MaltaCEOs 2025

MaltaCEOs 2025 OFFICIAL PARTNERS

JO CARUANA – EDITOR, Malta CEO s 2025

FOREWORD

Welcome to our annual exploration of Malta’s business landscape, where once again we’re privileged to share insights from 50 of the island’s most dynamic CEOs as they navigate an era defined by unprecedented change and opportunity.

In our conversations over recent months, one theme has emerged with striking clarity: the power of embracing disruption as a catalyst for growth. From the transformative impact of Artificial Intelligence (AI) across industries to the reshaping of workplace dynamics by Gen Z talent, and from evolving M&A strategies to the complex balance of workforce needs – our CEOs are not just adapting to change, they’re actively harnessing it to drive innovation and resilience.

This spirit of adaptability comes at a crucial time. As our economic outlook reveals, Malta stands at a crossroads where traditional approaches are being challenged by new realities. Our CEOs are responding with remarkable agility – implementing AI solutions that enhance rather than replace human capability, developing hybrid work models that balance flexibility with productivity, and pursuing strategic acquisitions

that strengthen their market positions while fostering sustainable growth.

What’s particularly inspiring is how this embrace of change extends beyond technological adoption to encompass broader transformational thinking. Our leaders are reimagining everything from talent development and succession planning to environmental sustainability and social responsibility. They recognise that true resilience isn’t just about weathering storms – it’s about emerging stronger, more innovative and better prepared for whatever comes next. Their experiences offer valuable insights for navigating our rapidly changing business landscape while building organisations that are both agile and enduring.

Here’s to the visionaries leading Malta’s business community into a future where change is not just inevitable, but invaluable.

And here’s to the next quarter of the ‘new’ millennium!

Jo

PUBLISHER

Content House

Quad Central, Q2, Level 2, Central Business District, CBD 1040 Tel: 2132 0713 info@contenthouse.mt www.contenthouse.mt

MaltaCEOs 2025 is published, owned and operated by Content House Group Ltd.

EDITOR

Jo Caruana

HEAD OF SALES & BUSINESS DEVELOPMENT

Marie Claire Camilleri

EDITORIAL TEAM

Rebecca Anastasi, Laura Bonnici, Rebecca Cachia, Cat Calabrese, Prabjit Chohan-Patel, Paula Fleri-Soler, Rebekka Mamo, Dean Muscat, Sarah Muscat Azzopardi

EDITORIAL ASSISTANT

Tammy Sonderup

CREATIVE DIRECTOR & DESIGN

Nicholas Cutajar

HEAD OF DIGITAL & MARKETING

Raisa Mazzola

OPERATIONS & CLIENT RELATIONSHIP

MANAGER

Sue Ann Pisani

ADMINISTRATION & CLIENT RELATIONSHIP

EXECUTIVE

Rodianne Sammut

MAIN PHOTOGRAPHER FOR CEOS SHOOTS

Bernard Polidano

Content House Group Ltd would like to thank all the participants, contributors, partners, advertisers, and the project team who have made this publication a success.

The editorial appearing in this publication does not necessarily reflect the views of Content House Group Ltd. All rights reserved. Reproduction in whole or in part without written permission of the publisher is strictly prohibited.

The selection process of the 50 CEOs featured in the 2025 edition of this prestigious publication has been made at the sole and exclusive commercial and editorial discretion of the publishing company. Interviewees have not been featured in any particular order.

The publication MaltaCEOs 2025 reaches an influential audience comprising top-tier CEOs, business leaders, directors, and C-level executives in Malta. Beyond this core readership, its circulation extends to prominent businesses and companies spanning diverse sectors in the country. Moreover, it is freely disseminated to key entities such as leading accountancy and audit firms, banks, business centres, financial institutions, recruitment agencies and Government agencies.

In addition to the corporate distribution network, MaltaCEOs 2025 is strategically placed in select locations, including embassies and consulates, car showrooms, hospitals and clinics, yacht marinas, and upscale hotels. This extensive network ensures that the publication reaches decisionmakers and industry influencers in various spheres.

The content of MaltaCEOs 2025, including the prominent 50 CEOs interviews, is also serialised throughout the year on www.MaltaCEOs.mt, the sister brand of the MaltaCEOs publication. Both media brands are owned and operated by Content House Group Ltd, or one of its subsidiary companies.

FROM THOSE IN THE KNOW: MALTA’S ECONOMIC OUTLOOK FOR 2025

MALTA’S GROWTH FORECAST MAY BE ON TRACK – BUT BUSINESS SENTIMENT AMONG CEOS AND BUSINESS LEADERS IS DIVIDED FOR 2025.

As 2025 begins, Malta’s economy remains a complex balance of growth and cautious anticipation. Bolstered by resilience in tourism, financial services and emerging tech industries, Malta’s post-pandemic recovery remains strong, with forecasts indicating continued steady growth. Yet, business sentiment among Malta’s CEOs and business leaders remains divided, with rising inflation, global interest rate adjustments and geopolitical tensions weighing heavily on future strategies.

That said, while Malta’s economy does indeed face challenges – from potential disruptions in international trade and imported goods and energy to ongoing labour shortages – opportunities abound that hold promise for buoying the local economy through the year ahead. Key sectors such as sustainable tourism, FinTech and digital transformation present avenues for growth, as they address global trends including green technologies and the rise of Artificial Intelligence (AI).

Leaders in the tourism industry focus on sustainability to attract high-value visitors, while the financial sector is poised for further expansion, driven by Malta’s strong regulatory environment despite

challenges in talent acquisition. The push for green and digital transformation is also accelerating across the local landscape, with businesses prioritising innovation in energy and technology to stay competitive.

Meanwhile, Malta faces ongoing workforce challenges, particularly skills shortages and high labour costs, which continue to impact its long-term competitiveness. Investment in STEM education, training programmes and housing affordability reforms will be crucial in the coming year to attract and retain top talent.

As global uncertainties loom, Malta’s ability to adapt and innovate will be as pivotal as ever in shaping its economic trajectory, ensuring that the nation not only sustains its growth but also enhances the well-being of its businesses and citizens.

Here, some of the country’s most influential financial and business leaders weigh in on Malta’s economic outlook for 2025, sharing both their high-level economic forecasts and practical business insights to explore how they are preparing to navigate the economic opportunities and challenges ahead.

GORDON CORDINA

As a leading economist in the Maltese islands and a graduate of both the University of Cambridge and the University of Malta, Gordon Cordina brings over 25 years of experience across banking, policymaking, academia, and private sector consultancy to his role as Chairman of Bank of Valletta.

Amid global geopolitical upheaval and monetary shifts, Gordon believes Malta’s economy continues to thrive, driven by tourism, export-oriented services and higher value-added manufacturing. This growth, supported by an expansionary budget, has ripple effects on domestic sectors like retail, construction and real estate. However, he warns against obsessively pursuing growth at the expense of long-term improvements.

“Malta needs a consensus between leaders in business and public policy to attain key deliverables over the coming years, and to regenerate growth into durable benefits.” He offers examples such as requiring employers of foreign workers to invest in integration services, curbing land price increases to align with inflation and implementing behavioural measures to ease traffic congestion. “Malta need not reinvent the wheel but merely emulate successful practices elsewhere. Early and small successes would enhance the credibility of such initiatives,” he asserts.

“MALTA NEEDS A CONSENSUS BETWEEN LEADERS IN BUSINESS AND PUBLIC POLICY TO ATTAIN KEY DELIVERABLES OVER THE COMING YEARS, AND TO REGENERATE GROWTH INTO DURABLE BENEFITS.”

CHAIRMAN, BANK OF VALLETTA

Photo by Bernard Polidano

MARTHESE PORTELLI

CEO, THE MALTA CHAMBER

“MALTA IS NOT IMMUNE TO GLOBAL ECONOMIC TRENDS.”

Marthese Portelli has brought her wealth of experience in policy formulation and negotiation, to her role as CEO of The Malta Chamber of Commerce, Enterprise and Industry since 2021.

She identifies critical reforms – such as improving infrastructure, addressing over-construction, reducing bureaucracy, and better governance – as essential for sustainable growth. She also emphasises the importance of shifting Malta’s economic model from labour-intensive to value-added industries to improve quality of life and maintain the country’s attractiveness for high-quality investors, visitors and residents alike. “Manufacturing has always been a strong component of growth, as has tourism. We need to assist the manufacturing industry to move towards higher value-added processes and to do more with less,” she says. “In tourism, we need clarity on how we will move from quantity to quality in tangible terms.”

While Malta has proved to be resilient many times over, the island is exposed to vulnerabilities which pose challenges in remaining competitive. Attractiveness and productivity, as well as overall well-being and quality of life, remain key to embrace success. “Malta is not immune to global economic trends,” she says. “Higher interest rates potentially lead to increased borrowing costs for businesses and consumers. Inflation tends to erode purchasing power, affecting consumer spending and business investment. Geopolitical tensions disrupt trade and investment flows, as well as supply chains.”

Marthese calls for the implementation of over 250 policy proposals that The Malta Chamber has presented in recent years, focusing on a workforce strategy nurturing and keeping talent, innovation, the environment, renewable energy, traffic mitigation, pensions, rationalising public spending to get better return on investment, and better governance. And, with aviation and technology showing growth potential, she concludes that business sentiment for 2025 remains “guardedly prudent”, shaped by structural inefficiencies and the urgent need for strategic, forwardlooking reforms.

PAUL MIFSUD

“MALTA DOES NOT NEED MUCH TO PROSPER DUE TO ITS SIZE AND EU MEMBERSHIP, SO OUR FOCUS SHOULD BE ON QUALITY AND SUSTAINABILITY, WITH A HARD STOP TO OVER-DEVELOPMENT AND URBANISATION.”

Paul Mifsud has served as Sparkasse Bank Malta’s CEO since 2006, building on years of experience across financial services in various business roles, including as Managing Director of Quest Investment Services, the firm he founded in 2000.

He emphasises the critical role of interest rates in shaping banking strategies, noting their influence on “both the asset side and liability side of the balance sheet.” With rates expected to decline in 2025, he anticipates an impact on deposit rates and credit facilities, boosting credit accessibility.

Malta’s strengths – such as its EU membership, Englishspeaking workforce and low unemployment – position it as an attractive business hub. However, sustainability, infrastructure efficiency and value for money remain key challenges, he believes. “Malta does not need much to prosper due to its size and EU membership, so our focus should be on quality and sustainability, with a hard stop to over-development and urbanisation. A serious strategy on traffic management is also critical, while our local councils should be adequately resourced and budgeted to provide clean and safe neighbourhoods for residents, with accountability from all stakeholders.”

Regulatory costs weigh heavily on smaller financial institutions, potentially driving mergers and acquisitions in the sector, he adds. “Tourism will continue to be a key economic driver, while opportunities in digital assets and pensions signal promising growth areas.”

CEO, SPARKASSE BANK

Photo by Bernard Polidano

TONY ZAHRA

PRESIDENT, MALTA HOTELS AND RESTAURANTS ASSOCIATION (MHRA)

Leading hotelier and President of Malta Hotels and Restaurants Association (MHRA), Tony Zahra, predicts another strong year for tourism in 2025, with arrivals expected to exceed 3.2 million and spending surpassing €3 billion, following a positive postpandemic rebound. “Given that airlines have reconfirmed capacity and new carriers are joining, we are expecting a very good year,” he notes.

However, priority lies in capitalising on quality over quantity, he warns. “Malta continues to be a popular destination for many European source markets. However, with the country’s finite resources, we must ensure maximum returns from each tourist arrival. Other sectors, such as manufacturing and financial services, must also be able to withstand unknowns that could impact the tourism sector.”

Zahra highlights opportunities in high-end boutique hotels, which are expected to attract high-spending tourists. “The tourism industry is evolving, and we are seeing many new hotels and boutique properties of a very high standard entering the market, which will hopefully translate into a higher-spending tourist,” he says. However, he cautions that larger tourist numbers will put pressure on local infrastructure unless the Government urgently implements a strategy as outlined in a MHRAcommissioned report.

Global economic trends and challenges may also impact tourism, he continues. “The tourism industry is susceptible to geopolitical tensions and a flare-up of hostilities in the Middle East could have a significant impact on people travelling abroad.”

Finally, Tony stresses the importance of positioning Malta as a top Mediterranean destination. “Product Malta must be at the forefront of Government investment to ensure that our offering is the best among the Mediterranean destinations.”

“GIVEN THAT AIRLINES HAVE RECONFIRMED CAPACITY AND NEW CARRIERS ARE JOINING, WE ARE EXPECTING A VERY GOOD YEAR.”

STEPHANIE FABRI

ECONOMIST

Economist Stephanie Fabri has a cautiously optimistic outlook for Malta’s economy in 2025, emphasising both risks and opportunities.

She predicts that inflation will play a significant role in Malta’s future economic climate. “While inflation has been moderating globally, Malta’s reliance on imported goods and energy leaves it exposed to imported inflation, which could weigh on consumer spending and increase operational costs for businesses,” she warns.

Geopolitical tensions – particularly in Europe and the Middle East – compound the complexity, but also offer Malta the chance to attract businesses seeking a stable base. “Malta’s economy continues to benefit from strong financial services, iGaming and tourism sectors, all of which have demonstrated resilience through global challenges,” she notes, with FinTech and tourism driving growth.

Emerging sectors such as digital health and green technology add to Malta’s prospects, she continues, as “both the Government and private sector invest to meet the rising demand for sustainable and health-focused solutions,” with businesses prioritising “strategic planning, investment in talent and proactive risk management” to navigate uncertainties.

Stephanie underscores the importance of policy reforms to enhance Malta’s economic resilience and overcome significant structural challenges. “Energy diversification and renewable energy investments would reduce Malta’s vulnerability to global price fluctuations, improving economic stability. Increasing STEM education and training would help address the skills gap, while housing policies aimed at affordability and infrastructure improvements in urban areas would also improve the quality of life, aiding workforce retention and attraction.”

“ENERGY DIVERSIFICATION AND RENEWABLE ENERGY INVESTMENTS WOULD REDUCE MALTA’S VULNERABILITY TO GLOBAL PRICE FLUCTUATIONS, IMPROVING ECONOMIC STABILITY.”

MARCEL CASSAR

CEO, APS BANK PLC

Photo by Tonio Lombardi

“THE MARKET

LANDSCAPE REMAINS COMPLEX.”

Marcel Cassar’s career spans multiple senior executive positions in audit, financial regulation and banking before his appointment as APS Bank’s CEO in 2016. He has also served twice as Chair of the Malta Bankers’ Association, where he also sat on the board of the European Banking Federation.

Marcel presents a measured perspective on the economic outlook, acknowledging both opportunities and challenges. He emphasises the need for banks to prioritise digital transformation, enhance customer experiences, strengthen operational resilience, and drive efficiencies amid intense competition and greater regulatory scrutiny.

“The market landscape remains complex,” he notes. “The pace of growth has been helped by the pandemic rebound, reliefs like energy subsidies, and the continued strength of sectors such as tourism and gaming. But challenges remain – like skills shortages, labour cost inflation and cyber risk. Malta’s performance is still highly driven by consumption and more should be done to increase export-based industrial production.”

When it comes to the future of banking, Marcel first points to the need to ‘keep up’ with the FinTechs, as well as the importance of exploring AI to improve security, efficiency and customer experience. “On top of that, there is a need to stay on top of the sustainability and green agenda, including by offering ESGfriendly products. Also, we will have to manage the challenges of increased regulatory compliance, talent and skills development.”

Meanwhile, on a national level, Marcel admits that, as a banker, he sees the international waters around Malta getting quite choppy. “Consider the geopolitical risks and conflicts, OECD and China growth slowing down, and uncertainty about the new Trump administration,” he says. “European competitiveness is also weak and likely to get worse. Despite Malta’s growth momentum, our open economy is not immune to these developments.”

So, the CEO is keen to see certain policy measures and reforms implemented to strengthen our attractiveness. “Measures should be put in place to improve overall quality of life,” he says, “focusing on digital innovation, infrastructure, education, healthcare, sustainability, and jobs.” They are all in urgent need of attention, alongside the need to address the problems of urbanisation, transportation and over-development. “This requires a collaborative effort between the public and private sectors to ensure Malta’s long-term economic prosperity,” he concludes.

MERGERS and ACQUISITIONS: Malta’s Evolving Landscape

Malta’s mergers and acquisitions (M&A) market has been quietly gaining momentum, reflecting a maturing business environment that is navigating both local challenges and global dynamics. From cross-border activity and financing strategies to the growing emphasis on ESG and digital transformation, Malta is proving that its small size belies its big ambitions in the world of M&A. But what’s next?

While only 15 publicly announced M&A deals were recorded in Malta in 2024 – as noted by Thomas Cremona, Founder of advisory firm idisav – this number barely scratches the surface of actual activity. “Private deals likely account for a significant portion of the market,” notes Thomas, underscoring the discreet yet robust nature of Malta’s M&A landscape, where confidentiality often plays a pivotal role given the island’s small size and tight-knit business community.

Several sectors have emerged as hotspots for deal-making. Consolidation within the food and grocery retail industries continues apace, driven by the need to streamline operations and achieve economies of scale. In parallel, mergers in the professional services and pharmacy sectors are reshaping competitive landscapes, and the online gaming industry – a cornerstone of Malta’s

economy – is seeing strategic acquisitions as companies vie to bolster market positions and diversify offerings in response to global regulatory pressures.

Beyond these trends, a growing number of Maltese family businesses (which make up a significant component of the economy and are often nearing generational transitions) are also influencing M&A dynamics. Many turn to M&A as a succession planning tool, to manage smooth generational handovers, secure legacies, or exit the market altogether. “With most businesses in Malta being family-owned or owner-managed, M&A transactions often carry emotional weight,” remarks Jonathan Shaw, Partner at Hatten M&A Advisory. “Balancing financial outcomes with the emotional and psychological safety of all parties is critical to success.”

Photo by Matt Thompson

As the year unfolds, the broader economic backdrop is likely to influence the market further. Factors like rising interest rates and stricter regulatory scrutiny have added complexity to transactions but have also sharpened focus on valuation discipline and due diligence rigour.

MARKET OVERVIEW & TRENDS

Malta’s M&A market is evolving into a more mature and dynamic space, driven by both local consolidation and cross-border activity. This subtle increase in activity reflects a growing sophistication in Malta’s business landscape, where companies are leveraging M&A not just for survival but to achieve strategic growth and operational efficiencies.

The push for sector consolidation is set to continue, particularly in food and grocery retail, as businesses strive to manage pricing pressures.

“Operators are pursuing cost savings to sustain pricing pressure in a more consolidated sector,” explains Matthew Xuereb, Director at Deloitte in Malta, adding that consolidation in fragmented sectors such as home retail also presents opportunities to eliminate duplicate costs and streamline operations.

The online gaming sector – one of Malta’s economic mainstays – is itself a hub of M&A activity. Companies are pursuing acquisitions to solidify their market positions and adapt to intensifying global regulatory scrutiny.

“The industry is seeing movement, with companies seeking strategic acquisitions to strengthen market positions and diversify offerings in response to changing regulations

Technology-related businesses are becoming increasingly attractive targets, driven by the accelerating demand for digital solutions and innovation.

and competitive pressures,” observes Dr Simon Schembri, Partner at Ganado Advocates. “As a result, technology-related businesses are becoming increasingly attractive targets, driven by the accelerating demand for digital solutions and innovation.”

DR SIMON SCHEMBRI

Meanwhile, global economic conditions are shaping Malta’s M&A landscape in profound ways. The ripple effects of rising interest rates, high inflation and geopolitical tensions have made deal-making more complex, tempering some of the frenetic global activity of recent years. “Malta has inevitably felt the effects of these global trends,” notes Simon, adding that the local market has faced subdued activity in line with broader international patterns.

However, according to David Pace, Partner at KPMG in Malta, “it is possible that this year will continue in line with last year’s trend, particularly with financial services regaining prominence in deal-making activities.” Recent months have seen credible momentum, spurred by private equity funds and international players strategically deploying capital.

Valuation trends in Malta are also reflecting this evolving landscape. While deal valuations have remained relatively stable, buyers and sellers often face a gap in expectations. “Vendors who are committed to selling can mitigate this by preparing

Photo by Bernard Polidano

Companies are focusing on how combined strengths can generate value beyond the sum of their parts – where one plus one makes three.

detailed information memorandums and vendor due diligence reports. This approach better aligns expectations, mitigates costs for prospective buyers and enhances investor interest,” Matthew advises. Beyond traditional metrics, increasing emphasis is being placed on assessing synergies that can create postmerger value. “Companies are focusing on how combined strengths can generate value beyond the sum of their parts – where one plus one makes three,” explains Jonathan.

DEAL-MAKING ENVIRONMENT

Navigating Malta’s M&A landscape requires a deep understanding of the regulatory environment, a meticulous approach to due diligence and a flexible financing strategy tailored to the market’s unique challenges. As cross-border transactions increase and global economic pressures mount, companies operating in Malta must address these complexities head-on to ensure successful outcomes.

Highlighting this trend, Jonathan observes, “more local companies are achieving growth through M&A overseas, acquiring established operations rather than building from scratch.” This suggests that cross-border activity is set to grow, with Maltese companies leveraging M&A to establish footholds in larger markets abroad.

Due diligence remains a cornerstone of any M&A transaction, with confidentiality being a serious challenge. “Privacy remains critical throughout the M&A process due to the

JONATHAN SHAW

size of the island and the limited number of local enterprises,” continues Thomas. Smaller businesses often lack formal governance structures, complicating the rigorous vetting process. Regulatory oversight adds another layer of complexity, particularly with the Malta Competition and Consumer Affairs Authority’s scrutiny of larger deals.

Meanwhile, the financing landscape combines traditional bank loans with emerging private equity options, though the latter remains niche, with international investors targeting the gaming and technology sectors. “Most M&A transactions rely on strong balance sheets and consistent cash generation from existing operations,” Matthew notes. This points to the importance of financial creativity, including staggered payments and seller financing.

David also highlights the critical role of maintaining a strong, clear-eyed view of market dynamics: “Managing the expectations of buyers and sellers is a challenge throughout the deal-making process. Keeping parties updated is vital, as fatigue can set in and key stakeholders can get nervous. Open communication, adopting a proper process, ensuring one’s house is in order (be it buyer or seller), and readiness to see a deal through

Photo by Rene Rossignaud

are key.” This perspective is crucial as Malta’s M&A market matures, helping businesses align financial and strategic goals more effectively.

And beyond this, cross-border transactions are a growth area, leveraging Malta’s location within the EU. “The island presents a wealth of opportunities for investment,” Simon affirms, particularly in pharmaceuticals, gaming and technology. “Local

In today’s world, buyers are easy to find if you have an attractive asset, so the focus should be on helping our local business leaders build great businesses.

DAVID PACE

Privacy remains critical throughout the M&A process due to the size of the island and the limited number of local enterprises.

companies are also acquiring abroad, finding costeffective growth strategies through established foreign operations.”

FUTURE OUTLOOK

As Malta’s M&A market matures, it offers opportunities for consolidation, technological advancement and ESG integration. “M&A will be a key lever for growth, allowing Maltese businesses to expand their operations overseas,” observes Matthew. Leaders aligning with these emerging trends will position themselves at the forefront of Malta’s evolving economic landscape.

Highlighting the role of financial services in driving local deal-making, David notes: “Opportunities exist across all sectors, with financial services among those showing buoyant M&A activity. Hopefully, the jurisdiction will steadily regain its position further upfield. We must also remember that deal-making needs a pipeline of buyers and assets for sale. In today’s world, buyers are easy to find if you have an attractive asset, so the focus should be on helping our local business leaders build great businesses.”

Technology is also poised to transform the M&A landscape in Malta, from streamlining due diligence to reshaping valuations. Companies with strong digital assets or successfully implemented digital transformation strategies are becoming particularly attractive acquisition targets. “Businesses which have undergone digital transformation are attractive to potential buyers seeking investment opportunities,” remarks Simon.

Moreover, technological advancements, such as Artificial Intelligence (AI) and blockchain, are expected to redefine how deals are executed, with AI expediting due diligence by analysing vast amounts of data quickly, and identifying risks and opportunities that might otherwise go unnoticed. Blockchain technology, on the other hand, offers the potential to enhance

by David Serge

THOMAS CREMONA

Photo

transparency and security in deal transactions, particularly in cross-border contexts. While these technologies are still in their early adoption stages in Malta, their impact on deal-making processes will likely grow in the coming years.

The integration of ESG considerations into M&A strategies is also gaining traction globally, and Malta is no exception. “Strong ESG credentials may facilitate favourable financing terms, including lower interest rates or access to a broader pool of investors,” Simon points out. Buyers are increasingly assessing ESG performance during due diligence, making it a critical factor in deal structuring and post-merger integration.

However, adoption remains uneven. Regulated entities in Malta, particularly in financial services, are beginning to incorporate ESG principles into their business models. For non-regulated

M&A will be a key lever for growth, allowing Maltese businesses to expand their operations overseas.

businesses, the shift is slower, although pressure from international investors and evolving consumer expectations may accelerate this trend.

As businesses in Malta adapt to ESG imperatives, they must also recognise its potential as a value driver. Companies with strong governance frameworks or a clear commitment to sustainability may command higher valuations, attracting buyers seeking not only financial returns but also alignment with global best practices.

Thus, the road ahead for Malta’s M&A market is paved with opportunities for those who can anticipate and adapt to these emerging dynamics, and local and global pressures. The focus on consolidating fragmented industries, leveraging cross-border opportunities and embracing innovation and digital transformation will likely shape the next chapter of this dynamic landscape.

MATTHEW XUEREB

Photo by Dragana Rankovic

ARE MALTESE BUSINESSES DOING

ENOUGH TO EMBRACE

ARTIFICIAL INTELLIGENCE?

MaltaCEOs takes a deep dive into local Artificial Intelligence implementation, innovation and future planning.

According to global management consulting firm McKinsey, 72 per cent of organisations globally adopted Artificial Intelligence (AI) in 2024, with the number of Generative Artificial Intelligence (GenAI) use cases doubling in just one year. What’s more, AI could generate up to $23 (€21) trillion annually by 2040.

Malta is at a pivotal stage in its journey towards AI adoption, with pockets of innovation emerging alongside persistent challenges. The local landscape has made strides, particularly in sectors like FinTech, iGaming and logistics, where AI applications such as fraud detection, predictive analytics and customer service automation are reshaping operations.

However, the broader picture reveals uneven uptake, with some businesses hesitant to embrace AI due to cost concerns, regulatory ambiguity and a lack of skilled talent.

Local success stories – such as AI-powered traffic management systems in the public sector, and innovative healthcare tools by EBO.ai – showcase the transformative potential of AI when applied strategically. Yet, many businesses remain cautious, struggling to pinpoint AI’s relevance to their operations or to quantify its return on investment. For smaller enterprises, the skills gap in areas like machine learning and data science remains a significant

hurdle, underscoring the need for reskilling initiatives and cross-sector collaboration. There is optimism, nonetheless, as the experts featured here highlight AI’s growing role in operational efficiency, customer personalisation and compliance. Their advice to businesses is to ease into AI adoption with smaller projects that target immediate problem areas, laying the groundwork for more ambitious initiatives as their capability grows. Public-private partnerships and Government incentives – such as financial support and AI-readiness assessments – also aim to accelerate integration, particularly among SMEs. By bridging skill gaps, fostering trust and encouraging investment, Malta undoubtedly has the potential to position itself as a hub for AI innovation, driving sustainable growth across industries.

