality and performance of our branches and teams," Bonello said.

"Last year, by prioritising operational excellence over

expansion for expansion's sake, we've been able to deliver stronger results, higher efficiency, and enhanced client satisfaction. This approach not only benefits our clients but also aligns with our commitment to long-term, sustainable growth."

Branch strategy drives performance

Bonello said that in 2024, Alliance implemented a targeted branch consolidation strategy as part of its long-term strategy to maximise profitability and operational efficiency.

The company merged and streamlined operations across key locations, focusing on enhancing the strength and performance of its network rather than expanding through additional branches.

Key actions included:

• Merging Alliance North with the larger Alliance St Paul's Bay office.

• Merging the Alliance Attard team into Alliance Swieqi for greater synergy and productivity.

• Relocating Let Buy Mark's team into the flagship Alliance Strand branch in Gzira,

Alliance partners, managers and executive team meeting – January 2025

Alliance Group heads of departments outlined their plans for the year ahead →

consolidating operations under one roof.

• Relocating the Alliance by Malta Commercial Agency to prestigious, larger premises on the Sliema Strand.

• Discussions are ongoing on closing at least two other lowperforming offices.

"This strategy reflects our philosophy: that a leaner, more focused network of high-performing branches is

more effective than spreading resources thin over a larger footprint," Bonello said. "I am inviting smaller local offices

who are ready to join forces with strong existing branches. You are welcome to knock on our door," he added.

Alliance accounted for 23% of all promise of sale agreements by estate agencies in Malta.

A vision for sustainable growth

With these strategic adjustments, Alliance has positioned itself to continue capturing significant market share while delivering greater value to clients and stakeholders.

The Group's €423 million in property sales represents a benchmark achievement, and its success underscores the importance of a carefully calibrated approach to growth.

As Alliance looks ahead to 2025 and beyond, it remains committed to sustainable growth, operational excellence, and maximising shareholder value. This focus will drive its efforts to maintain and expand its leadership in Malta's real estate sector.

Alliance Real Estate Group CEO Michael Bonello announced the 2024 financial performance to Alliance managers, partners and the executive team

Head of Sales, Gordon Attard

Head of Commercial Real Estate, Simon Bharwani

Mentor and Executive Coach, Mark Ellul

Head of Alliance Selected, Jeremy Borg Grech

Chief Marketing Officer, Pierre Mizzi

Chief People Officer, Frank Borg

Group Branch Support Executive & Head of Admins, Ritianne Spiteri

Cleaning up and doing it right

Corruption may be inevitable, but inaction is not. Manuel Delia delves into the measures necessary to combat corruption, foster transparency, and ensure justice. From policy reforms to civic responsibility, he outlines how we can protect the integrity of our democracy and business landscape for a fairer future.

Corruption will always exist, just as murder and tax fraud will always exist. What matters is what we do about it. Just because some people will always try to get away with it, we should not stop seeking to prevent it and punish it when we find it.

We must do that because we cannot have a fair and level business playing field for our economy to thrive. That's what corruption is: an unfair manipulation of the order of things; it's the guy flashing money at the bouncer and skipping the line outside the club. It's how people are left behind, how the poor are robbed to pay the rich, how the honest are cheated so the crooks can flourish.

It's not the fact that we've experienced corruption to a hitherto unknown scale over the last decade that is particularly galling. It's that we seem unable to do anything about it. We can, and should, keep thumping the book to insist perpetrators of crimes we've experienced are made to pay for their misdeeds.

But we need to do more. We need to create a better future where the industrial-scale corruption of the past few years can be prevented and punished when found.

We can't have wealthy donors controlling political parties. The state should ensure policies serve the public interest.

Here's an order book of things we can do. First, we should upgrade our precautions to avoid corruption before it happens. We need to upgrade our "revolving door" policies. Right now, a government regulator of a business sector must wait a few years before moving to a job with a business they used to regulate. Say the financial services boss in the government office cannot jump into a job working for a bank they used to supervise. It seems logical: you'd want to avoid people using their government powers to help a business they are secretly agreeing to work for. However, the same should apply to government ministers and their senior staff. After all, they're writing laws that influence business interests. Those laws should not be helping someone who has secretly promised the minister a future job.

Speaking of which, ministers must have an open door to talk to businesses and their owners. Political and economic leaders must dialogue because they work in the same country. The risk is not knowing what is said behind closed doors. Are ministers treating all interests fairly? Transparency is key: Keep and publish a record of all meetings ministers hold and measure the "legislative footprint." How much influence has anyone outside →

of the government had on writing laws? Measure it and let us know.

It's not just about the ministers, by the way. It's their staffers, too. They're handpicked from outside the public service and loyal only to their bosses, not to some independent civil service ethos. Winning the next election is, for them, the priority. So if we must have these people running the show on behalf of ministers – I did that job for some years, so I'm not trying to say we should stay without, though God knows we should have less of them – they should be subjected to the same transparency rules that apply today to ministers. Because if they're bribed, they can cause about as much damage as their hapless bosses.

Take, for example, the rules on declaring assets. Ministers tell us every year how much money they have and how much money they make. The principle is that if they're only making the money they are entitled to as paid state officials, they should not be getting more prosperous than they could have saved. The system needs to get better. There's no punishment today if a minister is caught hiding some of their wealth. If they hide money in their spouse's accounts, there's no way of knowing. And ministers'

Accepting that corruption exists isn't enough; its response defines the future of our democracy and economy.

staffers, too, are vulnerable to bribes. They should be declaring their assets too.

Let's clarify: we need political parties as much as we need courts and police stations. Many of us will never have anything to do with political parties. But that doesn't mean we can opt out of them as much as we can't opt out of courts just because we never expect to find ourselves in one. The next thing we need to get clear is that if you want to support a political party, you should vote for it. Your vote (however wealthy you are) is worth the same as your poorest neighbour. That's the essence of democracy: deciding how our country is run, we all have the same influence no matter our wealth. Compare this again with courts. If an employee sues their boss for unfair treatment, the judge who decides will not be paid by either the boss or the employee. If they were, the most prosperous party would win. The state pays the judge, and the judge will get their salary no matter how they decide. It should be the same with political parties. We can't have wealthy donors controlling what happens. The state should pay political parties so they can make policies that are in the public interest.

We must look again at the law protecting whistleblowers because our one isn't working.

This is not just about government corruption. Consider a business illegally dumping waste and poisoning water, saving on disposal costs and outperforming law-abiding competitors. There's no law to protect an employee of that perpetrator from retribution for blowing the whistle on the illegality. We don't have a law that works anyway. And it's that way because whistleblowers could expose corrupt politicians even as we speak; some people don't want that. Well, it's time to change that.

