The Commercial Courier June/July 2015

THE COMMERCIAL/60

COURIER THE OFFICIAL BUSINESS MAGAZINE OF THE MALTA CHAMBER OF COMMERCE, ENTERPRISE AND INDUSTRY SINCE 1947

JUNE / JULY 2015

Bold, contemporary and controversial Renzo Piano’s landmark statement in Valletta

NEWSPAPER POST GOLD COLLABORATING PARTNERS

IN THIS ISSUE DISCOVERING THE SIGNIFICANCE OF MAJOR FOREIGN INVESTMENTS IN HEALTH AND ENERGY / DOES MALTA LACK ADEQUATE HR RESOURCES? / MALTA INTERNATIONAL AIRPORT’S FIRST MALTESE CEO / IN THE WORKSHOP WITH CONTEMPORARY JEWELLERY DESIGNER NADÈGE CASSAR / A SNAPSHOT OF GOZO’S ECONOMY / THE RISE OF THE LOCAL FASHION INDUSTRY / THE LATEST BUSINESS NEWS

THE COMMERCIAL/60

COURIER JUNE / JULY 2015

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food trends

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81 PROPERTY

CAN MALTA BE A ‘SMART ENERGY ISLAND’ AND ‘GLOBAL AND REGIONAL HEALTH CARE PROVIDER OF EXCELLENCE’?

MALTA’S RENTAL RENAISSANCE

Sarah Micallef speaks to economist Dr Marie Briguglio, Chairman of Saint James Hospital Group Dr Josie Muscat and Malta Chamber President Mr Anton Borg about how the materialisation of major foreign investment projects within health and energy will impact Malta’s economy and local businesses.

With 80 per cent of foreigners and 20 per cent of locals now choosing to rent their residence, Jo Caruana looks into Malta’s skyrocketing letting sector.

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91 FASHION

44 INTERVIEW FLYING HIGH: RECORD 4.4 MILLION PASSENGERS FOR MIA EXPECTED IN 2015

THE GREAT DIVIDE: ARE OUR HUMAN RESOURCES FILLING THE GAP?

Recently appointed MIA CEO Alan Borg speaks to Jo Caruana about what’s in store for the airport and his hopes for Malta’s tourism product.

Jo Caruana looks into the state of human resources locally, in the wake of Malta’s low unemployment rate of 5.9 per cent.

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THE BIRTH OF AN ARCHITECTURAL ICON Sarah Micallef gains insight on the creative vision behind the new Parliament building from Konrad Buhagiar, partner at Architecture Project – the Malta team behind the development, leading architect Prof.

Richard England and Dean of the Faculty for the Built Environment Prof. Alex Torpiano.

style review

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Sarah Micallef learns about the evolution of the burgeoning local fashion industry, and talks to key protagonists about what the future holds for fashion in Malta.

112 MEET THE ARTIST OF DISTINCTIVE AND TIMELESS JEWELLERY

OBESITY… IN NUMBERS

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THE GROWTH OF THE LOCAL FASHION SCENE: FASHION AS AN INTRINSIC PART OF MALTA’S CULTURAL POLICY

A look into the figures related to obesity locally.

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Martina Said speaks to jewellery-maker with a keen eye for craftsmanship Nadège Cassar, about her passion for transforming unpopular raw materials into beautiful and wearable jewellery items.

stablished in 1947, The Commercial Courier is the official magazine of the The Malta Chamber of Commerce, Enterprise and Industry. It is the leading business magazine, having one of the best distribution channels in the sector. The publication is distributed for free to the members of the The Malta Chamber of Commerce, Enterprise and Industry. It is also distributed with The Malta Business Weekly as well as delivered to leading business people on the island.

The Exchange, Republic Street, Valletta VLT1117 Tel: +356 2123 3873 Fax: +356 2124 5223 info@maltachamber.org.mt www.maltachamber.org.mt

Articles appearing in this publication do not necessarily reflect the views of The Malta Chamber of Commerce, Enterprise and Industry.

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ON THE COVER Detail of the new Parliament building.

Photo by Luis Lopez Rodriguez.

Malta chamber’s bronze collaborating partners JUNE / JULY 2015

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Not a time to rest on our laurels Official NSO data showing that GDP increased by four per cent in the first quarter of 2015, is greatly encouraging and commendable, yet it solicits a closer analysis of the results. The country needs to ask what sectors are contributing to this growth, and what other sectors are lagging behind. According to the NSO, the growth comes from public administration, education, health and social work, professional, scientific and technical activities, administrative and support services, financial and insurance activities, wholesale and retail trade, transportation, accommodation and food service, among others.

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he same report clearly states that a drop was registered in manufacturing, which decreased by six per cent.

Gross fixed capital formation decreased by €65.9 million in nominal prices and decreased by 18.3 per cent in real terms.

Real exports and real imports decreased.

This sounds bells of concern which the Malta Chamber cannot turn a deaf ear to, and has been vociferous about.

The Malta Chamber has noted numerous times that any sustainable economic growth in the long term must be export-led.

Domestic demand alone cannot sustain long-term economic growth. In order for the country to embark on an export-led growth trend, the country must be competitive.

Competitiveness must be at the centre of

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policy-making if we want to really improve the business environment and build a strong and innovative industrial base, with positive spillover effects in all economic sectors.

The Chamber has already gone on record to state its belief that exports are not declining because of a drop in external demand. Rather, the Chamber attributes the situation to declining competitiveness levels mainly due to increased operating costs and improved competitiveness in certain overseas countries where the need to defend competitiveness has surpassed all other priorities.

The Malta Chamber has discussed this topic numerous times and it keeps it as its principal priority, and a current theme for all of its endeavours. The Economic Vision

“The Malta Chamber has noted numerous times that any sustainable economic growth in the long term must be export-led.”

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“11 areas are well dealt with in the Malta Chamber’s Vision, which contains 52 competitiveness-enhancing recommendations for the country’s various fields including energy, transport, education, internationalisation, innovation and research.”

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for Malta 2014-2020 outlines, in an objective manner, the sectors that are most suited to take advantage of the current economic scenario, and what needs to be done in order for them to gain competitiveness.

11 areas are well dealt with in the Malta Chamber’s Vision, which contains 52 competitiveness-enhancing recommendations for the country’s various fields including energy, transport, education, internationalisation, innovation and research.

The 52 recommendations within the Vision go into the detail of each specific sector, and suggest what needs to be done in order to unleash the potential of the determinate sector. The Vision analyses each sector specifically, listing what the weaknesses are, and how these need to be consolidated. It also outlines the areas that need urgent intervention. Work has already been done in some areas, and the Malta Chamber commends news of foreign investment, especially in areas such as health care and energy, but a lot more still remains to be done.

Competitiveness is not something a country can opt to neglect. It is the beginning and the end of all matters

economic. In a small economy like ours which is entirely bereft of natural raw materials, our livelihood depends completely on generating ideas, initiatives and value-added, hence this is not an option.

The economic crisis was a cold shower for everyone, but it was also a wake-up call for many. Several countries which were hit much worse than us, took the bull by the horns, and took the harsh yet essential decisions to put the economy back on the right track.

Today, these countries are already reaping the benefits of these decisions, and the fruits are most considerable. Malta also needs to do some soul searching in this regard.

The Malta Chamber welcomes news of economic growth, but at the same time it warns that the country needs to understand that this is certainly not a good time to rest on its laurels. Times of growth are the ideal time to take the responsible decisions to safeguard the economic future of the country. The Malta Chamber remains committed to work side-by-side with all parties involved, for the good and prosperity of Malta. cc JUNE / JULY 2015

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Can Malta be a ‘Smart Energy Island’ and ‘global and regional health care provider of excellence’?

In light of a number of recently announced major foreign investment projects within the health and energy sectors, Sarah Micallef speaks to economist Dr Marie Briguglio, Chairman of Saint James Hospital Group Dr Josie Muscat and Malta Chamber President Mr Anton Borg about how the materialisation of these significant projects will impact Malta’s economy and local businesses.

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“The Economic Vision for Malta 2014-2015, published by the Malta Chamber last year, centres on one principal mission statement: a focused and diversified successful economy underpinned by a high quality, dynamic, productive and innovative private sector that positions Malta as a global hub for business and investment leading to increased prosperity.”

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n the past months, Government has announced a number of sizeable foreign investment projects within the health and energy sectors. Within the health sector, a €200 million investment by the private sector in St Luke’s Hospital and Gozo General Hospital, as well as a new private hospital to be built at Smart City in a bid to tap into medical tourism have been publicised; while in the energy sector, a €320m China investment deal also involving a new company set up to invest, design and build renewable energy projects JUNE / JULY 2015

in Europe could also have a significant effect on Malta’s economy and local businesses.

The Economic Vision for Malta 20142015, published by the Malta Chamber last year, centres on one principal mission statement: a focused and diversified successful economy underpinned by a high quality, dynamic, productive and innovative private sector that positions Malta as a global hub for business and investment leading to increased prosperity.

The same document proposes

solutions for achieving this, by way of recommendations tackling 11 different sectors which the Malta Chamber identified as ripe for economic growth, proposing actions that the authorities concerned should consider and implement to unleash their full potential. Malta Chamber president Mr Anton Borg lists health services and the green and low carbon sectors to be among these sectors identified for growth, maintaining that, in light of the recently announced projects, the Malta Chamber welcomes all investment attracted to these sectors.

“Efforts by Government and resources must be focused towards those economic sectors that will optimally leverage opportunities – existing, emerging and new. At the same time, Malta must maintain a balanced economy – one that brings together ‘traditional’ business and enterprise with knowledge and Information Technology Enabled Services (ITES) enterprise,” Mr Borg says.

Maintaining that governments should act as partners rather than competitors to businesses, the Malta Chamber President asserts that in this sense, Government’s strategy to involve the private sector to carry out important projects in the energy and health sectors is a welcome one.

Economist Dr Marie Briguglio believes that while major projects like these can constitute a considerable economic injection upfront, they should be targeted at generating a continuous, sustainable flow of activity. “Some of the projects mentioned have promising characteristics like utilising existing building stock and possibly retro-fitting green technologies.

This lowers the negative impacts (and hence improves the economic feasibility) of the project, but also generates positive spin-offs like much needed greening (and therefore restructuring) of the construction industry and upgrading of the existing urban fabric,” she maintains.

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Having said this, Dr Briguglio points out that projects which maximise economic returns can be considerably different from those which maximise private financial returns. Speaking from an economic, as opposed to a purely business perspective, she upholds that assessment must also consider the impacts on exhaustible resources (such as stone, land, space and biodiversity) and the environment (and consequent impacts on health and productivity) including generation of traffic, particulate matter and noise throughout the course of building and running the project. Indeed, according to Dr Briguglio, impacts on natural assets (such as the water table and natural landscape) in particular, are “a cost that endures forever into the future – irreplaceable and irreversible – and that can considerably suppress a project’s economic net benefits.”

Mr Borg tackles another aspect of the potential ripple effect of such projects should they materialise, maintaining that these projects do not happen in a vacuum, but will bring about a string of events that will have a series of effects

“Efforts by Government and resources must be focused towards those economic sectors that will optimally leverage opportunities – existing, emerging and new. At the same time, Malta must maintain a balanced economy – one that brings together ‘traditional’ business and enterprise with knowledge and Information Technology Enabled Services (ITES) enterprise.”

Mr Anton Borg, Malta Chamber President

and consequences on the economy.

“Such investments typically generate a strong multiplier effect that favourably affects small businesses in areas such as transport, services, catering and entertainment, among others,” he asserts.

Certainly, a further consideration that Dr Briguglio highlights is the incidence benefits and costs: “who gets the benefits and who bears the costs? Crudely put, the generation of benefits may matter more if they accrue (or at least ‘trickle 14

down’) to those who need them most – for instance new jobs for people who are unemployed. The devil, here, is in the detail – for instance, the type of skills required to build and run the projects.” She goes on to mention that projects of the size considered may also have other, perhaps unintended, consequences on other activities in the sector. “Here, the impact on Mater Dei – and on the health service offer generally – needs to be carefully considered,” she advises.

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Echoing this sentiment, Chairman of Saint James Hospital Group Dr Josie Muscat brings his thoughts to bear in relation to the potential impact on the local health sector. While of the opinion that the idea of having health tourism is a plausible one, Dr Muscat maintains that a concrete plan on how Government is going to go about achieving it is lacking. “The only way these projects can be viable is through foreign medical tourism, but we don’t know whether there is a plan on how to go about it,” he says.

Drawing attention to the difficulties St James Hospital Group faces in bringing foreign doctors from abroad, pointing to delays on the part of the Medical Council in processing applications, Dr Muscat describes the process as a prohibitively laborious one, stating, “we have had huge problems to bring doctors and nurses from abroad. It takes us about six to nine months to get a permit for a doctor in the EU to work, and for doctors outside of the EU, it is even worse.” In light of this, he questions whether a different policy will be applied to the new hospitals, maintaining, “to be successful within health tourism, we have to have specialists of name. We still need JUNE / JULY 2015

to see what the reaction of the Medical Association is going to be – there are still a lot of unknowns. But certainly, what is obvious is that for these large hospitals to thrive and survive, we will need to get foreign doctors and specialists. Whether this is going to be an open policy for whoever wants to come, we don’t know.”

With the sale of St James Hospital in Sliema to foreign investors in the pipeline and plans to open a new hospital in Bulebel in the works, Dr Muscat asserts that while the future for the health sector remains unclear, foreign investment is a must for the survival of the private sector. “Things are changing from day to day, but what we are seeing in the private sector is that we have to piggy-back with the foreigners, and this is exactly what we’re trying to do. It won’t be an outright sale, but will involve different components, which we hope will give an example on how such agreements should be done.”

Drawing on his experience in Turkey some weeks ago – a country which has been successful in attracting medical tourism – Dr Muscat maintains that the country’s success is, at least in part, due to help from the government. “They get

“The only way these projects can be viable is through foreign medical tourism, but we don’t know whether there is a plan on how to go about it.”

Dr Josie Muscat, St James Hospital Group Chairman

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“Looking only at short-term value-added and forgetting long-term and broader economic impacts would reduce rather than enhance the well-being of people in Malta.”

Dr Marie Briguglio, Economist

the land for free, and the government guarantees 60 per cent of their bed stay.

Here, it is a continuous political ball, and this is why I can’t say what will happen. I would like to see a focused policy, knowing where we are going.”

Indeed, continuing on her previous statements, Dr Briguglio advises that one way to mitigate potentially problematic decisions is to “ensure projects follow a clear strategy and filter them through rigorous social cost benefit analysis (SCBA) in consultation with stakeholders – one that meets with international standards in the field.” Certainly, she warns, “looking only at short-term value-added and forgetting long-term and broader economic impacts would reduce rather than enhance the wellbeing of people in Malta.”

Adding to this, the Malta Chamber president states that while Foreign Direct Investment of this magnitude is always 18

expected to generate a number of jobs, which is a good thing, the country will need to understand how well prepared the job market is, posing the questions, “can Malta provide the types of jobs required for these investments? In order for these projects to run successfully, will they have to look at importing their skills-bases? In the long-term, are Maltese students being incentivised and guided to look at taking up careers in the sectors which are more likely to grow in the next years?”

Looking specifically at the sectors of ‘Green and Low Carbon’ and ‘Health Services’, Dr Borg makes reference to the Economic Vision, which identifies the current strengths of each while proposing a way forward. In both cases, he highlights, “Malta must consolidate and leverage upon its excellent though fragmented resources in order to enable the country to exploit important opportunities presented by the geo-political realities we are currently living. The proposed projects can certainly give a much needed kick-start to such plans, thereby supporting Malta’s deserved position as a ‘Smart Energy Island’ and ‘global and regional Health Care provider of excellence’.” cc JUNE / JULY 2015

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The Great Divide: Are our human resources filling the gap?

No one is denying that our low unemployment rate of 5.9 per cent is a wonderful thing, but has that made it harder for companies to hire good people? Jo Caruana looks into the state of human resources in Malta, and discovers that something does need to be done.

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n the last edition of The Commercial Courier we celebrated the news that Malta, at 5.9 per cent, is now enjoying one of the lowest unemployment rates in the EU. Of course that’s a very good thing, and it is fantastic to know that the huge majority of people will be able to get a job if they want one.

But, on the flip side, is our low unemployment rate making it harder than ever for companies to find the right employees?

“Yes, we are in the very happy position of having low levels of unemployment,

especially when compared to the rest of the eurozone – but that has resulted in many of our members reporting recruitment difficulties,” says Catherine Calleja, who currently chairs the Human Resources Committee of the Chamber of Commerce.

“There are areas of our economy where vacancies simply are not filled and recruitment exercises are repeated several times before suitable candidates to fill advertised posts are identified.”

Agreeing with this point, Dr Silvio De Bono, chairman of the MCAST Board of Governors, believes that economic growth

“The Chamber has made various suggestions to set up closer relationships with career guidance professionals, and we cannot stress the importance of career guidance and exposure to the job market to young people enough.” Catherine Calleja, Malta Chamber Human Resources Committee Chairperson JUNE / JULY 2015

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CC cover story today has led us to a point where almost half the number of jobs that were created last year were filled by foreign workers.

“While diversity in employment is necessary, it is also imperative to understand why this is happening,” he says.

“Broadly speaking, I think there are two main reasons. The first is that, like other European countries, we are going through a phase where we think that certain jobs should be carried out by foreigners.

Secondly, and this is more worrying, our workforce lacks competence in some new areas. It is needless to say that a collective effort is mandatory to overcome this issue.

This requires that industry and education get closer to identify demands well in advance.”

ETC Chairman, Clyde Caruana, meanwhile, doesn’t think our problem lies in a disparity between supply and demand.

“It is more a question of whether our country has what it takes to produce high quality goods and services,” he says.

“I am of the opinion that our economy needs better human capital in general.

Official labour force survey statistics indicate that Malta has a workforce with the second lowest educational attainment in Europe. This, without any doubt, has an impact on productivity.”

Thus it seems that education is vital when it comes to improving our work force.

In response to this, Ms Calleja explains that the HR Committee has been in regular contact with the Department of Education and ETC in an attempt to address the issues.

“More people are going to University or MCAST but not all of them have the level of language skills, for example, to fill the vacancies available. There are some

“Recruitment agencies are no longer simply regarded as suppliers of CVs, but we are seen as more of a business partner, where we understand and actively participate in solving business needs.”

Hazel Sultana, Konnekt Head of Operations students who are choosing courses where there is not that much work, while limited interest is shown in new courses set up to fill areas of increasing demand,” she says.

“The Chamber has made various suggestions to set up closer relationships with career guidance professionals, and we cannot stress the importance of career guidance and exposure to the job market to young people enough. An understanding of the financial opportunities available in industry, for example, is not prevalent among many young people in secondary levels of education and there may still be socio-cultural barriers limiting the aspirations of many to areas such as the police force or the army.”

Dr De Bono thus believes that all

stakeholders should form part of an action plan to ensure that the demand for proper labour is met with adequate supply. “In meeting this objective, it is critical to get employers, educational institutions and unions round the same table to plan ahead and not to discuss past problems,” he says.

“At MCAST we have taken this initiative and set up a working group including the different social partners needed to start this discussion. I must say that the process is still in its embryonic stage but, with good intentions from the different parties, we should be able to score high points. We are not reinventing the wheel here since this approach has been practiced in a number of other European counterparts.

“And, in addition to that, we have also taken over all the operational activities of the apprenticeships in Malta and Gozo.

We are firm believers that good education needs to be coupled with work-based learning activities and, hence, ensure that, in the long run, future employees are better trained to do their job. As of this academic year we have introduced different apprenticeships in almost all our institutes and we are planning to expand them into most of our programmes. In addition we are also planning to place students undergoing bachelor degrees on an internship. This will also act as a good transition from education to industry,” he adds.