As the sentiment among Maltese business leaders towards AI evolves, one thing is evident: adopting AI has, almost overnight, become a strategic imperative for businesses to maintain competitiveness on the global stage. Love it or hate it, AI is here to stay – and it’s only going to become more integral.

Here, we delve into the current state of AI adoption in Malta, exploring the successes, challenges and opportunities that define this critical phase in the island’s technological evolution, as told by those most in the know.

DR GEGE GATT CEO of EBO.ai

“Local AI adoption is promising but uneven, with financial services leveraging it effectively while public sector uptake lags. Transformative applications like citizen engagement platforms and predictive analytics, seen internationally, are underutilised locally. Barriers include low AI literacy among leaders, cost concerns and regulatory uncertainty – solvable through public-private collaboration, funding schemes for AI adoption and clearer communication to foster trust. Skill gaps persist but are being addressed through upskilling and partnerships.

“Over the next year, AI-driven changes in Malta will centre on operational efficiency, customer personalisation and the integration of generative AI into creative and service industries. Businesses should start small but think big, implementing pilot projects in automation or customer experience to build confidence and demonstrate tangible ROI.”

AI is a tool to empower people, not replace them, and its responsible use can unlock immense potential.

DR JACKIE MALLIA Head of Legal at BDO Malta

“Malta is advancing AI adoption through its ‘Strategy and Vision for Artificial Intelligence in Malta 2030’, focusing on investment, public sector innovation and private sector engagement. Ranked 10th in the Global AI Index in 2020, the strategy supports SMEs with financial incentives, awareness campaigns and an AI readiness index.

As AI evolves, so too will opportunities and risks; staying informed and flexible will ensure sustainable growth and long-term success.

“Successful AI applications locally include traffic management systems that optimise urban mobility. A notable project led by Malta’s Superintendence of Cultural Heritage used AI to analyse foot traffic flow at Spazju Kreattiv, resulting in an 11 per cent increase in visitors following resource changes driven by AIgenerated insights.

“Going forward, AI is set to enhance compliance and cybersecurity. Businesses should embrace this and leverage Government incentives and funding to offset costs and accelerate implementation.”

EXPERT INSIGHT

Photo by Brian Grech

NATALIA MALLIA

Senior AI Engineer at Axon Park

“AI adoption in Malta shows mixed progress – some are eager, while others remain cautious. While many start with tools like chatbots, more advanced applications are needed for Malta to keep pace internationally. Promising projects include AI-driven traffic

Everyday AI tools like AI-driven customer support and productivity enhancers such as Copilot will soon be widespread, improving efficiency and customer experiences.

PROF CLAUDIA BORG

Associate Professor at the Department of Artificial Intelligence, University of Malta

“Malta’s distinctive linguistic and cultural identity offers unique opportunities for bespoke AI applications, particularly in Natural Language Processing (NLP). AI tools focused on the Maltese language – like chatbots and sentiment analysis – are transforming customer engagement and public sector services. Industries such as healthcare, tourism and transport are collaborating with researchers to develop AI solutions for personalisation and efficiency. However, much AI use remains informal, with employees leveraging tools independently rather than as part of a deliberate, organisation-wide strategy.

“Many organisations are tethered to traditional workflows and struggle to visualise how AI can enhance or even replace them. Fostering AI education and upskilling employees is critical to drive intentional, strategic adoption across industries.”

management and educational enhancements. The core barriers to adoption are bureaucracy, limited infrastructure and a shortage of skilled workers, with the main workforce challenges being too few employees and uncertainty around AI’s role in businesses. Solutions include prioritising integration, enhancing infrastructure and encouraging more students to study AI, ensuring opportunities to retain talent locally.

“For newcomers, AI should be seen as a long-term investment, with available support and opportunities far outweighing the challenges.”

As language processing technology for Maltese advances, it will enable seamless AI-driven services for a wide audience, promoting the use of our national language while empowering businesses to connect with their customers more meaningfully.

PROF ALEXIEI DINGLI

Professor of Artificial Intelligence, University of Malta

“The use of AI in Malta is growing, led by FinTech, iGaming and logistics, which use tools like fraud detection, predictive analytics and chatbots. Many businesses remain cautious, unsure of where AI fits or offers ROI. Starting with pain points – such as inefficiencies in customer support or data analysis – can yield quick wins and build confidence. Success stories like EBO.ai highlight AI’s potential to drive innovation and competitiveness. However, a skills gap in data science and machine learning poses challenges, urging firms to prioritise reskilling and expert collaboration.

“Looking to the year ahead, AI-driven automation in customer service, marketing and logistics will have the greatest impact.”

As AI adoption grows, businesses must manage ethical concerns like data privacy and workforce disruption by implementing robust policies and frameworks.

NIKOLAI LIVORI Founder and Owner of SKIVORI

“AI adoption in Malta is advancing, particularly in private sectors like iGaming and financial services, with applications in logistics, retail and healthcare showcasing its versatility. At SKIVORI, we invest heavily in AI as it has made us more efficient and increased our profitability by at least 600 per cent, saving us money in the long run. However, Government services lag behind. AI-driven chatbots and automated query systems, for example, could enhance public service efficiency by

helping Government entities such as ARMS Ltd or Transport Malta handle large volumes of common customer inquiries, reducing response times and easing the workload of customer service teams.

“I anticipate that AI-driven automation, predictive analytics and advanced customer service tools will be some of the biggest gamechangers for Maltese businesses in the coming months.”

has strong potential to harness the power of AI, but success will depend on collaboration between the private sector, Government and academia. With the right investments and strategies, the country can position itself as a leader in AI innovation across diverse industries.

BALANCING WORKFORCE NEEDS & POPULATION GROWTH: Should Malta Impose Limits on Foreign Workers in 2025?

AS MALTA GRAPPLES WITH UNPRECEDENTED WORKFORCE GROWTH – WITH OVER 105,000 FOREIGN WORKERS AND A 10 PER CENT RISE IN NON-EU PERMITS IN 2023 – BUSINESS LEADERS WARN THAT PROPOSED 2025 RESTRICTIONS COULD DESTABILISE KEY SECTORS. THEIR INSIGHTS SUGGEST THAT THE SOLUTION MAY LIE NOT IN LIMITING WORKERS, BUT IN TRANSFORMING MALTA’S ECONOMIC MODEL.

The numbers tell a compelling story: key sectors have become fundamentally dependent on international talent – with 16,362 workers in administrative services, 14,923 in accommodation and food services, and 10,409 in construction. However, this reliance comes at a cost.

Every week, 108 new vehicles join the island’s already congested roads, housing availability continues to tighten and public services struggle to meet escalating demands. This rapid growth, coupled with the transient nature of the foreign workforce – most staying less than two years – creates a perpetual cycle of recruitment and rising operational costs for businesses.

Recent Government measures, including the ‘Specialist Employee Initiative’ and revised work permit structures, signal a strategic shift towards prioritising merit and expertise in recruitment. However, business leaders emphasise the need for gradual, sector-specific initiatives rather than sudden restrictions that could disrupt essential services and economic stability.

From major employers to HR specialists and economic consultants, our interviewees’ perspectives bring to light innovative approaches to workforce management and offer a practical roadmap for achieving sustainable economic transformation in 2025 and beyond.

JP FABRI PARTNER, SEED CONSULTANCY

JP Fabri, Partner at Seed Consultancy, warns against blanket restrictions on foreign workers, advocating for a strategic overhaul of Malta’s labour market. While acknowledging their vital role in key sectors, he stresses the need for international talent to complement – rather than dominate – the workforce.

“A shift towards high-value, technology-driven sectors, such as information and communication technology or professional services, could reduce dependence on lowwage foreign labour. Policies that incentivise productivityenhancing investments, such as automation or Artificial Intelligence (AI) in hospitality, can support this transition while creating higher-paying roles that attract local talent.

“While this transformation takes shape, the immediate reality remains that foreign workers are vital to Malta’s economy. However, their short tenure – evidenced by a median stay of three-and-a-half years – raises sustainability concerns. To address this, Malta must enhance socio-economic integration through streamlined permit systems, affordable housing and pathways to permanent residency. Such measures not only improve retention but also foster long-term stability in sectors heavily reliant on foreign labour.

“Looking ahead, Malta’s workforce demands over the next three to five years will be shaped by demographic shifts, technological advancements and evolving economic priorities. Policymakers must adopt forward-looking strategies that prepare the labour market for future demands. Promoting lifelong learning is essential to enable workers to adapt to dynamic roles, particularly as automation and digitalisation reshape industries. Additionally, investments in public infrastructure, such as affordable childcare and efficient public transportation, are critical to supporting workforce participation across demographics.

“A shift towards high-value, technology-driven sectors, such as information and communication technology or professional services, could reduce dependence on low-wage foreign labour.”

“The success of these initiatives hinges on close collaboration between Government and business. Publicprivate partnerships can drive industry-aligned curricula, while tax incentives can encourage businesses to invest in automation and reskilling. Aligning these efforts with a national productivity strategy will ensure Malta balances economic growth with population sustainability.

“Addressing these challenges requires a holistic strategy that prioritises skills, innovation and inclusion. A balanced labour market will not only sustain Malta’s growth but also enhance its resilience in an increasingly competitive global economy.”

Photo by iCreatemotion Photography

SEBASTIAN RIPARD CEO, RIDES&EATS LTD

Sebastian Ripard, CEO of Rides&Eats Ltd, approaches Malta’s foreign worker debate through the lens of systems thinking and market dynamics. Drawing from his experience managing Uber’s local operations, he highlights how recent worker restrictions have already impacted service delivery, with cab prices rising 10 per cent and reliability declining. Rather than imposing blanket limits, he advocates for sophisticated workforce management policies that recognise Malta’s seasonal demands and demographic challenges.

“The impact of foreign worker restrictions on the ride-hailing sector is already evident and measurable. We’ve seen a 10 per cent increase in cab prices coupled with a significant decline in service reliability. This isn’t surprising – the ride-hailing market’s size directly correlates with the number of available drivers. It’s simple mathematics: When you reduce the driver pool, the market contracts proportionally. Unfortunately, size matters in our industry, and as economies of scale diminish, overall efficiency suffers.

“To understand how to manage Malta’s workforce effectively, we need to think in terms of systems and flow. Let me explain using our traffic situation as an example: Every week, 108 new cars join our roads, putting immense pressure on our limited road network. This mirrors our workforce situation – both cases involve managing movement within confined spaces. Our small island of 300 square kilometres – home to roughly 500,000 people – can’t endlessly expand its roads or workforce capacity. Rather than simply restricting growth, we need intelligent solutions for both challenges. Just as we can’t solve traffic by endlessly building new roads, we can’t address workforce needs through

simple restrictions. The answer lies in smart management of flow, drawing on examples from other densely populated cities that have successfully balanced similar pressures.

“Government and businesses must work together to determine the right balance of foreign workers needed in Malta. When we establish clear guidelines and allow market forces to operate naturally, supply and demand will find their equilibrium. However, this requires strong enforcement of existing labour laws – ensuring minimum wages are paid and working hours are regulated. The key is to let authorities focus on maintaining standards and working conditions while allowing the market to determine the workforce numbers required.

“Looking ahead to Malta’s evolving workforce needs, I think the elephant in the room is seasonality. The hospitality sector, in particular, faces significant staff shortages that directly impact business growth and performance. Our current approach needs refinement – we should develop sophisticated seasonal migration policies like those successfully implemented in other countries. These programmes would create a reliable workforce pool, particularly in sectors like hospitality and agriculture, where seasonal demands are most pronounced. The beauty of such programmes lies in their efficiency: When seasonal workers return year after year, they become more skilled and require less training, creating a winwin situation for both employers and the economy.

“When it comes to long-term sustainability, we also face a critical demographic challenge that extends across the EU. The taxcontributing population is shrinking while the tax-dependent population grows – arguably one of the biggest challenges to our economic and social well-being in the coming decades. We have two main solutions to maintain growth or at least control recession: Attracting workers from outside the EU and increasing productivity through technology.

“The path forward is clear – our long-term sustainability depends heavily on successfully attracting and integrating foreign workers. In fact, within the next few years, European countries will be competing to attract foreign workers rather than trying to restrict them. This means Malta needs to act now to develop sophisticated migration policies, particularly distinguishing between temporary and circular migration patterns, with streamlined procedures that make it easier for workers to enter and re-enter the country as needed.”

“Within the next few years, European countries will be competing to attract foreign workers rather than trying to restrict them.”

KEVIN J BORG DIRECTOR GENERAL, MALTA EMPLOYERS’ ASSOCIATION

Kevin J Borg, Director General of the Malta Employers’ Association, brings 25 years of experience in leading Malta’s business community. As an economist and strategic advisor, he argues that Malta’s economic sustainability depends on a fundamental shift from labour-intensive operations to a technology-driven model, warning that workforce policies must support, rather than hinder, this essential transformation.

“The scarcity of technical talent has driven significant changes at the Malta Employers’ Association over the past three years. To adapt and remain effective, we’ve not only increased our headcount but also embraced more flexible working arrangements, bringing in technical consultants and remote workers to strengthen our capabilities.

“Implementing sudden restrictions on foreign workers would create significant disruption across Malta’s economy.”

“When it comes to recruitment preferences, Maltese employers’ position is clear: Local talent remains the first choice. Local hires offer distinct advantages, such as faster training, a deeper understanding of local business culture, stronger company loyalty, and reduced administrative complexity. However, the severe shortage of local applicants for open positions means businesses must increasingly rely on foreign workers to maintain operations.

“Implementing sudden restrictions on foreign workers would create significant disruption across Malta’s economy. Our strategic sectors –healthcare, transport and logistics, waste management, agriculture, tourism, and construction – now rely heavily on foreign talent. Rather than rushing into restrictive policies that could destabilise these vital sectors, the MEA advocates for immediate strategic planning to guide our economic transformation.

“A critical factor in supporting our workforce is developing an integrated, reliable transport system. This means moving beyond both private cars and app-based services to create a comprehensive transit network. While the initial investment is substantial, an efficient mass transit system is strategically vital for Malta’s future. Beyond the immediate benefits of reduced traffic and fewer accidents, it would improve air quality, decrease commute times and enhance overall quality of life for both local and foreign workers.

“We believe that Malta’s economic future depends on shifting from labourintensive operations to a quality-focused model driven by technology and automation. This transformation requires medium-to-long-term investments in productivity-enhancing initiatives, particularly in exportled, high-value sectors where we can ‘do more with less’. To facilitate this change, the MEA has launched several practical initiatives, including a Change Management Business Manual developed through EU funding. This comprehensive guide helps businesses implement automation, enhance workplace flexibility and develop targeted training programmes – all supported by workforce optimisation assessments to ensure effective transition.

“Malta’s skills gap requires long-term planning to support this economic transformation. We must revolutionise our education system to align with future economic needs, emphasising STEM subjects and essential skills like critical thinking, creativity, collaboration, and communication. Meanwhile, as an immediate solution, the MEA promotes extending workforce participation beyond retirement age on a voluntary basis.”

ADRIAN BUTTIGIEG DIRECTOR, HR PLUS

Adrian Buttigieg, Director of HR Plus and a seasoned hospitality professional with two decades of experience, highlights that Malta’s infrastructure challenges – compounded by the country’s rapid economic growth, ageing population and locals opting for higher-paid jobs – are the real issues the country is facing, not the international workforce. He emphasises the importance of implementing changes strategically to ensure economic stability, avoiding rushed decisions that could make Malta less accessible or appealing for talented third-country nationals (TCNs) to develop their skills and contribute meaningfully to our economy.

“Some of the current discourse surrounding foreign workers in Malta is based on misconceptions. Like many other countries, Malta relies on foreign talent to drive economic growth, address the challenges of an ageing population, and fill essential roles that the local workforce alone cannot meet.

“The challenges the country faces are not the result of the presence of foreign workers but rather reflect how Malta’s infrastructure was never designed to support such rapid and significant economic growth. This includes the strain on roads, energy systems and public services.

“But foreign workers are essential to Malta’s continued growth. At HR Plus, we hire based on qualifications and the best fit for each role, irrespective of nationality. Abruptly restricting foreign workers or making it nearly impossible or too costly for them to come and work in Malta often leads to difficulties in finding suitable individuals for much-needed roles.

“The reality is that there are roles in Malta that locals often avoid, either due to wage considerations or because many prefer senior positions or office-based roles over physically demanding or labour-intensive work. The ageing population further exacerbates this challenge. Imagine a Malta without foreign

“Foreign workers are not just a convenience; they are indispensable to Malta’s economy and the services that sustain it. However, a more balanced and informed approach is needed to ensure stability and continued growth.”

workers: Industries such as healthcare, hospitality, construction, and transportation would face severe disruptions, potentially leading to unfavourable economic and social consequences. Foreign workers are not just a convenience; they are indispensable to Malta’s economy and the services that sustain it. However, a more balanced and informed approach is needed to ensure stability and continued growth.

“The focus should shift to nurturing local talent through education and improved skill-building programmes designed to complement – rather than replace – foreign workers. A balanced approach by combining strategic workforce planning with clear and fair policies for foreign labour is essential to sustaining Malta’s economic progress.”

Photo by Inigo Taylor

WORKPLACE REVOLUTION: HOW GEN

Z IS REDEFINING THE WAY WE WORK

BY 2025, GENERATION Z (GEN Z) WILL MAKE UP 27 PER CENT OF THE GLOBAL WORKFORCE – AND THEY’RE BRINGING UNPRECEDENTED EXPECTATIONS THAT ARE ALREADY RESHAPING MALTA’S BUSINESS LANDSCAPE. AS CEOS FACE MOUNTING PRESSURE TO ATTRACT AND RETAIN THIS TALENT POOL IN AN INCREASINGLY COMPETITIVE MARKET, WE ASKED SOME OF THE ISLAND’S LEADING CEOS, HR PROFESSIONALS AND COACHES TO REVEAL HOW THIS DIGITALLY NATIVE GENERATION IS TRANSFORMING EVERYTHING FROM WORKPLACE CULTURE AND RETENTION STRATEGIES TO LEADERSHIP APPROACHES AND TALENT DEVELOPMENT. THEIR INSIGHTS PAINT A CLEAR PICTURE: ORGANISATIONS THAT FAIL TO ADAPT TO GEN Z’S DISTINCT PRIORITIES RISK FALLING BEHIND IN THE RACE FOR TOMORROW’S TOP TALENT.

As those born between 1997 and 2012 – collectively known as Generation Z – step into the workforce, the Maltese working landscape is undergoing a seismic shift.

This tech-savvy, socially conscious generation brings a distinct set of expectations and values to the corporate landscape, challenging traditional business models and reshaping workplace dynamics.

DEFINING GENERATION Z

There are several key differences between Gen Z workers and those of previous generations, from workplace expectations and attitudes to values, trends and tech proficiency.

“Gen Z has a strong ‘work to live’ mindset and I think this is a great thing!” says Peter Grech, CEO and Founder of BRND WGN. “They nurture and inspire a better quality of work-life culture that demands flexibility, purpose-led decision-making and principle-based leadership. This ripples through

Gen Z are digital natives – they’re not only ready for digital transformation but will be the biggest instigators.

PETER GRECH

Photo by Bernard Polidano

customer experience and has a planet-friendly, ethical impact on the organisations they work for.”

Unlike their predecessors, they are digital natives who view work as a component of a balanced life rather than its centrepiece, he continues. “Gen Z are also digital natives, so they are not only ready for digital transformation but are likely to be the biggest instigators of data-driven solutions and Artificial Intelligence (AI) adoption.”

Gen Z prioritises flexibility, meaningful work and a strong work-life balance, agrees Human Skills Specialist Alex Falzon. “Gen Z workers have distinct workplace expectations compared to previous generations. They value flexibility, emphasise work-life balance, challenge authority more, expect to be stimulated, and are acutely aware of the importance of their own growth.”

While they share universal aspirations like career growth and recognition, Gen Z’s boldness in articulating these expectations sets them apart, says Employer Brand and Communications Strategist Vanessa Camenzuli, who runs her own consultancy firm. “Gen Z are more intentional about their life – and this includes work. Whereas earlier generations focused mostly on earning a living through work, Gen Z wants their work to mean something more and they have a deeper understanding of what a balanced and healthy life should look like.” THE ISLAND’S MOST

This generation’s upbringing in a technologydriven and economically stable world has shaped

Unlike earlier generations, Gen Z was born into a technology-rich environment that offers many employment and entrepreneurial options.

ALEX FALZON

their desire for rapid career progression, social responsibility and mental health awareness, he highlights. “Unlike earlier generations that often relied on established hierarchies and experience, Gen Z was born into a technology-rich environment that offers many employment and entrepreneurial options.”

Photo by Amy Grech Pirotta

OVERCOMING MISCONCEPTIONS

“There are several misconceptions about Gen Z’s work ethic, which often portray them as entitled, disinterested or lazy,” continues Alex. “However, these misunderstandings arise from communicating in different frequencies and overlooking this generation’s desire for meaningful work and consistent feedback, which is far more pronounced than in previous generations. When leaders fail to recognise this need for inspiration and guidance, it can lead to disengagement and high turnover rates.”

HR Consultant Rachel Falzon agrees that Gen Z is often misunderstood. “Gen Z has been moulded by a very different world to the one company leaders grew up in and I think we need to understand this first and foremost. Just looking at the world around us, the climate crisis and eco-anxiety young people experience, as well as the sheer influx of social media scaremongering, are enough to glean why their outlook is different,” she says. “Additionally, sometimes we forget that, as new starters in the workforce, we also were once ‘green’ and inexperienced. Employers expecting ‘plug and play’ talent from the Gen Z cohort are bound to be disappointed – they simply have not had time to gain the necessary experience, especially when they lost out on two years’ worth of workplace exposure and maturity due to COVID-19.”

Meanwhile, Josef Said, CEO of Expedition42, sounds a note of caution for leaders of this high-potential, forward-looking generation. “Leaders of Gen Z need to be tech-savvy, strive for progress rather than stability and treat people with respect, with an understanding that for good talent, the opportunities are endless,” he says.

A GEN Z WORKPLACE CULTURE

Gen Z’s workplace preferences lean towards flexible work models, transparent communication and organisations that reflect their values. Maltese businesses have adapted by implementing hybrid work models and emphasising employee well-being, but the journey is ongoing.

“Businesses are working much harder on their external employer branding by sharing engaging content that promotes their company culture and their employee value proposition, and using more modern platforms such as Instagram, LinkedIn and TikTok to advertise job vacancies,” says Rachel. “When it comes to retention and managing the younger workforce, there is much more awareness at the manager tier about the need for strong people management, leadership and interpersonal skills, which are crucial for retaining this generation, which will make up 27 per cent of the global workforce by 2025.”

Gen Z are more intentional about their life - and this includes their work. They want to understand the impact their work has on the overall business.

VANESSA CAMENZULI

Photo by Edward De Gabriele

Gen Z’s greater affinity with technology and personal wellness is already changing the face of working cultures across Malta. “This digital proficiency means that they are more likely to choose digital interactions before face-to-face chats,” explains Peter. “At a career level, they are more likely to be open to learning and professional growth opportunities. On an entertainment level, Gen Z prefer team-building activities that are healthier and more meaningful, rather than the traditional food and alcohol-based parties of their millennial counterparts.”

Employers expecting ‘plug and play’ talent from the Gen Z cohort are bound to be disappointed.

RACHEL FALZON

NURTURING CAREER DEVELOPMENT AND GROWTH

Rapid career progression is a hallmark of Gen Z’s professional aspirations – and Alex warns companies may struggle to retain these workers if they fail to meet their expectations. “Key nonnegotiables for Gen Z include the speed of their career development, new opportunities, mental health support, and a commitment to social responsibility. They seek leaders who inspire them to pursue their passions and contribute meaningfully – and they are likely to leave organisations that do not prioritise their future growth.”

Professional training and upskilling remain high priorities for Gen Z, which can be challenging in Malta’s increasingly competitive and saturated jobs market that is still adjusting to the curveball of AI. “The Maltese working population is made up of just under 40 per cent foreign nationals, who are essential for the country to operate, while AI will disrupt the workplace in a big way. Any person, local or foreign, who aspires to higher salaries must upskill themselves, as education and training are key to improving earnings and mitigating disruption,” notes Josef.

BIGGER PICTURE LEADERSHIP

“Understanding what makes you different, your purpose and your values as an employer will give you a competitive edge,” says Vanessa, offering advice to Maltese business leaders keen to create a workplace environment that successfully attracts and retains Gen Z talent. “Think of the bigger picture and take time to reflect on the type of

employer you want to be, ensuring each peoplerelated decision and touchpoint aligns with this. I believe this is the only way to build a strong employer brand that stands out.”

She also recommends business leaders focus on their coaching skills – advice that Alex echoes: “Maltese business leaders should enhance the human skills of their workforce while creating inclusive environments. By adopting a coaching mindset rather than relying solely on experience or controlling methods, leaders can better connect with Gen Z talent and foster loyalty.”

LOOKING AHEAD: THE FUTURE OF WORK IN MALTA

Gen Z’s growing influence promises profound changes in Maltese workplaces. From sustainability initiatives to increased use of technology, this generation is pushing businesses to evolve. “In

Leaders of Gen Z need to be tech-savvy, strive for progress not stability and treat people with respect.

JOSEF SAID

the next few years, more Gen Z workers will be in leadership positions,” Josef predicts. “As a result, workplace culture changes will accelerate, with greater flexibility, more technology orientation, and possibly more diversity and inclusion initiatives.”

Gen Z’s expectations are compelling businesses to innovate and adapt, building a collaborative future for everyone. “Businesses must proactively create positive workplace cultures and focus on retention initiatives such as providing security, safety and inclusivity,” highlights Rachel.

While challenges exist, the rewards are clear: a more dynamic, inclusive and purpose-driven workforce. By embracing flexibility, fostering inclusive leadership and aligning with Gen Z’s values, Maltese businesses can attract and retain this generation of talent, ensuring a thriving, innovative and techforward workplace for years to come.

Photo by Jean Marc Zerafa

The Interviews Index

INFLUENTIAL BUSINESS minds 50 Meet

of island’s THE MOST

Kenneth Farrugia

CEO, BANK OF VALLETTA PLC

“WE ARE A PEOPLE-FIRST ORGANISATION – TAKING CARE OF OUR PEOPLE MEANS THEY WILL TAKE CARE OF OUR CUSTOMERS.”

HAVING CELEBRATED ITS 50TH ANNIVERSARY IN 2024, BANK OF VALLETTA IS DEEPLY EMBEDDED IN THE LOCAL FINANCIAL LANDSCAPE AND STANDS AS A CORNERSTONE OF MALTA’S ECONOMY. SINCE BECOMING CEO IN 2022, KENNETH FARRUGIA HAS CHAMPIONED SUSTAINABILITY AND DIGITAL INNOVATION, DRIVING BANK OF VALLETTA’S CUSTOMER-FOCUSED TRANSFORMATION THROUGH A LONG-TERM STRATEGY CENTRED ON THE CUSTOMER PILLAR, WHICH AIMS TO ENHANCE CUSTOMERS’ FINANCIAL WELL-BEING WITH EXCELLENT SERVICE AND A COMPREHENSIVE RANGE OF PRODUCTS.