There's work to be done on the repressive side of things, too: what happens when someone's caught cheating despite all the preventive measures that failed to dissuade them? To begin with, someone needs to catch them. Our policing in this area is ridiculously weak. We need specialist anti-corruption cops who are free of political interference and control. Right now, we have a multitude of entities that have part of the responsibility to fight corruption, but no one has all of it. Things that today are happening in the police, in the magistrate's court, in the attorney general's office, in the permanent commission against corruption, in the office of the commissioner of Standards in Public Life, in the national audit office, and in some other sundry places should be brought together in a place

Though we must accept that corruption will always exist, we must insist that there must always be a response.

adequately armed to choke this dragon. They'll need updated laws to help them catch the thieves, too. Our definition of "corruption" is wonky. If someone in political power misuses their authority to profit themselves, that's corruption. If someone in political power misuses their authority to obstruct or mislead an investigation, that's corruption. We should be able to punish those actions as crimes. We need a law against racketeering: an anti-mafia law that captures organised criminals who use corruption as a cheaper form of coercion to divert money that belongs to the public into their pockets.

And there's another thing we must change. Though we must accept that corruption will always exist, we must insist that there must always be a response. We can't just delegate law enforcement to stop it. All honest citizens and all clean businesses must denounce corruption where they see it. Corruption needs a civic response: protest, voter behaviour, journalism, and activism. If we measure progress by the public's willingness to stop corruption, these last ten years are not only a cause of fear and regret; they are a cause for hope that if we keep insisting on the changes that need to be made, we can look forward to new beginnings.

A vision for Malta's future

Beyond the illusions

Malta's Vision 2050 promises transformation, but lofty ambitions often lack depth and actionable frameworks. JP Fabri challenges Malta to move beyond short-term politics and embrace structural reforms in education, governance, and infrastructure. The nation's future depends on bold, inclusive leadership prioritising long-term prosperity over fleeting political gains.

Ma lta's discourse on Vision 2050 has become a familiar chorus of grand ambitions and bold statements. Political leaders promise transformative change, pledging to outpace European peers, redefine economic models, and achieve global success. Yet, beneath this rhetoric lies a sobering truth: these visions often lack depth, clarity, and, most importantly, a foundation.

For too long, Malta's political landscape has been dominated by short-termism, where visions serve as tools for electoral gain rather than roadmaps for genuine national transformation. Suppose we want to create a sustainable and prosperous Malta for future generations. In that case, we must step away from this cycle of partisanship and embrace a

realistic, long-term approach grounded in structural reform.

True vision is not about flashy promises or empty slogans; it's about making the hard decisions and addressing systemic weaknesses.

Achieving a brighter future for Malta requires us to confront uncomfortable truths and recalibrate our priorities.

First, we must acknowledge that transformational change often comes at a cost. Real reform will require sacrifices, upset vested interests, and may alienate segments of the electorate. Yet, such changes are essential if Malta is to avoid stagnation and rise to meet the challenges of a rapidly evolving world.

This calls for a social pact that transcends political cycles.

Malta needs a collective agreement, developed through meaningful dialogue among government, civil society, and citizens, to chart a path forward that prioritises long-term national interests over shortterm political gains.

Any vision for Malta must begin with education. A broken

education system undermines individual potential and the country's ability to compete on a global stage. To prepare young people for the complexities of tomorrow, Malta needs a complete overhaul of its educational infrastructure.

This includes modernising curricula to focus on critical thinking, STEM, and the skills necessary for a digital economy. It also means investing in teachers, fostering a culture of continuous learning, and creating opportunities for lifelong education. Without such reforms, Malta will remain tethered to outdated systems that fail to equip its citizens for a fast-changing world.

Malta's governance structures require a fundamental rethink. The current legislative and

administrative setup is bloated, inefficient, and often reactive.

Reducing the size of parliament, introducing full-time MPs, and implementing performancebased accountability systems are not luxuries—they are necessities.

Moreover, the remuneration of government officials and ministers must be reconsidered. Offering competitive pay packages is crucial to attracting competent leaders, but this must be accompanied by a transparent framework to prevent abuse and ensure accountability.

Malta's infrastructural challenges are a daily reminder of the gap between ambition and reality. Traffic congestion, inadequate waste management, and outdated transportation systems are not just inconveniences—they threaten productivity, public health, and quality of life.

Addressing these issues will require bold investments in sustainable transportation, better urban planning, and renewable energy initiatives. These measures will improve residents' day-to-day lives and position Malta as a forwardthinking, environmentally conscious nation.

Our health system is another critical area that needs reform. Rather than focusing solely on acute care, Malta must prioritise prevention. A robust public health strategy should address issues such as mental and sexual health and the growing burden of metabolic diseases like diabetes and heart disease.

These challenges stem primarily from poor lifestyle and dietary choices, which can only be addressed through widespread

Malta needs a social pact that transcends political cycles, prioritising national interests over short-term gains.

education awareness campaigns and policies that incentivise healthy living. A healthier population is more productive and resilient, making this a cornerstone of any credible vision for the future.

To achieve these goals, Malta needs a new approach to policymaking—inclusive, transparent, and forwardlooking. A genuine vision for Malta must be shaped not by political parties vying for electoral advantage but by a shared commitment to the common good.

needed to secure a better future. It means confronting difficult questions about Malta's governance, infrastructure, and social priorities and being willing to implement solutions that may not yield immediate rewards but will benefit future generations.

Vision 2050 cannot be a mere exercise in wishful thinking. It must be a grounded, actionable plan confronting Malta's structural challenges headon. This is not about chasing accolades or comparisons with

This requires honest conversations about the sacrifices and investments

Vision 2050 cannot be an exercise in wishful thinking—it must be a grounded, actionable plan.

other nations; it is about building a sustainable, inclusive, and resilient Malta that prioritises the well-being of its people.

The time for political platitudes is over. Malta deserves leaders willing to take risks, challenge the status quo, and invest in the hard work of nation-building.

Anything less is a disservice to the generations who will inherit the consequences of our choices—or our failures to act.

The question now is whether we are ready to rise to this challenge. Are we prepared to put aside short-term gains and partisan rivalries to build a vision serving Malta's future? The answer will define us for decades to come.

From strategy to security

Military expertise for today's businesses

From training elite operatives to guiding businesses through modern challenges, SOAG stands at the crossroads of strategy and innovation. CEO Patrick Shaerrer discusses the company's mission to empower EU agencies and businesses with advanced training and security solutions, highlighting how military principles redefine operational excellence and resilience.

Can you give us an overview of your company and its mission in providing specialised training for law enforcement, intelligence, and military units across the EU?

SOAG Ltd was incorporated in Malta five years ago. Our team comprises current and former special operations operatives, covering specialisations from kinetic warfare to tactical medicine, cyber and electronic warfare, and open-source intelligence. We offer restricted bespoke courses to various agencies, as well as several adapted civilian courses.

The need for realistic and upto-date training for government agencies has never been more critical in a world increasingly shaped by complex geopolitical dynamics and a rapidly evolving threat landscape. At SOAG, we provide our clients with the most current, battle-tested skills and tools. As veterans, we understand the high stakes and the consequences of failure. This knowledge drives us to deliver training programs tailored to prepare our clients for today's and tomorrow's challenges, ensuring they are equipped to respond effectively and efficiently.