“In financial services, IT, healthcare, hospitality, construction and engineering the demand certainly exceeds supply [of skills].” Josef Said, Konnekt Managing Director 22

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CC cover story Speaking from a student perspective, meanwhile, University Students' Council (KSU) president and fourth year law student Becky Micallef believes there has been a visible improvement and concerted effort to prepare students for the world of work. “However I still think that more has to be done,” she says, agreeing that there is a skills discrepancy in existence.

“Unfortunately our education systems, especially at primary and secondary level, are geared towards the study of academia, without acknowledging the present realities and challenges of the modern workplace. I believe that there should be a stronger push on extra-curricular activities that foster the skills and personal development sought after in employment.”

With that in mind, Ms Micallef hopes that Government and private business organisations can help to bridge the gap between student life and working life, much like Dr De Bono’s suggestion to boost internships.

“The University of Malta, meanwhile, works hand-in-hand with the Government and industry to ensure that courses are tailor-made to provide students with the skills required in our economy,” she says.

“In addition, as KSU, we organise a yearly Careers Fair and a number of regular workshops aimed at giving students the

sought-after skills that employers value most.”

Naturally, the recruitment sector also has a role in ensuring that its candidates are ready for the world of work, and that is something clearly understood by Hazel Sultana and Josef Said from recruitment agency Konnekt.

“In some sectors demand definitely exceeds supply of skills, however, in other sectors, supply by far exceeds demand.

In financial services, IT, healthcare, hospitality, construction and engineering the demand certainly exceeds supply,” says Mr Said. “The lack is primarily in the technical skill or qualification required for positions in such industries. Sometimes it is down to the fact that related courses are hard-going, while, for others, there’s a lack of local appetite to fill certain roles.”

In reaction to this, Ms Sultana explains that the market has been adjusting for some time now. “For starters, some companies have been attracting talent from abroad and this is visible in a number of sectors,” she says. “Simultaneously, people have been up-skilling and filling in gaps. Most up-skilling has been happening via non-traditional educational pathways as well as on the job training.

“As recruiters we believe we have a valid part to play in sustaining Malta’s economic

“Official labour force survey statistics indicate that Malta has a workforce with the second lowest educational attainment in Europe.”

Clyde Caruana, ETC Chairman JUNE / JULY 2015

“Unfortunately our education systems, especially at primary and secondary level, are geared towards the study of academia, without acknowledging the present realities and challenges of the modern workplace.”

Becky Micallef, KSU President

growth. Recruitment agencies are no longer simply regarded as suppliers of CVs, but we are seen as more of a business partner, where we understand and actively participate in solving business needs. It’s vital for us to close the gaps, by either directing candidates to those gaps, or attracting the right talent from overseas.

“That said, it isn’t only the candidates that have a role to play – employers also need to realise that the game has changed.

Talent retention has become a key aspect of ensuring you have the right people working for your company.”

Agreeing, Marvin Cuschieri, the CEO of the Foundation for Human Resources Development, believes that, these days, good employees know that they have options. “Statistics show that, in Malta, eight-of-ten jobs are not being matched, which is a huge problem. Thus employers need to look at doing everything they can to attract the limited talent that exists, while also retaining the good people that they already have.”

Mr Cuschieri believes that companies are starting to realise that ‘unwanted attrition’ is extremely costly and that retention is the 25

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“At MCAST we are firm believers that good education needs to be coupled with work-based learning activities.”

Silvio De Bono, MCAST Board of Governors Chairman

antidote. “Employers today need to be prepared to invest more in retraining and reskilling. Many have realised the importance of employee wellbeing and of ensuring that their employees are happy at the workplace. Flexibility is vital and employees often have high expectations that go beyond financial remuneration. These need to be met. This is the key to keeping good people on your team,” he says.

Moving forward, Ms Calleja

is keen to encourage private businesses to get involved and feed information to organisations such as the Chamber. “This will help us to identify where problems exist and to get involved,” she says.

“There’s also a lot of collaboration potential between businesses and educational institutions, and I would certainly encourage that too. It’s very important that we all work together now to anticipate future skill needs and potential skill mismatches. We all stand to benefit,” she adds. cc

“Employers need to look at doing everything they can to attract the limited talent that exists, while also retaining the good people that they already have.” Marvin Cuschieri, Foundation for Human Resources Development CEO

NCPE launches online directory of professional women The National Commission for the Promotion of Equality (NCPE) has recently launched an online Directory of Professional Women. The aim of this Directory is to give a platform to professional women and facilitate access to employers to identify women for appointment on boards at decision-making level.

However, appointing women on boards could sometimes be challenging as competent women are very often not identified or considered for decision-making posts due to not being visible and other reasons which lead to an underutilisation of important human resources. This problem has been further highlighted by the report issued by the European Commission in October 2014. This report confirms that Malta, at just 2.7 per cent sits among the lower ranks of EU member states in percentages of women on the boards of the large listed companies.

This situation exists in spite of the fact that research findings show that a gender balanced board is more likely to improve the business performance of a company. Boards are often composed solely of men who have similar education, networks and backgrounds. A gender balanced board can boost innovation due to a mix of diverse experiences, invaluable perspectives and fresh ideas.

In order to maximise the untapped potential of skilled human resources, the online Directory can help employers, public organisations, NGOs and private entities to locate professional women to be appointed on boards, committees or tribunals. The Directory has a user-friendly search function, which enables the employer or HR manager to search according to the area of expertise. The search results present the profiles in a very clear and concise manner, by highlighting the most relevant and 26

necessary information.

Professional women can help address this situation by registering on the online Directory on the NCPE website www.equality.gov.mt This initiative is part of the project ‘Gender Balance in DecisionMaking’ ESF 3.196 co-financed by the European Social Fund.

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The birth of an architectural icon On occasion of the inauguration of the new Parliament building, Sarah Micallef speaks to architect Konrad Buhagiar, partner at Malta team behind the development Architecture Project, about the creative vision behind the architectural behemoth, and how it all came together.

Photo courtesy of Grand Harbour Regeneration Corporation

“Inappropriate.”

“Opulent and refined.”

“Beacon for the future.”

Few architectural projects have been the source of as much controversy as Valletta’s hotly debated City Gate Project – of which the new Parliament building forms part – but in its completion, the impressive building and project surrounding it has led nay-sayers to change their tune, with many looking upon it 28

as an icon of contemporary architecture.

Designed by the internationally renowned and award-winning Renzo Piano Building Workshop, the impressive Parliament building was inaugurated last month. The project, taking in the complete reorganisation of the principal entrance to the capital city kicked off in 2009, and comprises City Gate and the immediate area outside the city walls, the open-air theatre JUNE / JULY 2015

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“In light of the inconsistency of the local hardstone, the construction of this gargantuan volume of stone walls, floors and ceilings is nothing short of a miracle.”

Photos by Guillaume Dreyfuss

within the ruins of the former Royal Opera House, the new Parliament building and the landscaping of the ditch.

The local arm behind the mammoth project was Architecture Project, led by founding partner Konrad Buhagiar. Speaking of the brief in relation to the design of the Parliament Building, Mr Buhagiar maintains that it was conceived as “a symbol of the democracy characterising the governance of JUNE / JULY 2015

the people of Malta, and an essential element in the rehabilitation of the City Gate area.”

Meanwhile, City Gate was to be established as a dignified entrance to the capital, thus consolidating Valletta’s role as “the political and cultural centre of the island,” while the Opera House site was envisaged as an open public space dedicated to theatre activities, with a particular emphasis on music and the performing arts.

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Photo by Luis Lopez Rodriguez

Photo by Sebastian Tanti Burlo

Both projects were conceived with economic regeneration and environmental improvement in mind, according to Mr Buhagiar, and therefore could not be isolated from the need to redesign the entrance and improve mobility in and access to the area and Valletta as a whole.

In light of this, he explains, “the redesign and redevelopment of City Gate itself was necessary to provide the infrastructure for improved connectivity with the ditch, (and therefore with the waterfront), and the restoration and landscaping of the ditch from St James’ to St John’s Counterguard and its rehabilitation to house recreational and other cultural activities.”

By completion therefore, the project also encompassed the redesign and redevelopment of City Gate, the preservation of the existing ex-railway station, bridge and platform – which are today connected with the Parliament building, the restoration of the original 17th-century bridge, the landscaping of the ditch (which has yet to be realised) and the provision of infrastructure such as lifts for enhanced mobility and access to the site from the ditch.

The new Parliament building, sited on the former Freedom Square, houses the debating chamber and offices for Members of Parliament, the Speaker and administration, while incorporating space for cultural use on the ground floor. As Mr Buhagiar explains, “the building was designed to encourage public participation in the operation of Government, and therefore the interface with the public is as transparent and open as possible.” The social interaction in this area is therefore maintained through the design.

In keeping with this, the public open space at ground floor level was devised in a manner that is conducive to public enjoyment, while complementing the design of the impactful open staircases leading to the entrances of St James’ and 30

St John’s Cavaliers. “The flow of public space beneath the building itself leaks into a central courtyard dividing the blocks, the street between St James’ Cavalier and the back of the Parliament House, the remains of the Old Opera House and the new Square fronting the Auberge d’Italie,” he says, adding, “in particular, it is seen as an extension of the public space that has inserted itself in the ruins of the Old Opera House, the proper reuse of which is in accordance with the strategy to improve Valletta’s role as a cultural capital.”

The building itself is made up of two massive volumes of stone, supported by stilts that recede from the façade to create an impression of suspension in air.

Mr Buhagiar takes me through the space, explaining that the East block mainly houses the chamber and its ancillary spaces such as press rooms and the

Photo by Luis Lopez Rodriguez

“Combined with energy captured by the photo-voltaic panels on the roof, the stable temperature of the immense mass of the rock below is being exploited so that enough energy can be recovered to heat and cool the whole building.”

Photo courtesy of Grand Harbour Regeneration Corporation JUNE / JULY 2015

CC design trends Parliament lobby; while the West block is home to the administrative offices for parliament members, Ministers, the Prime Minister, the leader of the Opposition and, at roof level, the offices of the Speaker of the house. Both volumes are separated by a central courtyard, which also serves as the main entrance to the building, and is shaped in such a way as to allow views through it from the street towards St James’ Cavalier.

Some activities related to the business of Parliament meanwhile are housed in the basement, which also comprises an open planted courtyard which is protected from the impact of the sun. Moreover, the Old Railway tunnel is also connected to the building, making what would be an otherwise unusable historical subterranean structure amenable for public use while preserving its authenticity.

Asked what he considers to be the main defining features of the building, Mr Buhagiar explains that one of the most important concepts from which this building derives its functionality concerns energy. “Combined with energy captured by the photo-voltaic panels on the roof,

Photo by Luis Lopez Rodriguez

the stable temperature of the immense mass of the rock below is being exploited so that enough energy can be recovered to heat and cool the whole building. The introduction of a system of heat pumps avoids the necessity of external cooling

Photo by Sebastian Tanti Burlo

towers or additional boilers,” he says.

Owing to these features, the Parliament building will effectively develop into a ‘zero (CO2) emission’ building, the energy for which will be recovered by heat exchange with the underlying rock.

Photo courtesy of Grand Harbour Regeneration Corporation

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“It is hoped that, in a world where buildings are consumed like any other disposable item, the new Parliament building will provide an anchor against the shifting tides of fashion and taste, and will achieve its mission to reshape not only the entrance to Valletta, but also the lives and future of its inhabitants.”

Another important aspect the architect draws attention to is the Parliament building’s total reliance on local coralline limestone, quarried in Gozo, for its envelope. “For these contemporary structures to participate in the homogeneity of the urban fabric of the town, as well as to contribute to the harmonious composition of volume and scale of which it is made, the choice made was to have a structure of stone that ‘looks as if it had been built not stone by stone with cement and sand, but as if it had been carved alive and upright out of living rock and floating above the ground as if to defy gravity,” he explains, much in the same way as a sculptor would carve a piece of marble.

The inspiration behind this fascinating effect was derived from antiquity, particularly “the fascination of antiquity to create buildings like architectural bodies without contiguities or joints, ‘ex uno lapide’”. And the way in which this ambition was achieved, according to Mr Buhagiar, was through a masterful combination of new and traditional techniques, including precise jointing and uniform surface texture, giving off the effect of a stone building that was like a product of Nature.

This is further enhanced, he continues, by “simulating, and accelerating, the erosion created by the effects of the elements, the unending deterioration of the finished stone surface that results from weathering becoming part of an ever-changing ‘finish’ that is the desired effect.”

Going into the process by which this distinct element was achieved, Mr Buhagiar maintains that the façades themselves were designed as compact, uniform stone

Photo by Luis Lopez Rodriguez

blocks, whose blank façades appear to be etched away by the elements, creating the voids for windows, but whose monolithic scale is aimed at creating the image of unique stone blocks. “This impression is consolidated by ensuring, using a numbering procedure, that the individual stone blocks are derived from the same stratum and, as much as possible, each one is placed next to its natural neighbour in the quarry,” he continues, resulting in continuous colour gradation and vein formations.

As for the challenges this distinct method posed, the architect asserts that the biggest challenge was undoubtedly the Photos by Luis Lopez Rodriguez

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stone quality, texture and colour that was being extracted from the quarry. “In light of the inconsistency of the local hardstone, the construction of this gargantuan volume of stone walls, floors and ceilings is nothing short of a miracle,” he states.

Meanwhile, in terms of the architectural project as a whole, Mr Buhagiar explains that due to its complexity, as well as the necessary discussions with the client, the authorities and the myriad consultants that were involved from the start, certain developments and modifications to the design were to be expected. Apart from this, site works also brought to light several historical structures that required design changes.

On the other hand however, he maintains that the architects were always faithful to the original conviction that this building, above any other, was to remain a symbol of national identity. “It is hoped that, in a world where buildings are consumed like any other disposable item, the new Parliament building will provide an anchor against the shifting tides of fashion and taste, and will achieve its mission to reshape not only the entrance to Valletta, but also the lives and future of its inhabitants,” he concludes.

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“Only a master architect of the stature of Piano could turn Malta stone into Malta lace.”

Leading Maltese architect Prof. Richard England tells the story of his involvement with the Parliament building, and shares his views on the project that has divided opinions since inception.

“My architectural professional relationship with the Malta Parliament scheme spreads over four decades. The first encounter dates back to 1974 when I was commissioned by the then Prime Minister Dom Mintoff to design, what was till recently, Malta Parliament’s active arena, located in the former Armoury Hall within the historic walls of the prestigious Valletta Palace. The project was conceived as a series of installations completely detached from the palace walls, very much a box within a box, not to infringe in any way on the original palace structure. Working with Prime Minister Dom Mintoff as a client was an arduous, yet exhilarating experience.

“Years later, in the decade of the 90s, after winning a number of competitions for the design of a new theatre on the old Opera House site, I was commissioned by the Nationalist Government to produce a Master Plan for the whole entrance area to Valletta.

This commission remained an ongoing project for a number of years, eventually producing only one building, the rehabilitation of St James Cavalier as a National Art Centre, as the Malta Millennium project.

“When Dr Lawrence Gonzi was appointed Prime Minister, the brief changed to incorporate his request to house a new Parliament building on the Opera House site.

I personally was never quite convinced that this was the right location for a Parliament building, as I considered the entrance area to Valletta to be far more suitable for cultural and recreational purposes, in order for the whole scheme to act as a collective magnet for people. I had suggested that the new

Parliament should be located in the area which is at present occupied by the theatre in the Mediterranean Conference Centre – the former courtyard of the old Knights hospital. This would have provided Malta with a new structure located in one of the finest architectural buildings in the whole of Europe.

“Despite my insistence however, this was not to be, and I therefore proceeded to prepare designs for the Parliament on the Opera House site, as requested by the then Prime Minister and Cabinet. The design incorporated my philosophy of ‘when building in historical cities an architect should not only be the designer of the future, but also the defender of the past.’ The design featured a glass façade with portal and window details borrowed from Girolomo Cassar’s auspicious Valletta Auberges. This project remained ongoing for a number of years but never proceeded beyond the drawing stage.

“My third encounter with Parliament relates to the aftermath of a number of failed attempts on the part of Government to convince Renzo Piano to return, so as to take up once again the design of the Valletta Gate. His original 1987 project was unfortunately shelved and never saw the light of day, which seemed to have deterred Piano from returning to take up any future Malta project. It was in a long telephone conversation that I had with Piano on the occasion of his daughter’s visit to my house that I finally managed to convince him to take up the Prime Minister’s invitation to submit a new scheme, stating that I was willing to give up my own commission if he were to take up

“The whole scheme is a veritable masterpiece that catapults Valletta into the annals of 21st century architectural excellence.”

Photo courtesy of Grand Harbour Regeneration Corporation

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Richard England by Rene Rossignaud

“The staircases between the Parliament building and the fortification bastions must rank among the most enthralling and beautifully sculpted stairs anywhere.” the design of the whole area. My relationship with Piano was always that of a very warm friendship and respect for his genius, and I think he appreciated the fact that in all my projects for the Valletta Entrance Master Plan, I had incorporated his 1987 gateway to the city and the elegant floating bridge of that scheme.

“Today, I am proud to say that I was part of the process that initiated the manifestation of what is without doubt an extraordinary Parliament building and a magnificent imposing gateway to our capital city. Only a master architect of the stature of Piano could turn Malta stone into Malta lace. The staircases between the Parliament building and the fortification bastions must rank among the most enthralling and beautifully sculpted stairs anywhere. If the whole project has any point which does not rise to the exceptional level of the whole scheme, it would be the open air Theatre which seems to have somehow lost the poetic overlay portrayed in the original model and drawings.

The fact that the alabaster panels have been deleted contributes to the loss of quality as manifest in the original concept. There is no doubt however, that the whole scheme is a veritable masterpiece, that catapults Valletta into the annals of 21st century architectural excellence. One hopes that Piano’s proposal for the garden in the ditch and the bus terminus layout will eventually be made manifest. To leave the former as a car park and the latter in its present unsightly state would only serve to diminish the high quality of this enchanting poetic scheme.”

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“This project will eventually be recognised as one of the most intelligent in Renzo Piano’s career” Leading architect and Dean of the Faculty for the Built Environment at the University of Malta Prof. Alex Torpiano weighs in with his opinion on the City Gate project and new Parliament building.

“The opening of the new Parliament building last May possibly marked the penultimate stage of a saga that has effectively dragged on for 70 years, in the form of a debate of what to do with the bombed-out Royal Opera House site, and with the Gate to Valletta.

Even the involvement of Renzo Piano with this site dates back some 30 years. The site is clearly both critically important and difficult – having been described as ‘devastated by World War II and further ravaged by confused urban development.’

“Piano’s proposals for this site have attracted controversy, visceral criticism as well as fulsome praise. This is not surprising, in view of the importance of the site and in view of the fact that the proposals do not follow the facile route of designing a new Gate ‘elevation’, or a new Parliament building ‘elevation’. Renzo Piano in fact defines the project as the ‘reorganization of the principal entrance to Valletta’. This reorganization has

four important components: the Bridge, the Ditch, the Gate and the building just past the Gate, the Parliament.

“As the first experience into Valletta, Renzo Piano recovers the 17th-century stone Bridge, attributed to Tumas Dingli.

This structure, comprising three massive stone arches and a timber drawbridge, had been widened from the original 6.5m on at least three occasions – in 1853, 1920 and 1960 – until, at 20.5m wide in its latest incarnation, it had become more of a piazza than a bridge. The recovery of the original stone fabric of the bridge, where this was possible, was obviously important from the heritage conservation point of view. However, more importantly, the narrowing of the Bridge highlights the act of crossing the obstacle offered by the Ditch; the experience of crossing the Ditch was previously lost.

The narrowing of the Bridge allows a better view of the Ditch, as well as of the massive

“The full power of the stone bastions of Valletta, as proposed

by Renzo Piano, may never be fully experienced.”

“Piano’s proposals for this site have attracted controversy, visceral criticism as well as fulsome praise.” fortifications, comprising partly hewn rock and partly built-up stone, which define Valletta.