Kenneth Farrugia’s journey with Bank of Valletta began in 1985, starting an almost 40-year tenure that has seen him in various executive roles. Throughout his career at the bank, Kenneth has honed his leadership skills across retail banking, asset management and credit business areas, embodying his commitment to both Bank of Valletta and the broader financial services sector.

His extensive experience includes serving in several prominent positions in financial services. He was Chair of the Malta Asset Servicing Association, where he worked to position Malta as a competitive player in the European finance sector. He was also a Board Member of the

European Fund and Asset Management Association, as well as Chair of Malita Investments plc.

He counts his time as Chair of FinanceMalta – a publicprivate initiative promoting Malta as an international financial centre – as one of his career highlights. “I was very much involved in setting up FinanceMalta, which focused on the international branding of the country’s financial services industry. I’m immensely proud of all we achieved throughout that decade.”

Kenneth also sits on Bank of Valletta’s Board of Directors, chairs the Executive Committee and is a member of

CEO INSIGHT

“Achieving balance is the biggest challenge for any CEO or senior executive, especially between family life and work commitments. I’m quite sporty, so I like hitting the gym in the morning, as well as trekking and swimming – and I truly value spending time with my wife and children socially. We dedicate one day each week to meet for dinner, just us, with no devices.”

several management committees. Additionally, he serves on the Board of Directors of Bank of Valletta Fund Services Ltd, Bank of Valletta Asset Management Ltd and MAPFRE MSV Life plc.

Just before his appointment as CEO in October 2022, Kenneth completed a Harvard Business School General Management Programme, underscoring his lifelong commitment to learning. “As people move higher up the corporate structure, they tend to become disconnected, but I believe it is always important to make time for continued learning,” he asserts.

Kenneth describes his role as CEO as “setting the strategic direction of the company and overseeing its day-to-day business and operations, including people, governance and financials.” His passion for effective time management is both an advantage and a challenge. “I most enjoy discussing where we need to improve – not just ticking boxes but brainstorming and innovating solutions as a team. But it irks me when initiatives take too long to implement due to delays beyond our control and particularly those within our control.”

Viewing people as the backbone of Bank of Valletta’s operational success, Kenneth’s leadership ethos centres on empowering his team. “We are a people-first organisation,” he affirms. “We believe that taking care of our people means they will take care of our customers – a principle embedded in our values as we strive to understand what our customers expect from us and their evolving needs throughout different life stages.”

Founded in 1974, Bank of Valletta has grown over five decades to become one of Malta’s most prominent financial institutions and a lynchpin of the national economy. Kenneth highlights, “having just celebrated our 50th anniversary, we hold 50 per cent of the market in

deposits and just over 50 per cent in commercial lending. Our market position brings both a weight of responsibility towards our economy and an immense sense of pride.”

Bank of Valletta’s strategy for 2024–2026 includes a strong emphasis on the ‘Customer Pillar’, prioritising communitycentred banking and a commitment to staying at the forefront of customer experience. “The crux of customer experience is remaining relevant, which we achieve by staying adaptable,” Kenneth explains. “The minute you lose sight of relevance in your value proposition, you risk losing your connection with the customer. Our approach is simple yet impactful: To improve the financial lives of our customers through innovative, people-focused products. We organise customer panels to hear directly from them and understand how they view the bank. Going forward, we’ll deepen our research to explore customer experiences across individual products.”

Kenneth describes 2024 as “a record year for the bank, really, with stronger financial performance than expected.” His biggest challenge, he notes, is managing growth in the face of regulatory changes and external pressures. “It was fulfilling to see our new services and products embraced by customers,” he adds.

As global and local trends shift towards sustainability, Bank of Valletta embraces Environmental, Social and Governance

The

minute you lose sight of relevance in your value proposition, you risk losing your connection with the customer.

(ESG) initiatives as integral to its long-term strategy. “ESG is not just a passing fad – it’s here to stay,” Kenneth asserts, outlining the bank’s focus on delivering sustainable growth by offering green lending options and supporting sustainable projects, while incentivising customers to invest in eco-friendly homes and businesses.

Kenneth also believes in leading by example on operational sustainability. The recently reopened Republic Street branch in Valletta now incorporates sustainable materials and a digital-first approach. “We’re committed to embedding sustainability in every facet of our operations, particularly given the deeply concerning impact of climate change and global emissions. Whether personal customers shifting from combustion engines to hybrid or electric cars, or businesses using recycled materials or investing in smart lighting, banks have a critical and important role in intermediating and bridging the information gap. Sustainable finance is a responsibility to our customers and future generations – it’s about creating lasting impact,” asserts Kenneth.

In parallel, Bank of Valletta addresses Malta’s cybersecurity challenges, safeguarding both digital and physical assets amid increasing technological reliance. “Cybersecurity is crucial, particularly as we embrace digital transformation. As a bank, we’re not only maintaining industry standards; we’re striving to stay ahead of potential threats to protect our customers and ensure seamless service delivery,” he notes, adding that 2024 also saw the launch of ‘Bovey’, Bank of Valletta’s instant customer support provider that is available 24/7 for all general enquiries.

Kenneth is optimistic about furthering Bank of Valletta’s commitment to digital transformation, sustainability and innovative services in 2025, particularly as impending regulatory changes such as the Digital Operational Resilience Act (DORA) and the Capital Requirements Regulation (CRR III) shape the bank’s compliance framework and operational structure. “Digitalisation continues to be an opportunity, while regulatory compliance is a challenge, especially with the new mandates. But we see growth potential,” he reveals. “The rise in digital services in 2024 brought significant opportunities to innovate, creating new avenues for customer interaction and improved service delivery. We are accelerating our digitalisation drive in 2025, focusing on automation and the digitalisation of processes to further streamline operations. Additionally, we are rolling out an enhanced digital platform and deepening our customer experience efforts with new tools and channels to enable easier access and communication with the bank.”

As ever, the customer remains central to Kenneth’s vision for Bank of Valletta in 2025 and beyond. “Ultimately, our mission is to better serve our customers and community through a highly trained and dedicated workforce while ensuring sustainable growth, which is essential for the future of the bank and Malta’s economy. We will continue to drive that forward, while viewing ESG as an opportunity to further embrace digitalisation and focusing on financial planning, retirement planning, facilitating transactions through alternative channels, and digitising products and services. We all look forward to 2025,” concludes Kenneth, with a smile.

In the morning, as I am an early riser but I do also enjoy the

Do you work well with music in the background? Not at all; I prefer silence to focus.

What’s your favourite music genre?

Pop music, especially Michael Jackson.

What’s your first task every day?

Exercise – I hit the gym in the morning.

What do you like most about your job?

The dynamic nature of banking and working with people who bring diverse skills to the table.

And we must ask… what do you like least? Delays, due to external factors beyond our control.

Do you think leaders are born, or are leadership qualities acquired over time?

Leadership is not only about skills and capabilities, but also about mindset. The secret of great leaders is being surrounded by a good matrix of people from whom one can learn and grow.

Are you always in ‘change’ mode, or do you prefer long phases of stability?

I’m always in ‘change to the better’ mode, to stay attuned to industry shifts and adapt accordingly.

Do you enjoy attending business events and conferences? Yes, they are essential for staying connected to industry developments.

Less about work: Do you prefer an electric or a fuel-powered car?

Currently fuel, but I’d prefer electric.

Range Rover SUV or Tesla? Tesla.

A luxury seafront penthouse or a country house?

A seafront penthouse.

Formal or informal attire?

I yearn to dress informally sometimes!

Gym or outdoor training?

Gym, but I also love long walks.

Frequent short weekend breaks or one long-haul vacation? I used to love long-haul vacations, but now enjoy frequent short weekend breaks.

Fine cuisine or trattoria-style food? Trattoria-style.

Glass of champagne or a Negroni cocktail? Champagne.

CEO INSIGHT

“One key focus throughout every project is the end user. When developing major projects such as the AX ODYCY and Verdala, we always keep the ultimate user in mind. We design each building and its interior and exterior spaces to not only meet but exceed expectations.”

Denise Xuereb

AX GROUP DIRECTOR - DEVELOPMENT AND CONSTRUCTION & CEO, AX REAL ESTATE

“WE DON’T SHY AWAY FROM COMPLEX PROJECTS, AND WE NEVER DO ‘EASY’.”

AS BOTH DIRECTOR OF AX GROUP’S CONSTRUCTION AND DEVELOPMENT DIVISIONS AND CEO OF AX REAL ESTATE, DENISE XUEREB LEADS SOME OF MALTA’S MOST PROMINENT RESTORATION AND REAL ESTATE PROJECTS. IN 2025, SHE WILL OVERSEE THE COMPLETION OF THE LANDMARK VERDALA WELLNESS HOTEL, WHILE CONTINUING AX GROUP’S DRIVE TOWARDS SUSTAINABLE AND HIGH-QUALITY DEVELOPMENTS, BRINGING HERITAGE AND INNOVATION TOGETHER IN A WAY THAT BOTH RESPECTS AND REDEFINES THE LOCAL LANDSCAPE.

Denise Xuereb’s journey to leadership across AX Group’s construction, development and real estate sectors reflects a dynamic, hands-on career grounded in resilience and adaptability.

Today, through her dual roles as Director of AX Group, heading the AX Development and AX Construction divisions, and CEO of AX Real Estate, Denise is actively shaping the future of Malta’s real estate landscape. Her passion for both construction and restoration creates a unique synergy in her responsibilities. “My roles are deeply intertwined and complement each other, as they revolve around property, buildings, the built

environment, architectural heritage, and restoration. There’s considerable overlap, with one role often affecting the other,” she explains.

Mentored by her father, entrepreneur Angelo Xuereb, Denise pursued her early interest in buildings and design, managing the final stages of AX The Palace in Sliema – a project that kick-started her career in project management. Building on this foundation, she earned an MSc in Project and Programme Management from École Supérieure de Commerce in Paris. Her career milestones also include her work on the Parliament building and her contributions across the group’s restoration division.

One of her recent successes is AX ODYCY Hotel, a fourstar, world-class destination at the former Seashells Resort at Suncrest in Qawra. The project reflects Denise’s commitment to regenerating local areas into thriving communities, earning prestigious recognition at the International Property Awards.

Denise attributes her success to resilience, passion and the adrenaline of witnessing a project through to completion, which help her tackle the inevitable challenges of the industry. “Projects can be mentally and physically draining, but appreciating the small wins each day keeps me focused on the ultimate objective,” she reflects. Her family provides her with perspective and motivation, complemented by a strong work ethic. “It may sound cliché, but I believe in doing what you love, working smart and hard, and being honest in your dealings with people.”

AX Real Estate, established in 2019 as a subsidiary of AX Group to manage the group’s long-term property investments, has quickly built a portfolio that spans hospitality, care homes, a retirement village, commercial spaces, and residential properties. As CEO, Denise has overseen the company’s expansion, transforming properties into thriving spaces. “We focus on acquiring prime-location properties with long-term investments aimed at developing spaces that offer significant rental income potential,” she explains. A notable milestone for AX Real Estate occurred in February 2022 when the company was listed on the Malta Stock Exchange, cementing its status as a key player in the local real estate landscape.

“We don’t shy away from complex projects, and we never opt for ‘easy’. Inspired by my father’s dream and vision of becoming a leading businessperson, our focus has always been on challenging conventional timeframes, with a strong emphasis on quality,” Denise says, pointing to AX Group’s evolution from a family-run construction business to a multifaceted property development company. “While the foundation remains the same –built on values of quality and integrity – we have grown and adapted to changing times.”

One of Denise’s crowning achievements is her contribution to Malta’s built heritage through the restoration of historical buildings. Standout projects in Valletta include the meticulously restored Palazzo Lucia –which she refers to as “a true gem” – alongside St John’s Co-Cathedral and Rosselli AX Privilege five-star luxury hotel. The recent transformation of the Grand Hotel Verdala into a residential and hospitality destination in Rabat further exemplifies their commitment to giving a new lease of life to derelict properties. “Our restoration division is very close to my heart, and repurposing buildings is one of the most rewarding aspects of what we do. Seeing old structures come to life again is something I’m deeply proud of,” she affirms.

Sustainability is more than just a buzzword; it’s about ensuring that our buildings enhance the built environment and safeguard Malta’s natural beauty while delivering longterm value.

For Denise and her team, 2024 will be remembered as a transformative year, marked by the oversight of multiple major projects in quick succession. “This year required a lot of energy –particularly with the completion of Palazzo Lucia, immediately following the extensive ODYCY redevelopment, and just before starting the final stage of the Verdala Terraces in the last quarter,” she reflects. “It has taught us the importance of being dynamic and adaptable. We jumped from one fast-moving train to another in a very short period, and I was impressed by the resilience and strength of the team behind me as we set about completing these significant projects in line with our strategic objectives for the year. There was a real sense of ‘let’s get this done’ – and, thanks to the team’s extraordinary dedication and loyalty, we did.”

As the global economy continues to face challenges, Malta’s real estate sector continues to grow. Denise acknowledges the pressures brought on by inflation and global supply chain disruptions but remains confident. “Property is stable and has proven to be a mainstay of our local economy. Our strategy, as always, is to focus on quality while we grow and lead the way forward for the industry,” she says. “Equally challenging, and of utmost importance, is staying ahead of ever-changing regulations and licensing within the construction sector.”

Denise envisions 2025 as another pivotal year for AX Real Estate and the AX Group. “It will be marked by the handover of Verdala Terraces to new owners and the opening of the flagship Verdala Wellness Hotel,” she reveals. In addition, the demolition and redevelopment of the Sunny Coast Resort & Spa is a significant project on the horizon – a deeply nostalgic chapter for the Xuereb family. “This will be a bittersweet moment, as the Sunny Coast was my father’s first hotel development and AX Group’s first hotel. Watching it being demolished and redeveloped will feel like coming full circle through the generations.”

All the paperwork.

Do you think leaders are born, or are leadership qualities acquired over time? A mix of both.

Are you always in ‘change’ mode, or do you prefer long phases of stability? I’m always in a state of change.

Do you enjoy attending business events and conferences?

Specialisation is also high on Denise’s agenda for 2025. “As a company, we are focused on what we do best rather than trying to do everything for everyone. You won’t see us building apartments – we cater solely to complex restoration and construction projects that respect and enhance Malta’s built heritage. We don’t just build on any plot; we aim to add value.”

Beyond these immediate goals, Denise anticipates a greater focus on sustainability and high-end, eco-conscious properties in Malta’s real estate sector. “Sustainability will shape the future of the industry, and we’re committed to leading that change,” she predicts. The company has already integrated eco-friendly practices into its developments, with Denise keen on ensuring that ESG principles – environmental, social and governance – continue to play a key role in shaping future projects, in tandem with the group’s signature commitment to quality.

“Sustainability is more than just a buzzword; it’s about ensuring that our buildings enhance the built environment and safeguard Malta’s natural beauty while delivering longterm value. When you invest in quality, there is always an opportunity for growth,” Denise concludes, holding to her vision of steering AX Real Estate towards projects that combine innovation, heritage and environmental sustainability, while ensuring that the company remains at the forefront of Malta’s dynamic property market.

Yes, it’s always an opportunity to step back, be quiet and learn.

Less about work: Do you prefer an electric or a fuel-powered car?

At the moment, fuel, but the next one will be electric.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? A country house.

Formal or informal attire? Informal.

Gym or outdoor training?

Both – gym and outdoor walking.

Frequent short weekend breaks or one long-haul vacation? Frequent short breaks.

Fine cuisine or trattoria-style food?

That’s tricky; it depends on the day.

Glass of champagne or a Negroni cocktail? Negroni cocktail.

Simon Naudi

CEO, CORINTHIA GROUP

“WE WANT TO BE EMBEDDED IN LOCAL CULTURE, SO THAT WHEN WE ARE IN MALTA, WE ARE MALTESE; WHEN WE ARE IN LONDON, WE ARE LONDONERS; AND WHEN WE ARE IN NEW YORK, WE WANT TO BE NEW YORKERS.”

IT HAS BEEN ANOTHER YEAR OF REMARKABLE GROWTH FOR CORINTHIA GROUP, MARKED BY KEY MILESTONES SUCH AS ITS ENTRY INTO THE NORTH AMERICAN MARKET. ALONGSIDE THESE GLOBAL ADVANCEMENTS, THERE HAVE BEEN NOTABLE INTERNAL SHIFTS, INCLUDING THE PROMOTION OF LONG-STANDING CORINTHIA HOTELS CEO SIMON NAUDI TO CEO OF CORINTHIA GROUP. FROM HIS NEW POSITION, SIMON IS NOW LEADING THE VISION AND STRATEGY FOR THE COMPANY’S DIVERSE BUSINESS PORTFOLIO, OVERSEEING ITS EXPANDING GLOBAL PRESENCE.

Simon Naudi’s role as Corinthia Group CEO is not for the faint-hearted. Tasked with overseeing the key pillars of the business – hotels, real estate, catering, development, and architecture and design – Simon’s days are anything but routine. His schedule often begins in the early hours, as operations kick off in the United Arab Emirates, and stretches late into the evening as discussions continue across North America, with numerous industry engagements throughout. Travel is another constant, with most weeks involving two or three stops. It is a relentless schedule, but Simon wouldn’t have it any other way.

“The shift to leading the Corinthia Group has, in fact, given me the chance to do more,” Simon says. “Given my character, this means I now have more opportunity to be creative and inventive in shaping the growth of the business across all sectors and ensuring it’s run profitably, with a particular focus on global expansion.”

At the heart of Corinthia’s operations is a mission to preserve its family-inspired spirit, no matter where the brand sets down roots. For the CEO, this is a principal leadership responsibility. In practical terms, it translates

CEO INSIGHT

“Environmental, social and governance (ESG) practices aren’t just about ticking boxes; they’re the right thing to do as responsible citizens and companies. We’ve noticed that our guests care more, choosing brands that align with their values, and our younger colleagues are especially conscious of who they work for and what we stand for.”

People will rebel against tourism if it negatively impacts their quality of life. It’s crucial that we take the right steps to attract high-quality tourism that will positively contribute to the economy, while easing the strain on Malta’s daily life.

into a highly attentive recruitment and retention strategy, one that trains employees in the “Corinthia way” while also being sensitive to local cultural influences wherever the company operates.

“I’ve been fortunate to learn from our Founder and Chairman, Alfred Pisani, who has been an inspiring and committed force within the company for 62 years,” Simon reflects. “What I’ve learnt from him is that what truly sets us apart is our human side. One of our core values is to uplift lives, including those of our people. We see work as a positive force, and when our people are engaged and motivated, we believe it has a ripple effect, enabling them to lead more fulfilling lives with their families and communities.”

As one would imagine for a brand of Corinthia’s reputation, this human-centred approach extends to its guest experience, with each hotel designed to integrate into the local fabric. As Simon puts it, Corinthia never strives for uniformity across its locations. Instead, the brand aims to immerse itself in the unique culture and heritage of each place it calls home, whether it’s through the architecture, design, or culinary offerings.

“We are not a hotel chain where every hotel is the same. We want to be embedded in local culture, so that when we are in Malta, we are Maltese; when we are in London, we are Londoners; and when we are in New York, we want to be New Yorkers,” he explains.

Corinthia’s New York identity is, in fact, its most recent, marking the brand’s debut in the North American market. And in true Corinthia fashion, they’ve made their entrance with exceptional style. The Surrey, a Corinthia Hotel, located on the Upper East Side of New York, has fast become a standout addition to the city’s luxury market. Billed as “an icon for the future” and “an ode to culture, community and creativity", The Surrey exemplifies Corinthia’s knack for blending

high-end luxury with local flair, capturing the essence of this prestigious New York neighbourhood.

Opened in October last year to much acclaim, the hotel features 70 guest rooms and 30 suites designed by Martin Brudnizki Design Studio, including four themed suites inspired by Central Park’s stone-archway bridges. Casa Tua, the iconic Miami-based culinary destination, now serves as an exclusive food and beverage partner, bringing its renowned dining experience to New York. The hotel also houses an art collection curated by Paris-based VISTO Gallery, showcasing unique pieces from both established and emerging New York City artists, further enhancing the local pulse of the space.

“The United States is a very important country for us. Roughly a third of our customers across our hotels worldwide are American,” Simon explains. “Having a presence in New York is key to establishing the Corinthia name in the market and showcasing our level of hospitality. The Surrey marks the first chapter in our journey here, and we’re about to announce another hotel in the US to continue growing our presence.”

Corinthia is also putting the final touches to another highly anticipated property, the Corinthia Rome, which will further cement its status in the European luxury market alongside its celebrated hotels in London, Budapest and St Petersburg, among others. Located in the heart of the Eternal City, the hotel –developed in collaboration with the Reuben Brothers – is housed in a stunning neoclassical palazzo, dating back to 1914, that was once the seat of the Central Bank of Italy. Renowned Italian chef Carlo Cracco has been named Chef Partner, promising a culinary experience befitting the hotel’s prestigious setting, just steps away from the Pantheon, Roman Forum and Spanish Steps.

Interestingly, the insights gained from international markets are also shaping Corinthia’s approach to the future of Malta’s own hospitality industry. Simon elaborates: “In cities like New York or Rome, paying over €1,000 a night for a luxury hotel is standard, with a stay in a suite often costing significantly more. We know that this market exists, and there are travellers willing to pay these rates. We want to attract these travellers to Malta and position the island as a top-tier luxury destination. Our island certainly has the potential, but the industry as a whole needs to adopt a more sustainable, forward-thinking strategy.”

This vision echoes growing concerns about overcrowding in Malta, particularly during peak tourist seasons. The impact of mass tourism is increasingly evident across the island, from traffic congestion and packed-out beaches to the challenge of securing restaurant reservations. “As we’ve seen in the Canary Islands, Greece and even Barcelona, people will rebel against tourism if it negatively impacts their quality of life,” Simon warns. “Now that these concerns are being voiced locally, it’s crucial that we take the right steps. Instead of focusing on increasing visitor numbers, we need to attract high-quality tourism that will positively contribute to the economy, while easing the strain on Malta’s daily life.”

Another recent development for the group has been the introduction of the Verdi brand, which it is reserving for its upper four-star to lower five-star hotels. The Marina Hotel in St George’s Bay is one such property rebranded under the Verdi name. This strategic move was implemented to ensure that the Corinthia brand remains synonymous exclusively with premium, high-end hospitality.

A string of upcoming projects further reflects this ambition, reinforcing Corinthia’s association with top-tier luxury experiences. In Brussels, the group is restoring the historic Grand Hotel Astoria, set to open this year, adding another architectural gem to its portfolio. In Bucharest, a palace dating back to 1867 is being meticulously brought back to its former glory, with the hotel project expected to be completed by early this year. Beyond these, Corinthia’s ongoing developments in Doha and the Maldives promise to raise the bar in luxury in the Middle East and South Asia.

Even amid such wide-reaching global plans, Simon is keen to emphasise that each new hotel project must remain connected to where the brand’s journey began: the Corinthia Palace Hotel in Attard. “In many ways, the Corinthia Palace continues to serve as our brand flagship and a source of inspiration for our global hotels,” he explains. “We want to anchor the entire brand, wherever it’s located, around that hotel to highlight the enduring significance of Malta in Corinthia’s future and reaffirm our commitment to our home country.”

Quick-fire Questions… with Simon Naudi

What time of day are you most productive?

Do you work well with music in the background?

What’s your favourite music genre? I love David Bowie.

What’s your first task every day? Shower and shave.

What do you like most about your job? Meeting intelligent people.

And we must ask… what do you like least? Meeting people who are less intelligent.

Do you think leaders are born, or are leadership qualities acquired over time? Born, but leadership can be nurtured.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Total change.

Do you enjoy attending business events and conferences? No.

Less about work: Do you prefer an electric or a fuel-powered car? Fuel-powered car.

Range Rover SUV or Tesla? Neither.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Formal.

Gym or outdoor training? Outdoor.

Frequent short weekend breaks or one long-haul vacation? Frequent short breaks.

Fine cuisine or trattoria-style food? Trattoria style.

Glass of champagne or a Negroni cocktail? Whiskey sour.

CEO INSIGHT

“We always approach a project by going beyond clients’ expectations. We strive to discover ways to add more value and transform a project into a memorable building.”

Ray DeMicoli

PRINCIPAL ARCHITECT, DEMICOLI & ASSOCIATES

“THE VALUE OF A PROPERTY LIES NOT ONLY IN ITS INVESTMENT POTENTIAL BUT ALSO IN ITS BEAUTY, WHICH GIVES IT INTRINSIC WORTH.”

WITH AN EXTENSIVE PORTFOLIO OF COMMERCIAL, RESIDENTIAL AND HOSPITALITY DEVELOPMENTS IN MALTA AND BEYOND, DEMICOLI & ASSOCIATES IS THE AWARD-WINNING ARCHITECTURE, ENGINEERING AND INTERIOR DESIGN FIRM BEHIND SOME OF MALTA’S MOST ICONIC MODERN LANDMARKS. THE MAN BEHIND THE BUSINESS, ARCHITECT RAY DEMICOLI, CELEBRATES 50 YEARS IN THE PROFESSION AS THE COMPANY MARKS ITS 40TH ANNIVERSARY.

Graduating in 1975, Ray DeMicoli began his career with Malta Consult, an architectural firm in Malta, and was then offered a post at the Paris office, working on several projects alongside top European architectural and engineering firms. Upon returning to Malta, Ray joined Architect Carmelo Falzon’s practice – a move that proved providential: “I ended up marrying the boss’s daughter,” he laughs. Reflecting on his late mentor, Ray says, “he was such a lovely man and taught me so much about ways of working. But, above all, he taught me humanity.”

One of Ray’s guiding principles is to deliver on promises. He shares that at the start of his career, following his return from Paris, he noticed that few people were punctual or delivered what they promised. He later discovered an inscription on the Church of San Giacomo di Rialto in Venice,

placed there for the vendors of the market in front of it, that struck a chord. It reads: “Keep all your measures true and be faithful to your promises.” On reading it, he adds, “I thought to myself, if I simply committed to this, I’d start gaining more clients! It was a straightforward principle, but one that had the potential to transform my work and relationships.”

Providence has been a recurring theme throughout Ray’s life, from his student days in the late 1960s, travelling on a shoestring budget, to key moments in his career when luck seemed to be on his side. One such opportunity unexpectedly came through leisure when Ray won a Hi-Fly world windsurfing championship in the Philippines. There, he met a German architect who proposed partnering on a commercial centre in Iraq, for which Ray would design and produce drawings. “It was an amazing opportunity,

Architecture and construction will likely keep moving towards prefabrication, which offers speed and better material quality.

so I set up a small office in Valletta,” Ray recalls. “But the project was cut short due to the Iran-Iraq war.” Although the project was halted, it inspired Ray to branch out independently, establishing DeMicoli & Associates in 1985.

“At the start, I did everything myself – all the designing, calculations and site work,” Ray shares. “Over time, we hired specialised people, and I shifted to a top-level role, overseeing the bigger picture.” Seeking to diversify income streams, Ray also ventured into development, creating and renting out properties. “As the firm grew, we identified a gap in project management services, so we expanded into that too, hiring fantastic professionals,” he explains. “Since then, we’ve evolved, and the firm’s growth has been driven by the diverse opportunities that have come our way. What I’ve realised is that you don’t choose projects; they choose you.”