Shaerrer

Your work involves applying intelligence tools and tactics to due diligence, AML, and KYC processes. How can businesses benefit from these advanced methodologies in enhancing their operations?

In 2024, we adapted several of our courses for civilian applications. Examples include our Open-Source Intelligence (OSINT) course, focusing on AML and due diligence, as well as situational awareness and crisis management training. Prominent law firms and hospitality groups rely on our expertise for these critical services.

Long before terms like due diligence (DD), know your customer (KYC), and anti-money laundering (AML) became mainstream, they were the domain of law enforcement and intelligence agencies. As one of the leading organisations providing training to EU member

agencies, we have unparalleled expertise in the tools and techniques essential for navigating today's complex landscape.

Drawing from military strategy, you've developed a unique approach to business development and project management. How do these principles translate to the corporate world, and what advantages do they offer?

Rather than being "unique," our strength is translating military skills into the business world. Militaries have long tackled complex logistical and project management challenges under extreme conditions. The coordination, precision, and adaptability required in military operations—whether in peacetime or wartime—are unparalleled.

Military logistics blends advanced planning, resource allocation, and real-time problem-solving to maintain operational readiness. Decades of refinement, training, and technological advancement underpin this efficiency. While the practices themselves—like supply chain management and contingency planning—are not exclusive to the military, their

Patrick

application in business can yield significant advantages. Efficiency, organisation, and adaptability principles are directly transferable to sectors like logistics, project management, and strategic planning.

Technical counter-surveillance is a critical service in today's environment. What are the key threats businesses face, and how does your company help mitigate them?

Privacy has become a major concern in corporate and personal contexts, especially as technology advances. Unauthorised technical surveillance for commercial gain has raised serious privacy issues across industries. In a world where data security is paramount, organisations must protect sensitive information from surveillance and cyber threats.

SOAG's comprehensive risk mitigation services address these challenges head-on. From technical counter-surveillance sweeps to security audits, penetration tests, and employee training, we help businesses safeguard their operations and data. Identifying vulnerabilities and detecting unauthorised surveillance methods ensures companies can effectively prevent security breaches.

Employee training is also critical, as human error often

compromises security protocols. Organisations can significantly reduce breaches and protect sensitive information by educating staff on risks and best practices. As privacy concerns grow, integrating robust security measures—both technical and human—into overall strategies is vital.

As a keynote speaker, you focus on applying military principles to business challenges. What are some of the most impactful lessons from the military that businesses can adopt?

The principles of behaviour and leadership apply universally, though their application varies by context. In peacetime, the military maintains structural integrity and operational readiness, prioritising efficiency and adherence to established procedures. Stability and rapid mobilisation are key.

Innovation, adaptability, and initiative become critical during wartime. Leaders and soldiers must make rapid decisions and operate in unpredictable environments. Small, decentralised decisions

Privacy and security are no longer optional but critical foundations for sustainable business operations.

can dramatically alter outcomes. Similarly, high-stakes environments or business crises demand a shift from strict hierarchies to more decentralised, initiative-driven approaches. Empowering teams to take ownership of outcomes fosters accountability and focus.

Effective leadership, adaptability, and a target-oriented execution mindset are universal principles. Whether in military strategy or business, aligning efforts with clear objectives ensures clarity and drive, enabling teams to navigate uncertainty effectively.

Looking ahead, what are your plans for expanding your company's services, and how do you envision your expertise shaping the market in Malta and beyond?

Demand is growing as Malta's visibility on the global stage increases. Industries like hospitality now have security requirements vastly different from a decade ago. What was acceptable then is no longer fit for purpose.

We aim to expand our civilianadapted services in Malta and beyond by leveraging our local

expertise. We are committed to supporting our existing clients while collaborating with local government initiatives to enhance security, defence, and business education programs for civilian applications.

Additionally, we are expanding our product portfolio in electronic equipment manufacturing to meet rising needs in conflict zones.

Our vision is to remain at the forefront of innovation, combining military expertise with advanced training and security solutions to address evolving industry challenges.

For more info, email Patrick at patrick.schaerrer@soagmalta.com or visit www.soagmalta.com.

THIS YEAR, ASK DIFFERENT QUESTIONS

YEAR, DIFFERENT QUESTIONS

Theo Dix challenges leaders to rethink 2025—not as another year for incremental goals but as a turning point for transformative change. With AI and shifting paradigms reshaping industries, this year isn't about doing more. It's about questioning assumptions, adapting to new realities, and redefining what business success looks like.

January often starts the same way: with targets, forecasts, and strategies to promote growth. It's comforting to think about the future in familiar terms—more revenue, more customers, more progress. But as we step into 2025, it's becoming clear that this year calls for something different.

We've spent years focusing on incremental improvement—refining processes, improving efficiency, and optimising what already exists. But we're entering a moment when the familiar rules are shifting. This isn't just about doing things a little better. It's about recognising the changes that could upend how businesses operate altogether.

When the ground shifts

Think about what's changed over the past decade. Many of those changes - faster deliveries, smarter tools, more personalised customer experiences - felt big at the time but were, in essence, refinements of what we already knew. They made things easier, →

AI isn't replacing people; it's redefining roles, processes, and business models entirely.

quicker, and more convenient, but the foundations remained intact.

Now, though, we're starting to see shifts that feel deeper. The emergence of intelligent systems—tools that can process information and make decisions—has moved from theoretical to tangible. It's the kind of change that doesn't just tweak how things are done but asks bigger questions about what businesses are for, what roles people play, and how value is created.

What does this mean for you?

As a leader, you're likely already aware that change is inevitable. But this isn't just a call to keep up with trends or adopt the latest tools. It's about taking a step back and asking different questions.

What assumptions are you holding onto?

Many businesses operate on inherited beliefs—about what customers want, how teams should function, or what makes a product successful. Are those beliefs still valid in a world where technology is rewriting possibilities?

What's changing beneath the surface? Sometimes, the most significant changes are the hardest to see. It's not always about flashy innovations; it's about understanding what's quietly making your old ways of working obsolete and the value that can be realised through new ways of working.

Forget the constraints of your current systems and processes. What would it look like if you could design your business from scratch? What would you focus on? What would you leave behind? Answering these questions requires you to consider what's on the horizon and what's coming next.

Thinking ahead: The role of AI

As you reflect on these questions, it's impossible to ignore the role AI is beginning to play. Technology has enhanced what humans do for years - making tasks faster, easier, or more efficient. But AI changes the dynamic.

AI primarily focuses on productivity and knowledge, helping people work faster and instantly access and generate vast amounts of knowledge and content. These systems have been valuable tools, but we're now

entering a new phase. AI agents, designed for specific, narrow tasks, are beginning to act autonomously, executing decisions and connecting seamlessly with other systems.