“One of the most debated issues within the project was the design of the gate itself. In the original walled city, the gate was simply a tunnel through the thickness of the fortification walls, as could be observed, for example, in the lateral wall gates of Mdina. The gate was effectively a breach in the strong walls that defined the protected perimeter of the city; and it was subsequently adorned by architectural decorations matching the styles of the respective period. Valletta has already had four gates before this particular solution; the last one of the series was probably the worst of them all, probably because the 1964 design ignored the fact that the function of the gate, as originally conceived, was no longer viable. It was now informed by nothing more than the size of the carnival floats that had to enter Valletta.

“Renzo Piano proposed a counter-intuitive solution to the problem of the contemporary gate to a walled city. Rather than a fake ‘decoration’ to the breach in the walls, his proposal is to celebrate the breach, by emphasising the massive section of the ramparts, and hence their solidity. The 32m width of the Bergonzo gate is converted to an 8m ‘narrowness’, by means of three massive stone blocks, matching the profile of the original bastions, but separated from them by vertical steel blades. Renzo Piano explains that, in order to ensure that the breach in the walls allows the ‘full height and power’ of the bastions to be felt, he proposed that the breach would be open to

Photo by Luis Lopez Rodriguez

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“The concept behind the two blocks that make up the Parliament building is that the geometry and massing pick up the ‘limestone landscape of Mount Sceberras before Valletta was built, and of the built fabric of Valletta itself’.”

Photo by Luis Lopez Rodriguez

the sky; hence the demolition of Pope Pius V Street. The gate itself would be ‘restrained’ but ‘austere’. As one enters Valletta now, one is, more than ever before, inescapably conscious of entering Valletta through its once impregnable walls – nothing can detract from this awareness.

“The experience of the ditch is meant to be part of the same re-organised approach.

By facilitating the vertical movement from the street level down to the ditch, where a lush garden is envisaged, Renzo Piano continues to offer the opportunity to feel the immensity of the stone bastions, their imposing height. Unfortunately, this component of the project is not yet ready, and, according to recent media reports, may never be completed as imagined. The full power of the stone bastions of Valletta, as proposed by Renzo Piano, may never be fully experienced.

“Although Pope Pius V Street is demolished, nothing changes the fact that the ground on either side of the entrance rises more than 7.5m. The previous shopping arcade (now quickly forgotten and not missed) dealt with this difference in level JUNE / JULY 2015

by covering it. Renzo Piano’s solution is a brilliant piece of urban theatre. Two grandiose stairways link the entrance to the upper levels, and the two historic Cavaliers on either side of the city gate, and open the upper areas, still backwaters in urban terms, to rehabilitation and recovery.

“This reorganised entrance sequence leads to the open space under the Parliament building, with its views of St James Cavalier, and diagonally through to the Santa Caterina d’Italia-Victory Chapel-Castille Auberge triangle. This is probably one of the most important concepts that inform the project.

Renzo Piano refers to the objective of creating ‘a porous urban block’. This ‘urban’ space is conceived as a hub of cultural activity – inside the building, but visible from outside the building – as long as we manage to keep it clear of the parked cars of our VVIPs, as well as of market stalls!

“Of course, the other most important concept underpinning the project is the use of limestone, and in particular how the limestone is used. The architecture is not based on the ubiquitous stone block, as it is in all the other buildings in Valletta; nor

is it based on ‘modern’ stone cladding. It is based on solid massive blocks, the massivity and solidity reinforced by making all joints as precise and as invisible as possible. As Konrad Buhagiar explains, the building is as if ‘carved out of rock, without joints’, a ‘man-made simulation of nature’ – but also a building which is as much ‘a product of nature’ as ‘processed by nature’. This processing effect of time is precisely what makes the building timeless.

“In fact, one of the early Piano sketches shows his fascination with the process of weathering of the massive bastion walls, or hewn rock faces. The concept behind the two blocks that make up the Parliament building is that the geometry and massing pick up the ‘limestone landscape of Mount Sceberras before Valletta was built, and of the built fabric of Valletta itself’. At the same time, the solid stone façade is ‘sculpted by erosion’.

This weathering effect is achieved by the ‘filigree-work’ stone screens that cover the glazed openings, as well as by acid etching of the whole surface.

Now that the Parliament building is ready, it is possible to understand how the massing of, and relationship between the two blocks, particularly the sharp angles, the skew views, the flying bridges and the open staircases, create a new vibrant landscape reminiscent of, but not replicating, the fortifications; rather, excitingly new interpretations of these characteristic features of historic Valletta.

“Will the reorganisation of the entrance to Valletta be successful in the way envisaged

by Renzo Piano? Will it be loved? In my opinion, this project will eventually be recognised as one of the most intelligent in Renzo Piano’s career. This was a difficult site, through which one walked, at best desensitised by the ugliness, rendered uglier by the stalls in front of the gate, and under the arches of the gate, (which, it seems, many have already been forgotten – which is surely a good thing); at worst, increasingly depressed at the squalor of the entrance to this noble city ‘built for gentlemen’. “In my opinion, Valletta now has an entrance sequence which already most enjoy to traverse, as one would the finer urban squares of a fine city, a ‘place’ where one can stop to take photographs, or to meet friends. It is already one of the places that make the character of a city. And that is a tremendously creative achievement.” cc 41

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“Influx of foreigners interested in setting up a base in Malta” Martina Said meets Frank Salt’s Commercial Property Division Manager Rita Schembri to discuss the current state of commercial property in Malta, where it’s lacking and its future prospects in an ever-competitive industry.

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he Commercial Division of Frank Salt Real Estate Ltd is a relatively young branch of this long-established company, but has developed solid roots since beginning its operations and today boasts an impressive range of properties and clients to its name. I meet Rita Schembri, Commercial Property Division Manager at the St Julian’s branch – which is where this division is housed – who tells me that it’s only recently that the division moved to this branch after having been set up in 1990. “There are five of us making up the core team, with many more spread out in different branches across the

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island. We each have our own strengths in different areas, making us a multidisciplinary team able to service clients with a variety of requests.”

Before delving into different aspects of this division, Ms Schembri offers an overview of the current commercial property scenario in Malta. “People immediately think commercial property is all about offices, but thankfully it is much more than that. Our most common requests revolve around property for retail, boutique hotels, guesthouses, restaurants, warehouses, schools, sites for developers

as well as offices. This, I would say, is what the current supply is made up of,” she explains. “We have the largest database with thousands of properties and we are continually on the lookout for new ones, and do our utmost to service clients as quickly as possible.”

In spite of a healthy mix of local and foreign clients, Ms Schembri says that of late, the demand for properties from the foreign front is higher than the demand from locals, with a number of requests being made through Frank Salt’s overseas division. “There is an influx of foreigners JUNE / JULY 2015

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“There is an influx of foreigners interested in setting up a base in Malta, with anything from a two-man company to a huge corporation as they find a number of conditions to be favourable.”

“With residential property, it is often a case of love at first sight: you either like the place or you don’t. In the case of a commercial property, however, it has to make financial sense.”

interested in setting up a base in Malta, with anything from a two-man company to a huge corporation as they find a number of conditions to be favourable, among them Malta’s tax conditions, reasonable salaries and overhead expenses, a safe environment, a central geographical position as well as nice weather and a good command of English.” She adds that the company often receives requests from foreign brands that are after very large spaces, some of which are simply not feasible for Malta.

“It is important for us to educate clients and inform them that setting up a business in Malta is not the same as doing so in much larger European countries, Malta’s size being what it is. In effect, they often end up downsizing their ideas to fit the local market,” she says.

“Demand from the local market, nonetheless, is not lacking. We get requests from people interested in running a small hotel, in setting up a new retail outlet, a restaurant or even extending an existing business that is doing well by moving into a JUNE / JULY 2015

larger property.”

Requests for office spaces, however, are still among the most common, Ms Schembri reveals, and the demand in this regard remains focused in the areas of Sliema and St Julian’s. “This is especially true when the request is made by a foreign client or company – the reason behind this is that foreign companies generally target a younger cohort of employees who love the area, rarely buy a car to get around, want options to lunch in their break, want to have fun and in general live where they work,” she asserts. “Of course, there are many developments in the area, especially office-based ones, which help us meet the demands. The demands are continuous and sustained at this point in time, and will hopefully remain so for years to come.”

Ms Schembri adds that the division is not always able to accommodate clients looking for property in the St Julian’s area, however, and offers alternative office space inland, for which there is also demand. “It is always a question of demand and supply, and other areas that are more central on the island are being sought-after for office space as well. Such properties are generally cheaper and attract a different kind of client from those looking to set up in St Julian’s – they are generally more cost-conscious and employ workers who are more independent and able to commute easily.”

Certain types of commercial properties, she notes, are lacking in the local market. “We receive many requests for letting rather than purchasing of B&Bs, guesthouses and boutique hotels, but here I would say that demand surpasses supply.

It is normal for there to be a time lapse in some types of property between demand and supply, and this is one such area.”

Beyond Europe’s borders, this division receives a number of requests from Eastern countries, and more recently, from South African clients, partly the result of a marketing exercise carried out there by Frank Salt earlier this year.

Asked how commercial property differs from residential, Ms Schembri points out that the personal connection with commercial property is somewhat less emotional. “With residential property, it is often a case of love at first sight: you either like the place or you don’t. In the case of a commercial property, however, it has to make financial sense.” She explains that clients often approach the company with a project in mind, but are seeking to develop it with the right professional guidance.

“It ultimately comes down to the right fit between the property the client is after

and the type of business they wish to set up. Of course location plays an important part, but a lot more thought has to go into the purchasing of a commercial property and less emotion, which is where the forte of this division lies.”

She elaborates that since each team member within the division has professional experience in an area other than property – such as finance, management and IT – together, they are able to offer a complete service to a client, while simultaneously remaining at arm’s length. “In assisting our clients, we must remain objective and discuss their business proposal with them, to know where they’re coming from and where they want to arrive. In the end, they need to make a profit.” She adds that purchasing the right property at the right price is of utmost importance as it can make or break a client’s return on investment. “Locally clients can benefit from a second type of profit; the capital appreciation of property itself – buying the right property in the right location will give you an immediate return on investment. If you lease that property, retain it for ten years and ultimately sell it, you will sell it at a higher price than the purchase price.”

Having recently taken over the reins to head this division, Ms Schembri says that, together with her team, she is eager to retain and build on the reputation of professionalism, discretion and trust that Frank Salt has established. “We have our ears to the ground and often carry our training exercises so that every consultant knows his job well and is in a position to assist every type of client. In this field, as with other fields, you need to carry out your research and become familiar with the legislation and requirements of different industries, from a retail brand to a company opening a school for pilots.”

On a more personal note, Ms Schembri says that one of her aims as Division Manager is to enhance the team spirit among her colleagues. “I believe that when you’re happy at your place of work, it shows and reflects in your attitude towards your work; you service your clients better and people can see that you are passionate about what you do. A good team spirit also fosters an ambience of trust and positivity, which is fundamental to any team,” she asserts.

“This job requires one to be a people’s person – but this should extend to your staff and the people around you, not just your clients.” cc 43

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Flying high: Record 4.4 million passengers for MIA expected in 2015 Now a few months into his role and with record numbers forecast for 2015, MIA’s charismatic CEO Alan Borg speaks to Jo Caruana about what’s in store for the airport – as well as his hopes for Malta’s tourism product as a whole.

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t first glance, Alan Borg doesn’t strike me as the average airport CEO. At 35 he’s still very young, and there’s a refreshing air of informality about him too – we spend a good few minutes joking about herbal tea and finding friends in common before we start this interview in earnest.

But, once we do, Alan is all business.

It’s clear his impact is being felt at Malta International Airport, and, as the first Maltese CEO since the airport was privatised, he has plenty to be proud of.

“2014 was another record year for MIA,” he tells me. “We hit a new milestone with an incredible 4.2 million passengers travelling through the airport. But it doesn’t stop there – 2015 should be another record year with 4.4 million passengers forecast to travel.

And, having already seen our May figures go up 9.9 per cent on last year, we’re very much on track and heading for a fantastic summer.”

But it isn’t just summer; even the airport’s winter numbers (between November 2014 and March 2015) went up by 4.5 per cent, which helped to continue MIA’s five-year streak of record highs. “Since 2010, every year has shown improvement on the last one,” Alan tells me.

And there have been other highlights.

“2014 saw the airport make €16.8 million in

profit, and the record passenger numbers have brought with them record spending.

In fact, last year non-aviation revenues hit the 30 per cent mark for the first time ever, with SkyParks Business Centre’s success contributing significantly to this.

In line with this, the non-aviation segment has become a strategic focus for MIA. Of course, aviation remains our core, but we are also making the airport a destination in its own right, and one that attracts people for dining and shopping. Encouraging and developing that is very much a part of our plan for the future. We also believe this has helped to secure our recent accolade as the fourth best airport in Europe, which was an incredible achievement.”

From a travel perspective, the airport has also partnered with five new airlines for 2015, thus increasing its routes and its reach. “Now, more than ever, passengers will have so many options for connectivity. By adding more routes, we are giving people the opportunity to choose the long-haul connections that they want to use, while also boosting interest in Malta from new destinations.”

Naturally, the contribution towards the on-going improvement of the Maltese islands – as a product themselves – is also a priority for Alan and his team. “We

“2014 saw the airport make €16.8 million in profit, and the record passenger numbers have brought with them record spending.”

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“Having already seen our May figures go up 9.9 per cent on last year, we’re very much on track and heading for a fantastic summer.”

are working closely with all the tourism stakeholders to ensure Malta remains an attractive tourism destination. It’s a group effort and I think that everything that has already been achieved says a lot about the work being done by Government, Dr Edward Zammit Lewis, the Malta Tourism JUNE / JULY 2015

Authority and MIA,” he says. “We’re in this together.”

“We believe Malta offers a unique experience for travellers; it’s definitely not just about the sun and the sea, but about history, culture and gastronomy. And our traffic numbers show that the island’s

strategy to attract more visitors, particularly during the shoulder months, is working.

“Our route development team puts a lot of effort into encouraging strategic markets – our focus at the moment is to build further traffic from Eastern Europe, Scandinavia, Russia and Spain. Our capital 45

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Valletta is such an exciting destination in itself – a city full of history, culture, entertainment and great food. Tourists can fly in for the weekend and never have to leave the heart of the city – it’s the perfect city break.

“However, while so much has already been achieved, there’s also a lot we need to do to better our tourism product on an infrastructural level – in improving the quality of our roads and beaches for example.

We need to keep working hard to secure sustainable capacity to Malta, and to protect our island.”

For Alan, boosting Malta’s tourism product is something he is inherently passionate about, and he is keen to utilise his time as CEO to give back to the island.

“It’s very exciting to be the first Maltese person to be given this opportunity, and it is both an honour and a responsibility,” he tells me.

As a result, he has key priorities and goals in mind. “First and foremost I want to keep raising our game in terms of the quality and service we offer our customers. I also want to continue to build a strong team here at the airport, with the best resources possible to ensure we too can be our best,” he says.

“Investment is key, both in the aviation 46

and non-aviation segments of MIA. We are investing in the airport’s efficiency with a series of projects which will be completed just before the peak season, the most significant of which is our €2m Arrivals Area expansion. It will have a new linking corridor for Schengen arrivals, and an extension of 650sqm in the non-Schengen area, thus improving passenger flows.”

The airport has also had a makeover in the last six months, with several renovations to its retail outlets, both airside and landside.

“We need to keep working hard to secure sustainable capacity to Malta, and to protect our island.”

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CC interview “In addition, we are constantly investing in the maintenance and the upgrading of our runway, apron and taxiways in terms of infrastructure and equipment. This year alone, we’ve invested €1m so far and are planning further improvements before the end of the year. This ensures that we can keep developing sustainable capacity to our island and invest in the airport’s future growth.”

Beyond that, there are also other plans in the pipeline – something that Alan refers to as the airport’s ‘Masterplan’.

“We have high hopes for the continued development of the land around the airport,” he tells me. “The plan for SkyParks 2 forms part of this, as well as the inclusion of a small business hotel, in which I hope to have a wonderful rooftop bar overlooking the runway. I think this will bring something new and exciting to this part of Malta, which will also be of benefit to our passengers. The plans are currently pending MEPA’s sign off on the first phase of the project, which is estimated to cost around €40m.”

Finally, going beyond the development and the betterment of the airport itself, Alan is also spearheading projects that he hopes will improve ‘product Malta’. These include the recent launch of the Malta Airport

“The development of SkyParks 2 is in the pipeline, along with a small hotel.”

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Foundation, which will strive to showcase Maltese culture and heritage internationally, as well as to facilitate restoration and regeneration works locally.

“We’re actively scouting projects that fit that remit,” he says. “Our first undertaking has been the restoration of Torri Xutu in Wied iż-Żurrieq, which will be opened to the public in summer 2016.

“We are particularly focused on backing projects in the airport’s neighbourhood.

For this reason, we’re currently finalising a partnership with the MTA whereby efforts will be made to embellish a beach in the south and get the necessary infrastructure in place to bring it up to Blue Flag status. It

will be the first beach in the south to have worked towards this award, and is all part of enforcing the foundation’s strategy to invest in activities which make Malta a better destination for both locals and tourists to enjoy,” Alan says.

“These kinds of projects mean a lot to me, and I really hope that my legacy as MIA CEO will include improvements to Malta’s natural environment, the preservation of our history and the improvement of our infrastructure, as well as, of course, strides forward for the airport itself. I believe all of this, together, is very important for the future of the tourism industry in Malta, and we have a lot to look forward to,” he adds with a smile. cc

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CC in figures

Obesity in Malta‌ IN Figures

58

10

35

per cent

per cent

per cent

percentage of Malta’s population that is either obese or overweight.

percentage of the Maltese adult population that consumes fried potatoes at least three times a week.

low percentage of the 15 year old youth in Malta that consumes fruit on a daily basis.

2

32

16

per DAY

per cent

per cent

Maltese bread remains the most common type of bread consumed in Malta with an average of two slices per day for adults.

Brown bread is the bread least consumed by Maltese adults.

percentage of the Maltese adult population that consumes other potato products at least three times a week.

low percentage of boys that consume vegetables on a daily basis. 21 per cent of girls consume vegetables on a daily basis.

30

per cent percentage of the Maltese adult population that consumes rice and pasta at least three times a week.

40

per cent percentage of the Maltese adult population that does not include any type of fish in their diet.

33

49

per cent consumption of soft drinks by children in Malta is on the high side compared to other European countries. By the age of 15, 49 per cent of boys consume soft drinks on a daily basis.

Source Different surveys and data for various base years as quoted in the National Food and Nutrition Policy and Action Plan for Malta 2015-2020

per cent percentage of the Maltese adult population that consumes sweet pastries once or twice every week.

Source: Malta International Airport JUNE / JULY 2015

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CC interview

The evolution of Malta’s first mobile telephony operator On the occasion of Vodafone’s 25th anniversary since starting operations in Malta, Sarah Micallef speaks to Vodafone CEO Amanda Nelson about the significant milestone, and what’s on the horizon for the telecommunications giant.

S

etting up shop in Malta was one of the first overseas ventures for Vodafone, which began operations in 1990, as the first mobile telephony operator in the Maltese islands. CEO Amanda Nelson emphasises the pride with which the company celebrates this milestone, explaining, “our arrival in Malta coincided with a pivotal period when the economy was starting to open up and diversify, and I believe that Vodafone was instrumental in contributing to this process.”

Going on to assert how integral the establishment of a strong telecommunications infrastructure was for growth at the time, she continues, “throughout these 25 years, we were focused on bringing the most advanced mobile technology to the Maltese customer, and were responsible for all the major ‘firsts’ in this sector – from the very first mobile call in 1990 right up to the deployment of the first 4G network over the last year.”

Indeed, the telecommunications landscape has changed dramatically since the early days. Speaking of how Vodafone Malta has evolved in tandem with increased competition and evolution in technology, Ms Nelson believes that it’s down to keeping 52

their eye on the ball and investing in emerging technological developments. “We always want to bring the latest advances to Malta at the same time as they are being rolled out in other developed countries.