Ray recalls how a long-term business relationship began when he and his family sold their late parents’ house to Tumas Fenech, Founder of Tumas Group – a stalwart of the real estate and development sector in Malta. The long and fruitful business relationship that followed saw DeMicoli & Associates involved in key hotel projects, including the Halland Hotel and Dolmen Hotel. “Our two groups grew together, as we were involved in every job they needed,” Ray reflects.

A landmark project that heralded a new chapter for the firm was the Mosta Technopark in the early 1990s, the first of its kind in Malta, designed to attract foreign investment in the growing high-technology manufacturing sector. Ray notes that even then, the project addressed environmental

concerns, aiming for energy efficiency. Another key milestone was the Middlesea offices in Floriana – the firm’s first opportunity to blend historical architectural features with modern design.

A more personal project for Ray was designing his family home in a picturesque location in San Ġwann next to the historic Mensija Chapel. As someone who loves greenery, Ray let the existing mature trees – over 150 years old –dictate the design, ensuring that not a single one was removed while also preserving an ancient cave on the property.

Similarly, Fort St Elmo was a project close to Ray’s heart. “That fort was always my great love. It was even the subject of my thesis, so I was thrilled to work on it,” he smiles. Another crowning achievement was designing Portomaso in the early 2000s – the concept for which was sparked much earlier in 1994. Ray recalls with enthusiasm, “we had started working on the Hilton project when, one November evening in our office in Ta’ Xbiex, I came up with the radical idea of proposing a marina at the heart of the development. And so, Portomaso was born. Alongside Architect Edward Bencini, we established BD Associates to rise to the challenge of bringing this extraordinary vision to life. Looking back, it was such a creatively bold idea to have the marina within the harbour. I’m glad the Maltese authorities had the foresight to approve it,” Ray remarks.

As the team grew stronger and more experienced with each project, Ray approached Corinthia Group, which was expanding internationally. DeMicoli & Associates has since collaborated with the Corinthia Group for over 10 years, working on hotels in places as diverse as Libya and the Czech Republic.

The firm continued to innovate at Portomaso with two award-winning projects: the Tipico Tower, designed using advanced software introduced by Ray’s son Steve DeMicoli, and the Laguna Apartments. Sharing the inspiration for

this luxury residential development, where residents have direct access to a man-made lagoon from their apartment terraces, Ray recounts, “I was on a sailing holiday in Corsica with my family, and while swimming under the bridge deck of our catamaran, I thought, ‘wouldn’t it be great if people could live somewhere like this, where they can walk out of their living room and swim right underneath their home?’” To Ray, this story proves the value of a good break. “When I travel, I return refreshed and brimming with new ideas that allow me to inject some of my experiences into my projects,” he muses.

DeMicoli & Associates’ ethos is best embodied in the Spinola Park project, which reflects a strong social and environmental conscience. “We terraced the development instead of building vertically – even though we lost rentable floor space – to respect the valley. Instead, we complemented the landscape by adding greenery. We believe that the value of a property lies not only in its investment potential but also in its beauty, which gives it intrinsic worth,” he asserts.

Throughout the project, the team remained mindful of the local community. They paused excavation work during students’ exam season and threw a party for the whole street once the works were over. In the early design phases, the firm uncovered an existing problem among residents of Lapsi Street, who faced an uncomfortably steep and roundabout route to Spinola, sometimes causing them to miss the St Julian’s feast. In response, the team installed lifts to improve access between Lapsi Street and the church square, as well as to connect the church to the car park. These solutions enhanced traffic flow and resolved a long-standing issue for residents.

“Since we were already doing so much work on the project, we thought, ‘why not also solve other community problems while we’re at it?’ We’re not just focused on developing a profitable property; we also take it upon ourselves to consider and serve the common good, bringing tangible benefits to the community,” Ray explains.

This way of reasoning mirrors a deeper principle that has guided much of his work. “The role of the designer is that of a very good, thoughtful host, anticipating the needs of his guests,” he states, quoting renowned American designer Charles Eames. “This idea sums up my entire approach to design. Every project should serve its users and the community around it in ways they might not even realise they need yet.”

Ray believes these core values should steer the entire industry. Looking ahead, he predicts, “the sector will likely keep moving towards prefabrication, which offers speed and better material quality. As a country, we need to industrialise construction, working more offsite than onsite.” This is where he looks to his son, Steve. In addition to being the future of DeMicoli & Associates, Steve leads its award-winning sister studio, Matter Make, a build-tech startup pushing design and architecture boundaries by offering custom solutions through creative design and technical rigour.

Reflecting on the past 40 years, Ray concludes, “it’s been an exciting journey and 2024 marks another successful year, but there’s still so much ahead of us. While I’ve taken a step back from hands-on work, I’m eager to keep contributing my experience and adding value to each project.”

Do you work well with music in the background?

Do you think leaders are born, or are leadership

I love change; it’s exciting.

Do you enjoy attending business events and conferences? No.

Less about work: Do you prefer an electric or a fuel-powered car? Lexus Hybrid.

Range Rover SUV or Tesla? Lexus!

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? Both.

Fine cuisine or trattoria-style food? Trattoria-style.

Glass of champagne or a Negroni cocktail? Wine.

Chris Casapinta

CHAIRMAN, FINCO TRUST

“I BELIEVE IN DRIVING INNOVATION, DEVELOPING SERVICES THAT ANTICIPATE CLIENTS’ NEEDS AND BUILDING STRONG RELATIONSHIPS. BY UNDERSTANDING THEIR GOALS, WE CAN DELIVER EXCEPTIONAL VALUE.”

FINCO TRUST, ONE OF MALTA’S LEADING MULTI-DISCIPLINARY PROFESSIONAL SERVICES ORGANISATIONS, LOOKS FORWARD TO A FUTURE THAT BALANCES INNOVATION WITH PERSONALISED SERVICE WHILE BUILDING ON ITS 35-YEAR LEGACY OF EXCELLENCE IN THE FINANCIAL SECTOR.

In the rapidly changing landscape of Malta’s financial services sector, Chris Casapinta stands out as a leader who understands the delicate balance between innovation and tradition. As a new shareholder in Finco Trust as from April 2024, following a strategic exit from Alter Domus in 2023, he brings a fresh perspective while honouring the organisation’s established reputation.

“When I took over Finco, I gave careful thought to what we wanted the company to

represent going forward,” Chris shares. “Given the company’s excellent 35-year track record, it would have been a mistake to completely start from scratch. Instead, our rebrand had to highlight our evolution – showing our clients, partners and peers that we’re an organisation focused on innovative approaches and client service, while staying true to our roots.”

Having spent his career in client services, Chris’ fundamental ethos revolves around exceeding client expectations. “My leadership style is

CEO INSIGHT

“My motto is ‘be humble’ – humble with clients and humble with colleagues. No matter your level of experience or success, there’s always something valuable to learn from those around you. When you approach relationships with humility and genuinely listen, you receive a lot of good advice.”

by Inigo Taylor

Photos

We’re

experiencing a massive redistribution of wealth to younger investors who approach wealth management very differently.

client-centric, but it goes beyond that,” he emphasises. “I believe in driving innovation in our service delivery, developing new service lines that anticipate our clients’ needs and maintaining close relationships with them. By deeply understanding their businesses and objectives, we’re better positioned to deliver exceptional value.”

Chris sees his role primarily as a catalyst for futureproofing the organisation. “My focus is twofold: Developing the company while investing in our people,” he shares. “I’m committed to ensuring we achieve our collective objectives as a company, but equally important is creating an environment where our employees can find fulfilment and forge meaningful career paths.”

An integral element of the company’s development is its technological platform. “With innovative solutions emerging in both accounting and fund management, it would be a missed opportunity not to leverage

these new tools,” he explains. “We’re conducting a comprehensive review to identify areas where we can enhance our capabilities – a crucial undertaking given that Finco works with international financial institutions, fund managers and tax consultants, most of whom are based outside Malta. The goal is to implement upgraded systems that will significantly improve our operational efficiency and client interactions.”

With technological advancement comes the need for specialised expertise. Building on Finco Trust’s team of 35 highly competent and loyal professionals, the company has begun a strategic recruitment drive. “We’re developing a multi-family office platform that will support family offices worldwide with their accounting, consolidation and related services,” Chris shares. “This completely new service line naturally requires new specialised resources.”

The focus on niche talent also reflects broader changes in the financial services sector. “The industry has evolved into distinct areas of expertise, largely driven by regulatory requirements,” he says. “While outsourcing is an option to some extent, we’re committed to strengthening our in-house capabilities.” However, recruitment in Malta’s financial services sector presents unique challenges. “The real challenge is the market’s size – it’s extremely limited when you’re looking for

sector-specific knowledge,” says Chris. “We must look beyond Malta’s shores, but the island is not as attractive as it once was from a relocation perspective. Housing affordability is a major issue, and families struggle with finding school places for their children.”

While the Mediterranean lifestyle and climate are appealing, and Malta offers excellent fiscal incentives like the Highly Qualified Persons scheme, Chris believes a more comprehensive approach is needed. “Compared to competing jurisdictions like Luxembourg and Ireland, we’re at a disadvantage,” he explains. “These countries have created holistic ecosystems that make relocation easier for entire families, not just individual employees. When we’re recruiting mid to senior-level management, we’re typically dealing with professionals who come with family commitments. We need to shift toward making Malta attractive on a household level.”

Reflecting on 2024, Chris acknowledges both challenges and opportunities in Malta’s financial services sector. “The most concerning aspect has been the rapid pace of change,” he notes. “Whether it’s geopolitical dynamics, economic shifts, or industry developments – things we’ve taken for granted for years have shown their vulnerability. It’s been a stark reminder that nothing is permanent, and we need to maintain our agility in responding to market and political changes.”

Yet within this environment of upheaval, Chris appreciates Malta’s remarkable ability to insulate itself from global economic turbulence. While major economies, including Germany, are facing significant challenges, Malta’s diversified economy has shown impressive resilience. “This is evident in our active job market and the continued influx of new businesses, especially in the FinTech space,” he says. Looking specifically at the financial services industry, Chris points to the growth seen throughout 2024, with a notable increase in new company formations, particularly in the regulated sector.

For 2025 and beyond, Chris identifies two transformative forces shaping the industry’s future. “We’re witnessing a revolution in customer experience, particularly in payments and basic banking services,” he notes. “This evolution will extend across all financial services sectors – from insurance to asset management. The key transformation isn’t just in internal operations; it’s in how financial institutions interact with clients. Major firms are already investing in robo-advisory services, and this trend is likely to accelerate.”

The second major force is an unprecedented transfer of wealth between generations. “As the baby boomer generation transitions into retirement, we’re experiencing a massive redistribution of wealth to younger investors who approach wealth management very differently,” Chris explains. “Traditional cornerstones like real estate might not maintain their dominant position, while digital assets could become mainstream investment options.”

“The financial sector has historically taken a conservative approach,” Chris observes, “but those days are behind us. The future belongs to organisations that can embrace change and balance innovation without losing basic human-tohuman functionality.”

Quick-fire Questions… with Chris Casapinta

What time of day are you most productive? From 5.30am to 2pm.

Do you work well with music in the background? No.

What’s your favourite music genre? Classic rock.

What’s your first task every day? Checking emails.

What do you like most about your job? Meeting people – interacting with clients.

And we must ask… what do you like least? Administration and bureaucracy.

Do you think leaders are born, or are leadership qualities acquired over time? Leadership qualities are acquired – but you have to want it.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Change mode.

Do you enjoy attending business events and conferences? Yes.

Less about work: Do you prefer an electric or a fuel-powered car? Fuel.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal.

Gym or outdoor training? Outdoor training.

Frequent short weekend breaks or one long-haul vacation? Frequent short breaks.

Fine cuisine or trattoria-style food? Trattoria-style.

Glass of champagne or a Negroni cocktail? A Negroni!

CEO INSIGHT

“I’m not sure what a leader should be or how they should act. I don’t see myself as a leader; I see myself as someone who’s available to the team and always ready to share my insights, especially through my experiences.”

by Alexandra

Photos

Pace

Noel Pace

CREATIVE DIRECTOR, ONEPERCENT GROUP

“WE BELIEVE IN QUALITY.”

WITHIN THE HIGH-END FURNITURE AND INTERIOR DESIGN LANDSCAPE, ONEPERCENT STANDS OUT AS A BEACON OF QUALITY AND CREATIVITY IN MALTA. AT ITS HELM IS NOEL PACE, WHOSE PASSIONATE YET HUMBLE APPROACH, COMBINED WITH DEEP INDUSTRY KNOWLEDGE, HAS SHAPED ONEPERCENT INTO A LEADER IN LUXURY FURNISHINGS. IN THIS RARE INTERVIEW, THE CREATIVE DIRECTOR SHARES INSIGHTS INTO HIS ROLE, THE COMPANY’S ETHOS AND THE EVOLVING LANDSCAPE OF HIGHEND FURNITURE IN MALTA.

Walking into the pristine Onepercent showroom in Msida feels like stepping into a contemporary art gallery. Beyond the aesthetic quality and sophistication of the items on display, the space commands a reverence that naturally raises expectations of the man behind it all. Yet, when Noel Pace emerges from his elegant office on the shop floor, his casual presence and endearing nature immediately disarm any formality.

It’s no surprise, then, to learn that Noel’s leadership style is refreshingly humble and hands-on. “I don’t feel I have any leadership style at all,” he admits. Championing a learn-by-example philosophy,

Noel values practical experience over traditional hierarchy. “When someone’s stuck, they often end up in my office, but it’s always a discussion. I’ve never felt superior.”

His daily presence at Onepercent – including Saturdays – isn’t about micromanagement but about being part of the team. “I’m here more to oversee,” Noel explains. “I try to be available for everyone.”

Noel’s journey to becoming Creative Director is a testament to his adaptability and passion for design. Coming from a background in the timber

I try to be as kind and helpful to everyone as I can. When you do that, it automatically creates a good environment.

and steel industry, he made a pivotal decision in his 30s to switch to the furniture business.

“Leaving my family business to join a furniture company was the hardest decision of my life,” he recalls. But it set him on the path to where he is today.

His experience across various facets of the industry, from delivery to installation, gives Noel a unique perspective. “I can relate to the delivery people because I’ve done deliveries,” he says, emphasising how this understanding helps him connect with every team member at Onepercent.

While he values every aspect of the business, Noel’s true passion lies in the creative side.

At the heart of Onepercent’s philosophy is a commitment to quality and creativity. The company represents a carefully curated selection of Italian brands, chosen not only for their prestige but for their alignment with Onepercent’s values. “We don’t represent lowerend brands because we believe in quality, which does come with a price,” Noel asserts.

Today, the company’s clientele is divided between domestic customers, accounting for 80 per cent of its revenue, and project work. Moving forward, the goal is to balance this with a 50-50 split, offering a more holistic approach to interior design that caters to both homeowners and larger-scale projects.

Acknowledging the challenges in the highend furniture market, particularly in educating local consumers about the value of investing

in quality pieces, Noel observes, “We tend to focus on what people can see.” While Maltese consumers are knowledgeable about luxury watches or cars, there’s still room for growth in understanding luxury furniture.

The company also faces the challenge of balancing the need for a physical showroom experience with the growing demand for a digital presence. While Onepercent is investing in virtual reality to enhance customer engagement, Noel believes that the tactile nature of furniture shopping can’t be fully replaced online. “How can you experience the fabric of a sofa when shopping online?” he asks.

Looking ahead, Noel sees a growing trend towards sustainability and reuse, particularly among younger generations. “I think the younger generation will try to reuse things,” he predicts, referencing trends from the fashion industry. This shift aligns with Onepercent’s focus on quality and longevity.

The company is also adapting to technological advancements, with plans to incorporate more Artificial Intelligence (AI) and virtual reality tools into its design process. However, Noel insists that the human touch and craftsmanship will remain central to their offering.

As he looks towards 2025 and beyond, Noel’s main goal is to grow Onepercent’s Projects Division. “I mostly handle the managerial side of the team and the Projects Division,” he states, explaining that this involves managing interior design projects from start to finish. This shift appeals to his visionary nature, offering a more comprehensive experience for both the company and its clients.

Onepercent is also enhancing its digital marketing presence, having recently engaged a marketing agency to boost its social media strategy.

“Our core aim is to help people realise their vision for their properties. Our ethos is to provide the best service to our clients,” Noel reflects. This people-centric approach extends to his management style, where he values every team member’s contribution.

In discussing his journey and achievements, Noel emphasises the importance of his team and the relationships he’s built over the years. Reflecting on how to build a cohesive team, he shrugs modestly, “It’s mostly organic. I try to be as kind and helpful as possible. I think when you do that, it automatically creates a good environment. We also recently decided to close the shop at six, losing a valuable business hour, but I think it’s important for work-life balance.”

As Noel continues to lead the team through an evolving industry, his blend of experience, creative passion and peoplefocused leadership promises to keep Onepercent at the forefront of Malta’s high-end furniture market. With a keen eye on both tradition and innovation, Onepercent is well-positioned to meet the changing needs of its discerning clients while maintaining its commitment to quality and creativity.

Quick-fire Questions… with Noel Pace

What time of day are you most productive?

Do you work well with music in the background? I prefer silence.

What’s your favourite music genre? Pop. I’m like a teenage girl.

What’s your first task every day? Taking care of my dog.

What do you like most about your job? The creativity.

And we must ask… what do you like least? The technical and financial sides.

Do you think leaders are born, or are leadership qualities acquired over time? Acquired.

Are you always in ‘change’ mode, or do you prefer long phases of stability? I’ve learnt to embrace change because it happens, like it or not.

Do you enjoy attending business events and conferences? No.

Less about work: Do you prefer an electric or a fuel-powered car? I have both, but I love the fuel-powered car.

Range Rover SUV or Tesla? Range Rover.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal.

Gym or outdoor training? A bit of both.

Frequent short weekend breaks or one long-haul vacation? At this point, short breaks.

Fine cuisine or trattoria-style food? Trattoria-style food.

Glass of champagne or a Negroni cocktail? Champagne, I don’t like Negroni.

CEO INSIGHT

“We have to keep pushing the envelope. It’s about continuous innovation, offering exciting solutions that deliver what our customers have been wanting but haven’t yet received.”

David Power

CEO, BNF BANK

“WE WANT TO BE KNOWN AS THE BEST AT EVERYTHING WE DO.”

IN THE COMPETITIVE LANDSCAPE OF MALTA’S BANKING SECTOR, BNF BANK IS POSITIONING ITSELF AS A DIGITAL PIONEER WHILE MAINTAINING A DISTINCTLY HUMAN TOUCH. LED BY CEO DAVID POWER, THE BANK IS UNDERTAKING AN AMBITIOUS DIGITAL TRANSFORMATION THAT COULD RESHAPE BANKING IN MALTA, ALL WHILE EXPANDING ITS PHYSICAL PRESENCE AND INTERNATIONAL REACH.

Two years into his role as CEO, David Power’s leadership philosophy at BNF Bank centres on transparent communication and resilience. “Communication is vital,” he emphasises in his signature animated manner. “In being as transparent as possible, you can allay a lot of the concerns and fears people may have.”

This approach has proven crucial during the bank’s extensive digital transformation, which has become central to David’s legacy.

“You’ve got to be able to share the vision of where we’re going. The one constant we have in life is change,

so showing that change isn’t something to fear is also an important message,” the CEO acknowledges, affirming, “you’re always going to lose some people, but that’s part of the game for a transformation.” Yet, he counters, those who remain have experienced unprecedented growth opportunities. “The ones who have hung in there and grown with the bank have learnt an enormous amount because they’re getting opportunities they would never normally receive,” he smiles.

David explains that his commitment to hands-on leadership starts early – very early. “I get up every

We have a saying at BNF that every decision taken must consider how it will impact the customer. We try our best to ensure the customer sits at the centre of our universe.

morning at 4.30am,” he reveals. This early start allows him to handle communications with shareholders in different time zones before attending to family responsibilities. “Between 4.30am and 5.30am, it’s an opportunity for me to catch up on overnight mail and review meetings lined up for the day.”

This schedule reflects his emphasis on work-life balance, learnt from past experience. “One also has a family and life to live, so getting the balance right is important,” David maintains.

A cornerstone of David’s leadership is BNF Bank’s digital transformation, which stands out for its comprehensive approach. Rather than following the industry norm of adding modern interfaces to legacy systems, BNF has taken a bold step. “Most banks just put middleware around their existing legacy system,” the CEO explains, “but what we’ve done, which is quite unique, is build an entirely new core.”

Working with specialised software company Temenos, BNF will be one of only two banks globally to implement this new cloud-based system, with the transformation extending to their card offerings as well. “We’re moving from

Visa to Mastercard – we’ll be the first local issuer in Malta to issue Mastercard,” David notes.

The centrepiece of this digital revolution is BNF’s new banking app. “The app is unbelievable – it will allow you to manage your entire banking relationship,” David enthuses, going on to highlight another triumph: impressive results from the straight-through processing capabilities of the bank’s digital onboarding system, when it comes to opening an account online. “Over 80 per cent of our new customer onboarding has gone straight-through, with only 20 per cent needing branch review. We’ve brought in over 1,300 new-tobank customers this way.”

While pushing digital boundaries throughout David’s tenure, BNF hasn’t neglected its physical presence, the CEO points out. “When we go live this year, it’ll be a fundamentally different ball game. BNF will be seen as a challenger bank with a challenger digital offering, but we’re also focused on serving clients face-to-face,” David states. In fact, the bank recently opened an innovative branch at Campus Hub, featuring a design that breaks from traditional banking aesthetics. “It’s very much like walking into a sitting room in a home,” the CEO describes. “It’s a great change from some of the more austere branches we had, and we’re going to drive that change across the network.”

The bank has also secured approval for a UK branch, marking a significant milestone in its international expansion. “Being the only bank in Malta with a licence to operate in the UK has been a huge win for us,” the CEO states, adding that the move has already yielded results: “We’ve done a number of deals for our customers in London, and we can finance them in Sterling, which is a difficult challenge for a bank based in Malta on its own.”

At the heart of BNF’s strategy, however, lies a steadfast commitment to customer service. “We have a saying at BNF that every decision taken must consider how it will impact the customer,” David explains. “We try our best to ensure the customer sits at the centre of our universe.”

This commitment extends to their development process, with customer input driving product development. “The BNF app has been through numerous customer-driven focus groups,” he notes, affirming that the bank aims to strike a balance between digital efficiency and personal service.

Setting his sights on the year ahead, David’s vision for BNF’s future combines technological advancement with sustainable growth. “We want to be known as the best at everything we do. We’ve never professed to be the biggest –we just want to be known as the best bank,” he asserts.

And in today’s interconnected financial world, agility is crucial. “Ten years ago, if something happened in Poland or South Africa, the impact wouldn’t have been felt as quickly as it does today,” the CEO observes. This reality requires ongoing vigilance: “The challenges are constantly being agile, being on your feet, reading about what’s happening, and understanding the implications.”

The bank’s approach to growth reflects this measured outlook. “We believe very much in organic and sustainable growth. We’re building the balance sheet and the business on a sustainable basis that can last for a long time,” David smiles.

And as BNF Bank continues its transformation under his leadership, it’s clear that the institution is positioning itself not just as a bank, but as a technological leader in Malta’s financial services sector. With its unique blend of digital innovation and personal touch, BNF is crafting a banking experience that could well serve as a model for regional banks looking to modernise while maintaining their community connections.

Quick-fire Questions… with David Power

What time of day are you most productive? Morning.

Do you work well with music in the background? I prefer quiet.

What’s your favourite music genre?

I love music and enjoy classic rock, house and modern jazz – I have a vast collection of vinyls!

What’s your first task every day? Setting priorities for the day.

What do you like most about your job? Change.

And we must ask… what do you like least? Bureaucracy.

Do you think leaders are born, or are leadership qualities acquired over time? It’s acquired over time through experience.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Change is the only constant we have.

Do you enjoy attending business events and conferences? I do, but within reason.

Do you prefer an electric or a fuel-powered car? Hybrid – I’m petrified of running out of electricity.

Range Rover SUV or Tesla?

Range Rover – my wife says I don’t deserve a sports car as I drive on pavements too often.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire?

Formal at work – I’m a full banker. At home, very casual.

Gym or outdoor training?

Outdoor training.

Frequent short weekend breaks or one long-haul vacation?

Weekend breaks.

Fine cuisine or trattoria-style food?

Depends – fine cuisine with my wife, trattoria with kids.

Glass of champagne or a Negroni cocktail? Champagne, though I drink neither regularly.

Nicky Camilleri

CEO, RETAIL MARKETING LTD

“BEING PRESENT IN THE STORES MEANS I CAN UNDERSTAND THE PULSE OF THE BUSINESS FIRSTHAND.”

2024 MARKED A PIVOTAL YEAR OF TRANSITION FOR WELBEE’S, THE SUPERMARKET BRAND RUN BY RETAIL MARKETING LTD AND A LEADING PLAYER IN MALTA’S SUPERMARKET SECTOR. AFTER GUIDING THE COMPANY THROUGH ITS INCEPTION, FORMER CEO JONATHAN SHAW ANNOUNCED HIS DECISION TO STEP DOWN – REMAINING AS A STRATEGIC ADVISOR TO ENSURE A SMOOTH HANDOVER FOR A NEW CHAPTER IN THE BRAND’S JOURNEY. THIS TRANSITION WELCOMED NEW CEO NICKY CAMILLERI INTO THE FOLD.

For Nicky Camilleri, who enjoyed a 20-year career in senior finance – including as Group CFO for Mizzi Organisation – the opportunity to join Welbee’s was one of those “right place, right time” moments. As he reflects: “A mutual friend of mine and Jonathan Shaw’s reached out to see if I’d be open to a conversation. And it just so happened that I was ready for a new challenge. The moment I sat down with Jonathan, everything just clicked.”

Even before joining, Nicky admits he had admired Welbee’s Supermarkets’ vision and professionalism. After all, he had watched it successfully transform from a group of independent stores into a strong, cohesive supermarket brand that has become

incredibly popular among local shoppers. During Nicky’s initial exploratory meetings with the team, what struck him most, however, was the company culture. “From my first conversations, I could see that this was a company with a strong backbone, thanks to its highly experienced board of directors combined with a solid operational team, and one that really values collaboration. It’s a welcoming environment that encourages contributions at every level.”

The transition was formalised within just two weeks. Reflecting on whether he intends to bring about a change in leadership style, Nicky notes, “There are, of course, some differences. Jonathan has a strong

CEO INSIGHT

“I strive to be a leader, not a boss – someone who values and prioritises staff morale, both in good times and challenging times. I believe that treating people with respect fosters loyalty and mutual support.”

We treat our suppliers with the same level of respect as our customers and employees; this is fundamental to the success of our business.

marketing background, while mine is in finance. But at our core, we share the same values and champion the same people-first approach. I never saw this as a matter of change but as an opportunity to build on the foundation Jonathan has established.”

Transitioning from a behind-the-scenes, numbers role to leading as CEO in the fast-paced supermarket sector might seem like quite a leap, but Nicky is quick to dispel that notion. “I’ve never been a desk sort of guy,” he shares with a chuckle. “I enjoy being present in the stores and around the teams, getting a real feel for what’s happening on the ground.”