Take business development as an example.

Sales development representatives (SDRs) traditionally handle outbound tasks: identifying prospects, researching their interests, reaching out, and qualifying leads. This is time-intensive work that requires persistence and attention to detail.

AI agents are already taking on these tasks at a scale that no human team could manage. They can mine vast data sets 24/7, scrap social media profiles, analyse posts, and review public speaking engagements to pinpoint prospects' key interests and challenges. From this, they generate highly specific outreach, referencing recent articles, posts, or events the prospect is connected to, making every interaction timely and relevant.

But the impact isn't just precision; it's scale. These agents can simultaneously engage with hundreds, if not thousands, of prospects. They qualify leads through dynamic, tailored conversations, schedule meetings directly into calendars, and continuously refine their approach based on what works.

And this isn't limited to business development. AI agents are being built for tasks across industries - handling customer service, automating operations, and assisting in legal and financial workflows. They are not just enhancing how work gets done; they're redefining it entirely.

Hence, it forces a different kind of reflection: not just on what can be improved but on what might no longer be necessary at all.

This isn't about replacing people with machines. It's about understanding how roles, processes, and even business models evolve when intelligence isn't a human monopoly. How will customer relationships change? If AI can personalise, anticipate, and engage better than any team ever could, what does that mean for how you build loyalty or differentiate your brand?

What happens to competition? AI lowers barriers to entry. Competitors might not come from your traditional sector but from startups or adjacent industries enabled by the same tools.

Where do you provide unique value? If execution becomes ubiquitous - accessible to all at speed and scale - what makes your business distinct or better?

Mapping the shifts

One way to think about this is to look at your business and industry as a whole. Imagine three to five years from now. What aspects of your sector are most vulnerable to being replaced, streamlined, or disrupted by AI?

Start with the obvious. What processes today feel slow, manual, or prone to error? These are often the first to change. Then, go deeper: What products or services could become redundant as customer expectations evolve? Where might entirely new opportunities emerge?

It's not about predicting the future with

certainty. It's about identifying the pressure points where change is likely to happen first and thinking about how to adapt before it arrives.

The implications of change

What's coming isn't just a technological shift. It's a reordering of how businesses create value, how industries are structured, and how leaders think. The companies that succeed won't necessarily be the fastest to adopt AI. They'll be the ones that think most clearly about its implications.

This isn't a time for panic or grand gestures. It's a time to reflect, to observe, and to imagine.

Ask yourself:

• Where do you see the cracks in your current model?

• What opportunities might others see that you haven't?

• How can you prepare your team and yourself to lead in a world that looks very different from the one you started in?

Building for the future

So, as this year begins, resist the pull to focus only on growth. Take a step back. Think about the bigger picture. What kind of business do you want to build, and how will it fit into the emerging world?

The most significant risk this year isn't being disrupted. It's holding onto what's already losing relevance. This isn't a moment for minor adjustments. It's a time to rethink what's possible and to build with the future in mind. This year isn't about doing more. It's about seeing differently. And that starts with asking the right questions.

The greatest risk isn't disruption— it's clinging to what's already losing relevance.

INVESTMENT TRENDS TO WATCH

Opportunities for 2025

As we enter 2025, investors are navigating an ever-evolving landscape of financial opportunities marked by innovation, resilience, and transformation. While mainstream investments like technology, healthcare, and real estate remain foundational to many portfolios, investors increasingly look at "out-of-the-box" trends that could redefine industries and generate significant returns. Paul Rostkowski highlights a blend of traditional and unconventional investment driven by innovation, societal shifts, and global economic developments.

Mainstream trends still dominating

Artificial Intelligence (AI) across sectors

Artificial Intelligence continues to be a driving force behind innovation. Beyond its traditional technological applications, AI is now reshaping industries like healthcare, finance, retail, and manufacturing. Companies leveraging AI for automation, predictive analytics, and enhanced decisionmaking are becoming essential players across sectors.

Why invest? The global AI market is expected to expand significantly, growing from USD 214.6 billion in 2024 to USD 1.33 trillion by 2033, with a compound annual growth rate (CAGR) of 35.7%, as reported by MarketsandMarkets. This growth is substantially faster than many other sectors, showing how rapidly AI is advancing and being embraced. Driving factors include technological advancements, widespread adoption, an investment surge by both private and public sectors, and heavy investment in AI research and deployment. ETFs focused on AI leaders or companies integrating AI into non-tech industries provide exposure to this ongoing trend.

Healthcare and biotech: Breakthroughs on the horizon

Healthcare innovation remains a pillar of

investment portfolios, with biotech companies leading the charge in personalised medicine, gene editing, and advanced diagnostics. The global pandemic accelerated advancements, and the momentum continues.

Why invest? With a growing global population and increasing demand for innovative treatments, healthcare is set to remain a reliable growth area. Look for companies pioneering cancer therapies, wearable medical devices, and telemedicine platforms.

Emerging markets: A long-term play

Emerging markets (EMs) are poised for renewed growth as global economies recover from recent volatility. Nations like India, Indonesia, and Vietnam lead the way with strong demographic trends and expanding middle classes.

Why invest? The MSCI Emerging Markets Index is expected to outperform developed markets over the next decade, driven by favourable valuations and growth potential. Key sectors include technology, consumer goods, and infrastructure development.

Out-of-the-box investment trends

Quantum computing: The next frontier Quantum computing, once a concept confined to academic research, is rapidly approaching

commercialisation. With its ability to solve problems currently intractable for classical computers, quantum computing has potential applications in pharmaceuticals, logistics, cybersecurity, and more.

Why invest? According to Boston Consulting Group (BCG), Quantum Computing will create up to $850 billion in economic value by 2040. Leading tech companies like Google, IBM, and Microsoft are heavily investing in quantum computing research. Start-ups specialising in quantum technology are attracting significant venture capital and government funding, offering early-stage investment opportunities, albeit high-risk investment targets.

Web3 Infrastructure Development

While cryptocurrencies and NFTs have captured headlines over the past few years, the real innovation lies in Web3's underlying infrastructure. Web3 aims to decentralise the internet using blockchain technology, creating opportunities for developers, infrastructure providers, and investors.

Why invest? The global Web 3.0 Market is projected to grow from USD 0.4 billion in 2023 to USD 5.5 billion by 2030, at a CAGR of 44.9% during the forecast period. Web3 represents the next evolution of the internet, focusing on decentralisation, user control, and peerto-peer interactions. It relies on blockchain,

Investing in yourself yields the highest returns of all.

smart contracts, and decentralised networks to eliminate intermediaries and empower users. Web3 infrastructure development is a frontier investment opportunity, laying the groundwork for a more equitable, decentralised digital economy. As regulatory clarity around blockchain technology improves globally, this sector is poised for long-term growth.

Space Economy: Beyond Earth

The commercialisation of space is entering an exciting phase, with private companies exploring satellite technology, space tourism, and asteroid mining. Governments are also increasing their investment in space defence and exploration.