For example, we have always believed that having the best possible network out there has to be the foundation of everything we do: this made 4G a priority, and we launched this in Malta just a few months after the first 4G network was operational in the UK.” Today, Vodafone has penetrated the market in more ways than one. Its services are not limited to mobile services but include roaming, fixed services and IP Bandwith.

Ms Nelson explains that this is in keeping with Vodafone’s strategy across Europe, affirming, “we are always looking to grow and meet emerging demands in this sector.

Take roaming for example – the Maltese are travelling more than ever before and we are offering roaming rates and bundles that are the most competitive locally. We recently launched Red Business plans which offer a high volume of mobile data and roaming services at affordable fixed prices, and we’ve also seen a significant increase in the take-up of our fixed services, and it seems that this

Photos by Alan Carville

trend will continue.”

Meanwhile, smartphones and tablets have nowadays revolutionised the way we live, interact and use our mobile phone.

Asked whether she feels the evolution of the smartphone has reached a plateau, Ms Nelson asserts that it is just the beginning, drawing on recent Eurobarometer survey findings that smartphone use in Malta had increased by some 40 points in one year.

“Mobile devices now need to offer so much more than calls and messaging – they really are our lifeline, both in the way that we work and in the way that we interact socially.

Because of this, connectivity on the move is where it’s at, and this is why mobile data has become all-important,” she says.

Moving on to Vodafone’s introduction of 4G in Malta some two years ago, Ms Nelson highlights the benefits of this service – one which to date is only offered by Vodafone locally. “The main benefit is the speed, which is five to 10 times faster than 3G, and also faster and more sicure than home Wi-Fi,” she says. “Downloading and streaming data or conducting mobile transactions with 4G from a mobile device is simpler and easier, allowing our customers to use mobile internet much more freely. Upload speeds are also incredibly fast and that’s great for productivity on the move.”

Consequently, Ms Nelson sheds light on the fact that increased use of Internet JUNE / JULY 2015

CC interview

“Our arrival in Malta coincided with a pivotal period when the economy was starting to open up and diversify, and I believe that Vodafone was instrumental in contributing to this process.” on the mobile has led to some customers worrying about bill shock, yet maintains that the reality is that 90 per cent or more of those who use high speed mobile Internet have remained within their bundles and are not paying anything extra. “However, we appreciate that if you make data easier for customers to use, you need to adapt your pricing and the way of charging for it. This is why we launched RELAX this year, with 80 per cent lower rates for out-of-bundle usage of just €2 for 100MB, and with automatic notifications for every €10 spent out of bundle,” she adds.

Changing tack, I draw Ms Nelson’s attention to the perception of Vodafone as the market leader among the A, B and C1 categories of society, with other players predominantly having a strong market share within other sectors of society; a perception that is perhaps further accentuated by the fact that Vodafone’s fixed solutions and IP Bandwidth appear to be more geared for businesses. In light of this assessment, the company’s CEO maintains that Vodafone consistently aims to offer the best possible service for every customer group – ranging from the pay-as-you-go user with a €5 top-up voucher to the largest business organisations on the island. “This is at the very heart of what we do. After all, 4G and new services such as HD Voice are available to all our customers, regardless of whether they are prepaid or on a contract. We offer a diverse range of bundles and contracts that suit the different needs of the customer, from both a personal or business perspective,” she says.

In terms of the business segments, Ms Nelson continues, “we not only cater for medium and large businesses with services beyond mobile, such as office fixed telephony and Internet, local and international pointto-point WAN connectivity, datacentre services and high-end Internet access for online businesses, but we also serve the needs of much smaller businesses and the self-employed.” Indeed, it is her view that high quality and effective communication is a key enabler for any business whatever the size, and points to this as the reason behind Vodafone’s Red Business plans being tailored for small businesses as well as larger enterprises.

Back in 2003, Vodafone set up the Vodafone Malta Foundation, with the objective of working to improve the daily lives of people who are vulnerable. To date, according to the CEO, the Foundation has channelled over €3,000,000 to various causes. “This is something we are all very proud of and I think that all our employees feel involved in this,” she beams.

The Foundation is also moving towards JUNE / JULY 2015

a new strategy based on using mobile technology to bring about positive change in the community, Ms Nelson informs me, and the first projects will shortly be launched in this area. “Corporate Social Responsibility is central to Vodafone – all our staff regularly participate in CSR activities and can take up to three days of leave each year to provide voluntary services to NGOs. Through the Foundation we have also launched an ongoing Digital Parenting campaign aimed at educating parents about online safety; and we also take our environmental responsibility very seriously, with every aspect of our operations deliberately designed to minimise our carbon footprint,” she continues.

Looking ahead, Malta’s economy is experiencing significant growth and successfully entering new markets – the momentum and positive evolution of which undoubtedly presenting an opportunity for growth for a large telecommunications

player like Vodafone. Indeed, Ms Nelson even goes so far as to consider mobile technology as one of the key drivers of economic growth and diversification in every sector. “The success stories of the last decade, such as financial services or gaming, or even the emerging film industry, all typically involve multinational operations that depend on reliable and high-speed data connection. This is an opportunity for service providers to offer quality services that meet this demand, and we will continue to invest accordingly,” she asserts.

Indeed, Vodafone Group recently published its 2015 Annual Report, outlining its global strategy to place Vodafone at the forefront of growth in mobile data and the increasing trend towards the convergence of fixed and mobile services. “This is very clearly where the industry is heading,” Ms Nelson maintains, “so our strategy here in Malta is also focusing heavily on this area.

This obviously requires that we continue to invest heavily in our network to ensure that it is always positioned to provide the best possible backbone for this strategy to be successful.” cc

“The success stories of the last decade, such as financial services or gaming, or even the emerging film industry, all typically involve multinational operations that depend on reliable and high-speed data connection. This is an opportunity for service providers to offer quality services that meet this demand, and we will continue to invest accordingly.”

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Fashion trends

Keep things cool this summer with some of the latest trends in the world of fashion, as Martina Said discovers your must-have wardrobe staples.

01. The ultimate summer dress Distinguishing between work-wear and going-out-gear is not always straightforward, and summer dresses are the ideal garment to dress up and down to suit a variety of occasions. Whether it’s floaty knee-length dresses, strapless ones which you can team with a laid-back cardigan or maxi dresses which you can wear with wedges and flip flops alike, you’d do well to stock up on different styles of summer dresses that could be adapted for all occasions.

02. Army green This military shade is especially popular for jackets, coats and winter clothes, but it could be applied to a variety of summer numbers as well, such as bermudas, shorts, moccasins and swimwear for men, as well as strappy sandals, shift dresses, blouses and accessories for women. The beauty of this colour is that it’s timeless and classic, and no matter how often you wear it, it never looks out of date.

STYLE

REVIEW

03. White denim Denim has been making a mega comeback recently (not that it ever went out of fashion, but multiple denim pieces in one outfit are making it big), making white jeans a refreshingly summery option. Be sure to look out for a flattering cut that suits your shape and build, and team them with a t-shirt, shirt and sneakers for an easy look, or with a blouse, blazer and wedges for perfect evening style.

06.

04. Patterns at the office The plain suit will always remain a classic, but there’s no harm in sprucing up your smart wear with a few jazzy numbers that, admittedly, are not everybody’s cup of tea.

If you’re bold with your fashion choices, go head-to-toe in a printed suit in your favourite colour and style – you want to make sure you look confident to pull this off. If top-to-bottom print is a little too much, team a patterned suit jacket with a plain pair of trousers. This look works great for summer events and weddings too.

05. The white sneaker A white trainer, for men and women, should be everyone’s wardrobe staple. It might not be your daily choice of footwear, but think of the number of times you’ve needed a pair of comfy and practical shoes and didn’t have a pair at hand. Also, a plain white shoe – which you must make an effort to keep looking white – is the best way to go: it’s a classic choice and matches everything.

02.

06. Pastels for men

01.

We generally associate pastel colours with female fashion trends, but there’s no reason men’s fashion can’t nick a few of these cool colours too. Team a pale blue polo shirt with white shorts or jeans with a pastel pink shirt – it’s effortlessly cool and crisp for summer, all the while keeping things bang on trend. cc

04.

03.

05.

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STYLE

REVIEW

Finishing Touches Everyone loves a cool desk or office gadget and there’s certainly no shortage of them around. Martina Said looks into some of the quirkiest accessories that everyone should own.

01. Clip-on cup holder

01.

Most people who work in an office can relate to the frantic spilling of tea or coffee on their desk and the panic that causes, but with this clip-on cup holder you can save yourself all the hassle. Simply clip it to the edge of your desk, place your take-away coffee cup or favourite mug inside, and work away without the worry of elbowing it over. It also comes in a range of fun bright colours.

02. Solar USB charger This USB charger by XD Design is doing its part for green energy, and makes for a very convenient office gadget. It has an ABS plastic case with a PV panel surrounded by silicone pads that temporarily stick to the glass of a window and on the base of the device are a fullsize USB port and mini-USB port for connecting portable devices in need of a clean energy battery boost.

04.

03.

03. A desktop punching ball We all experience frustrating moments at work and at home, and this desktop punching ball, complete with a pump, seems like an apt solution to alleviate stress. The heavy duty spring bounces back each time it is punched and is durable enough to withstand significant amounts of venting.

Next time you’re going to explode with pent up stress, direct it towards this punching ball and you’re guaranteed to feel better.

04. Floppy disk sticky notes They are a stark reminder of the 90s, but everyone enjoys a throwback moment or two. Reminiscent of the 3.5 inch floppy disks, complete with a plastic case, that were ever so popular over two decades ago, enjoy a retro moment with these floppy disk sticky notes available in a variety of colours. Contrary to the real thing, these sticky notes are cute to look at and make for a fun desk accessory.

05. Apps for magnets The various apps on our phones have taken a central role in the running of our day-to-day lives, and it appears we can extend them to our daily needs too. These magnet apps are just another reminder that yes, apps are indeed everywhere, but they’re bright and colourful and a little quirky too for the home and office.

06. USB mail notifier This nifty little gadget connects to your private email account when you are not able to, alerting you when you have a new email or message without having to bring them up. It simply plugs into a USB port in your computer and works in the background, informing you each time you receive a personal email. This webmail notifier supports Gmail, Yahoo, Outlook Express/MS Office Outlook and POP3. cc

02.

06.

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JUNE / JULY 2015

CC make the headlines

Life Insurance as a viable option for estate planning For most of us, the term ‘insurance’ is a necessary evil, a product we are made to take up in given circumstances, such as car insurance or the life insurance required when taking out a home loan. However, there is more to insurance than is generally perceived, particularly in relation to savings and investments.

Life insurance companies are authorised under the Insurance Business Act. As such the products they offer can benefit from certain tax efficiencies and provide simple cost-effective solutions to estate planning.

These benefits do not accrue only on policies that pay out on the death of the insured party, but also relate to savings and investment products.

Investment choice Whether you are the kind of person who saves on a regular basis, or you have a lump sum to invest, you should look out for a product that offers you sufficient investment choices that match your objectives. It is definitely not a ‘one size fits all’ situation, and you should seek advice on the insurance product that best matches your requirements. For instance if you are a cautious saver, life insurance companies can offer you a With Profits Fund where your capital, once relative charges are deducted, is guaranteed and grows every year through the addition of a bonus. The amount of bonus received will vary depending on the performance of the fund, however once applied, it is also guaranteed.

On the other hand, if you are more adventurous, and would like to choose where your money is invested, unit linked policies will probably suit you better. Typically here you will be in a position to invest in up to ten funds which will in turn invest on your behalf in different asset classes (bonds, equities, property, commodities), both locally and internationally. There is also a hybrid solution available – you may opt for a blend of the two, thus you’ll obtain security for a portion of your investment, whilst enabling you to seek potentially higher returns on the remaining part of your investment.

Estate Planning A unique characteristic of insurance products is the flexibility they give you as the policy holder to determine on whom to bestow the benefits of the insurance, and under what circumstances. In addition to naming a beneficiary, you can determine whether benefits will accrue to that beneficiary upon death of the policy owner or once the policy matures. You may also decide to nominate more than one beneficiary, stating the percentage of proceeds that would accrue to each of them.

The ability to designate a beneficiary is perhaps one of the most powerful

JUNE / JULY 2015

tools in estate planning, though it is often overlooked. This enables assets to be transferred outside of the estate. The life insurance company can make an immediate payment of the full value of the product without having to wait for the will to be confirmed or for any searches to be made.

Thus the beneficiary gains immediate access to a cash lump sum. On the other hand, joint assets, including bank accounts, may be frozen immediately upon the death of the insured party.

Another important benefit is the fact that the life insurance product enables you, as the asset owner to retain complete control over the asset, until your death. It is only then that its ownership passes to the beneficiary.

You are also free to change the named beneficiary, and you may choose to have the beneficiary accept his designation by means of an endorsement to the policy.

Thus, life insurance products can provide you with a powerful tool in estate planning.

They can be used to cover a broad spectrum of situations, providing you with a simple and tax efficient solution to organise your

finances and your estate, with the peace of mind that the proceeds are paid out quickly and directly as per your instructions.

Should you wish to discuss the insurance options that best match your requirements, feel free to contact any Bank of Valletta branch or Customer Service Centre on T: 2131 2020. cc Issued by Bank of Valletta p.l.c., 58, Triq San Żakkarija, il-Belt Valletta, VLT 1130 Bank of Valletta p.l.c. is a tied insurance intermediary of MSV Life.

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CC make the headlines

Maltese Securitisation Vehicles

By Gabriella Zammit Senior Manager, Risk Consulting, Advisory Services, KPMG in Malta Malta’s legal and regulatory framework puts Malta on the map for banks, insurance companies, hedge funds and others in the financial services industry looking for an efficient way of raising capital. The use of securitisation vehicles offers financial services operators a wide degree of flexibility within the financial market.

Progressive Maltese legislation allows for players to benefit from the many advantages securitisation vehicles have to offer.

Malta has endorsed a strong and clear legal and regulatory framework for governing the establishment and use of securitisation vehicles for securitisation transactions. The local legal framework is non-intrusive, flexible as to the assets which may be securitised and at the same time ensures the required level of investor protection.

In terms of the Securitisation Act, a securitisation vehicle may take one of many legal forms. It can be constituted as a company (including an investment company), a commercial partnership, a trust created by a written instrument or any other commercial vehicle approved by the Malta Financial Services Authority. Any asset may be securitised, whether movable or immovable, tangible or intangible, or existing or future such as traditional assets, trade receivables, mortgage loans, life insurance policies, as well as assets pertaining to risks relating to obligations or liabilities assumed by third parties.

Securitisation vehicles established in Malta may or may not be licensed. If a licence is not required, notification to the Regulator is still required. In fact, an unlicensed securitisation vehicle may not commence business in or from Malta unless notice is given to the MFSA stating its intention to enter into one or more securitised transactions. Licensing will only be required when the securitisation vehicle intends to issue financial instruments to the public. It is imperative that the public securitisation vehicle has adequate organisation and resources to exercise its business. Furthermore, the licence will not be granted unless the vehicle satisfies all requirements laid down by the applicable directives of the MFSA and that the persons who will direct the business are suitable persons to ensure its prudent management.

Securitisation transactions include any transaction or arrangement whereby assets are financed, through the issue of financial instruments. This applies to sale transactions – whereby the originator transfers a pool of assets to the securitisation vehicle; synthetic transactions – whereby the securitisation vehicle assumes the credit risk of the originator through credit derivatives,

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and/or loan transactions – whereby the securitisation vehicle grants secured loans or other secured facilities to the originator.

A large number of investors, including collective investment schemes, are free to invest into and acquire assets issued by one or more securitisation vehicles established under the Laws of Malta or those of a jurisdiction recognised by the MFSA. Such investment must, however, be in line with the collective investment scheme’s investment objectives, policies and restrictions. Crucially, Article 6 of the Securitisation Act provides that a securitisation vehicle shall not be considered to be a collective investment scheme as defined in the Investment Services Act. This is subject to the proviso that the MFSA, in its capacity as competent authority for securitisation transactions, may designate by notice that certain categories of securitisation vehicles shall be collective investment schemes and in such a case, the competent authority may determine the extent to which the provisions of the Investment Services Act shall apply to the said categories of securitisation vehicles.

The allure of securitisation vehicles is that they give the company the ability and flexibility to find new sources of funding.

Where a financial institution needs to raise funds, securitisation vehicles enable largely reduced borrowing costs when a loan would have otherwise been necessary. This is performed through the pooling of assets or risk, thus creating a package which is sold to the securitisation vehicle, which in turn converts these assets into a tradable security. Such securities may easily be listed on any stock exchange or clearing house.

Through the adoption of the aforementioned laws, Malta also provides that securitisation vehicles are separate and independent of the originator, thus providing investors an absolute legal right to assets within the securitisation vehicle in the instance when the originator becomes insolvent.

Due to this robust legal framework and the increasing opportunities for growth in this sector, Malta has become an attractive domicile for financial services operators.

KPMG Malta provides a qualified and

experienced team to assist in the set-up of the securitisation vehicles in Malta both from a regulatory and a tax perspective.

Furthermore, KPMG also provides ongoing advice and assistance to ensure compliance with local laws and regulations once the securitisation vehicle is in operation.

About the author Gabriella obtained a law degree from the University of Malta in 2005. Prior to joining KPMG, she worked for over five years for a leading law firm, specialising in international corporate and commercial matters. Within the Risk Consulting, Advisory Services team at KPMG, Gabriella is heavily involved in assisting clients on issues pertaining to the Maltese corporate, financial services and regulatory framework. Her regulatory work has included a wide range of advisory assignments, including assisting clients with setting up investment funds in Malta and ongoing regulatory advice to several regulated entities on changes to the Regulatory regime, such as AIFMD. cc

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NEWS Events & Initiatives

01.

Malta Chamber contributes to study on Access to Finance The Malta Chamber met with officials from a leading advisory services company in April, entrusted by the European Commission to provide feedback and research on the Access to Finance situation in Malta. As a principle stakeholder in the issue, the Malta Chamber provided its views on the matter of Access to Finance and the challenges Maltese entrepreneurs face when embarking on the process of generating funds for their projects.

The Malta Chamber was asked what sources of loan financing members found available, as well as how they guaranteed their loans. The advisory services company also enquired about the major reasons why members may have found difficulty in securing finances. The Malta Chamber underlined the importance of having a clear view of what financial instruments are available to businesses in order to identify and understand their shortfalls, prior to introducing new ones on the market.

Malta Chamber holds discussions with Minister Leo Brincat on Eco Contribution President Anton Borg welcomed the Minister for Sustainable Development, Environment and Climate Change Leo Brincat at the Exchange Buildings on 17th April for a meeting on developments on the reform and removal of the Eco Contribution on Waste Electrical and Electronic Equipment (WEEE) related products. During the meeting a consultation process was launched on the amendments to the Eco Contribution Act and WEEE legislation.

President Borg said that he welcomes the developments in this regard as the Malta Chamber had made numerous calls and representations to Government in past years to reform the Eco Contribution system in favour of the polluters pay principle.

Minister Brincat said that as was promised in the Budget 2015, the Eco Contribution would be dismantled from its current format. This process would need to take place till the end of June 2015.

Mr Borg and other representatives of the Malta Chamber raised the issue of historic waste and said that Government should make it clear from the start that products which were put on the market between the years 2007 and 2015 are exempt from any ulterior payments should the Maltese Government be found in breach of the law by the European Commission.

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01.

02.

Business Europe Council of Presidents – Latvia

President Anton Borg and Director General Kevin J. Borg attended the Business Europe Council of Presidents which took place in Riga, Latvia between 23rd and 24th April.

The Council was opened by Business Europe President Emma Marcegaglia. The meeting was also addressed by the President of the Employers' Confederation of Latvia Vitālijs Gavrilovs and the Parliamentary State Secretary for EU Affairs Zanda Kalniņa-Lukaševica who spoke about the achievements and projected priorities of the Latvian Presidency which is now entering its crucial final phase. Lukaševica said that Latvia’s priorities include a competitive Europe, the digital economy, an Energy Union and international relations with special emphasis on TTIP and the current political situation in Eastern Europe with special emphasis on the

ensuing situation in Ukraine vis-a-vis the European Union and the rest of the world.