In fact, during his first four months, Nicky familiarised himself with the business by regularly visiting stores, aiming to stop by each of its 10 strategically located shops every couple of days to address issues directly and stay connected with day-to-day operations. “I feel it’s important to understand the pulse of the business firsthand,” he explains.

Furthermore, by setting aside dedicated time with the C-suite and operational teams, he was able to identify opportunities for consolidation and streamlining to ensure the business runs smoothly across the board. One key focus has been aligning Standard Operating Procedures (SOPs) across each store. “When Welbee’s was formed, the merger brought together several operators, each with its own legacy processes,” he explains. “Now, it’s time to harmonise those processes to establish more consistent and efficient ways of working across all stores, from stock management to paperwork flow.”

He acknowledges that such changes don’t happen overnight. “Of course, these types of shifts take time. When something has been done the same way for 30 years, it’s not easy to simply switch gears. So, I’ve set about building bridges between operations and corporate governance to create a structured framework where everyone, from frontline staff to executives, is working hand in hand,” he says. “After all, I firmly believe that when our people feel supported and happy in their roles, that naturally translates to happy customers.”

While growth is part of his vision, Nicky is keen to point out that the Welbee’s model isn’t about rapid, unchecked expansion. “We’re not the kind of supermarket that will mushroom into every corner of the island,” he says. “What sets us apart is the shopping experience we offer our customers, which provides exceptional service combined with great value. Whether it’s through our cashback programme, weekly in-store offers, or our coupons, we’re constantly finding ways to make our shopping experience more rewarding,” Nicky explains.

environmental, social and governance (ESG) strategy to meet these expectations. “On the social and governance side, I believe we’re quite advanced. We focus heavily on employee welfare and gender pay equality, which is reflected in our relatively high staff retention,” Nicky shares.

On the environmental front, Welbee’s is also making steady progress. Recent initiatives include transitioning the company’s vehicle fleet to electric and introducing recyclable-grade bags for online orders, which can be used for recycling collection on Thursdays. “It’s a long journey, but we’re committed to working with all stakeholders to find the right solutions.”

Not even a year into his role as CEO, and it’s been a whirlwind start; now 2025 shows no signs of things slowing down. With a mix of instore and online shopping becoming increasingly important for today’s consumers, Welbee’s is investing to excel in both experiences.

Another focus will be digitisation, with Business Intelligence (BI) and Artificial Intelligence (AI) systems playing a significant role in shaping the company’s decisions, enabling employees to focus their energy where it matters most. The results of such initiatives can already be seen in the chain’s recently launched Shoreline store, where digital price tags allow for instant updates at the push of a button. Two more stores with similar technological rollouts are in the pipeline.

“We’re combining the decades of experience our people bring with the power of technology. These investments are crucial because they will ensure that the Welbee’s brand continues to grow as the supermarket of choice for today’s consumers,” Nicky concludes.

I like consolidation.

Do you enjoy attending business events and conferences?

Yes, I believe in networking.

Less about work: Do you prefer an electric or a fuel-powered car? Electric.

Range Rover SUV or Tesla? Electric Range Rover.

A luxury seafront penthouse or a country house?

Seafront penthouse.

Formal or informal attire? Informal.

Gym or outdoor training?

Gym with good air-con.

Frequent short weekend breaks or one long-haul vacation?

Frequent weekend breaks.

Fine cuisine or trattoria-style food? Trattoria.

Glass of champagne or a Negroni cocktail? Champagne.

CEO INSIGHT

“When it comes to establishing a business, always do your research: Identify a niche in the market that interests you and assess the demand for your idea. Develop a solid business plan and ensure it’s feasible. But, above all, go for it. Things happen for a reason, and life tends to fall into place sooner or later. If you believe in what you’re trying to achieve, then you’re already halfway there.”

Dr Jordan Camilleri

CEO, HEALTH & CO

“IT’S A LIFELONG-LEARNING PROCESS.”

AFTER A SHOULDER INJURY CUT SHORT HIS PROFESSIONAL WATER POLO

CAREER, DR JORDAN CAMILLERI FOCUSED HIS ENERGIES ON ESTABLISHING HEALTH & CO, A MEDI-AESTHETIC AND BEAUTY HUB. OVER THE YEARS, THE BUSINESS HAS GROWN IN SCOPE AND PURPOSE, AND TODAY, WHILE OPERATING FROM MERCURY TOWERS, IT OFFERS A WIDE RANGE OF SERVICES DEDICATED TO A HOLISTIC APPROACH TO WELL-BEING.

“I thrive on meeting new people and helping them feel better about themselves,” says Dr Jordan Camilleri, a medi-aesthetic doctor and one of the founders of Health & Co, established in 2021 to offer cutting-edge aesthetic procedures. “I’d like to think I can help make a difference in someone’s life –however small that difference might be – and so our priority is to provide the highest quality treatment in a safe manner.”

Jordan’s passion for health and fitness underpins his approach. Having graduated as a medical doctor from the University of Malta in 2015, and after working at the public hospital in various positions for three years, he took some time out to pursue water polo professionally. “I was always driven to excel at the sport. Even while studying for my degree, I participated in matches and training, and today

I continue to do so on a semi-professional basis. Water polo has taught me about teamwork, time management, discipline, and sacrifice. I’m very grateful for these lessons, particularly now that I’ve opened my own business.”

In 2019, after a year of playing professionally, Jordan suffered a shoulder injury. “I needed surgery and spent several weeks in recovery. During that period, I had a lot of time on my hands, trying to decide on my next steps. I came up with the idea of branching out and opening my own business. Fast forward a couple of years, and we launched Health & Co, opening our first brick-and-mortar store and clinic in 2021.”

As Clinical Director of the business, he “wears many hats.” One of the biggest challenges, he says, is managing patient expectations while striving

for optimal results. “We adhere to high standards in our practice, which is crucial given the often-limited understanding patients have about the treatments. We make it a priority to thoroughly explain all the details to our patients.” The industry itself is quite “unregulated” and “chaotic”, he adds, but this has spurred him to foster clear communication with everyone who walks through the business’s doors.

“Clients can sometimes be a bit naïve and are happy to put blind trust in their medi-aesthetic provider. I don’t agree with this approach, so I make sure to provide all the necessary information. Whatever treatment they choose is an important decision. Some procedures can be invasive, so we always put our clients at ease, explain the process carefully, and outline any risks and complications so they can make an informed choice,” he explains. This outreach also includes a social media presence, “where we release educational material and connect with a wider audience.”

Jordan’s daily schedule reflects his commitment. “I spend a lot of time in my clinic, and when I’m not there, I’m discussing ways to improve, progress and develop the business with my team,” he asserts. “Our approach

Life today is very hectic, with everyone constantly on the go. So, we aim to provide a space where our clients can pause and dedicate some time to themselves to recharge.

is holistic, understanding that any procedure is part of our clients’ overall physical and mental well-being. Life today is very hectic, with everyone constantly on the go. So, we aim to provide a space where they can pause and dedicate some time to themselves to recharge.”

Since its inception, Health & Co has expanded, moving to a new location at Mercury Towers at the end of 2023. It has also broadened its offerings, collaborating with other stakeholders in the beauty industry to provide hairdressing services, as well as eyelash and nail treatments, complementing its medi-aesthetic services such as Botox, dermal fillers and body sculpting.

“Health & Co’s clients vary widely. While more involved procedures tend to attract mid-to-elderly clients, we are working with some of the most talented providers on the island to reach a broader clientele. We’re a one-stop shop where clients can address a variety of their needs. We have transformed the business into a beauty hub. It has been challenging logistically, but we are a dynamic team, and everyone is willing to roll up their sleeves to make things happen,” Jordan smiles.

Last year, the business’s priority was to increase the pace of its momentum. “2024 was a significant year for us, and with the introduction of new services, we’ve taken the company to a whole new level,” Jordan continues, adding that the staff today comprises over 10 full-time employees. “Everyone has their own designated role, and in planning for our growth strategy, we felt it was essential to organise ourselves structurally. I’m lucky to be surrounded by an exceptional group of people, all striving daily to see Health & Co thrive.”

The demands of the job are those typically associated with an ever-shifting landscape, Jordan affirms. “We don’t focus on what our competitors are doing; we concentrate on offering an integrated suite of services, which requires constant adaptability. This is our challenge – striving to deliver for each and every client who walks through our doors.”

In 2024 Health & Co also launched two new projects: a beauty and cosmetics brand, established by Jordan and his wife in celebration of their young daughter, and a boutique gym also located within Mercury Towers. “These initiatives align perfectly with our overall concept of marrying health, fitness and beauty. Market research shows that, over the next few years, there will be an evergrowing demand for medi-aesthetics, so I expect the sector to grow exponentially. On our end, we’ll continue to invest in the highest quality products and treatment modalities on the market, as we aim to stay at the forefront of these developments.”

This year, Health & Co will focus on “exploring the unlimited potential” of the business. “We’re still at the beginning of our journey, and we feel this is just the tip of the iceberg. The medical sphere is constantly innovating, which is why I keep up with the latest conferences and research. It’s a lifelong-learning process,” Jordan asserts.

By integrating beauty, fitness and health through Health & Co’s medi-aesthetic treatments, products and services, as well as the boutique gym, Jordan hopes the hub will continue to connect with the broader community. He is driven to “reach as many people as possible and help them on their personal journey.” By the end of this year, Jordan is intent on seeing the firm positioned at the cutting edge of the sector. “Over the next few months, I’d like the business to be established as one of the leading beauty hubs in Malta. By blending these three related approaches, I’m confident we’ll succeed,” he concludes with a smile.

Yes, especially those overseas.

Less about work: Do you prefer an electric or a fuel-powered car? Hybrid.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? Long-haul vacation.

Fine cuisine or trattoria-style food? Trattoria, hands down.

Glass of champagne or a Negroni cocktail? Coke Zero.

Andrei Grech

CEO, AG GROUP

“TIME, PASSION AND HARD WORK –NOTHING IS ACHIEVED WITHOUT THEM.”

ESTABLISHED IN 2005, AG GROUP BEGAN AS A SMALL ELECTRICAL INSTALLATIONS COMPANY – AG INSTALLATIONS LTD. UNDER CEO ANDREI GRECH’S LEADERSHIP, IT HAS SINCE GROWN INTO A DIVERSIFIED ENGINEERING FIRM WITH EXPERTISE IN A RANGE OF SERVICES, INCLUDING MAINTENANCE, TRADING AND FUMIGATION SOLUTIONS, WITH A COMMITMENT TO HIGH QUALITY AND SERVICE EXCELLENCE. AS AG GROUP EVOLVES INTO A HOLDING COMPANY, THE CEO SHARES HIS VISION FOR INNOVATION, GREEN ENERGY AND THE COMPANY’S AMBITIOUS PLANS FOR 2025.

From an early age, AG Group CEO Andrei Grech has embodied leadership and resilience. He began his career as an electrician at 19 years old, creating a one-man setup he operated from his parents’ home, having secured a small loan to purchase tools. That startup company would eventually lay the foundations for AG Group.

“The journey to shaping AG Group as it is today has been taken step by step,” says Andrei. “Every year has been a landmark because every year our business has grown, with new opportunities, energy, time, and success. Sometimes there were big steps, sometimes small; but they have always been continuous. It’s a landmark process.”

At the heart of this process has been Andrei himself, driven by a work ethos that revolves around three key pillars. “Time, passion and hard work – nothing is achieved without them,” he asserts. “Added to these, you must also prioritise efficiency, quality and respect. To me, keeping your word is more important than a contract.”

He is also keenly aware of the value of making mistakes in business, particularly in terms of growth. “Growth begins when you don’t know how to manage something. Inevitably, you make mistakes as you implement it – and it is through learning from those mistakes that you rise to the next level. The more you understand what went wrong,

CEO INSIGHT

“Artificial Intelligence (AI) is important, but it isn’t everything. It provides a 20 per cent solution that must be combined with human hard work and experience. The combination of AI and human expertise, however, can be a powerful mix.”

Growth begins when you don’t know how to manage something. Inevitably, you make mistakes as you implement it – and it is through learning from those mistakes that you rise to the next level.

the more you will improve and grow from the experience.” For Andrei, opportunities are a chance to make mistakes – and therefore, to grow. “I always take the opportunity,” he continues. “If it is reachable, I must reach it. If there are mistakes, I find solutions immediately, which ultimately leads to success.”

Balancing life and work is not a concept Andrei subscribes to. “For me, there is no worklife balance; my business is my life,” he says. “My circle of friends are colleagues, and my work is my passion, even when I travel. I enjoy the challenges, the achievements and even the problem-solving moments.” With such an intensive approach to business, taking time to rest and exercise to support his well-being is paramount, he insists. “I prioritise working out daily and sleep, which is so important. I take several naps during the day, lasting anywhere from five minutes to an hour.”

Andrei’s holistic leadership style combines strategic thinking, energy and humility, which he credits for fostering long-term relationships with employees and clients alike. “In my role, I must stay alert to both the positive and the negative, with a 360-degree, 24/7 approach. As a leader, you need to understand how to effectively communicate your vision and strategy to everyone involved in a project. With every new experience, you communicate, delegate, overcome, and achieve with your team.”

Leading AG Group’s team of over one hundred professionals requires a passion for interacting with people – something Andrei relishes. “I love socialising with people,” he smiles. “I have learnt from the big brands to always meet the

customer at a human level. I see myself as a communicator and energiser, providing the push and the motivation for the group to achieve. There are still people working in the team today who have been with the company since it was set up almost 20 years ago.”

Andrei channelled his passion for people into founding AG Installations Ltd in 2005. Buoyed by his hard work and determination, in just five years, the company grew from a one-man operation to employing five electricians. Further expansion followed, with the company providing state-of-theart services and support to the commercial, industrial and domestic markets, adding mechanical and electrical (M&E), maintenance, turnkey projects, and trading solutions to its ever-growing service offering.

In late 2019, Andrei’s adaptability and foresight as a business leader also led to unexpected diversification for the group, inspired by world events. “I was watching the news and realised

that COVID-19 might prove a challenge, although at that time no one could predict what it would later become and the impact it would have on global industry,” he recalls. “Still, I immediately began venturing into fumigation services, investing in equipment and building our expertise to be ready to adapt to market needs as required. It was a hugely stressful time, but fumigation ensured the group’s survival through those turbulent years.”

Established as a holding company as of 2023, AG Group’s hundred-strong workforce now operates from its Qormi headquarters, which opened in 2012 and includes inventory stores, administrative offices and the group’s own fleet of branded vehicles.

Throughout 2024, Andrei focused on restructuring AG Group’s processes in the wake of its latest transformation into a holding company. “Quality, efficiency and profitability are key. We’ve worked to improve and refine every detail, department by department, as always learning from our mistakes and implementing new ideas,” he shares.

While labour shortages remain a challenge for all industries in Malta, Andrei counters this by leaning into the working relationships he has forged over the years at AG Group. “Everyone in business faces the same challenges, particularly when it comes to the labour market. But building sustainable, solid relationships with stakeholders has always been our strength. I value loyalty and teamwork, and I stick to those who align with our goals as a group.”

Despite ongoing global turbulence, Andrei views Malta as resilient, with abundant potential. “Malta is an amazing island, rich with many talented, hardworking people across the private and public sectors. Where other countries may see only challenges, there’s always a solution here,” he observes.

Andrei also remains optimistic about Malta’s business environment over the coming years. “I believe there will continue to be many positive changes locally, with a great vision for the future in which everyone enjoys an improved quality of life that will continue to drive industry forward,” he predicts.

In 2025, both further consolidation and change await AG Group as it takes its next pioneering steps into engineering and green energy – an evolution years in the making. “Our plans include medium- and high-voltage energy contracts, for which we have already been studying and preparing over the last four to six years,” Andrei reveals. “We are building a large portfolio of brands and expertise so that we can cater to all types of green and renewable energy, and be ready to supply both services and skills when industry demands. The future is innovation in green energy – and we will cater for this future.”

Indeed, for AG Group, the future means continuous innovation into new areas, while leveraging past lessons for long-term growth. “We are prepared for the future that’s coming – not just in 2025, but for the next 15 to 20 years,” Andrei concludes. “We are busy, with an amazing year ahead of us as we plant more seeds for the future and nurture those we planted years ago into successful fruition. We are planning to have a very good 2025.”

Quick-fire Questions… with Andrei Grech

What time of day are you most productive? From 5.30am until 4pm.

Do you work well with music in the background? I prefer quiet to focus.

What’s your favourite music genre?

What’s your first task every day? Vitamins, gym, shower, then work.

What do you like most about your job? My job is my life – and I like my life.

And we must ask… what do you like least? Facing negative moments.

Do you think leaders are born, or are leadership qualities acquired over time? Some leaders are born with a natural affinity for leadership, but you can work on it to improve.

Are you always in ‘change’ mode, or do you prefer long phases of stability? I prefer stability.

Do you enjoy attending business events and conferences? Yes, I enjoy the human connection.

Less about work: Do you prefer an electric or a fuel-powered car? Electric for innovation.

Range Rover SUV or Tesla?

Range Rover for the week, and a sports car for the weekend.

A luxury seafront penthouse or a country house? I love the sun and sea, so the seafront penthouse.

Formal or informal attire?

If I could, I’d wear sportswear all day – but at work, always formal attire.

Gym or outdoor training? Outdoor training, preferably by the beach.

Frequent short weekend breaks or one long-haul vacation? Short breaks.

Fine cuisine or trattoria-style food? I like clean food – I prefer to cook my own meals and keep them healthy.

Glass of champagne or a Negroni cocktail? Red wine – the rest is water.

Ammar Soltan

CEO, TANGY BRANDS

“OUR JOURNEY PROVES THAT HEALTHY EATING IS NOT JUST A LIFESTYLE – IT’S A MOVEMENT THAT UNITES FLAVOUR, VALUES AND INNOVATION.”

AS THE CEO OF TANGY BRANDS, AMMAR SOLTAN HAS RESHAPED MALTA’S APPROACH TO HEALTHY EATING WITH EEETWELL. HE HAS SHOWN

THAT HEALTHY FOOD CAN WIN OVER HEARTS, TASTE BUDS AND ENTIRE MARKETS. WHAT BEGAN AS A SINGLE LOCATION HAS NOW GROWN INTO 27 RESTAURANTS SPANNING SEVEN COUNTRIES, AND HE IS ONLY GETTING STARTED. WITH PLANS TO BRANCH OUT INTO RETAIL, HE REMAINS DEVOTED TO LOCAL PARTNERSHIPS, RESPONSIBLE SOURCING AND GIVING BACK TO THE COMMUNITIES AT EEETWELL’S CORE. IT IS A VISION THAT PROVES EATING WELL DOES NOT HAVE TO COMPROMISE ON TASTE, VALUES OR IMPACT.

In an industry where trends often fade, Ammar Soltan has emerged as a trailblazer, reshaping Malta’s culinary scene and influencing global food and beverage (F&B) standards. “We don’t see health as an abstract concept,” Ammar explains. “For us, food is an experience that must combine exceptional taste, nutritional integrity and sustainability.” Under his leadership, Tangy Brands has expanded into a family of complementary concepts, including Eeetwell, Yami Yabi, Frullado, and Yalali, all united by shared values. From designing new store layouts to refining operational strategies, Ammar remains deeply involved

in every aspect, ensuring that the company’s mission is consistently reflected in every dish.

For Ammar, leadership is a dynamic journey. “Every day presents challenges and opportunities for growth,” he reflects. While Tangy Brands’ ambitions stretch towards global markets, Ammar emphasises the importance of celebrating each milestone. He credits much of the company’s success to the dedication of its team. “No leader achieves success alone,” he says. “Our journey is powered by passionate individuals who innovate and bring

CEO INSIGHT

“Success is a divine blessing that comes with responsibility. I believe our achievements are gifts from God, and true gratitude is demonstrated through action. This means sharing our knowledge, resources and opportunities with others. In both business and life, our greatest fulfilment comes not from what we accumulate, but from how we use our blessings to uplift others and contribute to the growth of our community.”

True leadership is about empowering others to grow and celebrating every milestone along the way.

our vision to life. Many have been with us since the beginning, and their drive and loyalty are the backbone of everything we do. Without their dedication, there would be no growing brand, no forward momentum, and certainly no CEO. True leadership is about empowering others to grow and celebrating every milestone along the way.”

Ammar’s unwavering commitment has turned Eeetwell into a defining presence in Malta’s healthy dining scene, setting a standard that encouraged other players to join in. “Early on, plenty of people thought a health-first concept would never catch on,” he recalls. “Today, we’ve become a point of reference that others follow.” But for Ammar, the real prize is in uplifting everyone involved. “It’s so great to see fresh, wholesome options popping

up across the board,” he says. “Our goal isn’t to outdo anyone, but to inspire more people to choose better foods. Who they buy it from is secondary. What truly counts is that we all move the needle toward healthier, more thoughtful eating.”

By embracing a truly collaborative spirit, Tangy Brands isn’t just leading a trend, but it’s guiding the market toward a richer, more meaningful food culture. Each decision champions the idea that wholesome meals can fuel both steady growth and extraordinary taste. “Our dedication goes well beyond placing dishes on a menu,” Ammar explains. “We actively support local growers and welcome mother nature’s rhythms into our kitchens. This philosophy is integral to who we are, ensuring that our success story is also a story of community and respect for the land that sustains us.”

What truly sets Tangy Brands apart is its commitment to thinking smarter about every step of the process. Working from a central kitchen, the team has built a system that links all its concepts together, ensuring that nothing goes to waste. “We’ve crafted a network where each part supports the others,” Ammar explains. “Take our vegetable trimmings – rather than tossing them aside, we transform them into hearty soups, marinades or meatballs for our sister restaurants.” Beyond that,

careful inventory checks and production strategies mean that ingredients and dishes go to market and flow with the seasons. It’s a blueprint that blends sustainability, resourcefulness and creativity into every bite.

In an evolving marketplace, Tangy Brands continues to adapt. Recognising challenges in talent acquisition and retention, the company has reorganised its leadership structures and rolled out comprehensive training initiatives through its HR department, all designed to foster a stronger, more resilient workforce. “Bringing on the right people remains at the heart of our strategy,” Ammar adds. “As our network grows nationwide, ensuring that every aspect – quality, brand character and consistency – holds steady is not just important; it’s vital to everything we hope to achieve.”

Even as Tangy Brands embraces the latest tools and tech, it never lets digital efficiency overshadow the human element at its core. The company uses fully integrated systems to keep a finger on the pulse of every operation, from staffing to strategic planning, making sure its growth stays healthy and purposeful. Artificial Intelligence (AI) lends a hand in areas like marketing, helping Tangy Brands understand and respond to market shifts. Still, Ammar insists technology will never replace the need for real, person-to-person engagement. “You can’t replicate the value of genuine, in-person learning,” he says. “No matter how advanced our systems get, we’ll always believe that face-to-face conversations build the deepest understanding and strongest bonds.”

Quick-fire Questions… with Ammar Soltan

What time of day are you most productive? Morning.

Do you work well with music in the background? No.

What’s your favourite music genre? I’m not a music lover. I prefer the sounds of nature.

What’s your first task every day? Checking and rechecking my check list.

What do you like most about your job? Making people happy – food makes people happy!

And we must ask… what do you like least? I like everything, even the challenges.

This perspective guides everything about the company’s internal culture. “It’s essential that our team feels a real, personal link to what we’re building here,” Ammar says. “That connection thrives through open dialogue with both leadership and frontline staff.” By pairing time-honoured principles, like sincere communication and mutual respect, with cutting-edge tools, Tangy Brands is proving that progress can honour tradition. Instead, technology adds new layers of support, while the human heartbeat of the organisation remains its driving force.

As Tangy Brands builds its path toward 2025, its plans promise far more than just a larger footprint. In addition to opening two new locations in Malta, the company plans to expand into retail, bringing its core values directly to supermarket shelves. “We’re introducing our own product line, starting with eco-friendly carton-packaged water that perfectly aligns with our sustainability goals,” Ammar says. Beyond that, customers can look forward to convenient grab-and-go selections and unique vending machines equipped with cold-press technology, making healthy choices easier than ever. In the same spirit of community care, Tangy Brands will extend its food donation programme, collaborating with local authorities to ensure that surplus meals find their way to those who need them most. This vision of growth stays true to the company’s roots: innovating, evolving and always giving back.

For Ammar, who first set foot in Malta at 19 with little more than ambition in his pocket, Tangy Brands’ evolution represents far more than a business success. From a modest 60-square-metre shop to a global network of 27 locations, Ammar’s journey underscores that real entrepreneurship is built on tenacity as much as business acumen. As Tangy Brands crosses new borders, its founding ideals of fresh thinking, lasting sustainability and a genuine drive to uplift communities remain firmly in place. “Our commitment runs deeper than the meals we serve,” Ammar reflects. “It’s about believing in the power of what we can accomplish together.”

Do you think leaders are born, or are leadership qualities acquired over time? Leaders are born.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Change mode.

Do you enjoy attending business events and conferences? Yes.

Less about work: Do you prefer an electric or a fuel-powered car? Electric.

Range Rover SUV or Tesla? Tesla.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Formal.

Gym or outdoor training? Outdoor training.

Frequent short weekend breaks or one long-haul vacation? Frequent short breaks.

Fine cuisine or trattoria-style food? Trattoria-style.

Glass of champagne or a Negroni cocktail? Neither – fresh fruit juice!

George Gregory

CEO, MALTA ENTERPRISE

“EVERY ENTERPRISE THAT INTERACTS WITH US IS VITAL IN MAINTAINING WHAT WE HAVE TODAY AS A COUNTRY AND OUR CONTINUED GROWTH AS AN ECONOMY.”

AS MALTA’S ECONOMIC DEVELOPMENT AGENCY, MALTA ENTERPRISE ATTRACTS NEW FOREIGN DIRECT INVESTMENT WHILE FACILITATING THE GROWTH OF EXISTING OPERATIONS. SINCE TAKING THE HELM AS CEO IN SEPTEMBER 2024, GEORGE GREGORY HAS GUIDED THE ENTITY WITH A FOCUS ON SUSTAINABILITY, INNOVATION AND HIGH-VALUE-ADDED INDUSTRIES. HIS VISION FOR 2025 INCLUDES STREAMLINING MALTA ENTERPRISE’S SERVICES, FOSTERING A BUSINESS-FRIENDLY ENVIRONMENT AND REINFORCING MALTA’S REPUTATION AS AN IDEAL INVESTMENT DESTINATION.

For George Gregory, it was Malta Enterprise’s team ethic, particularly the entity’s commitment to research and data-driven decision-making, that catalysed his career move to become CEO. “I knew that I was joining a good team that carries out a huge amount of research across economic, demographic and business data to create the organisation’s strategy and targets. The teams here do a lot of hard work and I’m learning as I go,” he shares, adding that learning is a key aspect of his ethos as CEO. “Every CEO has his own drive, and mine is my belief in the power of lifelong learning. I enjoy being at the forefront of developing something and gaining knowledge and experience along the way.”

George views joining Malta Enterprise as a landmark moment in his long career. “My first milestone was qualifying as an accountant while also playing water polo. Then, becoming a partner in a large accounting firm at the age of 30, and later founding a little-known accounting firm that grew to become one of the top five in Malta. Finally, I count taking on the role of CEO at Malta Enterprise – one of the key roles in the country – as a major achievement.”