Why invest? According to Morgan Stanley, the space economy is expected to surpass $1 trillion in revenue by 2040, fueled by advancements in satellite technology, space tourism, and interplanetary exploration. With private companies like SpaceX and Blue Origin driving innovation, investment opportunities abound in satellite deployment, reusable rockets, asteroid mining, and space infrastructure. Early-stage opportunities, reduced costs, and public-private collaborations make this sector a strategic and transformative investment with the potential for exponential growth and solutions to global challenges.

Cybersecurity in a decentralised world

As businesses and individuals adopt decentralised technologies, the need for robust cybersecurity measures has never been greater.

Why invest? As decentralised technologies like blockchain and Web3 continue to grow, the demand for advanced cybersecurity solutions surges. Protecting decentralised systems from sophisticated threats and ensuring data integrity in a trustless environment are critical challenges, driving innovation in areas like zero-trust frameworks and decentralised

identity solutions. According to Cybersecurity Ventures, global cybercrime costs will reach $10.5 trillion annually by 2025, so investing in cybersecurity for decentralised platforms offers significant growth potential and the opportunity to address an essential need in the evolving digital economy.

Mental health & Wellness tech

The pandemic accelerated awareness around mental health, leading to a surge in demand for wellness solutions. From therapy apps to mindfulness platforms, technology is playing a crucial role in making mental health support accessible.

Why invest? The growing recognition of mental health's impact on overall well-being has fueled innovation in mental health and wellness technology. This sector addresses critical global challenges, from AI-driven therapy apps and wearable stress monitors to VR-based exposure therapies. With the mental health market projected to surpass $250 billion by 2030, investing in this space aligns with increasing demand for accessible, personalised solutions and offers significant growth potential in a rapidly expanding and socially impactful industry.

A bonus investment: Yourself

In 2025, one of the most critical investments you can make is in yourself. Financial literacy remains a cornerstone of successful wellbeing. By understanding market dynamics, investment vehicles, and strategies, you empower yourself to make informed decisions, maximise returns, and mitigate risks.

Why invest? Investing in yourself is the most valuable decision you can make. Building financial literacy, learning new skills, or pursuing personal development opportunities can yield returns far beyond monetary gains. Consider enrolling in courses, attending seminars, workshops or engaging with financial advisors. Whether understanding market dynamics, improving decision-making, or cultivating resilience, investing in your growth empowers you to navigate challenges, seize opportunities, and create lasting value in your personal and financial life.

Strategies for navigating opportunities

To capitalise on these trends, it's important to adopt strategies that align with the

evolving investment landscape:

1. Diversify Your Portfolio: Spread your investments across multiple sectors to minimise risk.

2. Focus on ETFs and Thematic Funds: These offer exposure to specific trends without picking individual stocks.

3. Stay Informed: Subscribe to industry reports and attend webinars to stay ahead of trends.

4. Adopt a Long-Term Perspective: Many trends are early, so patience is key.

The information in this article is provided solely for educational and informational purposes. It should not be construed as investment advice, advice concerning particular investments, or tax or legal advice. Any views expressed in this article are not intended and should not be construed as advice or recommendations.

Exploring Gozo in The Defender

An editor’s perspective

Gozo’s rugged landscapes and serene charm made it an ideal setting to experience the new Range Rover Defender. As MONEY’s editor, I was invited to a one-day event in Gozo showcasing the Defender. I was curious to see how this iconic vehicle performed across the island’s varied terrain, balancing its reputation for durability with a growing emphasis on refinement.

The day started with a scenic ferry ride to Gozo, where a lineup of Defenders awaited us. After a quick introduction, I settled into the driver’s seat. The first stretch took us offroad, weaving through trails that tested the Defender’s capabilities. Steep inclines, loose rocks, and uneven paths pushed both vehicle and driver, but the Defender handled it with surprising ease. The intelligent four-wheel drive and ground clearance made navigating Gozo’s harsher terrain far less intimidating than expected.

The drive transitioned to smoother, open roads, offering a chance to appreciate the Defender’s other side. It was quieter and more composed than I imagined, with a cabin that didn’t just shield you from the outside world but made you forget you’d been tackling tough tracks just moments earlier. As the landscape changed, from rolling hills to coastal views, it became clear that the Defender isn’t just built for wilderness—it’s also at home in more laidback settings.

Our mid-day stop took us to one of Gozo’s signature cliffside views, where we had a chance to explore the finer details of the car, inside and out. While its ruggedness is unmistakable, what stood out was the effort to refine the driving experience: thoughtful design touches, a responsive infotainment system, and a level of comfort you don’t typically associate with something this capable.

The experience wrapped up with a late lunch at L-Arzella. Over plates of Gozo’s signature dishes, the conversation inevitably drifted back to the day’s drive. The Defender is, after all, a car that provokes opinion—whether you see it as a luxury SUV or an adventurer’s tool. Perhaps it’s both.

Driving the Defender across Gozo wasn’t just a test of its ability but a chance to see how the vehicle fits into real life. For anyone considering the leap, the Defender offers more than performance—it’s a versatile companion wherever your journey takes you.

BOLD MOVES

How sometimes new beginnings need revolution, not evolution

In a world where incremental changes can only take you so far, bold moves are the key to unlocking new levels of growth and innovation. Richard Muscat Azzopardi shares insights from Switch's revolutionary shift, exploring the courage, strategy, and lessons behind making bold decisions that redefine success.

Evolution is essential, but from time to time, you need a revolution.

I'm not an engineer or a mathematician, but I appreciate that if you make several minor improvements to your system, the cumulative benefits can be monumental, given enough time and progress.

For years, we focused on tweaking parts of the engine to squeeze out some profitability here and there, reduce costs, and increase efficiency. We looked at every aspect of our business until we reached a stage of diminishing returns.

As we made progress, the market changed. There was more competition, and budgets were squeezed from clients constantly going through a cost-cutting exercise. The tiny incremental moves we made were just about helping us keep afloat. These changes became necessary to keep us in business, not to thrive. →

And there's very little you can do to squeeze out more when you've been improving incrementally yearly and have examined every aspect of the business. Evolution is essential, but from time to time, you need a revolution. Sometimes, you must strip your business down to its core and make bold moves to get yourself out of a rut. As someone once said, the definition of insanity is trying the same thing twice and hoping for a different outcome.

Over the following few paragraphs, I want to share some lessons I learned from one of our boldest moves as an agency. It was one of the boldest moves I've ever made in my career, and seeing it pay off has been extremely satisfying. It's also been a good lesson on the importance of bold moves, the pitfalls around them, and the benefits you can reap. Looking back, there are a few lessons that I wish I had known before.

Bold moves aren't about reckless risk-taking but calculated actions that can transform your business.

Should we make bold moves? How should we make bold moves? What are they, and how can we know if we're prepared for them? Let's start at the beginning.