The Maltese delegation also met with Business Europe Director General Markus J. Beyrer, and discussed the organisation of a number of events and conferences in Malta that would deal with important EU related matters with the full collaboration and participation of Business Europe. Among the topics of interest are the Malta Chamber’s Industrial Policy and the competitive needs of peripheral states of the European Union.

03.

Malta Chamber delegation visits President of the Republic The President of the Republic, H.E. Marie Louise Coleiro Preca received a courtesy visit by President Anton Borg and the Board of Management at the Presidential Palace in Valletta on 27th April. In her welcome address to the Malta Chamber delegation, the President commended the work of the Malta Chamber and underlined the importance of the process of economic growth. She said that the

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generation of wealth was instrumental in maintaining a level of stability in the country, which in turn leads to a reduction in dependency on the social state, and brings about a higher standard of living.

Mr Borg expressed his agreement on this matter and said that the Malta Chamber actively promotes ethical and honest business, and is vociferous in numerous occasions about the importance of high ethical standards. Mr Borg also said that the Malta Chamber holds the subject of Corporate Social Responsibility (CSR) close to its heart, and has already carried out an extensive exercise to promote the values of CSR among its members. Mr Borg told the President that the Malta Chamber is very keen on assisting in the promotion of these values on a national level under the auspices of the Office of the President of the Republic in the future.

06.

Malta Chamber presents feedback on WEEE consultation

04.

Malta Chamber meets Minister for Finance

07.

Promoting Competitiveness

A delegation from the Malta Chamber met with the Minister for Finance Edward Scicluna on 28th April to discuss issues including Market Surveillance and the proposed merger of Revenue entities, issues relating to the challenges being faced by Maltese business in Libya and how the Government can assist them to weather the adverse conditions currently being endured, the proposed changes to the COLA system to include an element of productivity to better reflect changes in the market, Eco Contribution refunds, a Development Bank and NSO Business Registry.

05.

The Manufacturing Economic Group Executive Board meets Malta Industrial Parks Ltd A meeting was held on 28th April 2015 between the Manufacturing Economic Group Executive Board (MEG) and Malta Industrial Parks Ltd (MIP) to discuss the concerns of members regarding the intention of use of roof for PV panels on property where MIP has retained the right of use.

Joshua Zammit, CEO of MIP, informed MEG that the exercise initiated through the letter sent dated 9th March 2015 was mainly aimed at gathering information and that no binding obligation exists on the basis of this letter. It was also explained that the primary aim of MIP is to maximise the potential use of roof as a resource and that nothing will be imposed to hinder or harm the sitting tenants’ operation.

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President Anton Borg voiced the opinion of the Malta Chamber on amendments to the Eco-Contribution Act Regulations/ Environment and Development Planning Act in an article which appeared in the Times of Malta on 29th April. The official submissions that the Malta Chamber made to Government are based on a wide process of consultation with members and affected players.

The Malta Chamber welcomes the decision to reform the system and to do away with eco contribution on EEE products in favour of compliance with the EU directive.

This has been a position which the Malta Chamber has held from the very start.

In an opinion piece that appeared in the Times of Malta on 6th May, the Malta Chamber’s Chairman of the Manufacturers and Other Industries Economic Group Norman Aquilina warned that despite Malta’s relatively high economic growth when compared to other euro-zone countries, statistics show a declining share of manufacturing in the country’s economy.

Norman Aquilina argued that for growth to be sustainable, it must be driven by export-led activity which in turn requires the country to be internationally competitive. Good economic performance does not automatically render a country competitive, in fact, while Malta certainly scores well on the former, the same cannot be said about the latter.

08.

‘Getting it Right – a youth to business encounter’ The Malta Chamber, in collaboration with MEP Dr Miriam Dalli and AEGEE Valletta, hosted a discussion titled ‘Getting it Right – a youth to business encounter’, which concluded the initiative ‘Youth Entrepreneurship in the European Union’, on 14th May. In his opening remarks, Malta Chamber President Anton Borg said that youth unemployment in Europe and in neighbouring countries is a reality that needs to be addressed. Malta can consider itself blessed that youth unemployment is continuously experiencing a downward trend, thanks to the ‘Youth Guarantee’ scheme

and other initiatives. The Malta Chamber has been working in collaboration with the Ministry for Education and Employment for several years to reach this goal.

Mr Borg said that education should also include the tools for entrepreneurship, as this is of strategic importance for the economic growth of the country.

Balanced Decisions Needed in Siting of Health Investment Projects In a Press Release dated 14th May, the Malta Chamber said that it believes in the merits of foreign direct investment as a key factor in Malta’s path towards continued economic growth. It is satisfied to note the recent announcement of Jordanian investment in Malta in the field of education which is one of the economic sectors identified for growth in the Chamber’s Economic Vision document.

On the other hand, the Malta Chamber shares the reservations expressed in various quarters on the fact that so far the project is planned to take shape on pristine agricultural land falling in an Outside Development Zone.

09.

Appreciations April saw the demise of two gentlemen, who, for several years formed an integral part of the Chamber.

Andrew de Domenico joined the Chamber in 1972 and his contribution within the Chamber’s Council commenced in 1978.

For 25 years he served loyally as the representative of the Chamber on a number of Boards and Committees, and most prominently as a Council Member in 1978, 1983, 1987, 1990, 1993 and 2001, as Honorary Secretary in 1979, 1985-1986,1988-1989, 2000, 2004, as Chairman of the Importers Trade Section in 1981-1982, 1991-1992, as Chairman of the Commission Agents Trade Section in 1995-1996, 2002-2003 and as Assistant Honorary Secretary in 1997-1998.

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13.

Malta Chamber officials interviewed for high profile international publications

10.

Vincent Tabone was Chairman of the Travel Agents Trade Section in 1990-1991 and 1995-1996, Chairman of the Leisure and Tourism Economic Group in 20062007, Council Member in 2008 and also served on the transitional Council following the Chamber/FOI merger in 2009. Vincent actively represented the Chamber on the Council of the Gozo Business Chamber and regularly travelled to Gozo to participate in meetings.

The Malta Chamber is grateful for the dedication and loyalty of stalwarts like Andrew de Domenico and Vincent Tabone towards the Malta Chamber and has conveyed its condolences to their families.

10.

The Exchange Buildings host Malta Fashion Week The Malta Chamber’s Exchange Buildings were the stunning backdrop for one of the events of the fifth edition of the MercedesBenz Fashion Week Malta 2015. Featuring the work of top local as well as international fashion designers, the event was held in the Lewis Farrugia courtyard on 12th May. The fully booked fashion show featured the season’s works of designers Marco Parascandalo, Julia Boikova and Sai Suman.

11.

Malta Chamber discusses items of priority for business with PM A delegation from the Malta Chamber consisting of the Board of Management, led by President Anton Borg met with Prime Minister Dr Joseph Muscat on 20th May. The delegation presented the Prime Minister with a list of the Economic JUNE / JULY 2015

Photo by Janis Luste

Vision’s 52 recommendations, according to their respective Ministry responsible.

The exercise was carried out in the past weeks and was a priority of the new Malta Chamber Board, in order to fast track the implementation of the Vision which was well received by all quarters when launched.

Mr Borg noted that the Vision had already started being implemented with three recommendations already taking shape.

Most notable was the launch of Trade Malta, a partnership between Government and the Chamber that would concentrate on promoting internationalisation of business.

12.

Malta Chamber discusses Conventions Malta ahead of launch

President Anton Borg and members from the Tourism Business Section met with MTA CEO Paul Bugeja ahead of the launch of Conventions Malta to discuss a number of issues relating to the new entity. The Malta Chamber made a number of requests for information and clarification on the running of the new entity as well as on internal procedures the entity will be adopting.

The authorities ensured that the concerns of the Malta Chamber were being taken into consideration actively, and this was confirmed in the speeches of the Chairman and the Minister for Tourism Dr Edward Zammit Lewis at the launch of Conventions Malta. Members of the Malta Chamber’s Tourism Business Section attended the launch.

The Malta Chamber President gave an interview which is set to appear later this year on ‘The Golden Book of Business’, which is published with The Guardian.

The interview took place with Carla de Campos, International Director on 15th May. The Golden Book of Business is a series of publications about countries and regions across the globe. It provides essential information, key data and the views of influential personalities, examining the factors affecting economic development and quality of life.

Vice President and Chairman of the Middle East Business Council Tonio Casapinta was interviewed by Penelope Bacle of Maghreb Confidential, a Paris-based online publication which deals with commerce and business in the region of North Africa.

Mr Casapinta spoke about the unrelenting efforts of the Malta Chamber in order to alleviate the difficulties being encountered by members which have been negatively affected by the troubles in the region, with special emphasis on Libya. He explained that the Chamber has reinstated the Libya Action Committee which was first instituted during the Arab Spring revolution in 2011. The Committee, he explained, is actively dealing with Government and relevant authorities to aid businesses come through their temporary and extraordinary conditions with the least possible damage.

14.

Air Malta is instrumental for business A delegation from the Malta Chamber held a meeting with the Minister for Tourism Dr Edward Zammit Lewis on 25th May. During the meeting, President Anton Borg spoke about the importance of the national carrier Air Malta and that it is instrumental not only to the tourism industry but also to economic sectors such as manufacturing, yachting and real estate. These sectors, Mr Borg explained, rely heavily on connections provided

by Air Malta which are not necessarily commercially lucrative from a passenger point of view, and are therefore not serviced by other commercial lines. This aspect of the airline, which is particularly acute in cases such as connections to Africa, is instrumental for thousands of jobs in Malta.

Mr Borg commended Minister Zammit Lewis for the launch of Conventions Malta 69

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and for the fact that recommendations of the Malta Chamber were taken into consideration after they were proposed during a discussion between the Chamber and the Ministry prior to the launch. Mr Borg said that he augured that a proper wide consultation process would take place, taking into consideration all affected stakeholders prior to the commencement of operations by the PPP.

15.

Competitiveness is the only way forward Malta Chamber President Anton Borg addressed a conference on the theme of Competitiveness and Social Inclusion organised by the MCESD on 21st May. The conference discussed the issue of competitiveness and how entrepreneurship needed to be inculcated at a young age, in order to encourage young adults to take up careers in this field as a means to enhance social inclusion.

Mr Borg said that the fact that the economy is doing well, signals that it is an opportune time for the authorities to take tough but important decisions on the country’s competitiveness. This is the time to make sure that the positive economic trend is preserved, and this can only be done by taking the right decisions and addressing the areas that matter.

Director General Kevin J. Borg also addressed the conference and said that the Economic Vision published by the Chamber provided 52 concrete recommendations for enhancing national competitiveness and this document was well received by all quarters last year, including the major political parties.

He said that the Economic Vision advocated competitiveness that in turn would bring about economic growth, a better overall standard of living and social inclusion.

16.

ISO info session Four of the 52 specific policy recommendations put forward by the Malta Chamber of Commerce, Enterprise and Industry in An Economic Vision for Malta 2014-2020, aim to inculcate a culture of excellence. The recommendations are specifically underpinned by the implementation of international standards and accreditations that improve quality and standards of goods and services.

Seeking to build on these recommendations, the Malta Chamber organised an information session during which members were informed 70

16. of the changes to the International Standards Organisation 9001 Quality Management System in the upcoming 2015 review of the standard.

During the session held on 19th May 2015, Ing. Francis Farrugia, visiting lecturer at the Faculty of Engineering and a former International Standards Organisation General council member, gave a detailed presentation on the changes companies may expect in the review of ISO 9001 that is expected to come into force during September 2015. Members were informed that ISO will allow a three-year period, until September 2018, for the implementation of the new requirements. The participants commended the initiative taken by the Malta Chamber in addressing this topical subject.

17.

Malta Chamber welcomes assistance to businesses to acquire certification The Malta Chamber praised Malta Enterprise in a Press Release for taking on its suggestion to set up a scheme to help businesses acquire certifications and quality marks in order to improve their competitiveness both on a local level as well as internationally. ‘Certify’ is expected to boost awareness of the added value that may be achieved through certification, and hence help businesses become more competitive.

In its Economic Vision for Malta 20142020, the Malta Chamber had suggested the setting up of such a scheme.

Recommendation No17, under the heading ‘Inculcating a Culture of Excellence’, stated “Business and enterprise should be supported by institutions such as Malta Enterprise to transform themselves through the implementation of international standards and accreditation in order to improve the quality and standards of the goods and services they provide”.

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Malta Chamber calls for the appointment of a Libya Crisis Unit The Malta Chamber was invited to contribute its views during a meeting of the Economic and Financial Accounts Committee held on 25th May on the

subject of assistance to firms affected by the Libya crisis. On this occasion President Anton Borg spoke on behalf of Chamber members and proposed practical solutions to the authorities.

The Malta Chamber has kept itself abreast with the developments of the main issues affecting businesses and their dependents with respect to the ongoing situation in Libya through the Libya Action Committee, working constantly to identify the specific challenges arising from the adverse situation and establish a way forward. To this end, it recently invited its affected members to a meeting to discuss and follow up their concerns. The members sent in their written submissions and authorised the Chamber to follow up the matter/s on their behalf. The feedback and solutions were communicated directly with the authorities. The Chamber identified a number of areas that require direct intervention and proposed solutions.

The Malta Chamber also called for the appointment of a Libya Crisis Unit in order for Government efforts to be more timely and effective. This would be responsible for championing the needs of local companies affected by the Libya crisis, as it would be responsible for coordinating all support required by civilians and businesses including the efficient execution of the measures outlined above. The Unit would interface directly with Malta Enterprise and the Chamber’s Libya Action Committee to ensure an efficient line of communication.

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Leader of the Opposition meets Malta Chamber Board of Management The Leader of the Opposition Dr Simon Busuttil, accompanied by a delegation from the Nationalist Party, met with the newly elected Board of Management of the Malta Chamber at the Exchange Buildings on 1st June. Mr Borg, who welcomed the delegation, said that the Malta Chamber is always on the forefront to propose policies and ideas in favour of competitive and sustainable economic growth. This, he said, is instrumental to guarantee employment, better work conditions and all round prosperity.

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19. economy, Mr Borg said, wealth needs to be created before it is distributed. Subverting this order would be greatly irresponsible.

Mr Borg said that from a general point of view, the economic results being achieved by the country are positive. And the fact that the economy was registering good results put the Government in the responsible position to take certain tough decisions, which are indispensable, and which will safeguard the achievements made.

20.

Malta Chamber reiterates position on ODZ development with Government Ministers During a meeting of the Malta Council for Economic and Social Development (MCESD), the Malta Chamber reiterated its stance on development in ODZ areas.

While reinforcing its position in favour of all foreign direct investment, especially in the field of education, which is one of the economic sectors identified for growth in the Chamber’s Economic Vision, the Malta Chamber expressed its reservations on the fact that a large scale project is being planned on pristine agricultural land falling in an Outside Development Zone.

As stated in a Press Release dated 14th May, the Malta Chamber welcomes all investment, but this must not take place at the detriment of virgin agricultural land. This could be an opportunity to identify sites or areas which have fallen in disuse, which can be retrofitted and/or redeveloped for the benefit of surrounding environs. This approach would add value to a disused or undervalued area in the South, fulfilling the core aim of this project in the first place. This would also underline the value of sustainable use of land.

that the Industrial Policy, designed as a blueprint to safeguard and promote industrybased economic growth in the context of the present day economic scenario, provided the necessary recommendations required by Malta’s economy.

The Malta Chamber also discussed the urgency of the need to find a solution on the matter of visas for business travellers from Libya. The Chamber reiterated the importance of this matter, and how businesses are being affected negatively due to a perceived blockage on this front. The Chamber urged Government to find a solution that allows business partners to travel from Libya for high level meetings and to be able to attend to important management operations.

22.

Things can only improve and improve they must In a Press Release issued on 4th June, the Malta Chamber noted with grave concern that for far too long, successive governments from both sides of the political spectrum had condoned and indeed seemingly encouraged the squandering of public funds.

The Press Release said “it is worrying to read about a number of cases of flagrant abuse, bad management, dubious decision processes, conflicts of interest and outright lack of coordination between different elements of the public sector with citizens expected to pay endlessly for the damage. Continued reports emerging

in the press suggest that the situation has, at some point, got out of control.”

From the Malta Chamber’s point of view, fiscal responsibility, like a coin, has two sides. Over the years, the Malta Chamber has repeatedly advocated compliance and adherence to all legal responsibilities within the business community. But while businesses keep their side of the bargain, they are disheartened to learn of long patterns of dubious judgements in the public sector that the country has clearly not yet managed to eradicate. Evidently, there cannot be fiscal morality on one side and total disregard on the other.

23.

Competitiveness must remain the top priority During a meeting between the Malta Chamber’s Council and Prime Minister Dr Joseph Muscat at the Office of the Prime Minister, on 8th June, President Anton Borg said that as Malta is doing well economically, the time is ripe for Government to take the right decisions and introduce measures to galvanise its position and keep competitiveness as the top priority for the country.

“The fact that we are registering these positive results may be taken as a sign that this may be the opportune time for the Authorities to take some bold but needed decisions to safeguard our future economic performances,” Mr Borg said. These results provide the opportunity for the country to think long term, and take the right decisions in order to make a quantum leap.

Prime Minister Dr Joseph Muscat said that Government was thrilled to work so closely with the Malta Chamber. He said

21.

Malta Chamber meets Economy Minister A Malta Chamber delegation led by President Anton Borg met Dr Christian Cardona, Minister for the Economy on 1st June. The Malta Chamber updated Minister Cardona on the developments of the technical committee composed of members of the Chamber and Malta Enterprise which was tasked with the implementation of the Industrial Policy published last year to national consensus. Both sides agreed JUNE / JULY 2015

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that Government had already taken on recommendations by the Malta Chamber, namely the setting up of Trade Malta. This, he said, was an excellent example how the healthy collaboration between the two parts, was flourishing and delivering fruits. The meeting also discussed issues relating to SPED, the MCESD restructuring, the issuing of visas for business purposes during the Libya crisis and the loss of Objective 1 status.

24.

Malta Chamber holds meeting with Archbishop Charles J. Scicluna As part of a series of high level meetings with the country’s senior most leaders and authorities, a delegation of newly elected

24. officials of the Malta Chamber led by President Anton Borg, met H.E. Archbishop Mons. Charles J. Scicluna on 5th June at the Archbishop’s Curia in Floriana.

Anton Borg told Archbishop Scicluna that the Malta Chamber advocates the value of fruitful work, which brings about economic growth and creates jobs and prosperity. This, in turn, breeds social justice – therefore a cycle from which everyone gains. To this end the Malta Chamber has repeatedly called for social partners to work in unison

towards the national interest. Investors who take personal risks are entitled to their profits, and at the same time, employees are to be treated with due respect.

Archbishop Scicluna thanked Mr Borg and the Malta Chamber, as he spoke highly of the organisation’s pivotal role in the country. He said society needed well informed and objective bodies that worked and were motivated by the common good. The Malta Chamber, Mons.

Scicluna said, was one such organisation.

do countries with scarce resources secure uninterrupted food supplies?

linkages between Malta and Morocco. For his part, the Ambassador suggested bilateral visits by select experts who would draw up reports of opportunities for projects between Malta and Morocco. It was agreed that Ambassador Abouyoub should return to the Malta Chamber during his next visit to discuss these proposals further.

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NEWS Internationalisation

01.

Malta Chamber participates in EU-GCC project The Malta Chamber participated in a Roundtable event in Muscat, Oman, on 15th April. The roundtable event was part of an EU-funded project to facilitate business cooperation between the EU and the GCC countries. The Malta Chamber was represented by Internationalisation Manager, Klaus Pedersen.

On the first of the two topics tackled during this event, namely: Strengthening EU-GCC Trade in the Tourism Industry, the topic of visa access to the Schengen area for GCC based businessmen was discussed in detail. The second round table discussed: Food Security – how

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02.