Before his appointment as CEO of Malta Enterprise, George served as one of the founding partners at RSM Malta for over 20 years. When the opportunity arose to

CEO INSIGHT

“A key element of being an effective leader is listening to everyone – and I mean everyone, including all stakeholders – before acting. However, in the end, a leader must form their own opinion and make the decision.”

Over the next five years, I predict data and technology will play major roles, so business must embrace Industry 4.0.

economic development agency, he felt the time was right to shift his career in a new direction. “Knowing that RSM Malta was in excellent hands, with a great team and a solid succession plan, I accepted this opportunity to become Malta Enterprise’s CEO. What better way to spend the tail end of my career than to serve the country in the best possible way?” he asks.

Reflecting on his early years, George recalls balancing studies with playing water polo – an experience that instilled in him a strong sense of discipline and teamwork. “Pursuing both sports and studies at the same time gave me structure, discipline and a love of working with teams – a foundation that has been key throughout my career,” he says. Today, he maintains his dedication to teamwork and passion for sports as President of Sliema’s water polo team, balancing his career with family time and sports administration. “My main ethos is ‘work hard and play hard’. You need both in life.”

Malta Enterprise has been instrumental in fostering the economic growth that the country has enjoyed, George highlights. “We facilitate foreign investment while always supporting local businesses.”

He reveals one of the biggest challenges of his role is finding time for everything. “I joined Malta Enterprise

during one of the busiest seasons, with many conferences and commitments. But these are essential, as my role is to ensure Malta Enterprise is at the forefront of Malta’s economic development and always providing the best service to our clients. Every enterprise that interacts with us is vital to maintaining what we have today as a country and driving our continued growth as an economy.”

Other initiatives such as the Micro Invest Scheme continue to support local businesses in reinvesting in their operations to maintain competitiveness while investing in sustainable practices. In recent years, the agency has assisted startups to launch and scale through various targeted schemes and measures, such as the Startup Finance Scheme, while ensuring seed funding is available for smaller startups via the Business Start Scheme. Other initiatives include the Business Development Scheme, which supports projects such as business expansion, modernisation and digital transformation with cash grants or tax credits covering up to 75 per cent of eligible costs.

Recognising the importance of research and development, the agency also supports investments in this area. “Malta Enterprise has harnessed a collaboration between academia and the business world with great success,” he reveals, “and schemes such as

the Research and Development (R&D) Support Scheme encourage companies to invest in innovative solutions that contribute to Malta’s economic growth.”

Promoting sustainability is another priority for the agency, with relevant schemes including Smart and Sustainable Investment Grants that cover up to 50 per cent of eligible investments, including waste minimisation, energy efficiency and sustainable digitalisation.

Looking back on 2024, George underscores Malta’s economic stability and Malta Enterprise’s role in retaining foreign investments. “Malta has sustained growth, with a strong and stable economy, even during global challenges. We tend to enter recessions late and exit early, manage economic storms diligently, and the IMF predicts stable growth,” he says. “Malta is well-located as a stepping stone to Europe and North Africa. The small, nimble business environment and high quality of life are also major advantages.”

With Malta Vision 2050 on the horizon – an initiative launched by the Government to shape the country over the coming 25 years – George states that “this is a vision for the country and we aim to align with Malta Vision 2050, setting the foundation for a prosperous future. We plan to kick off a digitisation process within Malta Enterprise in 2025 while streamlining customer-centric services, making it as easy as possible for businesses to navigate regulations and access the support they need.”

George also emphasises Malta Enterprise’s ongoing commitment to high-value-added industries, particularly those in the technology, manufacturing and sustainable sectors, amid Industry 4.0 – the next industrial revolution, integrating intelligent digital technologies such as IoT networks, Artificial Intelligence (AI), Big Data, robotics, and automation into business and industrial processes. “Over the next five years, I predict data and technology will play major roles, so business must embrace Industry 4.0,” he asserts.

Newly revamped schemes, including an updated Micro Invest Scheme and a share options scheme for startups, are slated to launch in 2025, reflecting Malta Enterprise’s focus on supporting a sustainable business ecosystem. “We encourage innovation across all enterprises in Malta’s business sector, so we are designing and updating our schemes to make sure we’re in sync with the way the economy is going and the direction in which we want to drive it forward.”

In that goal, Malta Enterprise is prepared to serve the country’s economic development today and tomorrow, as both the entity and its predecessors have done for decades. “I see Malta Enterprise maintaining and growing Malta’s economic development role, as we always have done, while streamlining and reducing bureaucracy as much as possible for our customers in the business community,” concludes the CEO. “Our mission remains to retain talent and support innovation, ensuring Malta remains competitive on the global stage.”

What time of day are you most productive?

Do you work well with music in the background?

Checking my diary at 5am to plan my day.

What do you like most about your job?

Meeting people and being at the forefront of Malta’s

And we must ask… what do you like least?

Do you think leaders are born, or are leadership I don’t believe I was born a leader, but I acquired the skills

Are you always in ‘change’ mode, or do you

Do you enjoy attending business events and conferences? Yes – but not the dinners.

Less about work: Do you prefer an electric or a fuel-powered car? Electric.

Range Rover SUV or Tesla? A Cinquecento.

A luxury seafront penthouse or a country house? Both, but if I had to choose just one, the seafront penthouse.

Formal or informal attire? Informal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? Frequent short breaks.

Fine cuisine or trattoria-style food? Trattoria-style.

Glass of champagne or a Negroni cocktail? I prefer gin or whisky, but between these, I’ll have the Negroni.

Claire Zammit Xuereb

DIRECTOR OF HOSPITALITY AND CARE, AX GROUP

“WE WANT TO BUILD A LEGACY.”

AS AX GROUP CELEBRATES ITS 50TH ANNIVERSARY THIS YEAR – MARKING FIVE DECADES OF EXPANSION, DIVERSIFICATION AND GROWTH – THE COMPANY CONTINUES TO BUILD ON ITS STRONG FOUNDATION UNDER THE LEADERSHIP OF CLAIRE ZAMMIT XUEREB IN THE HOSPITALITY AND CARE DIVISIONS. THE LAUNCH OF THE VERDALA WELLNESS HOTEL, THE DEVELOPMENT OF ODYCY’S PHASE 2 AS A KEY DESTINATION, AND THE CONSOLIDATION OF AX CARE ALONGSIDE THE GROUP’S SMALLER BRANDS WILL FURTHER CEMENT THE FAMILY FIRM’S REPUTATION AS ONE OF MALTA’S BUSINESS GIANTS.

Established in 1975, AX Group is celebrating its five decades of success this year while maintaining a strong focus on the future, says Claire Zammit Xuereb, Director of Hospitality and Care. She embodies the drive and energy of the second generation, tasked with guiding the business forward. “My role is to ensure we are financially sustainable across all our holdings and to maximise output while paving the way forward for the company,” she asserts.

Over the past few years, Claire has taken on increasing responsibilities as AX Group’s sectors have evolved. Digitalisation and technological innovation have taken centre stage, and consumer preferences are constantly shifting, with sustainability high on the agenda.

“These shifts are reshaping our approach to hospitality, and AX Group is prepared to respond with a clear focus on value and quality,” she explains. “Data indicates that accommodation options will continue to expand over the next five years, which could lead to downward pressure on room rates to sustain occupancy. This trend may attract a different type of traveller. However, at AX Group, our strategy is centred on high-value tourism – drawing guests who seek distinctive, memorable experiences and are willing to invest in quality.’’

The Verdala Wellness Hotel in Rabat, perched above the pastoral fields in the island’s northern region, is a key project through which the company aims to achieve this. Its management and marketing will be a central

CEO INSIGHT

“When I was younger, I thought that to become a businesswoman, I needed extensive experience and qualifications. I didn’t feel prepared enough, but looking back, I wish I had believed in myself sooner.”

With the ODYCY, we’ve developed an incredible range of skills and services that could benefit others. Over the next few months, we’ll expand our management contracts portfolio, collaborating with other hotels to enhance their market presence.

focus for 2025. “With the Verdala Wellness Hotel, we’re entering a new segment of the hospitality industry – transformational travel. We’re offering a boutique, five-star hotel, designed as a sanctuary where guests can find balance. It will offer those constantly in the fast lane the opportunity to pause and focus on their mental, spiritual and physical health. Our staff customises each programme for guests, blending deep wellness with luxury – a unique combination we believe will put us on the international map.”

Claire and her team are responsible for ensuring the Verdala’s success. “I never work alone; my team is always by my side. This approach not only ensures continuity but also creates valuable growth opportunities for our staff. Building the right teams and balancing personalities is one of the aspects of my job I enjoy most. Even the most talented individuals can’t do it all alone; it’s the strength of the team and the balance of talents that allow us to succeed. This is crucial,” Claire asserts.

The launch of AX ODYCY Hotel in Qawra –formerly the Suncrest Hotel – is a testament to Claire’s team-focused approach. “The ODYCY is a prime example of what can be achieved with good management and a strong team. In 2009, I took on responsibility for the Suncrest, which, to be frank, had lost some of its former shine since its peak in the 1990s. We were advised to shut it down and build something more suited to today’s market, but both my father and I had a deep emotional connection to the hotel. It was where I started my career, and it holds a special place in our family’s history. Knowing how difficult it would be for my father to let go, I reassured him, ‘I’ll take care of it and bring her back to life.’ Together with our senior General Manager, Joe Vella, we committed fully to the

project. In the first year, we broke even, and became financially sustainable, thanks to the collective efforts of our team. I can confidently say our management team has earned a black belt.’’

The property’s success inspired the family to continue investing in the property, transforming the old hotel into the new fourstar AX ODYCY Hotel, inaugurated in 2023, with 2024 marking its first full year of operation. “The investment here was substantial, but it resulted in one of the greatest comebacks we could have hoped for. The ODYCY’s performance was our biggest success last year, and I attribute that to our management structure and our ability to monitor the market and maximise opportunities.”

Another element of Claire’s success is her belief in “the now”. She says, “we need to stay grounded and stay attuned to shifts both locally and internationally to shape our strategy. The gaps of today may not be the gaps of tomorrow, so staying relevant is crucial. Even once you’ve established your vision, you must be ready to adjust the sails and adapt to changing circumstances.’’

Despite her forward-thinking approach, Claire insists that AX Group is “not a short-term investor. We want to build a legacy.” Recently, the group has prioritised reducing its hotels’ carbon footprint, integrating technological tools and providing “hyperfocused guest experiences”. While these initiatives have boosted efficiency, they have also led to increased costs, which Claire believes will be balanced through strategic decisions in human resources. “The labour market will continue to be a challenge, but it’s pushing us to prioritise employee retention by improving the work environment and offering training and career development so that the best stay and thrive.”

The structure of the company has also been reassessed, Claire says. “We’ve geared ourselves for growth, strengthening our executive management team and central functions to be more efficient, which will allow us to expand our portfolio. With the ODYCY, we’ve developed an incredible range of skills and services that could benefit others. Over the next few months, we’ll be expanding our management contracts portfolio, collaborating with other hotels to enhance their market presence.’’

In the last quarter of the year, AX Group will also launch the second phase of ODYCY’s destination concept, while consolidating AX Care and the group’s smaller brands. “We’re revamping the Sunny Coast and Luzzu premises, with completion set for 2028. In the meantime, we’re continuing to build our ‘emerging brands’, such as the Mediterranean Fusion Restaurant Minoa, the adults-only Medusa Sky Bar, the unique Latino Bar Mamacita, and the more established brands such as the Cheeky Monkey Gastropub. I take pride in creating brands, and my goal is for these to become strong household names in Malta. You don’t create something just for fun; they have to have longevity.”

Claire believes that setting the right formulas in business is key to success. “Once we’ve thought a formula through and put it in place, we watch it closely to ensure it’s working. Our priority is to continue what we’ve started, keeping up with innovations and introducing new elements when appropriate. But I like to walk before I run; I prefer doing things step by step,” Claire concludes with a smile.

leadership qualities acquired over time? Born, but it needs nurturing.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Addicted to change.

Do you enjoy attending business events and conferences? No.

Less about work: Do you prefer an electric or a fuel-powered car? I love muscle cars.

Range Rover SUV or Tesla? Range Rover every time.

A luxury seafront penthouse or a country house? Seafront penthouse.

Formal or informal attire? Depends on my mood.

Gym or outdoor training? The outdoors!

Frequent short weekend breaks or one long-haul vacation? Long-haul vacation.

Fine cuisine or trattoria-style food? Trattoria.

Glass of champagne or a Negroni cocktail? Neither. I love my rum.

Malcolm Camilleri

CEO, PG GROUP

“WE ARE QUICK TO ADAPT AND RESPOND.”

OVER THE PAST 38 YEARS, PG GROUP – THE POWERHOUSE BEHIND RETAIL GIANTS PAVI, PAMA AND MALTA’S ZARA AND ZARA HOME FRANCHISE, AMONG OTHERS – HAS SOLIDIFIED ITS DOMINANT POSITION IN THE RETAIL AND FMCG MARKET. ITS CEO, MALCOLM CAMILLERI, WHO BEGAN HIS JOURNEY WITH THE COMPANY AS CFO BEFORE TRANSITIONING TO OPERATIONS, HAS BEEN PIVOTAL IN SHAPING THE FIRM’S STRATEGY, DIVERSIFICATION AND GROWTH.

“Our drive has always been to focus on customer needs, and this year we will continue to do exactly that,” says Malcolm Camilleri, CEO of PG Group, the firm behind some of Malta’s biggest brands, including the supermarkets PAMA and PAVI, and the Maltese franchise of Zara and Zara Home. “We plan to strengthen our position as the market leader in retail and the fast-moving consumer goods (FMCGs) sectors. To do so, we’re investing in our staff, as well as further digitising our offering to lead through innovation while ensuring sustainable growth.”

Such an ability to diversify and adapt is crucial when operating within the ever-changing retail industry, he explains. “You need to readjust quickly since the market is ever-evolving. New competitors are always appearing; customer needs and expectations are

continously shifting; there are challenges ahead with regard to sustainability in textiles; and the digital tools at our disposal keep improving. This means we need to maintain our pace of transformation and development.”

Indeed, throughout its history the group has kept in step with the flows and shifts within the industry. In 1987, Paul Gauci established the firm as a family business, recognising opportunities in the retail sector despite Malta’s economy at the time being largely focused on manufacturing and wholesale. The company partnered with international market leaders, including Inditex – the group behind Zara and Zara Home – and Conad in Italy. It opened its first Zara outlet in 2002, followed by PAVI in 2006, Zara Home in 2008, and PAMA Supermarket in 2015. Over the years,

CEO INSIGHT

“Aim high if you want to succeed in life; you cannot be satisfied with immediate and easily achievable goals. Never give up – there will be challenges at every stage of the journey, but these will only make you stronger. The key is to believe in yourself. If you do, others will believe in you too. If you doubt yourself, those around you won’t be able to place their faith in you either.”

Everyone is busy, and we provide a one-stop solution for our customers, which translates into loyalty. So, we’ve invested in converting footfall into more than a single stop – making one visit become two. Our business strategy is based on volumes.

the group restructured and became a publicly listed company in 2017.

Malcolm has witnessed the firm’s evolution firsthand, having joined in 2006 as Chief Financial Officer. “I was part of the company’s transformation from a medium-sized business to the market leader it is today, with its strong financial performance, business model and management team culminating in a successful Initial Public Offering (IPO) in 2017. Even as CFO, I was always involved in the firm’s operations,” he says.

In Malcolm’s view, the key to the group’s success has been its ability to anticipate and meet consumer needs. “Our secret is to give customers what they want: Convenience, quality and variety. This perspective has shaped the company’s values; it is embedded in the firm’s culture and communicated at every level. We’re also agile – we make decisions fast, and we are quick to adapt and respond to changes in the market.”

Ensuring all staff work together toward the same objectives is central to Malcolm’s role, he continues. “I take responsibility for leading the team and drive the company to achieve its goals to facilitate the board’s direction while fostering the group’s culture. This needs to be communicated to every member of the team at all levels, so that everyone understands the overall direction.”

It’s an approach that has proven largely successful, with the group today commanding a significant portion of the market. “Everyone is busy, and we provide a one-stop solution for our customers,

which translates into loyalty. So, we’ve invested in converting footfall into more than a single stop – making one visit become two. Our business strategy is based on volumes; we encourage as many people as possible to shop in one of our outlets. I would say we’re succeeding in this: our group sees around 120,000 people per week visiting our sites – that’s around 20 per cent of the local population.”

Moreover, the business “has been built on solid financial foundations, and that has always guided our decisions,” the CEO notes, adding that the firm has consistently focused on sustainable growth without overstretching its resources. “This means we have no debts and no commitments, and, as a result, we have weathered storms and will continue to do so.” Crucially, the group’s relationships with partners such as Inditex have been productive, with the international behemoth “supporting the firm’s transitions in practical ways".

The group’s diversification has also strengthened its position, he asserts. “For instance, our clothes shops had to close during COVID-19, but our supermarkets boomed. As a result, we were able to support our local partners during the pandemic by not charging them rent for retail space. In this way, they not only survived but could quickly get back on track once everything reopened.”

Much has changed since 2020. In recent years, the island has faced significant challenges due to supply chain disruptions and inflation. Despite this, the CEO remains optimistic. “Our business is still performing well, and in the current scenario, we believe it will continue to flourish year after year. The favourable local economic conditions enabled our company to achieve significant growth and deliver strong performance by fully capitalising on the opportunities presented.” Still, satisfying customer needs can be challenging. “They vary a lot – people are price-focused, and there is always more competition to contend with. Motivating staff is also crucial: They work long hours, so you need to empower them.”

Looking ahead, the group will enhance its competitiveness by launching new brands across all product categories, as it has successfully done in the past. This approach will enable it to offer entry-level products at highly competitive prices while maintaining consistent quality. “We’re planning on introducing more over the next year; we have the right sites, the right partners and the right staff to do so. We plan to continue providing the superior shopping experience our customers expect of us without sacrificing affordability, newness or innovation.”

The PG Group experience is also set to expand further online, Malcolm explains. “We’re preparing new interactive tools for our customers. For instance, we’re launching a supermarket app which will not only allow shoppers to buy online – and have their items delivered – but also help them find products within our stores. At PG Group, we recognise the critical role of digitisation in today’s world and its necessity for staying competitive while enhancing the customer shopping experience. That’s why we are making significant investments to develop and advance our digital capabilities.”

Seeing the company evolve is a great source of satisfaction for Malcolm. “This business is part of my life; I treat it as if it were my own. So, when I come into work, I pour a lot of energy into taking the time to interact with staff and customers. In fact, I spend the first half of every day on the shop floor, speaking to our front-facing team and interacting with shoppers. While it is challenging to meet expectations, I am fulfilled by the relationships I am building,” he concludes.

What time of day are you most productive?

What’s your first task every day? Meeting with the team.

What do you like most about your job? Meeting people.

And we must ask… what do you like least? Non-productive meetings.

Do you think leaders are born, or are leadership qualities acquired over time? Born.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Change mode.

Do you enjoy attending business events and conferences? Yes.

Less about work: Do you prefer an electric or a fuel-powered car? Fuel-powered.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal.

Gym or outdoor training? Outdoor.

Frequent short weekend breaks or one long-haul vacation? Short weekend breaks.

Fine cuisine or trattoria-style food? Trattoria style.

Glass of champagne or a Negroni cocktail? Negroni.

KYTE GLOBAL

Trevor Axiak DIRECTOR,

“DESPITE GLOBAL HEADWINDS, MALTA’S FINTECH SECTOR STANDS RESILIENT AND ROBUST.”

TREVOR AXIAK, DIRECTOR OF KYTE GLOBAL, HAS BUILT A FORMIDABLE PRESENCE IN MALTA’S INFORMATION SECURITY AND COMPLIANCE SECTOR THROUGH UNWAVERING DEDICATION TO CUSTOMER SATISFACTION AND STRATEGIC FORESIGHT. SINCE ITS ESTABLISHMENT 18 YEARS AGO, KYTE GLOBAL HAS EXPANDED ITS SERVICE OFFERINGS AND STRENGTHENED ITS REPUTATION AS A TRUSTED, FORWARD-THINKING AUTHORITY IN COMPLIANCE AND OPERATIONAL RESILIENCE UNDER TREVOR’S LEADERSHIP.

Kyte Global’s enduring success is rooted in a simple yet powerful ethos: “It’s all about the customer,” asserts Director, Trevor Axiak. This steadfast, consumer-centric approach has been the cornerstone of Kyte’s growth and evolution since its inception, shaping every facet of its operations, culture and services. Over the years, Kyte’s service lines and products have evolved in response to clients’ needs, most recently with the introduction of Incident Response and Forensics services in anticipation of the EU’s Digital Operational Resilience Act (DORA) regulations.

With Trevor at the helm, Kyte has solidified its reputation as a leading provider in information security and

compliance, earning the trust of clients across 67 countries. Kyte Global’s reach attests not only to its commitment to excellence in service delivery but also to Trevor’s vision of establishing Kyte as an international name in compliance and security. “Sometimes, people don’t know who I am, but they know the company behind me,” Trevor remarks. This brand recognition reflects Kyte’s consistent delivery of high-quality services and effective marketing strategies.

2024 was a pivotal year for Kyte, marked by internal restructuring and process refinements. These changes, designed to foster greater efficiency and agility, are already bearing fruit, with Kyte’s teams now operating

CEO INSIGHT

“Since people management is our greatest challenge, make it a priority. Invest in employee development programmes that offer clear career paths to demonstrate your company’s commitment to your team’s growth. Importantly, build strong connections with your employees. While some advocate for maintaining distance, I find close relationships invaluable and a source of daily motivation.”

We’re constantly promoting not just our services but Malta itself as

a business destination.

with a stronger sense of purpose and more clearly defined roles and responsibilities. Shifting from a flat organisational structure to a more layered one has enabled the company to streamline operations and improve performance, also enabling Trevor to step back from day-to-day tasks and focus on strategic oversight.

“We’ve revised and improved operations, automated where possible, and introduced new tools. Most importantly, we’ve placed the right people in key positions,” explains Trevor. “One of the most gratifying aspects of the year was witnessing the professional growth within the team. I’ve seen individuals progress from simply performing tasks to becoming managers themselves, taking on leadership responsibilities and positioning themselves for more senior roles within the company.”

The transition, however, was not without its challenges. “Letting go of the reins wasn’t easy. I had to learn to

trust my team,” Trevor admits. “I still find myself biting my tongue in meetings to avoid getting too involved. But you reach a point where you realise you simply can’t manage everything yourself; micromanagement just doesn’t work. I have an excellent team and colleagues who have my back, allowing me to take time off when needed because they can handle the office in my absence.” And the result? “I took a three-week holiday this year – something I haven’t done in 17 years!”

In 2024, Kyte’s service portfolio also grew. “Incident Response was one of the new services we identified last year due to growing demand,” Trevor says. “It’s performing well, though growth has been gradual. We anticipate an increase in this service as DORA regulations become more widely implemented.” Trevor is particularly enthusiastic about the addition of SOC 2 certification, which complements Kyte’s existing list of certification offerings. “SOC 2 is especially crucial for USfacing clients, aligning with certifications like PCI DSS, ISO 27001, SWIFT, GDPR, and AML,” he explains.

From an industry perspective, Malta’s FinTech sector continues to flourish. “In Malta, we’re fortunate to be somewhat insulated from global turbulence, though not entirely immune,” Trevor observes. “Despite facing some challenges and reputational issues in recent years, I’ve noticed a shift in sentiment. We’re seeing significant

interest from companies looking to establish themselves here, often preferring Malta over other jurisdictions.” Trevor believes that this renewed interest stems from concerted efforts by various stakeholders. “As service providers, we’re constantly promoting not just our services but Malta itself as a business destination.”

Looking ahead, Trevor anticipates that regulatory changes related to Artificial Intelligence (AI) and DORA will shape the evolution of Malta’s financial services industry over the next few years. “AI is set to make a significant impact in 2025,” he predicts, “especially since the regulations and regulatory body are already in place for new licensing requirements and schemes.” Trevor views this as more than just a trend: “We’re gearing up for this shift, recognising that AI is more than just a buzzword or limited to chatbots.”

While AI regulations will impact businesses across a wide range of sectors, Trevor believes the shift will be more gradual than seismic. “Companies will need time to adapt and evolve, especially as they begin to recognise the potential of AI and as regulatory frameworks continue to develop, providing further clarity, security and guidance on AI implementation. Fortunately for Malta, the regulator is among the more advanced in Europe,” he remarks.

Regarding DORA implementation, Trevor foresees a busy period ahead. “As regulators begin monitoring and enforcing DORA requirements in 2025, we anticipate a surge in companies implementing mandatory controls, requesting audits and certifications, and introducing the required technical tools. It’s likely to keep us very busy.”

Kyte observed a similar pattern with the EU’s General Data Protection Regulation (GDPR). “Initially, there was extensive discussion about the new regulation – its implications, noncompliance fines, specific requirements, and potential costs,” Trevor says. “Companies would conduct gap analysis to assess their current position and gauge their peers’ approaches, debating whether to aim for minimal or full compliance. Eventually, all companies realise they can’t postpone implementation any longer and must put the required controls in place,” Trevor adds.

When recommending services to clients, Kyte adopts a proactive, risk-based approach by conducting comprehensive risk assessments to identify each client’s unique compliance needs and vulnerabilities, including threats like security breaches. “It all starts with knowing what you need,” says Trevor. “Some companies focus on addressing only the most urgent issues at the moment, while we help them develop a more strategic perspective.”

Kyte’s expansion plans for 2025 include entering new markets and increasing its international footprint. Attending global events and forging new partnerships are key growth strategies, enabling the company to tap into emerging opportunities and diverse client bases. Additionally, Kyte is developing AI-based solutions to enhance business operations, improve efficiency and address skill shortages.

“By the end of the year, I’d like us to be firmly positioned as a global player in our field, with a broader international client base and a reputation for innovative services. We’re on a strong path, largely thanks to our team’s excellent work. If you speak to any of them, they’ll tell you there’s still much they want to accomplish –initiatives they planned for 2024 but haven’t yet brought to fruition. So, 2025 will be a continuation and expansion of our 2024 efforts.”

Quick-fire Questions… with Trevor Axiak

What time of day are you most productive? Late morning.

Do you work well with music in the background? No.

What’s your favourite music genre? Rock.

What’s your first task every day? Visiting my parents.

What do you like most about your job? Effecting change and seeing things get done!

And we must ask… what do you like least? Staff turnover.

Do you think leaders are born, or are leadership qualities acquired over time? I believe everything can be learnt.

Are you always in ‘change’ mode, or do you prefer long phases of stability? I’d say ‘constant motion’ rather than ‘change mode’.

Do you enjoy attending business events and conferences? Not really, but I do anyway.

Less about work: Do you prefer an electric or a fuel-powered car? Both.

Range Rover SUV or Tesla? Both as well!

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? Frequent breaks.

Fine cuisine or trattoria-style food? Absolutely both.

Glass of champagne or a Negroni cocktail? Champagne.