The bold move at Switch

Our bold move was pretty radical and multifaceted; we had to make multiple moves simultaneously to make sense together. First, we decided to reduce the number of services we offer to just two, and then we also chose to focus only on one type of business to offer it to: B2B clients.

The benefits we saw were significant, but they would take great courage because to get to our destination, we had to accept that we'd be refusing business from our traditional client base.

It's been a couple of years, and it's not always been easy, but we can confidently say that we've moved past the hardest thresholds of the bold move. We're now only onboarding clients in the two areas we've chosen to focus on, and it's put us in a position where we've effectively moved away from being seen as a commoditised service provider. There are far fewer potential clients for us locally, but we've built a reputation that allows us to go after our ideal clients no matter where they are in the world.

Triggers for bold moves

Triggers for bold moves can be both internal and external. On a macro level, external triggers that might signal the need for a bold move include geopolitical ones and larger events outside your control (wars, pandemics). These

can be easy enough to spot when they're as dramatic as a war or a pandemic, but other signals creep up on you much slower (a country's ethnic mix changing gradually). Other external factors include market changes or new technological shifts (generative AI, anyone?). On a smaller scale, you can have opportunities opening up more directly, such as a competitor going out of business or, on the other extreme, buying out another of your competitors and consolidating.

Internally, you can have several catalysts that require bold moves. An employee (or a whole department) resigning can be devastating, especially if they have a skill that is unique to your business. You could have too much cash in the bank or not enough (this is always riskier but potentially a better catalyst for change), or you could have simply witnessed a plateau for a few years and want to jolt the company out of it.

Each of these motivators has a different effect on us as business leaders, yet in most cases, each can be equally terrifying and exciting. Most of us are never naturally inclined to rock the boat, so we'll make all the excuses to keep things as is, improving ever so slightly wherever we can.

Building the courage to act

This can be the hardest part. The fear of pain is often even worse than the pain itself. Think about all the time you spent thinking about your next dentist's appointment. I'm pretty sure you spent far more time anticipating and fearing the pain than the time you spent in pain. And I'm also pretty sure you felt much better once you were done, too (or at least I hope so, for your sake).

Bold moves with business are pretty much the same. We tend to spend too much time overthinking them and fearing failure rather than taking decisive action. This is not to say that you should rush into major decisions without giving them the proper consideration, but you should not postpone the move indefinitely.

Prepare yourself psychologically and implement proper risk management strategies. In some cases, if you're lucky enough, you can run a test or a series of tests and mitigate the risk. On our end, for example, we effectively ran a small separate agency within Switch that specialised in our new areas before actually shifting all our business externally.

The benefit of breaking the move into smaller pieces is obvious. It makes it easier to test out your hypothesis. However, this has a major drawback: it can potentially slow down how well you can judge your changes. Once again, looking back at our bold move, the longer we took to make the shift, the harder it was to serve both kinds of clients, attract both types of clients, and, crucially, work on both sets of services at once.

The fear of pain is often worse than the pain itself.

Bold moves with business are pretty much the same.

Types of bold moves

I can't possibly list every kind of bold move for every possible business. Still, in general, some of the bold moves I've seen when working with businesses across all walks of life include mergers and acquisitions, shifting products or services sold (or, as in our case, reducing the number of products or services to specialise), exploring new distribution channels or simply deciding to hire someone new to start on your journey to expansion.

And in the end...

Bold moves aren't about reckless risk-taking but calculated actions that can transform your business.

You must have the courage to implement something that might feel out of your comfort zone, but if you do, you'll succeed.

FROM LEGACY TO NEW BEGINNINGS

When and how to sell your business

For many entrepreneurs, their business is more than just a livelihood—it is a deeply ingrained part of their identity.

Thomas Cremona, an expert in business transitions, provides valuable insights into how owners can navigate the emotional and strategic complexities of selling. When life presents challenges or opportunities, deciding whether to sell can be an emotional and strategic conundrum. Here's how to approach the decision thoughtfully.

Selling your business isn't just a transaction; it's a transformative moment. It can be prompted by various life circumstances, from exploring new ventures to dealing with unexpected events like divorce or health challenges. Whatever the reason, selling a company demands introspection, preparation, and professional support.

The emotional aspect

In Malta, the emotional connection between a business owner and their enterprise runs deep. Many entrepreneurs have nurtured their businesses over years or even decades, viewing them as a 'baby' they've raised and grown. This profound attachment makes stepping away a challenging and emotional decision.

Beyond financial considerations, selling often involves family members, long-standing clients, and trusted suppliers. Owners must balance their personal emotions with the practicalities of transferring ownership while ensuring the continued success of their business. The process often raises questions of legacy, as entrepreneurs wonder how their values and vision will be upheld under

Selling a business isn't just a transaction; it's a deeply emotional and transformative journey.

new leadership. These concerns underline the importance of finding the right buyer— someone who shares the founder's goals and priorities for the business.

Cremona highlights the emotional layer of this decision: "For many entrepreneurs, their business isn't just what they do—it's who they are." The emotional preparation to let go is just as important as the technical steps of the sale. Entrepreneurs must take the time to evaluate their readiness and align their personal goals with the outcome of the sale.

Preparing operations for an exit

Over the years, clients and stakeholders often intertwine the business with its owner, making it vital to disentangle the two identities during an exit. This process requires more than a simple handover; it involves deliberate planning and careful restructuring.

Responsibilities must be delegated strategically to reduce dependency on the owner. Empowering team members to take on leadership roles and establishing transparent operational processes are essential. For example, creating detailed operational manuals and defining chains of command

can instil confidence in potential buyers. By ensuring that the business can function seamlessly without the founder's involvement, the transition becomes more appealing to prospective acquirers.

A pre-due diligence review can also uncover and address operational inefficiencies or risks. This step may involve auditing financial records, reviewing legal agreements, and ensuring compliance with industry regulations. By proactively resolving these issues, sellers can present a stronger case to buyers, showcasing the business as profitable and sustainable.

Cremona explains, "A well-prepared business signals buyers that it's profitable and capable of thriving without the founder at the helm."

Financial Considerations

The financial side of selling a business is as complex as the emotional and operational aspects.

Determining a company's valuation is only the beginning. Business owners must evaluate their financial readiness for life after the sale to ensure they are prepared for the next chapter.

Tax implications often play a significant role in shaping the financial outcome of a sale. Collaborating with tax consultants can help optimise proceeds and ensure compliance with local regulations. Additionally, sellers need to assess whether the funds generated from the sale will support their post-exit lifestyle and goals, such as investing in new ventures, retirement planning, or personal endeavours.

Contractual terms can also have longterm implications. Payment structures such as deferred payments, earn-outs, or performance-based bonuses require careful negotiation to minimise risks and secure favourable conditions. Some sellers may retain a minority stake in the business, allowing them to stay partially involved and benefit from future growth. This approach can provide a balance between stepping away and remaining connected.