Moroccan Ambassador to Malta, Hassan Abouyoub visits the Malta Chamber On 20th April the President of the Malta Chamber Anton Borg, received H.E. the Moroccan Ambassador to Malta, Hassan Abouyoub, together with Malta’s Ambassador to Morocco, Tarcisio Zammit.

Ambassador Abouyoub was in Malta in connection with the visit of the fregate Tarik Ben Ziyad. Mr Borg informed the Ambassador about the recently formed North African Business Council and its interest and desire to create closer business

03.

Swiss-Maltese Chamber of Commerce AGM held at Exchange Buildings The Swiss-Maltese Chamber of Commerce held its Annual General Meeting at the Exchange Buildings in Valletta on 17th April. The Swiss-Maltese Chamber of Commerce is responsible for promoting and supporting Maltese companies doing business in Switzerland as well as Swiss companies doing business in Malta. During the AGM, Malta Chamber President Anton Borg spoke about the importance of the Swiss-Maltese Chamber of Commerce, which has been established since 1999.

He said that throughout the years, both Chambers have collaborated in various events in order to promote Swiss-Maltese business relations. These include information seminars and events on doing business with Switzerland. These events are of utmost importance and help expose the Maltese business community to the possibilities of expanding their operations abroad.

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04.

Malta Chamber signs MOU with the Omani Chamber of Commerce and Industry The Malta Chamber of Commerce, Enterprise and Industry and the Oman Chamber of Commerce and Industry (OCCI) signed a Memorandum of Understanding on 22nd April, intended to bring the two organisations together, in a bid to promote business collaborations between the two countries. The MoU was signed

by Tonio Casapinta, Vice President of the Malta Chamber and Said bin Saleh al Kiyoumi, Chairman of the Oman Chamber of Commerce and Industry (OCCI).

05.

Scandinavian Business Forum hosts coach Jens E. Hoverby As part of a series of networking events centred around the theme of business related talks, the Scandinavian Business Forum hosted transformation coach Jens E. Hoverby on 23rd April. Mr Hoverby has worked with a number of companies, successfully transforming them, and in fact several of his projects have won the Danish Consulting Award 2009 and 2011 for Sales Transformation.

Following an introduction by the Chairman of the Scandinavian business Forum Malta, Dr Mark Fenech, Mr Hoverby delivered an inspiring talk and presentation about his methods to turn companies around. He started with the basic premise that the business leader has to decide whether he wishes to have good servants and followers that work for him or independent and accountable colleagues who take initiative and work with him. The actual process takes several months and involves tools such as score sheets, performance reviews and above all a consistent dedication to motivating the employees to share the vision and the goals of the management.

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06.

Malta Chamber supports internationalisation efforts by PM-led delegation to Doha, Qatar The Malta Chamber participated in the Doha Forum 2015 between the 11th and 13th May upon the invitation of the Ministry of Foreign Affairs of the State of Qatar.

The Chamber was represented by its Vice President and Chairman of the Middle East Business Council, Tonio Casapinta. The visit served to revitalise and underscore the excellent relations between the Malta Chamber and the Qatari Chamber of Commerce and Industry, as well as to follow up a business mission in which the Malta Chamber had participated in 2014.

During this visit, the Malta Chamber was instrumental in coordinating a meeting between Prime Minister Dr Joseph Muscat and his delegation with H.E. Sheikh Faisal Al Thani, Chairman of the Qatari Businessmen Association.

07.

North African Business Council hosts Tunisian Delegation The Malta Chamber hosted a Tunisian Business Delegation on 18th May. The delegation participated in a Business Forum, which was followed by one-to-one meetings

with Maltese companies. The delegation consisted entirely of female entrepreneurs and the event was organised in collaboration with the National Council of Women in Malta.

In his opening address, Tonio Casapinta noted that the North African Business Council is a continuation of the Tunisian Business Council which was created in 2010. The event was also addressed by H.E. Zohra Ladgham, Mary Gaerty in her capacity as President of the National Council of Women in Malta and Souad Haouala Ennaili, President of the Chamber of Women Entrepreneurs of Monastir and Head of Delegation.

08.

Delegation from the Qatari Businessmen Association visits Malta Chamber Welcoming a Qatari delegation at the Exchange Buildings yesterday, President Anton Borg said that the Malta Chamber looks favourably at collaboration opportunities between Malta and Qatar, as it supports all efforts in this regard. Mr Anton Borg told the delegation that the Malta Chamber, through its Internationalisation Desk, carried out a detailed exercise to identify the sectors that are ripe for growth in the Maltese economic scenario. The Economic Vision for Malta 2014-2020, Mr Borg said, determines 52 concrete recommendations to sustain competitiveness in the sectors of financial services, ICT, filming, life sciences, maritime transportation and advanced logistics, aviation and advanced logistics, tourism, green and low carbon, health services, education services and manufacturing.

The Malta Chamber President welcomed the fact that Al Faisal International has registered a trust company in Malta to be used as a vehicle for future investment in a variety of sectors. These include pharmaceuticals, financial services, hospitality, healthcare and education. cc

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Tech Trends

The trends of wearable and smart technology are evergrowing in popularity.

Martina Said takes a look at some of the latest gadgets to take the tech world by storm.

01. AR-1 Motorcycle Helmet This high-tech helmet by Skully offers some of the best features of Google Glass in protective motorcycle headgear.

It is equipped with a heads-up display, a 180 degree rear-view camera and GPS navigation with the intention of reducing the mental load on the rider. The screen allows the rider to see everything behind him/her, irrespective of which direction the helmet is facing, and connects with a smartphone via Bluetooth, complete with voice-recognition software.

In keeping with the swell of wearable devices, this product is designed to help people who suffer from chronic pain conditions. Worn below the knee, Quell is a drug-free device that stimulates nerves below the knee, tricking the brain into releasing chemicals that relieve pain. It calibrates to your optimal stimulation level ensuring maximum relief and adjusts the appropriate level of stimulation depending on night or day time. It has been likened to a consumer version of an existing prescription device and is FDA approved.

01.

05. 3D Food printing

This technological set of in-ear headphones

by SMS Audio delivers biometric monitoring and dynamic sound in a single device.

The embedded biometric sensor collects fitness information, such as the user’s heart rate, and feeds it directly into your phone, doing away with straps, batteries or separate monitors. They do not need to be charged and are sweat and water resistant – perfect for a workout.

XYZprinting Inc is one of the first companies in the movement of 3D printing that is targeting food and displayed its latest gadget at this year’s Consumer Electronics Show in Las Vegas. Instead of turning plastic or other materials into 3D objects, this food printer can turn ingredients into uncooked food.

So far, it’s targeting ingredients like chocolate, dough or a combination of solid items to make cookies or decorations for cakes. The printed items need to be baked before being consumed and since the printer shares the same software as other 3D printer models produced by this company, there are countless different shapes to experiment with.

03. Step-tracking insoles

06. A smart kettle

Digitsole, an innovative and interactive product designed with comfort and health in mind, is an insole for the shoes that keeps track of your daily steps and calories burned, and even keeps your feet warm in the process. The insoles transfer data via Bluetooth to your device and also add a layer of padding in your footwear, acting as shock and vibration absorbers as you walk and run. This product takes the notion of a fitness tracker to a new level, moving away from wrist-strapped devices.

Smart appliances are all the rage right now, and this Smarter iKettle makes a great addition to any kitchen. It works with Wi-Fi and an app on your smartphone, and enables you to start boiling your kettle from anywhere in the house. This smart kettle will tell you when the hot water is ready to be poured, allows you to adjust the strength and taste preferences of a cup of coffee and even enables you to set an alarm and auto-schedule through the app. cc

02. BioSport Earbuds

GADGETS

04. Pain-relieving device

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Malta’s rental renaissance With 80 per cent of foreigners and 20 per cent of locals now choosing to rent their residence, the lettings sector is skyrocketing – but is the market coping with demands? And should you get in on the action too? Jo Caruana chats to the experts to find out.

Photos courtesy of Perry Real Estate and Vera Sant Fournier

T

he people who, a few years back, said there was no potential in the rental market in Malta must be kicking themselves now. Admittedly, things have changed very quickly, and it would have been hard to imagine just how lucrative the rental market would become – but it has.

Today the rental sector is absolutely booming. From studio apartments off the Sliema seafront to sprawling palazzos in Valletta, it seems there is more demand than ever before. But is it sustainable?

Well, according to Robert Spiteri Paris, an associate at real estate company Perry, it is. He explains that their letting department

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continues to forecast a very bright future for the rental market in Malta – and one that is expected to continue for years to come.

“The Maltese letting industry has been growing at a rapid rate,” he explains. “This is evident from our outstanding year-onyear results and the sharp increase in enquiries for rental, both when it comes to residential and commercial properties.

This has resulted in fierce competition for private residential property among prospective tenants, and is on a scale we have never experienced before.”

As evidence of this, Perry’s letting department registered a revenue increase of 67 per cent between February and April 2015 when compared to the same months last year.

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“Perry’s letting department registered a revenue increase of 67 per cent between February and April 2015 when compared to the same months last year.”

Robert Spiteri Paris, director and head of the letting department at Perry Real Estate

“Occupancy is extremely high,” continues Mr Spiteri Paris. “Most of our rental properties are occupied and, as a result, rents are expected to keep rising in the coming months. Thus, buy-to-let options have become very popular and we have registered a steep increase in the number of clients enquiring about how they too can get in on the action. And with the market guaranteeing a five-to-six per cent return on this sort of investment, who can blame them?”

Asked about why this increase has taken place, Philippa Tabone, the property letting manager at Frank Salt Real Estate, explains that it’s mostly down to the influx of foreign nationals moving to Malta for work or retirement, as well as returning migrants.

“The MIIP Citizenship by Investment and other residency programmes have brought many people into the country, and they often opt to rent first, and then buy once their application is approved,” explains Ms Tabone.

“Most of them have never been to Malta before and they’re moving here for better political stability, better education and

healthcare standards, and for a better life in general. Once here, they fall in love with our island, its tax benefits and its quirky traditions, and they become fantastic international ambassadors for Malta. It’s all very positive.”

Agreeing, Benjamin Grech, the managing director at Engel & Völkers Sara Grech, believes that young professionals from across Europe are driving the increase in demand for rental properties locally.

“Malta promises such a wonderful lifestyle when compared with northern European countries. So, coupled with the

good professional opportunities now found here, there is bound to be an increase,” he says. “Many Europeans actually start their relationship with Malta by coming here to learn English, and then discover what a Mediterranean gem it is.

“Now we just need to ensure that we can find accommodation for all these people, as the market currently has its limits. I don’t think the current market is sustainable as we’re not managing to meet the demand.

Something needs to change and I think it’s vital that we turn the thousands of empty properties here into habitable homes.

At the moment it’s a real shame that we cannot capitalise on them and something needs to be done.”

Asked about the locations where people want to rent, Dhalia’s letting specialist and Strand branch manager, Benji Psaila, explains that it is the stretch of coast between Valletta and Swieqi that remains the most popular.

“Many people work in the area and most of them don’t drive, so they want to be close to their job, the shops and the supermarkets,” he explains. “If they go to central places then they may find it harder to commute. People don’t want to take buses or walk a mile to go to a shop.”

Mr Psaila also explains that apartments are the key property type in demand, but that rental prices for even the smallest flats have really increased.

“A property that rented out at €1,000-per-month six months ago can probably get €1,500 now.” Benji Psaila, letting specialist and strand branch manager at Dhalia 82

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“I think it’s vital that we turn the thousands of empty properties into habitable homes.”

Benjamin Grech, managing director at Engel & Völkers, Sara Grech

“People are still under the impression that a €600-per-month budget will get you a three-bedroom flat with two bathrooms, but that sort of price hasn’t been realistic for around 10 years now. In reality you can’t even get a one-bedroom place for that price.

“In fact, the last eight months have changed the market a lot and rental prices have gone up by around 25 per cent. This is down to the lack of supply, as landlords know they can afford to ask for more money because there is there isn’t enough on the market to meet the demand. A property that rented out at €1,000-permonth six months ago can probably get €1,500 now.”

There’s also quite a range of properties in demand. “When it comes to commercial places, business owners are usually on the hunt for somewhere open plan that’s set up with all the necessary infrastructure for a quick move,” continues Ms Tabone.

“Portomaso, SmartCity and other major commercial units are very popular, but we’ve also seen the demand for smaller units and even individual properties climb.”

“Scandinavians and Russians prefer modern apartments, ideally with views and nearby amenities in areas such as Sliema and St Julian’s. French and Italian renters are often interested in heritage properties, such as houses of character.”

Philippa Tabone, property letting manager at Frank Salt

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“In my experience, properties that are designed well are never vacant for long!” Vera Sant Fournier, interior designer properties that are designed well are never vacant for long!”

Finally, it is vital for landlords, and prospective landlords, to consider the safety of their rental property.

“The rapid growth of the letting sector has brought a number of health and safety demands with it,” explains Danjela Bianchi, from Firetech Ltd. “Landlords have become acutely aware of the need to protect both their building and their tenants.”

In fact, trends show that most landlords are investing in basic fire fighting equipment, including a fire extinguisher, fire blanket and smoke alarm, as well as security devices such as intruder alarms and CCTV systems.

“In my opinion, you should never underestimate the importance of safety and security,” continues Ms Bianchi. “It helps to protect your investment, as you never know how responsible your tenants are going to turn out to be.

“It definitely pays to be proactive rather than reactive in the rental market – and I think that is true for all aspects of it,” she adds. cc

Residential preferences, meanwhile, seem to depend on the nationality of the prospective tenant. “Scandinavians and Russians prefer modern apartments, ideally with views and nearby amenities in areas such as Sliema and St Julian’s.

French and Italian renters are often interested in heritage properties, such as houses of character,” Ms Tabone says.

However, regardless of whether it is modern or heritage, it is the well-finished and designer properties that often get picked first. Interior designer Vera Sant Fournier knows that only too well, and has made-over countless rental properties for her clients, before they were successfully placed on the market.

“When a property is personally designed by a professional designer you are adding

lots of value to it and increasing your return on investment,” she says.

“There is a lot to take into consideration, though. For instance, it’s important to pick a neutral colour scheme, as this will make the property more attractive to a larger market. That said, you do need to add that touch of something unusual to make it stand out.”

As for the furniture, Ms Sant Fournier explains that you don’t need to spend a fortune, as your décor will probably need to be updated on a regular basis, so as to keep up with trends and tackle obvious wear-and-tear issues. “The most important point here is that rental investments do need to feel like home. So, regardless of the style, it’s important to give people practicality and comfort. In my experience,

“Landlords have become acutely aware of the need to protect both their building and their tenants.” Danjela Bianchi, Firetech Ltd. JUNE / JULY 2015

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Fantastic food

01. Breakfast

02. Regional cuisine

03. A pizza cone

05. Coconut sugar Coconut water made waves last year and this year, coconut sugar is taking its place.

Coconut sugar is produced from the sap of cut flower buds of the coconut palm, and has been used as a natural sweetener for thousands of years in different regions of Asia, where the coconut palm is abundant. It is packed with important nutrients like iron and zinc, and has a lower glycemic index (a measure of how quickly a food raises your blood sugar levels) than regular white sugar.

06. Smoky flavours Smoking has already taken the world of food by storm, but is being taken beyond the area of cocktails and beverages. Restaurants are experimenting with smoky flavours for stuff as simple as butter and vegetables besides the more typical fresh hams and cheeses. This trend is set to escalate further as chefs are applying it to different foods, and if you want to have a go at it yourself, you can even buy a smoking gun. cc www.vindepeche.blogspot.com

02.

03. www.alphahealth.ca

There is no end to just how many things we can do with pizza, which explains why it is one of the most popular foods around. Food innovators are always looking for ways to give us a fresh take on the traditional version, and this cone-shaped pizza is one such way. It takes the shape

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www.doggyjamessays.blogspot.com

This is an exciting trend for foodies – we’re used to dividing food by nationality: Chinese, Thai, French or Italian. This year, however, chefs are taking ethnic cuisine a step further by focusing on smaller regions and zooming in on the specialities of their cuisine, such as food from India’s Goa region rather than Indian food, and Shandong cuisine instead of Chinese. You’ll need to brush up on your technical terms and pronunciation if you’re dining with knowledgeable gourmets though.

Last year was all about kale, this year it’s about cauliflower. Vegetables continue to be a go-to food especially in day-today dishes prepared at home, but let’s face it, they could get a little boring if left unseasoned, and cauliflower needs a bit of sprucing in order to make it exciting.

It’s being used in salads and stews as roasted florets, roasted whole with nutmeg and sweet flavours and served as a side dish, and even turned into steaks, where the whole cauliflower is cut into thick slices and browned until caramelized.

www.scoopwhoop.com

More often than not, breakfast consists of a straight-forward bowl of cereal, fruit and yoghurt and perhaps a piece of toast with butter and jam, but numerous restaurants are introducing a breakfast menu and spoiling us for choice with an extensive range of breakfast options that surpass all of the above, such as American pancakes with maple syrup and bacon, eggs benedict, French toast and brunch among others. Make the time to prepare your own over the weekend, and you’ll never look at breakfast the same way again.

04. Cauliflower

FOOD&WINE www.yestoyolks.com

The things we can do with food are absolutely limitless, from re-inventing tradition to creating altogether new tastes and flavours. Martina Said uncovers the latest food trends.

of a typical ice-cream cone, made with pizza dough, and stuffed with a selection of ingredients you’d commonly find on a pizza. There are also some sweet varieties filled with nutella or crema pasticcera.

05. www.food52.com

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The growth of the local fashion scene Fashion as an intrinsic part of Malta’s cultural policy The fashion industry has grown in leaps and bounds in recent years, earning it recognition as one of Malta’s emerging sectors – so much so that the cultural and creative industries, of which fashion forms part, were identified in last year’s Economic Vision 2014-2020 document published by the Malta Chamber as one of 11 economic sectors with significant opportunity for growth, and which is likely to have an increasing influence on the national economy.

Sarah Micallef talks to key protagonists within the field, to find out what the future holds for fashion in Malta.

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racking the local fashion industry’s contribution to the creative economy, Toni Attard, Director of Strategy at Arts Council Malta, maintains that not only is the fashion industry a core component of the creative industries, but it is also a sector which is generally showing rapid growth. “Like all subsectors in the creative economy, the fashion industry has links to other cultural areas, from the film industry to crafts and the performing arts. Fashion has a high valueadded factor, which lies in the innovative design rather than the manufacturing process,” he says.

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In fact, last November, The Malta Chamber of Commerce, Enterprise and Industry established two new organisations supporting the fashion sector: The Malta Chamber of Fashion and the Malta Fashion Association, with the aim of spearheading the emerging creative sector.

Director of Ferramoda – which promotes culture through fashion and the organisation of fashion events for a good cause – as well as the Malta Chamber of Fashion (MFC), Dr Juliana Scerri Ferrante celebrates the foundation of the latter following efforts by Ferramoda throughout

the last decade to set up cultural exchanges between Malta and Italy.

Among the organisation’s motives she lists consolidating and enhancing the image of Maltese fashion in Malta and overseas; signing agreements with equivalent entities in order to implement a common policy aimed at developing and circulating luxury products; undertaking joint ventures with established fashion media and equivalent entities; organising events related to ‘Made in Italy’ and ‘Made in Malta’ creations and workmanship; organising training courses in the fashion sector; promoting Maltese fashion

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“At some point, our amateurish view of fashion turned into a fully-fledged industry.”

- Adrian J. Mizzi, Chairman and Executive Producer of Malta Fashion Week and Awards, and President of the Malta Fashion Association

designers and other professionals in other countries; pursuing a policy of organisational support aimed at promoting and developing fashion through events with a highly intellectual image; promoting the setting up of sectors of expertise within the fashion sector; promoting the Maltese islands and fashion industry through its media partners Rendez-vous de la Mode; and mostly, recognising fashion as a culture which reflects a country’s tradition.