Edward Zammit Tabona

CEO, FORTINA INVESTMENTS LTD

“WE CAN CREATE A SUSTAINABLE, WELCOMING AND VIBRANT TOURISM LANDSCAPE FOR MALTA.”

HOLDING COMPANY FORTINA INVESTMENTS LTD HAS BUILT A DIVERSE PORTFOLIO SINCE ITS LAUNCH IN 2017, BECOMING A KEY PILLAR OF MALTA’S ECONOMIC LANDSCAPE. AS CEO, EDWARD ZAMMIT TABONA HAS HELPED STEER THE COMPANY THROUGH NOTABLE TRANSFORMATIONS, INCLUDING THE REVAMP OF ITS FLAGSHIP FORTINA HOTEL AND THE EXPANSION OF ITS FERRY SERVICES THROUGH CAPTAIN MORGAN GROUP. IN 2025, HE AIMS TO BUILD ON THIS MOMENTUM, DRIVING FORTINA’S INVESTMENTS IN MALTA’S TOURISM AND TRANSPORT SECTORS, WITH SUSTAINABILITY AND INNOVATION AT THE CORE.

For Fortina Investments CEO Edward Zammit Tabona, one recent moment stands out in a career marked by many strategic milestones.

“The investment coincided with the 75th anniversary of when my grandfather inaugurated the family’s first Tigné Court Hotel in 1948,” he recalls, referring to the company’s recent completion of Fortina’s ambitious redevelopment of its four- and five-star hotels along Sliema’s Tigné Seafront.

This multi-million project has led to a state-of-the-art, mixed-use development that attracted the prestigious Barceló Hotel Group to Malta. “It was an emotional and important milestone both for me and our family’s legacy,” he adds.

For Edward, this is the latest achievement in Malta’s tourism, maritime transport and hospitality sectors, continuing the legacy of the family business established by his grandfathers in the 1960s. Since 2015, he has led Fortina Investments as CEO, and served as CEO of Captain Morgan – Malta’s leading operator in inter-island passenger cruise and ferry services – and as CEO of Marsamxetto Steamferry Services Ltd.

Edward sees resilience as one of his guiding principles across his multifaceted roles. “My work ethos is rooted in loyalty, transparency and resilience. I believe these values are essential – not just among family members, but also in our partnerships. Being open and trustworthy creates a strong foundation for collaboration and success. Resilience

CEO INSIGHT

“Balancing business and personal life isn’t easy, but I make it a priority to spend quality time with my wife and children each morning before they head off to school. Outside of work, I’m passionate about fishing, and my kids love it too, often joining me. But I’ve always had a strong work ethic. I go to the office early, leave late – and genuinely enjoy it.”

We

firmly believe in harnessing the strength – and beauty – of our seas to facilitate island-wide travel, so we have heavily invested in making this vision a reality.

keeps you going in challenging times, with eyes fixed on getting the job done.”

This philosophy also serves as the cornerstone of Edward’s leadership style, which centres not only on driving financial success but also on building relationships and exploring new ventures that align with Fortina’s values. “The opportunity to meet new people and discuss different opportunities is one of my favourite aspects of the role. Every interaction is a chance to learn and grow. New opportunities deliver a fresh dose of excitement to the job. Not every opportunity works out, but it certainly leaves its fair share of positive experiences and lessons learnt.”

He confides that one of the biggest challenges right now is finding and retaining top talent. “In today’s landscape, it’s crucial to keep our team engaged, motivated and aligned with emerging consumer trends and expectations. We are firm believers in investing in our team, encouraging employees to pursue new experiences, reskill and further their education within a supportive work environment. Yet, talent is often on the move, and new skills are needed almost daily – this is perhaps a modern CEO’s hardest challenge.”

Still, Edward says that these challenges make his role fulfilling, as he and the team balance planned strategy with the need to pivot quickly in response to developing circumstances. “There’s a satisfaction that comes from working with our team to navigate these dynamic challenges.”

Fortina Investments Ltd has transformed Malta’s tourism landscape, staying true to its heritage while embracing modern, sustainable practices. Building on the foundation laid 75 years ago with the original Tigné Court Hotel, the company has grown to encompass hospitality and sea transport, with Edward’s father and uncles nurturing and expanding on their own father’s legacy.

“As pioneers in the tourism industry, we continued our investment plan to create a five-star destination in the heart of Sliema,” says Edward, referring to the company’s recent upgrade of the Fortina Hotel. “We wanted to capitalise on the hotel’s iconic views of Valletta by providing a modern, elegant ambience that elevates our customers’ experience. The hotel boasts an excellent location with easy access to top tourist spots, an expansive pjazza, which is fully accessible to the public, and outstanding hospitality. In its first year, results have exceeded projections.” He also looks forward to a positive future in Fortina’s landmark partnership with Barceló: “They are like us – a family-owned brand focused on creating a unique experience, blending local charm with international expertise.”

The Fortina Hotel redevelopment is the latest milestone in a long list that has made the hotel a leading player in the business landscape. “Our investment in maritime ventures keeps our competitive edge through state-ofthe-art vessels and innovative product experiences, such as the I-SEE Malta pass – a range of tourism products that combine multimodal transport with main cultural hotspots in Malta and Gozo, while tapping into our partnership with an international brand for our tourist bus services,” Edward reveals. “Additionally, the group established OZO, a company that invests significantly in the outsourcing of human capital services for the hospitality sector.”

Meanwhile, Fortina continues to pioneer sea transport through Captain Morgan Group and its ferry services, connecting Sliema, Valletta and the Three Cities, with around 1.3 million passengers carried last year. “It’s an exciting time for sea transport, and we’re ready to play our part!” Edward says with a smile. “Maritime transportation in Malta for everyday commuting – not just tourism – will become increasingly important as road-traffic pressures rise. We firmly believe in harnessing the strength – and beauty – of our seas to facilitate island-wide travel, so we have heavily invested in making this vision a reality.”

This commitment aligns with the recent governmental push for alternative transport options, he says. “Commuters can now travel on the ferry for free, just like taking the bus. I believe that with better public awareness, we can foster a cultural shift. Success lies in ensuring these links are well integrated, providing our customers with a seamless experience that saves them time.”

With tourism at the heart of Fortina Investments, Edward sees immense potential in building a sustainable, attractive experience for visitors. “Tourism is Malta’s economic lifeline,” he asserts, adding that safeguarding it requires meticulous attention to infrastructure, cleanliness and the visitor experience.

“It provides livelihoods for thousands of families and is fertile ground for many businesses like ours. I always advocate having our basics in place as a country, protecting our USP –our beaches, our historical spots, our unparalleled hospitality, and most of all, our value for money – with a clear plan outlining our vision for the next five to 10 years. Engaging all stakeholders in the tourism sector is key to realising this vision. By working together, we can create a sustainable, welcoming and vibrant tourism landscape for Malta.”

Environmental sustainability is another priority in Fortina’s ESG strategy, as it considers electrifying its fleet of 18 hopon hop-off buses and making its maritime assets more eco-friendly to reduce its carbon footprint. “Government investment in infrastructure will be crucial to cost-effective electrification. Our strategic aim is to remain at the forefront of sustainable transportation,” Edward notes.

Looking forward, Edward foresees an exciting future for tourism in Malta over the next five years, with growth and innovation on the horizon. “We expect tourist figures to continue to rise, encouraging further investment in the sector to enhance spending power. I hope the Government will increase investment in infrastructure, which is crucial for delivering top-tier visitor experiences. The rapid pace of Artificial Intelligence (AI) will also be a game-changer, transforming how we engage with tourists and streamline our services.”

Edward also plans to capitalise on growing tourist numbers. “Data released by the Malta Hotels and Restaurants Association in August 2024 reported that tourist arrivals in the second quarter of 2024 reached 998,000, surpassing 2023 figures, while guest nights rose by 483,000 compared to the same period the previous year,” he highlights. “The peak months attracted younger travellers, positively impacting sectors like excursions, entertainment and transport, but presented a challenging scenario for some high-end hotels. Malta’s resilience and the local investor community’s determination are clear, turning challenges into opportunities.”

While Edward remains focused on cementing Fortina’s role in Maltese tourism and transport through sustainable growth, he is equally driven to explore new opportunities in 2025. “Our goal is to keep building a future that respects our heritage while embracing changes to keep Malta’s tourism landscape vibrant and resilient,” the CEO concludes.

with Edward Zammit Tabona

What time of day are you most productive?

Do you work well with music in the background?

What’s your favourite music genre?

What do you like most about your job?

And we must ask… what do you like least? The constant pressure that never lets up!

Do you think leaders are born, or are leadership qualities acquired over time? A mix; it’s about experiences and learning from others and your own mistakes.

Are you always in ‘change’ mode, or do you prefer long phases of stability? I’m always open to change, but it’s also important to allow something to take root.

Do you enjoy attending business events and conferences? Not much, as they take me away from the limited time I have with my family.

Less about work: Do you prefer an electric or a fuel-powered car? Fuel.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? A country house.

Formal or informal attire? Informal.

Gym or outdoor training? Outdoor training.

Frequent short weekend breaks or one long-haul vacation? Short weekend breaks.

Fine cuisine or trattoria-style food? Fine cuisine.

Glass of champagne or a Negroni cocktail? Neither – but I enjoy the occasional glass of wine.

Edward Chetcuti

CEO,

G4S SECURITY SERVICES (MALTA) LTD

“SECURITY IS NOT JUST ABOUT HAVING A GUARD AT THE DOOR.”

ESTABLISHED IN 1988, G4S MALTA HAS BEEN INSTRUMENTAL IN SHAPING THE ISLAND’S SECURITY SECTOR. UNDER THE LEADERSHIP OF EDWARD CHETCUTI, APPOINTED CEO IN 2023, THE COMPANY IS REDEFINING ITS ROLE AS AN INTEGRATED SECURITY PROVIDER, EMBRACING ADVANCED TECHNOLOGIES AND DRIVING GLOBAL STANDARDS. WITH OVER 1,600 EMPLOYEES AND A STRONG LOCAL PRESENCE, G4S MALTA IS DRIVING INNOVATION IN THE PROVISION OF SECURITY SOLUTIONS AND LOOKING AHEAD TO 2025 WITH STRATEGIC GROWTH PLANS.

Edward Chetcuti’s journey to becoming CEO of G4S Security Services (Malta) Ltd has been defined by his passion for people and commitment to operational excellence. His 25-year career began with an undergraduate degree in mechanical engineering, followed by a Master’s in executive business administration. This blend of technical expertise and business acumen has since guided him through various local and international roles at the helm of large and complex organisations – always focusing on creating environments where people can excel.

“As a business leader, my job is to inspire, develop and support every person in the company so that they can be a little better each day. The rest follows naturally,” Edward explains. “I enjoy being CEO as it allows me to shape both the environment and attitude of the organisation. My goal is the constant pursuit of excellence, which I define as doing the right things right.”

Edward’s approach has shaped his career across several diverse sectors, including his leadership of the then-fledgling plastic bottle recycling

CEO INSIGHT

“One of the main challenges as a CEO is to be clear and concise about the organisation’s vision and purpose – and to communicate effectively. As George Bernard Shaw said, ‘The single biggest problem in communication is the illusion that it has taken place’.”

We employ 1,600 people in Malta, so protecting their jobs while maintaining the highest standards of security is a top priority.

initiative, BCRS Malta, where he revolutionised the country’s recycling efforts. “Setting up BCRS involved three years of extremely hard work, building an entity from scratch, not just into a company, but into a nationwide exercise that impacted everyone in Malta. I’m proud that we smashed the country’s recycling target from 20 per cent to 80 per cent within the first year of operation – not to mention shifting the mindset of an entire nation.”

Despite the variety of industries he has worked in – from manufacturing to environmental services, and now security – Edward’s peoplecentric work ethos remains universally applicable. “It doesn’t matter what we do; it’s how we do it. Always act with integrity and respect, even when no one is watching. Be passionate about that and achieve it through teamwork. Lead by example and from the front. For me, it’s always about people: the common denominator in every business is its people, and my focus is on building teams, giving them purpose and creating environments where they can succeed.”

Edward’s deep-seated passion for his home country has shaped his career choices and trajectory. After years of working internationally, he took on local leadership roles, including a brief tenure as CEO of the Malta Chamber of Commerce. “I wanted to give back to Malta. I’ve always gravitated toward roles that not only make a business impact but also contribute positively to the fabric of Maltese society,” he shares.

Founded in 1988, G4S Security Services (Malta) Ltd was the first private security company on the island. Over the past 35 years, it has grown to become Malta’s largest private employer in the security sector. “We employ 1,600 people, with over 90 per cent being Maltese, which

speaks to how deeply embedded the company is in local culture. That said, we operate in partnership with international security services leader Allied Universal – the second-largest employer globally, with 900,000 employees – to benefit from a global infrastructure. Yet, G4S Malta remains deeply local and touches every corner of Maltese society,” Edward explains.

As CEO, Edward’s vision is to push G4S Malta beyond its traditional role, often associated with supplying security guards, and reposition it as a fully integrated security provider. Shifting perceptions, both within the company and in the public eye, is central to his strategy. “Our mission is to demonstrate that security is not just about having a guard at the door. We’re not just a ‘watchman company’,” he clarifies.

“We’re at the forefront of technology, with several business units beyond security officers. We offer security solutions that encompass cash management services, cybersecurity, electronic surveillance systems, Artificial Intelligence (AI)-powered CCTV installation,

managing most of Malta’s ATMs, and monitoring the country’s traffic and speed cameras. Among our diverse services, we also handle nearly 70 per cent of Malta’s cash operations and fibre communication installations for the country’s most significant telecommunications companies.”

Today, G4S Malta is a critical component of the island’s security framework across Government, banking, retail, and healthcare. However, like many businesses in Malta, G4S faces external challenges as the country grapples with rising costs and labour shortages. “Inflation and a lack of skilled workers were major concerns in 2024,” Edward notes, adding that the security sector is also undergoing significant regulatory changes, which could disrupt traditional business models. “Growing public concern over quality of life has prompted the Government to introduce blanket regulations, which risk stifling professional industries like ours.”

One such regulation is the equal pay legislation set to be enforced in 2025. While Edward welcomes the law’s intent, he cautions that poor implementation could cripple the security sector. To address this, G4S Malta has teamed up with other key players to form an industry association, of which Edward is Vice President. “Our goal is to work with the Government to ensure that these regulations enhance rather than harm the industry. After all, we employ 1,600 people in Malta, so protecting their jobs while maintaining the highest standards of security is a top priority.”

Global trends such as AI and automation are also reshaping G4S Malta’s operations. “AI is transforming the security landscape,” Edward explains. “We already use AI for perimeter detection, automated number plate recognition and retail security. Moving forward, we plan to integrate drones and further develop AI-driven solutions to augment our capabilities and improve efficiency.”

In 2025 and beyond, Edward predicts further developments within the local and international security sectors. “2025 will be the year when businesses need to step up, take control and address nationwide challenges with long-term, business-led solutions, avoiding and mitigating short-term political decisions. Over the next five years, the security industry must become more professional, incorporating technology, AI, drones, and integrated systems. The challenge will be to provide a higher level of service amid rising costs.”

As a key player in Malta’s security sector, Edward envisions G4S Malta’s continued evolution into an even stronger force within the industry, focusing on growth through technology, service diversification and deeper community engagement. “We have big plans and are at a pivotal moment in our journey,” Edward reveals. “In 2023, we were like a caterpillar – good, but with the potential to be great. In 2024, we entered our cocoon, evolving with a focus on building a strong C-level suite. In 2025, we’ll emerge as a butterfly, transformed into a company known not just for excellence but as an innovative pioneer in security services.”

Part of that growth involves strengthening G4S Malta’s integrated service offerings. “We are expanding our technological capabilities, developing new partnerships and, if the right opportunity arises, considering strategic acquisitions. Our goal is to consolidate our leadership in Malta and continue setting the standard for security services on the island.”

and conferences?

Yes – to meet new people and learn.

Less about work: Do you prefer an electric or a fuel-powered car? Still fuel-powered for now.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house?

Seafront penthouse – the sea breathes life!

Formal or informal attire?

Both, depends on the occasion.

Gym or outdoor training?

Outdoor – I hate the gym!

Frequent short weekend breaks or one long-haul vacation?

Frequent short breaks.

Fine cuisine or trattoria-style food?

Depends on the company.

Glass of champagne or a Negroni cocktail? Negroni – although I prefer whisky.

Christian Gravina

CEO, GCS MALTA

“ULTIMATELY, IT’S THE PEOPLE DOING THE WORK WHO MAKE THE FIRM.”

SINCE 2017, CHRISTIAN GRAVINA, CEO OF GCS MALTA, HAS SPEARHEADED THE GROWTH OF A COMPANY THAT HAS BECOME A TRUSTED PLAYER IN THE FIELDS OF ACCOUNTING, AUDITING, CORPORATE SERVICES, AND RECRUITMENT. COMPRISING THREE ENTITIES – GCS ACCOUNTING, GCS ASSURANCE AND GCS RECRUITMENT – GCS MALTA OFFERS A RANGE OF SERVICES TAILORED TO CLIENTS SEEKING QUALITY AND AFFORDABILITY. UNDER CHRISTIAN’S LEADERSHIP, GCS MALTA NOW SERVES INDUSTRIES INCLUDING HOSPITALITY, CRYPTO, GAMING, AND MORE, GAINING RECOGNITION FOR ITS EXPERIENCED TEAMS, INNOVATIVE SOLUTIONS AND COMMITMENT TO EXCELLENCE.

Christian Gravina’s career began when he took a role with a top accounting firm, a journey that ultimately led him to branch out on his own. “I started out doing most of the work myself,” he says, echoing the early days of many solopreneurs. “But, as time went by and I started to experience growth, I realised I needed more people on board to help me. It wasn’t easy getting to know and having to delegate to new people, and building trust while implementing solid operating procedures was crucial during the early days.”

Over time, Christian’s ethical approach and commitment to excellence earned him positive word-

of-mouth, laying the foundation for the firm’s growth – GCS Malta now employs 65 people.

He describes his role as multifaceted, balancing leadership, strategy and business development. “I oversee all departments, from accounts and audit to recruitment and corporate, ensuring communication flows smoothly and setting the firm’s vision for the coming years,” he explains. His management philosophy emphasises delegation and empowering team leaders while maintaining a broad, strategic perspective.

CEO INSIGHT

“You’re never too old to set another goal or dream a new dream. If you don’t dream, you won’t achieve anything. Yes, dreams come with risks, but if you stay focused, you’ll succeed.”

Companies in the sector operating without oversight undermine the market. It’s not about killing competition – it’s about ensuring everyone plays by the same rules.

In fact, one of GCS Malta’s initial goals was to offer highquality service comparable to the Big Four at more accessible fee structures. The company has steadily carved a niche in its sector since it started operations seven years ago. “Many of our people do actually come from Big Four backgrounds,” Christian explains, “so the level of experience is there; it’s just the brand that is different. Ultimately, it’s the people doing the work who make the firm.”

From its humble beginnings, GCS Malta has focused on attracting clients who align with its values and aspirations. Initially catering to smaller businesses, the firm has gradually transitioned to higher-end clients to align its services with strategic goals. Today, 85 per cent of GCS Accounting and GCS Assurance’s business stems from foreign clients investing in Malta. This international dimension not only enhances the company’s portfolio but also contributes to Malta’s attractiveness as a business destination.

Furthermore, GCS Malta has continually broadened its service offerings. “We now provide specialised audits, such as IT and internal audits, alongside our core services,” says Christian. On the recruitment side, the company has shifted its focus towards international markets, offering competitive, high-quality solutions tailored to industries with specific needs.

Christian’s involvement in Media Exclusive – the production company responsible for bringing major shows like Love Island and Family Feud to Malta – has also opened doors for GCS. Leveraging expertise in the media production industry, GCS now targets filmmakers, particularly from Bollywood, to encourage film production on the island. “We know the industry well and are positioned to advise on Malta’s 40 per cent cash rebate for foreign production companies,” he notes.

Looking ahead, the company is working to obtain accreditation for auditing MFSA-regulated entities. “We’ve already notified the MFSA of our intentions and arranged training with a leading legal firm,” he says. “Becoming accredited will allow us to expand into this niche and to offer services few others can provide.”

Digitalisation and Artificial Intelligence (AI) have also become central to GCS Malta’s strategy. “AI isn’t here to replace people but to facilitate processes,” Christian asserts. From accounting software that automates double-entry transactions to document management systems that streamline signing and verification processes, the firm is harnessing technology to save time, reduce costs and enhance client experiences.

On the recruitment front, AI-driven software filters applications and flags top candidates, expediting the hiring process. However, Christian emphasises the importance of robust IT security to mitigate risks like data breaches and phishing attacks. “If you have a leak, your reputation can be ruined,” he warns, highlighting GCS Malta’s investments in advanced security systems to safeguard client data.

Despite its successes, GCS Malta has faced challenges stemming from regulatory changes and market dynamics. For example, new rules concerning third-country nationals (TCNs) have disrupted recruitment services. “The issue has impacted both low-skilled and high-skilled jobs, including IT recruitment,” Christian explains. “If we can’t find the people our clients need, they may stop using our services.”

Additionally, Christian underscores the need for fair competition in a highly regulated industry. “I like regulations, but only if they’re enforced,” he says. “Companies in the sector operating without oversight undermine the market. It’s not about killing competition

– it’s about ensuring everyone plays by the same rules.” Yet, despite these hurdles, Christian remains optimistic. He views new regulations as opportunities for growth, particularly in areas like gaming, where stricter rules have increased demand for GCS Malta’s services.

Marketing has played a pivotal role in GCS’s success, especially in building its employer brand. “It’s not just about getting new business,” Christian notes. “It’s about creating awareness and attracting talent. If people know who we are, they’re more likely to want to work with us.”

The company’s marketing efforts span social media, radio and other channels to bolster its image and attract highquality employees in a competitive market. Christian believes this focus will further enhance its reputation and support its growth ambitions.

Reflecting on 2024, Christian describes the year as one that aligned with expectations. “You need to have a vision, not just year-on-year but long-term,” he says. The company met its goals, including onboarding higher-end clients and diversifying its services. As GCS looks to 2025, the focus will remain on solidifying its core pillars while expanding into new areas, such as MFSA-regulated audits and advisory services.

Christian stresses the importance of specialisation in an increasingly regulated environment. “If you don’t focus on quality and invest in specialised expertise – such as gaming, crypto, tax, and anti-money laundering – you won’t survive,” he cautions. To this end, GCS Malta has invested heavily in building a team of experts dedicated to specific industries and services.

Christian’s leadership style reflects his belief in ethical business practices and building trust. “We operate fairly and ethically,” he states, recounting instances where GCS Malta has referred potential clients to competitors when unable to meet their needs. This ethos extends to his relationship with employees, fostering loyalty through a supportive and collaborative environment.

Once again he emphasises the value of delegation as a tool for growth, despite the challenges it entails. “Delegating frees up time for more important matters,” he explains. “It’s not easy, but it’s essential for scaling the business.”

Outside of work, Christian is passionate about travel and family. “I try to dedicate time to my family, especially on weekends,” he shares, acknowledging the difficulty of achieving work-life balance in a demanding role. His love of exploring new places reflects the same curiosity and ambition that drive his professional endeavours.

For Christian, success comes down to vision and determination, and as GCS Malta continues to grow, its journey exemplifies the power of ambition, adaptability and a commitment to quality. Under his leadership, the company continues to seek new opportunities, overcome challenges and solidify its place as a trusted partner for businesses in Malta and beyond.

What time of day are you most productive?

Do you work well with music in the background? Not really, no. I like things to be quiet while I’m working.

What’s your favourite music genre?

Making a coffee and checking emails. What do you like most about your job?

And we must ask… what do you like least? Doing the actual job is much less fun than meeting new people!

Do you think leaders are born, or are leadership qualities acquired over time? Acquired over time through experiences, including experiences acquired outside your regular job.

Are you always in ‘change’ mode, or do you prefer long phases of stability? I like to change things, as I tend to get fed up doing the same thing.

Do you enjoy attending business events and conferences? Yes, especially because they’re the ideal place to meet new people.

Less about work: Do you prefer an electric or a fuel-powered car? Fuel-powered.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? Luxury seafront penthouse.

Formal or informal attire? Definitely informal!

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? Frequent short weekend breaks.

Fine cuisine or trattoria-style food? Fine cuisine.

Glass of champagne or a Negroni cocktail? Negroni.

Kurt Farrugia

CEO, TRANSPORT MALTA

“I’M IN IT FOR THE LONG HAUL.”

AT A TIME WHEN MALTA’S RAPID ECONOMIC GROWTH HAS INTENSIFIED ITS TRANSPORTATION CHALLENGES, TRANSPORT MALTA’S NEWLY APPOINTED CEO, KURT FARRUGIA, IS STEERING THE ORGANISATION TOWARD A TECHNOLOGY-DRIVEN TRANSFORMATION. HIS PLANS INCLUDE AI-POWERED TRAFFIC MANAGEMENT AND EXPLORING INNOVATIVE MASS TRANSIT SOLUTIONS, REFLECTING A BROADER EFFORT TO ADDRESS THE NATION’S TRANSPORTATION INFRASTRUCTURE.

Following his tenure as CEO at Malta Enterprise, Kurt Farrugia’s move to Transport Malta comes at a critical juncture for the organisation. “Transport, particularly land transport, is one of the major challenges that Malta faces at the moment,” the CEO explains, and for most, it will come as no surprise.

“When the position was presented to me, I didn’t jump right into it. I needed a few days to think about it. I was at a stage where I wanted to challenge myself. I know that the sector has

been through many changes in the past. It needs stability, and I thought I could use my experience to take on this major challenge,” he states, candidly.

Indeed, the decision to take on the role wasn’t made lightly. After several leadership changes at Transport Malta in recent years, stability has become a paramount concern. “I think with my experience, I can bring that stability in the sense that I’m not someone new to most of the stakeholders,” he notes, referring to his previous roles at the Office of the Prime Minister (2013-2019) and Malta Enterprise.

CEO INSIGHT

“The transition into the role itself was not difficult. The difficulty lies in the sector, because with a growing economy, transport becomes a major challenge. That is where we are at the moment, but I believe that there are several ways we can improve the situation – not just on our streets, but also in our maritime and aviation sectors.”

When the position was presented to me, I didn’t jump right into it. I needed a few days to think about it. I was at a stage where I wanted to challenge myself.

While land transport challenges often dominate public discourse, Transport Malta’s responsibilities extend far beyond road management. Under Kurt’s leadership, the organisation aims to continue to strengthen Malta’s position as a global maritime hub. “We are one of the leading maritime nations when it comes to ship registry. We have the sixth-largest fleet, and we’re top of the league globally when it comes to ship registrations,” he proudly states.

The aviation sector is experiencing similar growth, with the Malta aircraft registry approaching 700 registered aircraft. This expansion brings both opportunities and challenges, the CEO maintains. “This requires us to increase capacity because, with such large registers in both the maritime and aviation sectors, we need to upgrade our game in terms of having the people to run, inspect and keep tabs on the regulatory aspects,” he explains.

Perhaps the most ambitious aspect of Kurt’s vision, however, is the comprehensive integration of technology across all transport sectors. By 2025, he hopes to implement an intelligent transport management system that stands to revolutionise how Malta manages its roads. “We cannot keep managing our transport systems with activity alone – we need to get something akin to Spotify’s algorithm into traffic and transport management,” he smiles.