Taking the business to market

Navigating the marketplace to find the ideal buyer involves strategic decisions. Identifying the right acquirer is a critical

Timing the market can make or break the success of a business sale.

Cremona emphasises, "Selling a business in Malta requires a delicate balance of discretion and transparency to ensure a seamless transition for all stakeholders involved."

Navigating challenges

Even with meticulous preparation, selling a business can present unexpected challenges.

Negotiations may break down due to differences in valuation expectations or contractual terms. Professional mediators or advisors can help bridge these gaps and find common ground.

Emotional roadblocks are also common. Entrepreneurs might second-guess their selling decision and experience "seller's remorse" if the exit feels rushed or unplanned. Taking the time to reflect on the decision and its implications can help mitigate these feelings.

first step. Professional advisors often assist in pinpointing buyers who align with the business's goals, sector, and culture. These buyers could range from local competitors to international investors or private equity firms.

Confidentiality is another vital consideration, particularly in Malta's close-knit business environment. Protecting anonymity during negotiations helps avoid unsettling employees, clients, and suppliers. Non-disclosure agreements (NDAs) and discreet outreach efforts are often employed to maintain privacy throughout the process.

Building relationships with potential buyers is also crucial. Sellers should be prepared to answer detailed questions about operations, finances, and growth opportunities. Open communication and transparency can foster trust, paving the way for smoother negotiations.

Timing can significantly influence the success of a sale. Market conditions, economic trends, and industry-specific factors all play a role. Sellers should monitor these variables closely and work with advisors to identify the optimal moment to bring the business to market.

Prospective buyers may raise concerns about market risks, operational dependencies, or growth potential. Proactively addressing these concerns with precise data and solutions can reassure buyers and keep negotiations on track.

The bigger picture

Selling a business is not just about walking away; it's about entering a new chapter. Whether driven by external circumstances or a desire to embrace new opportunities, a wellplanned exit can set the stage for personal and professional future success.

For some entrepreneurs, the sale represents an opportunity to pursue passion projects, invest in other ventures, or dedicate more time to family and hobbies. For others, it's a chance to mentor the next generation of business leaders or contribute to their community. Regardless of the path chosen, the decision to sell should be seen as a gateway to growth and reinvention.

Exiting a company is more than a business decision; it's a life-changing milestone. While the journey requires careful planning and professional guidance, it opens doors to fresh opportunities and renewed focus. By preparing thoughtfully and embracing the process, business owners can ensure their legacy endures while creating space for new beginnings.

AI in risk assessment

A bold new dawn for product safety

In this thought-provoking piece, Ing. Stephen Mallia explores how Artificial Intelligence (AI), particularly large language models (LLMs) like ChatGPT and Gemini, is revolutionising product safety risk assessments under EU regulations. The industry is entering a bold new era of enhanced consumer protection and accountability by merging AI's analytical prowess with human expertise.

Artificial Intelligence (AI), specifically large language models (LLMs), or as we all refer to them, by brand name, such as ChatGPT, Gemini and similar lot, offer significant potential to revolutionise risk assessment processes mandated by EU product safety legislation. The ability of AI to rapidly process and analyse vast datasets allows for the identification of potential hazards that might be missed by human analysts working alone. However, the synergy of AI's computational power with human oversight ensures that the analysis is thorough and contextually appropriate, leading to a more comprehensive understanding of risks and enhanced product safety outcomes.

A key strength of AI systems lies in their capacity to monitor and process real-time data continuously. This proactive approach enables the early detection of emerging risks, facilitating timely interventions to prevent issues before they escalate into serious safety concerns. Critical nuances may be overlooked without human oversight to interpret and validate these findings. Additionally, the adaptability of AI means that it can continuously learn from new data, refining its assessments and ensuring compliance with evolving safety standards and regulations, mainly when guided by human expertise to contextualise and apply these insights effectively.

The integration of AI into risk assessments also significantly enhances efficiency. AI automates routine tasks, reducing the time and resources traditionally required for these evaluations. This accelerated assessment process frees human experts to focus on more complex aspects of product safety, optimising resource allocation and improving overall effectiveness. However, while AI's ability to provide consistent and unbiased analyses minimises the risk of human errors and subjective biases, human oversight remains essential to interpret AI outputs critically. The combination of AI's objectivity and human judgement ensures that assessments are both data-driven and contextually relevant, thereby contributing to higher product safety.

Incorporating AI into risk assessment processes aligns with the EU's commitment to leveraging advanced technologies for improved safety and compliance. By embracing AI, manufacturers and regulators

AI is a powerful tool, but human expertise ensures no risk or mitigation measure is overlooked.

can conduct more thorough, efficient, and accurate evaluations, ultimately enhancing consumer protection and product reliability. However, robust human oversight must complement this technological advancement to ensure that AI's outputs are accurately interpreted and appropriately applied. This move towards AI-driven risk assessment, coupled with vigilant human supervision, reflects a forward-thinking approach to safety regulation, leveraging cutting-edge technology while safeguarding the well-being of consumers and the reliability of products in the market.

However, while integrating AI into product safety risk assessments presents significant advantages, it also poses several challenges that require careful consideration and human oversight. One of the primary concerns is the potential for AI systems to perpetuate or even amplify existing biases in their training data. If the data used to train AI models contains biases, the resulting assessments may be skewed, leading to unfair or inaccurate risk evaluations. This potential for bias underscores the importance of human oversight in selecting representative and unbiased training datasets and in critically evaluating AI outputs to ensure the integrity and reliability of AI-driven risk assessments.

Another significant challenge is the lack of transparency and explainability inherent in many AI models, often called the "black box" problem. AI's complex algorithms and decision-making processes can be difficult to interpret, making understanding how AI arrives at specific conclusions challenging. This opacity can hinder the ability to validate and trust the AI's assessments, which is crucial in regulatory environments where accountability and traceability are paramount. Human oversight is essential in interpreting AI outputs, seeking explanations, and ensuring that AI-driven assessments are understandable and justifiable. Clear explanations of the reasoning behind AI-driven assessments, facilitated by human experts, are essential for building trust and ensuring compliance with regulatory requirements.

Furthermore, AI systems are vulnerable to adversarial attacks and manipulation. Malicious actors could exploit vulnerabilities in AI models to influence their outcomes, potentially leading to compromised risk →

assessments. Robust security measures, continuous monitoring, and vigilant human oversight are crucial to protect AI systems from such threats and maintain the integrity of risk assessment processes. Human experts are key in detecting anomalies, interpreting unusual AI behaviour, and taking corrective actions. The development of resilient AI systems that can withstand adversarial attacks, supported by proactive human intervention, is paramount for ensuring the reliability and trustworthiness of AI in safetycritical applications.

Integrating AI into risk assessment processes also raises ethical and legal considerations. Questions arise about accountability when AI systems make decisions that impact product safety. Determining responsibility in cases where AI-driven assessments lead to adverse outcomes can be complex, requiring clear guidelines and regulations to address these issues. Human oversight is essential to ensure individuals are accountable for reviewing and approving AI recommendations. The allocation of responsibility in AI-driven decision-making processes, including the roles of human operators, is a critical area that requires careful consideration to ensure ethical and legal accountability.