And since its launch, Dr Scerri Ferrante explains that the MFC has already made significant strides: including “launching new offices in Rome last March; offering two scholarships in Milan to local designers thanks to the protocol it signed with the Italian Cultural Institute; and planning to take more models and other people within the industry to participate in famous fashion events in Italy, following Claire Ciantar placing third in Riccione in a top model contest last year.” Adding to this, she asserts that MFC will also participate in an event to be held in Italy this summer, which is currently being organised.

Adrian J. Mizzi, Chairman and Executive Producer of Malta Fashion Week and Awards, and President of the Malta Fashion Association – aimed at regularising the local fashion sector and acting as a point of reference for the authorities and general public – has also been a key player in the local fashion industry for several years, and comments that since he started out, the sector has achieved such momentum that “the face of the local fashion industry is totally unrecognisable”.

Looking back at his involvement, Mr Mizzi explains that it was back in 1999 that the Malta Fashion Awards were held for the first time. The original concept behind the event, he maintains, was mainly to recognise the talent behind the 92

Photo by Clint Scerri Harkins

local fashion industry – a concept which is still relevant today, more than 16 years later. “Since then, the industry has grown by leaps and bounds, creating space for Malta’s most creative artists.”

Having had a front row seat for such a long time, Mr Mizzi has witnessed the industry’s evolution. “We have grown in such a way that we can compete with our overseas counterparts. This could be credited to a number of factors – the explosion of online media; new generations who refuse to be ignored in what they have to say and how they express themselves; and I also believe that creating the right environment through specific events gave rise to creatives who do not want their artistry to be just a hobby but a professional way of

life. At some point, our amateurish view of fashion turned into a fully-fledged industry,” he says.

Mr Attard is in agreement, maintaining that the industry’s visibility in Malta has definitely increased, making reference to Malta Fashion Week and Awards and Maltese designers who have presented their work internationally, as well as the emergence of unique Maltese fashion brands. “We now have a variety of works that focus on quality: materials, details, texture. The industry is creating its own mark as being Maltese, and is inspired by the Maltese culture and landscape,” he asserts.

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the number of students going from 285 in 2008 to 840 in the current academic year. “Together with internationalisation, this is a clear indicator of the growth of a sector,” he says, going on to maintain, “cultural entities are also giving greater recognition to the sector. For instance, through its various programmes, Arts Council Malta has supported designers working in the field while the Valletta 2018 Foundation was recently directly linked with Fashion Week. The sector is being considered as an intrinsic part of Malta’s cultural policy.”

On her part, Dr Scerri Ferrante believes that the fashion industry in Malta has made great strides forward, but there is still more that can and needs to be done.

“I want to see alta moda in Malta, and I hope to succeed in achieving this, so that

Malta can see Italy’s top designers here.

We’re talking about a level much higher than Antonio Giulio Grande and Nino Lettieri, who Ferramoda brought over also last year – a level Malta has yet to embrace. We are working at not simply bringing the designers over, but the Malta

Chamber of Fashion is working at visibility and Maltese reception, since this requires top notch management levels – designers who run the catwalk in Paris will do the same here, but we have to have the right catwalk laid out!”

In terms of opportunities for local

“Although Malta may not be a major fashion hub like New York, Paris or Berlin, it can definitely form part of an international network and grow within the region.”

Toni Attard, Director of Strategy at Arts Council Malta 94

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Internationally, competition is fierce and I think that although Malta may not be a major fashion hub like New York, Paris or Berlin, it can definitely form part of an international network and grow within the region. Moreover, design skills alone do not ensure success: other skills are also important to set up and build your own business,” he says.

On a local level, Mr Mizzi maintains that Malta Fashion Week is a wonderful opportunity for young designers who want to size up the local market’s response. “I have always, without fail, made it a point that Fashion Week needs to represent new blood, without which the industry would die a natural death in the coming years,” he explains. While acknowledging potential criticism for giving space to new, perhaps unrefined talent, Mr Mizzi believes that such new designers, photographers, make-up artists and so on are “the diamonds in the rough, full of potential and the face of Maltese fashion in the coming decades.” Speaking on a broader level, he asserts, “we all know about the cutthroat competition in the international industry – but slowly and surely we are making an impact, so much so that designs which were launched in Fashion Week are raising interest from overseas.”

Meanwhile, Dr Scerri Ferranti feels that local fashion designers’ growth is limited due to Malta’s own limitations, and believes in the need to expand our talent abroad, maintaining, “we have as much talent as foreign designers.” While the scholarships being offered by the MFC through the Italian Cultural Institute and the Italian Embassy serve as an opportunity for designers to further their studies in design, she admits that growth is always necessary, stating, “the Malta Fashion Chamber’s aims are to enhance this growth as much as it can, not only

to see alta moda in Malta, but also to see locals having experiences abroad.”

Mr Mizzi also feels there is much to be done. “It’s a fatal mistake to rest on your laurels, especially in an industry which is as fast-moving as fashion,” he says. Moving forward, he believes the industry should be recognised as part of Malta’s educational, cultural and artistic scenario, and needs to have proper funding if it is to thrive. “We cannot bury our heads in the sand any longer and

expect to be recognised globally when the local industry itself depends solely on private initiatives. We need to give the necessary exposure and opportunities to our youngsters in much the same way as other sectors,” he affirms.

According to Mr Mizzi, the point of departure should be education. “Proper courses should be implemented in our syllabus, or otherwise be honest with students and tell them to seek education somewhere else, and not waste years of

“The Malta Fashion Chamber’s aims are to enhance this growth as much as it can, not only to see alta moda in Malta, but also to see locals having experiences abroad.”

Dr Juliana Scerri Ferrante, Director of Ferramoda and the Malta Chamber of Fashion JUNE / JULY 2015

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their life striving for the non-existent,” he maintains, while stating that subjects like basic accounts, profit and loss, depreciation of equipment, VAT returns and provisional taxes, creating a business plan, how a business operates, pros and cons of self-employment, real costs of employing people, and marketing need to be introduced within existing courses.

Regulation of the market is another issue Mr Mizzi draws attention to, advising, “you cannot just decide to teach courses and issue certification to people without

the necessary authorised syllabus. It is highly unethical to attend a crash course in make-up from an unqualified instructor and begin selling your services to the man in the street.”

Indeed, Mr Mizzi maintains that it is the job of the competent authorities to recognise that this sector is contributing a lot to the economy. “The amounts paid in rent for shops or outlets in this industry; the number of projects which have been built, around which 80 per cent are taken over by this industry; and the sheer

number of people employed in this sector are more than proof that this industry is going from strength to strength,” he concludes.

Indeed, while Mr Attard prefers to refer to the local sector at present as “a strong talent pool with pockets of small business,” rather than a fully-fledged industry due to its size, he believes that the way forward is to emphasise quality.

“Locally, the sector depends on talented individuals who engage internationally while keeping their local flavour. These people work to create their identity on an international stage in the Maltese context,” he explains. While this gives them an advantage in that they are presenting something unique, Mr Attard believes that economies of scale play an important part and require Malta’s fashion industry to have an international platform.

Apart from this, Mr Attard asserts, “we need strong marketing plans, ateliers where the work can be sold, as well as the possibility to manufacture these works so that the financial activities can be sustained. That is the next step. That is why at Arts Council Malta, internationalisation and business development are core elements of our strategy to support the cultural and creative sectors.” cc

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Trade set to Accelerate on Emerging Market Rebound, Political Accords Advanced economies look set to sustain global commerce through 2016 before an emerging market recovery, and potentially a series of game-changing trade liberalisation agreements, accelerating growth back to levels last seen before the financial crisis, the latest HSBC Trade Forecast shows.

From an average of 1.5 per cent annual growth between 2012 and 2014, world merchandise trade should increase by about 8 per cent a year from 2017, according to the report. Although that’s still below the 9 per cent pre-crisis pace of expansion, the conclusion of additional World Trade Organisation accords – plus the proposed Trans-Pacific Partnership (TPP), Transatlantic Trade and Investment Partnership (TTIP) and Regional Comprehensive Economic

Partnership (RCEP) – could have a significant additional impact.

Among the 25 economies analysed for the HSBC Trade Forecast, trade expansion is expected to be strongest in India and Vietnam over the medium term. The value of goods exported from these countries may increase by an average of more than 10 per cent a year from 2015 to 2030 as Asian nations, plus other emerging market economies such as Turkey, Egypt, Mexico and the UAE, drive trade growth.

Demand for capital goods, particularly in emerging markets, bodes well for companies that make and trade in machinery and transport equipment. cc “Our latest economic forecast indicated that Malta will register one of the highest economic growth rates in the EU this year. Combined with a cyclical recovery in several of our traditional trading partners, this means that Maltese businesses can be confident about our near-term trade prospects. Through initiatives such as the Malta Trade for Growth Fund, we are focused on connecting our customers to international opportunities, help these businesses to thrive and the economy to prosper,” says Michel Cordina, Head of HSBC Malta Commercial Banking.

Officials from HSBC Bank Malta’s Capital Financing Department explaining their financing solutions to an attendee (right) of the eighth Finance Malta Conference.

HSBC sponsors successful 8th Finance Malta conference HSBC Malta was one of the sponsors of the annual conference, which was held over two days under the theme of ‘Malta’s Financial Services Industry: Building on Success, Reaching New Horizons’. The Capital Financing Department within HSBC Bank Malta provides a full range of services to local corporates looking to diversify their sources of funds. It leverages HSBC Group’s connectivity across the globe to provide vital expertise through highly experienced teams.

Obstructive Sleep Apnoea Obstructive Sleep Apnoea (OSA) is a common and debilitating condition affecting up to 10 per cent of the population. It often remains undiagnosed in patients, but has been found to be as widespread as conditions like diabetes and can affect people at any age, although it is most prevalent from middle age onwards.

In OSA the upper part of the air passage behind the tongue narrows and often blocks during sleep, causing an interruption to breathing. This is called an obstructive apnoea. Obstructive Sleep Apnoea is characterised by loud snoring with episodes of silence. Sleep partners may report not just snoring but snorting and choking, as well as frightening struggles to breathe while asleep.

Occasional brief obstructive events are harmless and are quite common in a normal adult. Each brief awakening required to reopen the airway passage destroys the normal sleep pattern and sleep is severely disrupted.

This prevents the sleeper from enjoying sufficient deep sleep to feel refreshed and JUNE / JULY 2015

energetic the next day.

Sleep Apnoea’s short to medium term symptoms include chronic fatigue, mental confusion, lower testosterone count which reduces libido and associated erectile dysfunction but is also linked to many other serious conditions if left untreated over the long term. OSA can in fact be a contributing factor for hypertension, stroke, diabetes, heart disease and ultimately, heart failure.

Continuous Positive Airway Pressure (CPAP) is the most effective and non-invasive treatment offered to OSA sufferers. This

therapy is designed to stop the air passage from narrowing or collapsing during sleep by acting as a splint. Air is continuously blown through a mask (worn over the nose and or mouth) at a positive pressure which holds the airway open, thus preventing its collapse during sleep. c For an appointment or for further information contact Technoline Ltd. T: 2134 4345; E: admin@technoline-mt.com; www.technoline-mt.com 101

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Engel & Völkers Group’s new aviation division The Engel & Völkers Group has expanded its service portfolio to include the brokerage of business aircraft and private jets worldwide.

The new business division Engel & Völkers Aviation is specialised in aircraft sales and charter. “Engel & Völkers’ clients are wealthy, with sophisticated demands and expectations. They lead luxury lifestyles and enjoy travelling – both for business and pleasure. We are seeing a growing need for this service among our real estate and yachting clients. This opens up significant opportunities for our company and means that we can now offer customers even more services from one single source,” says Christian Völkers, Founder and Co-CEO of Engel & Völkers AG, on the future potential of the new business division.

Engel & Völkers Aviation offers its clients personally tailored charter flights around the world via its website. The portfolio ranges from small propeller aircraft through to large super jets. With access to a pool of

Matching funds to investors’ investment objective

By Clayton Scicluna, Investments Manager, Valletta Fund Management Ltd An investment fund pools together the money from many individuals and the fund manager uses it to invest in a broad range of assets in line with the investment objective of the fund and the requirements included in the fund’s offering documentation. There are various investment funds that invest in the domestic and international markets, and denominated in the major currencies and have different risk profiles to meet the requirements of all types of investors.

Investment funds offer a number of benefits.

The typical fund categories include: Money Market Funds: This type of fund is comprised of low risk and highly liquid, shortterm securities. This type of fund is designed to provide an attractive and competitive rate of return, and is an ideal short-term investment opportunity.

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around 4,000 planes on its own booking platform, Engel & Völkers Aviation offers clients access to a worldwide charter fleet of private and business aircraft. In addition to aircraft charter for individual trips and aircraft trading, Engel & Völkers Aviation is also brokering business and private aircraft for long-term charter and through fractional ownership schemes. Moreover, the business division provides comprehensive consulting on legal and taxation issues, aircraft management, structured finance, as well as risk management and insurance.

The E&V Aviation division is headed by Bart Boury as CEO, who has many decades of experience working in the aviation industry.

He has broad expertise and a professional background in starting up new aviation ventures, as well as in business aircraft management and operations and aviation tax and legal consultancy. Mr Boury is a qualified lawyer and holds a Masters Degrees in Air Transport Economics and Air Transport Law. cc

Income Funds: Funds within this category aim to provide an income stream by, generally, investing in bonds that offer interest payments on a regular basis. There are different types of bonds that carry a different risk rating. Bond funds can play a useful part in a portfolio and can help reduce overall risk and increase diversification.

Income and Growth Funds: Such funds focus on both capital appreciation and income generation. Generally the underlying investments will be a mix of both bonds and shares, among others. The combination of exposure to these two asset classes helps to mitigate against market movement in the bonds and shares, and are generally considered as a core holding in an investment portfolio.

Growth Funds: The main aim of the funds classified within this category is to offer the investors capital appreciation on their investment. These types of funds generally invest in a range of shares of companies operating in different markets and sectors, and offer higher potential of earnings but usually carry a higher level of risk.

These funds would be typically suitable for investors with a higher appetite for risk and with a longer investment term horizon.

Investment funds provide investors with an alternative investment opportunity to

reach their investment goals. Investors are encouraged to seek investment advice from licensed financial advisors to ensure that their investments are aligned to their risk profile and investment objectives.

For further information visit www.evsaragrech.com

The opinions expressed herein should not be interpreted as investment advice.

Investments in the Vilhena Funds SICAV plc should be based on the full details of the Prospectus, Offering Supplement and the KIID which may be obtained from Valletta Fund Management Limited (“VFM”), Bank of Valletta plc Branches/Investment Centres and other Licensed Financial Intermediaries.

VFM is licensed to provide Investment Services in Malta by the MFSA. The Vilhena Funds SICAV plc is licensed by the MFSA and qualifies as a UCITS. Issued by VFM, TG Complex, Suite 2, Level 3, Brewery Street, Mriehel BKR 3000, Malta. Tel: 21227311, Fax: 22755661, Email: infovfm@bov.com, Website: www.vfm.com.mt. Source Valletta Fund Management Ltd. cc

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Express Logigroup International Freight Service Within today’s booming marketplace, companies must be adaptable and specialised. As a logistics company based in Malta, we at Express Logigroup use innovative strategies to achieve specific goals and this is why we are unrivalled and unparalleled in our international services.

Each of our services is designed independently, fine-tuned to perfection and presented to the customer to meet individual demands, guaranteeing efficiency and strengthening our legacy among customers and companies alike. Even our very name, Express Logigroup, was developed through a dynamic process.

Express Logigroup offers custom-made solutions even to the most remote locations and our coordinated methods ensure that your logistical needs are met professionally.

We have dedicated our time and listened to our customers’ needs to create innovative and practical service pillars which altogether

encompass a 360 degree service offering.

Through integrated logistics solutions and innovative outsourcing concepts we relieve our customers of peripheral tasks and enable them to concentrate on their core business. The customer benefit – cost savings and improved quality – is always in the foreground of our company’s ethos.

We therefore continuously monitor and optimise procedures and processes, and thus permanently improve the efficiency of our services.

Express Logigroup cooperates throughout Europe with highly efficient and privately

operated companies that like us, act independently of large corporations and are flexible and much more customer centric.

Service-oriented company philosophies and highly efficient procedures place the customer at the centre of our attention. In addition to our regular part and full loads services, Express Logigroup offers courier, trade fair logistics, professional packing, home to home removal services and professional logistical consultancy service. cc

Testament to this is Avanzia Taxand’s strong track record of providing awardwinning services to its multinational clients.

Avanzia Taxand has won the prestigious National Tax Firm of the Year Award by the International Tax Review (ITR) in 2009 and 2013, whilst in 2011 and 2014 it was named Malta Tax Firm of the Year by Corporate International. This year, Avanzia Taxand has continued to receive praise on a global scale from renowned international publications and organisations. The firm was once again chosen as Malta Tax Firm of the Year for 2015 by Corporate International and also won The European and Finance Awards 2015.

Avanzia Taxand is aiming to continue building the strong reputation it has earned for providing practical tax advice that addresses the strategic concerns of its clients.

Walter Cutajar, Managing Director, states: “these last ten years have seen much development and change across the international tax landscape, but Avanzia Taxand has progressed along with it. From 2005 we have grown in number, depth and strength to be able to confidently navigate our clients’ tax needs. “ “Issues of corporate tax in a globalised and digital era have grown in number, breadth and complexity, as is evidenced most recently in OECD initiatives such as BEPS. Avanzia Taxand is an industry leader in advising clients on how to effectively navigate such changes. The only thing that hasn’t changed, and won’t change in the years to come, is Avanzia Taxand’s primary objective to provide responsive, independent expert tax advice to clients across the world.” cc

For more information visit www.expresslogigroup.com

Avanzia Taxand celebrates 10 years in business and leads the way in providing independent tax advice Avanzia Taxand marks its tenth anniversary celebrating its strategic vision of providing independent tax advice and corporate services to the world’s largest global organisations. Avanzia Taxand has become renowned for its breadth of knowledge and expertise in taxation.

Avanzia Taxand was established on 25 May 2005 and today has a dedicated team of highly qualified professionals and advisors specialising in taxation and other aspects of financial services with a particular emphasis to service multinational businesses. The firm has leveraged its role as exclusively, Taxand Malta with Taxand, a global organisation now covering nearly 50 countries worldwide, with over 2,000 tax advisors and more than 400 tax partners globally.

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Nuovo Doblò Cargo: “the better way to work” Earlier this year, FIAT Professional presented the Nuovo Doblò Cargo, the fourth generation of the Fiat Professional model, which is now more functional resulting in more performance and value.

These were in fact the main guidelines that allowed Fiat Professional to design a vehicle at the top of its class in terms of performance, functional characteristics, load capacity, productivity, fuel economy and low running costs.

Fresh from its world début at the 2014 Hanover Motor Show, the Nuovo Doblò Cargo is now available to the wider public with a completely updated interior and exterior design reflecting classic car-like specifications. To get an idea, take a look at the ultra-modern distinctive front end, the bigger front grille and the many new components (bumpers, bonnet, headlights and tail-light clusters).

“For FIAT Professional, taking care of customers also means designing and building

Cutting-edge digital customer service We are more than just a company; we are four dedicated friends, who are also professionals in the field. We thrive on providing cutting-edge digital, superior customer service and making sure we get it right first time. And as a result, our customers come back to us time and time again.

the right vehicles to meet their professional ambitions,” explains Francesca Mamo from UCIM Co Ltd, official representatives of FIAT Professional in Malta. “In Malta, the smaller models are ideal for those companies looking for a vehicle or even a fleet of vehicles that translate to high efficiencies in fuel and running costs. The larger models are also very popular thanks to their sturdy and versatile nature, bringing more value to a business’ investment,” adds Francesca.

A number of interesting and very practical enhancements have been carried out on the new model namely a comprehensive update also for the passenger compartment, with new dashboard, fabrics, steering wheel, instrument panel graphics and door panels. Likewise, the functionality-driven configuration is visible in a series of specific ergonomic solutions.

The range also extends to include the new ‘EcoJet’ version – equipped with the 90 hp

Multijet II 1.3 or 105 hp Multijet II 1.6 – which combines reduced running costs and low fuel consumption (improvement of up to 15 per cent).

Depending on the market, the range is composed of four bodies (Cargo, Combi, WorkUp and Load platform), two roof heights and two wheelbases. Power is provided by a choice of the following engines – MultiJet II 1.3 (90 hp), Multijet II 1.6 (105 hp), 90 hp Multijet II 1.6 with robotised gearbox. The offering is the broadest in the segment, with versions and solutions from vans to special vehicles and versions converted for specific applications.

Sold in more than 80 countries worldwide, the Nuovo Doblò Cargo is a ‘global’ vehicle – just like the Nuovo Ducato – destined to bring more growth in the light commercial vehicles sector.

With more functions, more performance and more value, the Nuovo Doblò Cargo is “the better way of working”. cc

competitively priced and fully engaged in our client’s objectives, no matter how large or small the project.

In 2015 digital cannot be about a website, an advert or a social campaign; it’s a journey that must be managed and executed by engaged professionals who understand your business. We work together as a team

to ensure that all our web projects include responsive design so our clients’ online presence is always visible across the web, no matter what the device or the platform. cc Find out more at www.whytheotherguys.com or call us on 2750 0416 and let’s talk.

So how do we do it?

Relationships are key to everything for us, so we only work with people with whom we feel we can build a strong, lasting relationship, who believe in their and our success, and for whom the experience is a fun and exciting journey with the destination being a win for all involved.

The Other Guys is based on four key areas of expertise: Web, Design, Online Marketing and Communications. In today’s fast-paced online market this allows us to build the perfect solution and balance for your business. We pride ourselves on being

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American oak casks inspire Glenfiddich’s ‘excellence’ Leading single malt Scotch whisky unveils prestigious new 26-year-old expression Matured exclusively in American Oak Bourbon casks for a minimum of 26 years, the world’s most awarded single malt Scotch whisky Glenfiddich releases its latest expression, Excellence 26 Year Old. The release marks a distinguished addition to the family-run distiller’s collection of rare and prestigious whiskies.

The oak casks, previously used to mature American whiskies and specially imported to the Dufftown distillery, impart a unique and distinct flavour. Glenfiddich Excellence 26 Year Old is the first single malt from the Speyside distiller to use Bourbon casks throughout the entire maturation process.

Glenfiddich Malt Master Brian Kinsman comments: “by maturing this expression exclusively in Bourbon casks we’ve created a

beautifully intense flavour, reflective of the relentless passion we have for producing incredible single malts. With notes of lush vanilla, light oak and spice, our 26 Year Old, while a new expression, remains true to Glenfiddich’s heritage of producing fruity, floral and deeply flavoured whiskies. We believe it to be one of our most desirable expressions yet, making ‘Excellence’ a truly appropriate name.”

Peter Gordon, Glenfiddich Company Director adds: “as a family-run company we’ve always challenged established whisky-making norms because we care personally about the quality of our single malts. We cherish our independence because it allows us to innovate and create superior whiskies, and Glenfiddich Excellence 26 Year Old is a prime example of this. This new addition to our collection of rare single malts confirms that as a company still run by our founder’s descendants we remain committed to fulfilling my great-great grandfather’s vision to create ‘the best dram in the valley’.”

Presented in an elegant glass bottle with delicate gold lettering, Glenfiddich Excellence 26 Year Old is finished with an oak stopper reminiscent of the Bourbon

casks in which it matures. Packaged in an opulent purple presentation box, with an intricate embossed design inspired by the patterns made on wood cuts from the American Deep South, Glenfiddich Excellence 26 Year Old will be a prestigious addition to the collections of single malt aficionados everywhere. cc

TNT now operating new daily air route to Malta Express delivery company TNT has just started a new daily air route between its main European air hub in Liege and Malta. This development forms part of TNT’s intention to strengthen Malta’s link with Europe to enable more business and investment towards Malta and its economy.

The new service, which commenced on 1st June, operates from Monday to Friday with a Boeing 737-400 aircraft, with a stopover in Marseilles on both outbound and inbound journeys. The flight arrives at Malta International Airport in the morning and departs in the evening, allowing for afternoon pick-up in Malta and next day delivery to all of Europe.

Thanks to this new service, TNT customers are now enjoying shorter transit times for economy consignments, later departure times for exports, earlier arrival times for imports and the ability to send larger and heavier consignments.

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“The addition of Malta to our European air network increases the choice and flexibility of delivery options for businesses that send parcels and freight to and from the country.

It also gives us the capacity to further grow our business in and out of Southern Europe and the Mediterranean,“ says Diana Cassar, Managing Director TNT Associate, Malta.

Malta is home to several industries, including electronic, medical and pharmaceutical production. According to the IMF, Malta’s GDP growth has been one of the highest in the euro area in recent years, supported by relatively diversified exports, a recent recovery in domestic demand and a stable banking sector. Growth is expected to remain robust in 2015 at 3.1 per cent.

TNT continues to improve its delivery service to customers, a priority under its Outlook strategy, by strengthening its air

and road networks. The new route to Malta follows the recent start of flights to Venice and Tel Aviv, and additional road connections to Turkey and the Balkans.

About TNT TNT is one of the world’s largest express delivery companies. On a daily basis, TNT delivers close to one million consignments ranging from documents and parcels to palletised freight. The company operates road and air transportation networks in Europe, the Middle East and Africa, AsiaPacific and the Americas. TNT made €6.7 billion in revenue in 2014. cc C&C Express Ltd, part of the Cassar & Cooper Group, is TNT’s associate in Malta.

For further information contact T: 2558 4600; E: sales@tnt.com.mt; www.tnt.com 109

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Vivendo puts finishing touches to refurbished Seashells Resort in record time The Seashells Resort at Suncrest in Qawra has opened its doors again after undergoing a complete revamp that affected every guest room and public area inside the hotel.

Vivendo orchestrated this multi-million project, part of a five-year refurbishment programme undertaken by AX Group, pouring hundreds of man-hours into planning every single detail of this ambitious overhaul and executing it to the highest standards in record time.

The collaboration between Vivendo and Seashells Resort originally focused on refurbishing the Coral Cove Restaurant, however Vivendo was subsequently given the opportunity to refurbish the entire hotel.

Preparations for the upgrading of 452 rooms spread over seven floors began in earnest after the winning design for the new look was

chosen by AX Group.

As envisioned by designer Penny Apap Brown, the new Seashells Resort radiates a fresh and bright look with stylish and modern white gloss and wood finish all over, designed to uplift guests’ spirits through an enhanced sense of space that feels intimate and comfortable. A sample room based on the design was set up inside the hotel, and extensively tested by AX management and staff before green lighting the project.

Containers with the new furniture and doors arrived on site in early December. Each room has been fitted with bespoke Italianmade Aran Newform furniture that forms an integral part of the environment. 1,200 Polish-made Porta doors built to E130/E160 fire-retardant standard were shipped and fitted by three teams of professional door installers from Italy, who worked in tandem with Vivendo staff during the four-month

refurbishment.

Vivendo was also involved in the creation of a custom-made mattress for such projects called the ‘Malta Mattress’ which ensures a good night’s sleep on every one of the 900plus single beds in the hotel. Guests can also relax on the new sofas available in the suites.

Soft furnishings by Istikbal were also sourced by the Vivendo team.

The staff who worked on this project included Vivendo design consultant Marthese Aquilina, designer Penny Apap Brown, project manager Louis Soler and all the members of the logistics, installers and delivery teams. AX Group gave glowing praise for the speedy turnover of this largescale project by Vivendo, an essential factor in ensuring that spring and summer guests would benefit from a luxurious and warm welcome at the resort, and make their stay in Malta ever more memorable. cc

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Of distinctive and timeless jewellery Creating hand-made, one-of-a-kind pieces of jewellery that stand out from mainstream brands is no easy feat. But Nadège Cassar, a jeweller-maker with a keen eye for craftsmanship, is certainly up for the challenge. She speaks to Martina Said about her passion for working with unusual materials and transforming unpopular raw materials into beautiful and wearable jewellery items.

Photos by Alan Carville

“I had long had this idea to work with stones that are not considered to be precious and that people do not know about, to show that beauty is not only present in precious materials.”

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t’s been 10 years since jewellery-maker Nadège Cassar first sat down in her makeshift workshop to craft her first piece of jewellery. Today, four years after taking the decision to take on her hobby full-time, she is as smitten by her craft as she was when she first started, although her workshop is far better-equipped and stocked with tools and raw materials than it was back then.

Nadège was introduced to jewellerymaking somewhat unexpectedly – she 112

enrolled at MCAST in 1999 to study graphic design, but after attending some workshops on jewellery-making, she forgot all about it.

After obtaining a diploma in Art and Design, she set up her workshop to fulfil her hobby while working in an entirely unrelated job, and it wasn’t until she obtained a degree in product design that she felt ready to take the leap of faith and focus solely on her craft, under the name Nadège Renée.

Her preferred choice of raw material is sterling silver sheets or rods and her

process of making jewellery resembles that of a seamstress. “In my case, it is all about constructing pieces, cutting and processing a metal depending on the effect I want to achieve,” explains Nadège. “At different stages of the process you can use techniques to achieve a specific look depending on the style and design of the piece, such as forming, shaping and texturing with hammers and other sharp tools that leave a mark on the surface of the metal.”

Aside from working with silver, Nadège is passionate about working with uncommon materials to make exceptional pieces – even wedding rings – such as palladium, which hails from the same family as platinum and is rarer than gold. “Palladium started being used for jewellery in the late 1970s, and is currently cheaper than gold, but I’m certain the price will go up once its demand increases. It is a white metal but unlike white gold it does not need rhodium plating, as in itself white gold still has a hint of yellow.”

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“Among the rough stones used and hand-picked by Nadège for this collection are epidotes, raw amber, pyrites, rubelite tourmalines, black raw diamonds, Herkimer diamonds and Tibetan tektites – a type of natural glass of meteoric origin.”

This aspect of jewellery-making, creating beautiful objects from uncommon or atypical materials used for jewellery items is something Nadège is getting increasingly immersed in, and is in fact what inspired her most recent exhibition, Un/burnished, which formed part of this year’s Malta Fashion Week. “I had long had this idea to work with stones that are not considered to be precious and that people do not know about, to show that beauty is not only present in precious materials. For this exhibition, I bought many different stones with the intention of combining them, in their unburnished state, with other stones that are cut and altered by man.”

Among the rough stones used and hand-picked by Nadège for this collection are epidotes, raw amber, pyrites, rubelite tourmalines, black raw diamonds, Herkimer diamonds and Tibetan tektites – a type of natural glass of meteoric origin. She offset these with polished stones the likes of kyanites, moss crystal, rubies, star ruby cabochons, rutilated quartz, jade sticks, natural zircons and black star sapphires, JUNE / JULY 2015

among others. The collection is comprised of 34 wearable pieces, ranging from chunky colliers and earrings to rings, bracelets and bangles, as well as a small range of items for men. “The exhibition also involved a play of textures, with different pieces boasting different finishes, such as raw versus highlypolished finishes, hammered metal and black silver to contrast with some of the stones.

The feedback I got was very encouraging – people who know my work realised the style was very different to the more commercial and sellable pieces I more commonly do.”

Her creative process varies depending on the job at hand, but often Nadège starts off by putting her thoughts onto paper and sketching some rough ideas. She pulls out a large folder filled with filed papers to show me the evolution of a single idea.

“For instance, I wanted to design a product that can be divided into two parts for a mother and daughter, so I began sketching a sycamore seed as the seed is designed to fly away from the parent tree so that they do not compete for light and nutrients, giving the product an emotional concept,” 115

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“Experience has helped me develop my ideas faster, and I spend less time pondering about things; I just do them.”

she explains. “I then evolved the original sketch, developing it and simplifying it, and proceeded to start experimenting with the materials to see if it is possible to execute or not.”

Other times, she says, she doesn’t need to sketch at all. “So was the case with the Un/burnished collection – I only sketched around three items, the rest were a case of playing around with the stones to fulfil ideas bouncing around in my mind. Experience has helped me develop my ideas faster, and I spend less time pondering about things; I just do them. At the end of the day, design is problem-solving – I know my skills and limitations, and design in accordance with what I know. If I encounter a technical problem, I research it and try and solve it.”

Making the decision to transform her craft into a business was not an easy one for Nadège. “In making your hobby a business, you give up a solid and regular income, and the first two years were especially hard for me as I invested all my resources in tools and equipment. But things fell into place, and I took the risk with the reassurance that if I fail, I will simply start job hunting again.”

She adds that while the demand for handmade jewellery has risen steadily in recent years, it is still difficult making a living out of it in Malta, especially because jewellery is not

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a necessity. “It is also a very seasonal thing and you need to keep reminding people that you exist, otherwise clients will easily opt for mass-produced items. Perhaps one of my greatest challenges as a jewellery maker is convincing clients against an idea they have which has been overused and abused, while trying to convince them to opt for something a little more timeless.”

Earlier this year, Nadège was awarded the WIPO (World Intellectual Property Organisation) award for Creativity and

Innovation for a neckpiece she designed for last year’s Malta Design Week, called the Tentillum neckpiece. “This was an exclusive and one-off piece featuring sterling silver, 18ct gold, freshwater pearls and steel, and was intended to see whether these one-off pieces actually sell here. It was an expensive piece which sold within two weeks. This was very encouraging for me,” she says, giving Nadège the vote of confidence to push her limits to new, relatively untouched territory in her line of expertise. cc

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Tourism industry made up “50 per cent of Gozo’s GDP in 2014” In view of sustained record years in Malta’s tourism industry, it is clear that the sister isle of Gozo stands to gain. Martina Said talks to the Gozo Tourism Association’s CEO Joe Muscat and local operator Marvik Borg for a snapshot of the island’s thriving tourism sector.

Mgarr Harbour; Photo - viewingmalta.com

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or a number of years now, Malta has experienced record numbers of tourist arrivals. And, according to the Malta Hotels and Restaurants Association, forecasts for this year suggest that the island is on the right path to achieving yet another record year, in part due to the number of arrivals during the shoulder and winter months.

As tourism in Malta has positively boomed in recent years, it’s had a direct effect on the same industry in Gozo, says Chief Executive Officer of the Gozo Tourism Association (GTA), Joe Muscat. “We have a saying here that reflects the direct impact, positive or negative, that the mainland has on this island: if Malta sneezes, Gozo catches a cold.

During 2014, Gozo registered nearly one million bed nights in hotels, guesthouses, B&Bs, farmhouses and apartments, and since connectivity with over 90 different airports is constantly on the increase, Gozo’s tourism sector certainly stands to gain.”

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Mr Muscat thinks that Gozo is set to experience another positive year both in terms of numbers as well as quality tourists.

“Although arrivals for the first two months of 2015 were less than those registered in the same period last year – primarily due to the fact that the two five-star hotels on the island were closed during these months – we are confident that 2015 will turn out to be another record year for Gozo. The synergised approach taken by all stakeholders to market and promote Gozo as a distinct tourist destination, which is complementary to Malta but different in its touristic offering, will help us to continue reaping such results.”

Mr Muscat highlights just how, like Malta, Gozo is heavily dependent on tourism.

“According to a recent study by the Ministry for Tourism, it transpired that the tourism industry’s contribution to Gozo’s Gross Domestic Product (GDP) in 2014 was 50 per cent, and it is estimated to have generated €180 million during the same

year.” Each and every sector on the island benefitted from these figures, although some more than others: “the primary sectors such as accommodation (including hotels, guesthouses, B&Bs, farmhouses and apartments), restaurants and diving centres are among those sectors that fared very well. Secondary sectors like transport, tourist attractions and tourist services get their share too, especially when numbers are good.”

Large numbers pave the way for new records each year, but Marvik Borg, Owner and Director of Gozobreak – a small, familyrun company specialised in incoming travel that offers its own self-catering farmhouses in Gozo – says it is time to take a deeper look at quality tourism, rather than focus entirely on attracting large quantities.

“Quantities of tourists bring with them a variety of problems, be they infrastructural, environmental or other. Local authorities as well as stakeholders in this industry are 119

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Ta’ Gurdan Walk, Gozo; Photo - Mario Galea - viewingmalta.com

doing their best to achieve quality tourism and to increase the market share in the off-peak season through international fairs, business seminars and online portals, but they can do more.”

He highlights, for instance, the need for a better regularised structure where service providers such as restaurants and accommodation are categorised not only on the basis of their location and/or building

“The tourism industry’s contribution to Gozo’s Gross Domestic Product (GDP) in 2014 was 50 per cent, and it is estimated to have generated €180 million during the same year.”

Joe0 Muscat, Gozo Tourism Association CEO capacity but also on the quality service they provide, with the aim of helping the tourist out there make a better informed decision when booking his or her holiday Cittadella View Gozo; Photo - Clive Vella - viewingmalta.com

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in Gozo. “Around 300 million tourists travel around Europe every year, with Eastern and Southern European countries attracting the majority of them: why should we target the cheap tourist? But, in order to attract the good quality tourist, we must provide a good quality service holistically.”

Mr Borg argues that tourism in Gozo, more so than in Malta, is still a seasonal industry for various reasons, and while it plays a very important role in the island’s GDP, suppliers still face difficulties of their own, “such as a shortage of adequately trained staff in peak summer months and a surplus of staff in the off-peak season. This is notwithstanding the facts that the island is suffering from brain drain, the average age of the population is always on the increase and that the island of Gozo suffers from double insularity. All these factors together put a strain on the business community and on the economy of Gozo as a whole,” he asserts. “We do not need more tourists in summer – Gozo does not need a large increase of day-trippers, nor does JUNE / JULY 2015

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Ramla l-Hamra; Photo - viewingmalta.com

it need multitudes of students visiting to learn English. Rather, we need to encourage visiting tourists to increase their stay, to attract repeat clients and to have them talk about the uniqueness of the island with their colleagues and friends.”

Focusing on quality could also lead to a more diverse portfolio of visitors. GTA CEO Joe Muscat says that while Gozo is often perceived as an island that attracts only senior citizens, the average age of tourists holidaying in Gozo in 2014 was 49 years.

“This went down to 47 years during the peak summer months and for the rest of the year it went up to 51 years,” he explains.

Promoting the island as a diverse destination also helps quell this perception, seeing as it offers a range of niches including diving, walking, adventure, opera and gastronomy that should interest individuals of different ages. “Nowadays, visitors are looking for a destination experience, and Gozo has a lot of potential in this regard.”

Mr Borg, on behalf of Gozobreak, says that most of his clients are repeat clients who either visit the island regularly or from time to time, with an average stay of seven to nine nights. Visitors from the UK continue to be the most frequent 122

travellers, followed by Irish, German, Dutch and Scandinavian tourists. “The tourist who visits Gozo is largely different from the tourist who visits Malta: Gozo does not attract young tourists after nightlife, beach and beer, but along the same lines, neither is it the destination for the high-profile tourist after a five-star stay with regular visits to the casino. This island mainly attracts mid-to-high end income earners, particularly families with young children looking for a relaxing holiday by the pool, as well as couples looking for a romantic get-away, retired persons who see it as the place where they want to spend the rest of their lives and other individuals looking for a laid-back stay close to the countryside and the sea.”

While he believes there is more to be done to boost the island’s visibility in off-peak seasons, including more frequent ferry trips (even with smaller boats, if necessary) and the possibility of an air link which could prove essential for the island’s tourism sector at large, Mr Borg is hopeful that the future is bright for the island of Gozo. “It will only be so, however, if we never forget the island’s past and are fully committed to working hard and supporting each other.” cc

“Around 300 million tourists travel around Europe every year with Eastern and Southern European countries attracting the majority of them: why should we target the cheap tourist?

But, in order to attract the good quality tourist, we must provide a good quality service holistically.”

Marvik Borg, Owner and Director Gozobreak

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