Moreover, the rapid pace of AI development can outstrip the ability of existing risk assessment frameworks to adapt. Traditional evaluation methods may become obsolete as AI models evolve, challenging businesses and regulatory bodies to keep pace with technological advancements. Human oversight is critical in bridging this gap, as experts can interpret AI developments and guide the evolution of risk assessment protocols accordingly. This dynamic

Future safety frameworks must balance AI innovation with robust regulatory and ethical standards.

environment necessitates continuous updates to risk assessment protocols, informed by human expertise, to ensure they remain practical and relevant in the face of rapid AI advancements. Adaptability and agility in regulatory frameworks, supported by proactive human involvement, are crucial for effectively governing the use of AI in safetycritical applications.

AI, particularly LLMs, raises questions about responsibility and accountability when generating product safety risk assessments. While current EU regulations stipulate that the responsibility for publishing these assessments remains with the manufacturer or the entity placing the product on the market, the role of AI in this process introduces complexities regarding the

level of human oversight required. Human experts must actively review and validate AIgenerated assessments to ensure accuracy and completeness. Determining liability where an AI-generated risk assessment, perhaps inadequately supervised by humans, fails to identify a serious safety issue is a complex question with potentially significant legal and ethical implications.

While AI can assist in generating risk assessments, human expertise remains essential for reviewing and validating AIgenerated assessments, particularly shortly. This human oversight ensures accountability and incorporates human judgement, intuition, and experience that AI cannot replicate. Human experts can identify contextual factors, interpret ambiguous data, and make nuanced decisions that AI might overlook. The role of human experts is critical for providing a layer of critical analysis, ensuring that no risk or mitigation measure is missed or misinterpreted, and upholding the responsible and ethical use of AI in product safety.

As AI technology advances, regulatory frameworks may need to evolve to address the specific challenges posed by AI-generated risk assessments. For instance, the EU AI Act proposes a riskbased approach to AI regulation, which could significantly impact how AI is used in product safety contexts. Human oversight will be crucial in implementing these new regulations effectively, as experts interpret regulatory requirements and ensure that AI systems comply accordingly. Developing robust and adaptable regulatory frameworks, coupled with vigilant human supervision, is essential for keeping pace with AI advancements and ensuring AI's safe and responsible use in product safety.

The future may see shared responsibility models emerging, where accountability is distributed among various stakeholders, including AI developers, product manufacturers, regulatory bodies, and human operators overseeing AI processes. Such models would reflect the collaborative nature of AI development and deployment, acknowledging the roles and responsibilities of different actors—including the critical role of human oversight—in ensuring safety and accountability.

Likely, AI will increasingly be viewed as a powerful tool to augment human decisionmaking in product safety rather than a complete replacement for human judgement. AI can provide valuable insights and automate tasks. Still, human expertise will remain crucial for interpreting results, ensuring no risk or mitigation measure is missed or misrepresented, making informed decisions, and addressing ethical considerations. The synergy between human intelligence and AI capabilities, underpinned by diligent human oversight, will be key to harnessing the full potential of AI while maintaining human control and accountability.

In conclusion, while LLMs and other AI systems offer significant potential benefits for generating product safety risk assessments, their use also presents considerable challenges and risks that necessitate vigilant human oversight. The future will likely involve a careful balance of AI capabilities and human expertise, supported by evolving regulatory frameworks to ensure accountability, completeness, and safety. Ensuring that no risk or mitigation measure is missed or misrepresented will depend on the effective integration of human oversight in AI processes. Ongoing dialogue and collaboration among stakeholders, including manufacturers, AI developers, regulators, human experts, and consumers, will be crucial to navigate the complex landscape of AI in product safety and harness its potential while mitigating its risks.

SLOPE STYLE

Conquer the slopes with cutting-edge fashion and effortless alpine elegance.

1. GUCCI EYEWEAR

Webbing-trimmed acetate mirrored ski goggles

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Logo-jacquard webbing-trimmed acetate ski goggles

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S lim-fit reversible quilted leather-trimmed suede and shell-down gilet

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Dully brushed wool-blend jacquard sweater

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ISABEL MARANT

5. BOGNER

Thore1-T straight-leg belted logo-embossed ski pants

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Grenoble stretch-shell and leather ski gloves

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Tapered garment-dyed cotton-jersey sweatpants

€245

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Mazod appliquéd quilted 2L tech-nylon hooded down ski jacket

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9. MANOLO BLAHNIK

Janka leather hiking boots

€1,395

10. SOREL

Caribou™ Faux shearling-trimmed nubuck and rubber snow boots

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11. ROLEX

Sky-Dweller, 42 mm, Oystersteel and white

€16,350 / elcol.com

AI-designed proteins: Revolutionising industries

The 2024 Nobel Prize in Chemistry highlighted groundbreaking advancements in protein design, with scientists David Baker, Demis Hassabis, and John Jumper leading the charge. Using AI tools like AlphaFold, they have unlocked the ability to create custom proteins, paving the way for transformative applications across industries.

In healthcare, AI-designed proteins drive innovation in drug development and targeted therapies. These proteins enhance vaccine efficacy and promise breakthroughs in regenerative medicine by fostering tissue and organ growth.

Beyond medicine, protein design is reshaping sustainability efforts. Proteins are engineered to degrade plastics, clean up pollution, and capture carbon, offering critical tools to combat climate change. In agriculture, they boost crop resilience and optimise fertiliser use, advancing food security.

This Nobel-recognised achievement underscores AI's vast potential in science. It marks the dawn of a new era in biotechnology with far-reaching implications for global health, the environment, and industry.

Balenciaga's gaming flop:

When high fashion fails to level up

Balenciaga's recent foray into the gaming world with its limited-edition game console

has been criticised. It highlights the challenges luxury fashion brands face when venturing into technology. The console debuted on January 20, 2025, as an "abysmal" attempt to merge high fashion with gaming.

This isn't Balenciaga's first attempt to bridge the gap between fashion and gaming. In 2021, the brand released a PlayStation 5-themed capsule collection featuring T-shirts and hoodies emblazoned with PS5 logos and branding. Notably, these items were priced higher than the console itself, with T-shirts retailing at $675 and hoodies at $875, while the PS5 was available for $499.

The high price points and perceived lack of authenticity in these collaborations have led to scepticism among fashion enthusiasts and gamers. Critics argue that such ventures come across as superficial attempts to capitalise on gaming culture without offering genuine value or understanding the gaming community's preferences.

Balenciaga's latest console release is a cautionary tale for luxury brands aiming to enter the tech space. It underscores the importance of aligning brand identity with product offerings and ensuring that collaborations resonate authentically with the target audience.

David Baker, Demis Hassabis and John Jumper