This system will leverage Artificial Intelligence (AI) and data from various sources, including cars, taxis and buses, to optimise traffic flow and improve road user experience. “For the past years, we have not adopted technology advances as quickly as the country requires,” Kurt acknowledges, emphasising the urgency of this digital transformation.

Moreover, the CEO’s approach to solving Malta’s transportation challenges extends beyond conventional solutions, and he is actively exploring innovative alternatives that have proven successful in other European cities. Sharing several ideas that “might sound crazy but are already being used in other places,” he highlights the potential of rope mobility systems – essentially urban cable cars – as seen in cities like Toulouse.

Indeed, the discussion of mass transit solutions isn’t limited to traditional options. “We need to stop thinking just about cars and buses, and start thinking about

mass transport systems,” Kurt argues. While a metro system remains under consideration, he emphasises the need for decisive action: “I believe that at one stage, we should stop discussing, stop studying, and just take a decision to make mass transport a reality, because with the current growth on our roads, it’s becoming unsustainable.”

Transport Malta’s strategy under Kurt’s leadership also places significant emphasis on environmental sustainability. The organisation has already invested €50 million in grants over the past three years to promote electric vehicle adoption. “From 2025, the grant will be €8,000, and with scrappage, it will get to €9,000,” he explains, noting that electric vehicles are becoming increasingly accessible to the average consumer.

Still, the organisation’s sustainability initiatives extend beyond electric vehicles. Transport Malta is also collaborating with the Climate Change Authority on various projects, including enhanced monitoring of vehicle emissions and the installation of solar panels in public parking areas, Kurt notes. These efforts align with broader national environmental goals while addressing practical transportation needs, he maintains.

Owing to his experience, Kurt’s leadership style emphasises the importance of stakeholder engagement and communication. “One of the things we often lack is that we become so engulfed in our work that we forget to communicate and sit down with stakeholders to discuss difficulties,” he reflects. To address this, he dedicates significant time to meeting with industry representatives, from airlines to shipping companies and lobby groups.

And in his short time within the role, this approach has already yielded results. “Once you listen to the right people and discuss, there are solutions to many of the major stumbling blocks we’ve found throughout the years,” he notes.

As Transport Malta moves forward under the new CEO’s leadership, the focus remains on three key areas: technology integration, sustainability and organisational stability. The implementation of predictive traffic models and advanced management systems represents a significant investment, but one that Kurt sees as essential for Malta’s future.

“Making better use of technology won’t solve all our issues, but it will help us understand better and take better decisions,” he explains. This technology-first approach, combined with sustainable transport initiatives and stable leadership, forms the foundation of Transport Malta’s strategy for addressing the nation’s growing transportation needs moving forward.

When asked about his long-term commitment to the role, Kurt’s response is clear and decisive. “I’m in it for the long haul,” he states, addressing a concern often raised by stakeholders who have seen multiple leadership changes in recent years.

Do you work well with music in the background? I work in noisy places, but I prefer quieter moments.

Do you think leaders are born, or are leadership

Acquired, but some people are better predisposed to leadership roles.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Stability.

Do you enjoy attending business events and conferences? Yes.

Do you prefer an electric or a fuel-powered car? Definitely electric. I’ve been driving electric vehicles for the past three years.

Range Rover SUV or Tesla?

I’m not a big car enthusiast. Whatever gets me from A to B.

A luxury seafront penthouse or a country house? I love the sea, but I would choose a country house.

Formal or informal attire? Informal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? Weekend breaks.

Fine cuisine or trattoria-style food? Trattoria style.

Glass of champagne or a Negroni cocktail? Negroni.

CEO INSIGHT

“You need to stay positive and believe in your capabilities. The sky’s the limit. When I was younger, I took this mantra with a pinch of salt. But today, I truly understand its meaning: You have to dream big. If you genuinely believe in a goal, you’ll achieve it, no matter how difficult the journey may be.”

Jean Pierre Schembri

CEO, CPHCL COMPANY LTD

“CHANGE IS NATURAL.”

CPHCL WAS ESTABLISHED IN 1966 AS A HOLDING COMPANY FOR THE CORINTHIA GROUP. OVER THE YEARS, IT HAS BURGEONED TO ABSORB OTHER BUSINESSES IN ITS DIVERSIFIED PORTFOLIO ACROSS THE PROPERTY, SERVICES AND HOSPITALITY INDUSTRIES. THIS YEAR, THE FIRM’S CEO, JEAN PIERRE SCHEMBRI, IS STEERING IT TOWARDS FURTHER EXPANSION, BOTH LOCALLY AND ABROAD.

“The secret to success is being flexible, openminded and agile – and, over the next few years, we’ll be committed to this approach,” says Jean Pierre Schembri, CEO of CPHCL Company Ltd, a firm with stakes in numerous hospitality, property and services businesses on the island and further afield. Originally incorporated in 1966 as a holding company for the Corinthia Group, today CPHCL holds a 58 per cent stake in International Hotel Investments (IHI, the company that owns the Corinthia brand), 50 per cent in Mediterranean Investments Holding (MIH) and 65 per cent in Danish Bakery. Over the years, it has also acquired full ownership of Swan Laundry, Quality Talent Ltd (RQT) and the Malta Fairs & Conventions Centre (MFCC), as well as properties in Malta, Turkey, the Czech Republic, Budapest, Libya, and Tunis.

“This year, our primary focus will be on continuing the growth of our businesses, expanding our industrial ventures, optimising the use of our hotels and property portfolio both locally and internationally, and branching into new sectors. Essentially, we’re focused on diversifying – from a geographical, production and industry perspective – to create new revenue streams for the firm,” he says. To this end, CPHCL has specific investment plans for each stream, aiming “to have expanded across various sectors by the end of 2025.”

For example, on the industrial side, Danish Bakery will develop a new factory, with work set to commence this year. “We’ve already set a tendering process in motion, and we have big plans for this new plant. Our goal is to become the

This year, our primary focus will be on continuing the growth of our businesses, expanding our industrial ventures, optimising the use of our hotels and property portfolio both locally and internationally, and branching into new sectors. Essentially, we’re focused on diversifying – from a geographical, production and industry perspective – to create new revenue streams for the firm.

Furthermore, the firm is committed to “maintaining our investment in IHI and MIH, through which we expect a steady stream of dividends.” It will also expand its real estate development business. “CPHCL has always been associated with property, and is known for highend offerings. Going forward, we will focus on a select number of buildings, primarily villas, quality apartments and farmhouses – to manage and renovate them. In doing so, we will leverage our expertise in quality real estate and project management to deliver distinctive accommodation.”

leading bakery in Malta, export our product and boost the business’s profile,” he explains.

Similarly, Swan Laundry will be overhauled with new machines that prioritise environmental and economic sustainability. “We’ve established our business and investment plan for Swan. While it covers the next two years, the full implementation of our vision will span five years. Change is a natural process, and success depends on adapting swiftly to market shifts,” he adds.

From an international perspective, the firm plans to boost its investments in Libya, broadening its global outreach. “CPHCL owns hotels in Budapest and Tunis, as well as various properties in the Czech Republic and Libya. Historically, the company has always had close ties to Libya – we had a substantial catering business there. We still firmly believe in its potential and are always on the lookout for new business opportunities. We aim to establish local and global partnerships with others ready to expand into the territory. This is an avenue

we’ll continue to explore in 2025 and beyond. Of course, there are always business risks when operating in certain regions, but we have substantial on-the-ground experience, which is a definite asset to potential partners seeking new ventures,” he says.

Jean Pierre’s broad perspective is no surprise: the CEO holds a postgraduate degree from the College of Europe in Bruges and started his career in diplomacy at the Ministry of Foreign Affairs, serving at Malta’s Permanent Representation to the European Union in Brussels. “I was Chef de Cabinet for a number of years, and one of my main achievements was playing a crucial role in attracting the European Union Agency for Asylum (EUAA) to Malta,” he explains. Following the agency’s establishment here, he also served as the Head of Unit for Communications and Stakeholder Relations. “I expected to continue as an EU official, but sometimes life takes unexpected turns. I met our Chairman, Alfred Pisani, who left a deep and positive impression on me. Seven years ago, he offered me a position as Company Secretary, and I’ve never looked back,” he recalls.

His passion for the role has not waned despite the market undergoing upheaval due to political, social and health factors. “The broad nature of the business makes it susceptible to international shifts, and we’ve been impacted by certain developments. Although our head office and core business are in Malta, we’re a highly international company, so the stability here is not necessarily mirrored globally. Post-COVID, for instance, costs have increased significantly, and these cannot simply all be passed on to the client. Supply chains have also been disrupted, and customer expectations have grown. However, we’re adaptable, and have managed to delve into our cost structures to maximise our efficiencies.”

Indeed, this adaptability also underpinned efforts in 2024, when CPHCL’s team established structures to drive growth over the next five years, Jean Pierre says. “The board decided that the firm needs to thrive on its own steam, rather than simply act as an investment holding company. So, we needed the right business architecture and a concrete development plan,” the CEO explains.

This groundwork and, indeed, the company culture at CPHCL are underpinned by a common set of values across all its businesses, Jean Pierre asserts. “We distinguish ourselves through our commitment to uplifting lives – regardless of the activity we’ve invested in. This is the spirit of Corinthia, upon which CPHCL was founded by our Chairman, Mr Pisani. It means we have a duty to help others and to create jobs –just as our predecessors created ours – to remain positive in the face of adversity, and to have the courage and freedom to dream big. This is our daily mantra,” he says with a smile.

Jean Pierre works by these principles, and his day-to-day reflects his commitment to the firm as he juggles its many imperatives. “I wake up at 5am and spend the first hour doing physical exercise while planning the day ahead. I usually have my meetings in the mornings with the CEOs of the individual businesses. My afternoons are spent responding to emails, although I tend to leave the most challenging ones until the evening when there are fewer distractions,” he admits.

The team at CPHCL is one of his key motivators, Jean Pierre says, explaining that it lies at the heart of the firm’s success. “I love being part of this family. I strongly believe our principles allow us to maximise our potential, creating a vibrant working environment. This is one of the aspects of my role I enjoy the most – the opportunity to influence positive outcomes,” he says.

Quick-fire Questions… with Jean Pierre Schembri

What time of day are you most productive? Mornings, between 5am and noon.

Do you work well with music in the background? No.

What’s your favourite music genre? Modern remixes of 90s and 00s hits.

What’s your first task every day? Contemplating the day ahead.

What do you like most about your job? I can influence positive change.

And we must ask… what do you like least? Unexpected issues.

Do you think leaders are born, or are leadership qualities acquired over time? It’s nature and nurture.

Are you always in ‘change’ mode, or do you prefer long phases of stability? You have to be ready for change.

Do you enjoy attending business events and conferences? Not enough.

Less about work: Do you prefer an electric or a fuel-powered car? Hybrid.

Range Rover SUV or Tesla? SUV.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Semi-formal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? Frequent short weekend breaks.

Fine cuisine or trattoria-style food? Trattoria-style food, definitely.

Glass of champagne or a Negroni cocktail? A Negroni, please!

Joseph Aquilina

CEO, SMART TECHNOLOGIES

“TECHNOLOGY CHANGES SO RAPIDLY THAT WHAT WE AGREED TO DO AT THE BEGINNING OF THE YEAR CAN CHANGE HALFWAY THROUGH.”

UNDER THE LEADERSHIP OF CEO JOSEPH AQUILINA, SMART TECHNOLOGIES STANDS OUT WITHIN THE LOCAL TECHNOLOGY SECTOR AS A TESTAMENT TO SUSTAINABLE GROWTH AND THOUGHTFUL INNOVATION, EVOLVING FROM A GOVERNMENT IT CONTRACTOR TO ONE OF MALTA’S TOP IT INTEGRATORS. THE COMPANY EXEMPLIFIES HOW STEADY EXPANSION AND TECHNICAL EXCELLENCE CAN GO HAND IN HAND.

Smart Technologies CEO Joe Aquilina’s journey mirrors the evolution of the corporate IT landscape. “Back in 1995, one of my key tasks was to introduce email to the group,” he recalls with a smile, referring to his early days as a technician at the Hili Group – his first role in the industry, fresh from the technical institute.

While he references it in jest, this experience of implementing fundamental technological change would go on to shape his approach to leadership and innovation in the decades to come.

From these humble beginnings, Joe worked his way up to IT manager before co-founding Smart Technologies in 2007. The company’s first major breakthrough came

through a Government tender that instantly set them apart. “We weren’t the average startup – right away, we had 14-15 employees deploying around 16,000 laptops and PCs across Government,” he explains.

What distinguished Smart Technologies even then was their innovative approach to service delivery. “We launched IT leasing – not just supplying equipment but also handling the financial part for the client, packaging everything into one, including hardware, services and financing. This was 2007-2008, when even this concept was new,” says Joe.

Today, after 18 years at the helm, Joe acknowledges the challenges of long-term leadership in a rapidly evolving industry. “There’s a lot of talk about succession, and you

CEO INSIGHT

“The company never stops innovating and doing new things. We’re not the new kid on the block anymore – we’re one of the leaders, employing close to 50 people, but we keep coming up with new ideas. We’re very diverse, which infuses different areas of the business with energy and excitement.”

do feel peer pressure at times,” he admits. However, his enthusiasm remains undiminished: “I still feel excited coming to the office in the morning, and I still feel there’s a lot we can do.”

His distinctive leadership style emphasises collective innovation and open communication. “Leadership is about aligning our team’s innovative ideas with the needs of our clients,” Joe explains. “While I provide direction, the best solutions come from collaboration within the company, ensuring we deliver real value to our clients.”

His approach resonates particularly well in managing technical talent. “About 70 to 80 per cent of the company is made up of technical people, and I give them the space to come up with ideas,” he explains. “Some of the best ideas we’ve implemented in the past 10 years came from people within the company – I help develop and nurture these ideas, putting proper business plans in place, but giving everyone space is very important in a technical IT company like ours.”

Joe’s commitment to personal growth and social responsibility is also evident through the LifeCycle Challenge, a gruelling 2,000-kilometre charitable cycling event. Having completed it five times, most recently cycling from Gaborone to Cape Town, the CEO uses this experience to inspire his team and maintain perspective.

“For me, it’s my reset button,” he explains. “Spending 10 hours daily on the bike provides valuable thinking time away from distractions.” This commitment to personal challenges and social responsibility demonstrates a leadership style that extends beyond the boardroom,

encouraging his team to find their own ways to push boundaries and grow.

“Today, we are leaders across multiple sectors, including hospitality, banking, retail, and manufacturing, where we excel in delivering tailored solutions that address each industry’s unique challenges,” Joe affirms, highlighting the company’s impressive growth trajectory. “This diverse expertise continues to position us as a trusted partner while attracting top talent to our team.”

Over the years, the company has distinguished itself through its focus on recurring revenue models. “Our focus on recurring revenue models ensures clients receive consistent, uninterrupted services. This approach allows us to build long-term partnerships, continuously improving the value we deliver to meet evolving client needs,” Joe observes.

Another innovative approach has been their hiring strategy. “Recently, we’ve been doing things differently, by employing people who aren’t from IT backgrounds in certain areas like hospitality,” says Joe. “They understand the business better than IT people, who study IT but don’t study accountancy or economics.”

And while many technology providers have rushed to embrace complete cloud solutions, Smart Technologies has

We’ve always been a datadriven company, focused on helping clients use their data to anticipate decisions, improve efficiency and drive growth.

taken a more measured approach. “Three years ago, everyone was saying that the cloud would be everything. We never believed that – we always believed that the cloud is just another part of the jigsaw,” the CEO explains. “Our strategic partnership with Melita allowed us to develop a local cloud solution that addresses the specific needs of sensitive sectors like banking and gaming. This ensures clients benefit from secure, reliable and locally managed cloud services tailored to their compliance requirements. We believe the strategy going forward will comprise some on-premises elements, managed services for users, Smart Cloud, local cloud, and public cloud options.”

Looking ahead, security has become a major focus area. “We’ve assisted customers who were hit with threats, and it’s not pleasant seeing people lose access to their data,” Joe shares. “We’ve seen companies stop production for weeks, losing their accounts data, not knowing who owes them money, or what they owe.” Such experiences have shaped Smart Technologies’ strategic priorities for 2025, with security offerings taking centre stage.

“We’re also focusing on using our back-office systems to offer the best service in managed services. We’re developing applications with Artificial Intelligence (AI) elements to prevent issues rather than just being reactive,” the CEO notes, affirming, “we’ve always been a data-driven company, focused on helping clients use their data to anticipate decisions, improve efficiency and drive growth. Our innovative solutions go beyond dashboards to deliver actionable insights tailored to their industries.”

As Smart Technologies moves into 2025, the company continues to balance growth with innovation. While international expansion is on the horizon, with some presence already established in Italy, Joe maintains a measured approach. “There are many opportunities, but it’s challenging and requires a different mindset,” he acknowledges.

The company’s success in consistently exceeding growth targets while maintaining technical excellence suggests their approach is working. “We’ve developed our internal systems based on real-time data, which helps us make decisions quickly,” he notes, highlighting how the company practises what it preaches in terms of technological innovation.

For Joe, the key to sustained success lies in maintaining the delicate balance between technical excellence and business acumen. “Technology changes so rapidly that what we agreed to do at the beginning of the year can change halfway through,” he observes. Yet it’s precisely this dynamic environment that keeps him engaged and excited about the future.

After nearly two decades of leadership, Joe has fostered a culture of innovation and responsibility, enabling Smart Technologies to consistently deliver sustainable solutions that empower clients to thrive in a constantly changing technological environment. “As we look to 2025, our mission remains clear: To empower our clients with innovative, secure and reliable IT solutions, helping them navigate and succeed in a rapidly changing world.”

In an industry often characterised by rapid change and disruption, Smart Technologies’ story stands as a testament to steady, thoughtful growth guided by clear principles – an enduring formula for lasting success.

Going to the gym.

What do you like most about your job?

The fact that the company keeps developing innovative solutions. I’m always excited about what’s coming next.

And we must ask… what do you like least? The fast pace.

Do you think leaders are born, or are leadership qualities acquired over time? Acquired.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Change mode.

Do you enjoy attending business events and conferences? Yes, but not too often.

Less about work: Do you prefer an electric or a fuel-powered car? Fuel-powered.

Range Rover SUV or Tesla? Range Rover.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal.

Gym or outdoor training?

I do both but go to the gym daily.

Frequent short weekend breaks or one long-haul vacation? Shorter breaks.

Fine cuisine or trattoria-style food? Trattoria.

Glass of champagne or a Negroni cocktail? Negroni.

.

Ing. Etienne Bartolo

CEO, B&B GROUP

“WE MUST MAKE OUR INDUSTRY MORE KNOWLEDGE-BASED.”

A

MECHANICAL

ENGINEER BY PROFESSION, ING. ETIENNE BARTOLO, CEO

OF THE CONSTRUCTION,

MANUFACTURING

AND

DEVELOPMENT FIRMS

FORMING THE B&B GROUP, HAS SET HIS SIGHTS ON BOOSTING QUALITY BY SPURRING INVENTIVENESS AND DISTINCTIVE PROCESSES. THIS, HE INSISTS, IS CRUCIAL FOR THE SECTOR TO MODERNISE AND “AMELIORATE”, SERVING RESIDENTS, BUSINESSES AND THE WIDER COMMUNITY.

Innovation and sustainability are not just buzzwords for Inġ. Etienne Bartolo, CEO of B&B Group of Companies. This year, Etienne is determined to entrench these principles in the products, processes and services the construction and development company offers. “Essentially, we want to consolidate our presence as one of the leading manufacturers of building material in Malta, while also spearheading innovation in our market. I am confident that we are making significant progress towards achieving this goal,” he says.

Established in 1981 by Etienne’s father, Angelo – who bought out his partners in 1994 – Etienne has spent the past 24 years growing the family firm. “I am actually a mechanical engineer by profession, and that’s where my passion lies. My years at university were some of the brightest of my life. In reality, I was considering

continuing my studies to pursue an MPhil in Engineering, but in 2001, I realised that if I didn’t enter the business, its future would be in doubt,” he says.

Instead of embarking on a postgraduate degree, Etienne decided to apply his knowledge to transforming the business. “Over the years, I’ve introduced scientific approaches to the way we work. When I joined, there weren’t many real work opportunities for engineers, so leading our family business allowed me to develop my entrepreneurial skills while creating opportunities for others with the same drive and passion. I’m effectively doing what I love most – engineering – but applying my knowledge to the industry,” Etienne says.

Indeed, during its early years, B&B Construction was solely a construction services firm – hence the name.

CEO INSIGHT

“While, in principle, my advice would always be to delegate more – and delegate early – the reality is that hard experience is essential for growth. You need to make mistakes, and you need to do the work yourself to understand the issues and how to solve them. If you don’t, you’ll never really appreciate what is involved. To become resilient, you must face those obstacles headon. Knowing how to problem-solve, make decisions and take responsibility all comes from making mistakes – and you shouldn’t be afraid to make them.”

This year, we have developments in the pipeline that we are approaching differently, more intelligently.

We are carefully considering the functionality of the spaces we design, dedicating substantial time and resources to enhancing the liveability of our buildings.

Over the years, however, it relocated from Żebbuġ to Magħtab and widened its scope. Today, the firm manufactures concrete, including pre-stressed predalle and other pre-cast materials, together with electro-welded mesh, bricks and processed rebar.

“Up until September 2001, we hadn’t invested in manufacturing. Then, just a few months after I joined, we purchased these premises [in Magħtab], and began widening our scope. A decade ago, we acquired an iron and steel factory in Marsa, now known as Marsa Rebar Ltd. This strategic decision marked a pivotal moment in the company’s financial stability, resulting in a significant expansion of our business operations.”

The group also encompasses another company, namely Honey Homes Furniture (HHF), which focuses more on consumer-directed products. This company, overseen by Etienne’s brother Malcolm, supplies custom-made pieces for homes and offices.

This year, B&B will also be launching its new Aeternum line concrete – a durable material designed for the long term, which will help reduce waste. “This is our main focus; we have a team of technicians testing the concrete’s various iterations in the laboratory we’ve built for this purpose. We simulate the ageing of concrete and conduct the necessary tests to analyse its maturation and development over time.”

Notwithstanding the advances in the manufacturing arm of the firm, Etienne insists that the core business for B&B Construction remains servicing construction projects and, to a lesser extent, development. The company’s extensive experience – and Etienne’s own – has given the CEO an informed perspective on the state of the sector. “Regrettably, there is a common misconception in public discourse that contractors are accountable for the design of the structure under construction. In reality, construction companies serve the developer, who holds primary responsibility for decisionmaking. While there may be unscrupulous individuals within the industry, understanding its operational dynamics can drive improvements and ensure accountability is appropriately assigned,” he emphasises.

He also bemoans the lack of public investment in the sector. “The public’s and the authorities’ perception is that there’s so much money floating around in the industry that companies don’t need help to modernise or to upskill their workers. Businesses need support to evolve, not just to adapt to current circumstances, but to enhance their

operations. A deeper understanding of the sector will help the Government incentivise players in the field to alter the way they build – pushing them to incorporate considerations such as ventilation, sound insulation, open areas, and garbage management in their designs. This will translate to buyers getting a better-quality investment and inconvenience to residents being minimised. Essentially, we must make our industry more knowledge-based, and the authorities must motivate this change.”

B&B Construction is trying to play its part in this respect, Etienne says. “This year, we have developments in the pipeline that we are approaching differently, more intelligently. We are carefully considering the functionality of the spaces we design, dedicating substantial time and resources to enhancing the liveability of our buildings: How much natural light is there? What is the air quality? How do the materials we use impact ergonomics? We want to offer a higher-level service to our clients – which, in reality, is how it should be across the board,” the CEO asserts.

Etienne’s leadership plays a vital part in establishing these decisions. “I see my role as one of mentorship – giving direction and creating teams. This requires a lot of persistence and patience, even though it may sound easy. In fact, most of my time is taken up by this effort. As CEO, I also have to investigate investment opportunities and ways to innovate, although this becomes much easier once you have a strong team backing you up,” he says, adding that, for years, he had no personal life as a result of the effort needed to steer the firm in the direction he envisioned.

“In reality, for 15 years of my career, my personal life was practically non-existent. My days were long, and the challenges were large. However, as I gained experience and built my team, I began to delegate tasks. As a result, I have been able to dedicate more time to myself, my family and my hobbies, such as swimming and following Formula One,” he shares with a smile. “Entering an established business can indeed be overwhelming, leading one to take on numerous responsibilities. Establishing the necessary structure and accepting that one cannot manage everything independently is a gradual process,” he reflects.

Looking ahead, he recognises the ongoing need for diligence and dedication. “Challenges will persist, such as the perennial shortage of human resources. The construction industry, to be candid, does not enjoy a favourable reputation, which makes talent acquisition more challenging. However, B&B Construction remains committed to revolutionising our practices in the field. Our aim is to attract top-tier, highly skilled professionals and support their professional development.”

Etienne’s drive to solve problems, innovate and dream up new processes will, he hopes, be recognised by those with ambition. “This is what gives me the most fulfilment: Addressing technical issues and overcoming them; then finishing a project and creating something tangible – whether it’s cutting-edge and innovative materials or a new build of the highest standards. When you see your work materialise and your client compliments you on a job well done, it’s incredibly satisfying,” he concludes.

They are born; experience helps.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Mostly in change mode.

Do you enjoy attending business events and conferences? Not my favourite.

Less about work: Do you prefer an electric or a fuel-powered car? Hybrid.

Range Rover SUV or Tesla? Neither.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Formal.

Gym or outdoor training? Outdoor walks.

Frequent short weekend breaks or one long-haul vacation? Week-long vacations.

Fine cuisine or trattoria-style food? Fine cuisine, especially fish.

Glass of champagne or a Negroni cocktail? Whiskey-on-ice.

CEO INSIGHT

“Always make time off work a priority. I ensure quality time with my husband, family and close friends. I love travelling and red wine, and I’ve recently taken up pottery. I’ve even dabbled in improv theatre, drawn to its unscripted, spontaneous nature – a refreshing escape from the structured world of business leadership. I enjoy being creative without constraints.”

Nadia Pace

CEO, NADIA-PACE

“I SEE MYSELF AS A FACILITATOR OF GROWTH, BOTH PERSONALLY AND PROFESSIONALLY.”

NADIA PACE BRINGS STRATEGIC AND COMMERCIAL INSIGHT TO BUSINESSES

NAVIGATING GROWTH AND CHANGE, OFTEN BEYOND MALTA, IN HER ROLES AS INTERNATIONAL BUSINESS MENTOR AND NON-EXECUTIVE DIRECTOR ON VARIOUS BOARDS. WITH A PROVEN RECORD OF GUIDING LEADERS TO REASSESS THE STATUS QUO, NADIA EMPOWERS ORGANISATIONS – AND THE INDIVIDUALS WHO LEAD THEM – TO TRANSFORM THEIR OPERATIONS AND UNLOCK NEW LEVELS OF GROWTH. HER APPROACH HELPS BUSINESSES

NOT ONLY REALISE THEIR POTENTIAL BUT SURPASS IT, DRIVING SUSTAINABLE SUCCESS IN TODAY’S COMPETITIVE LANDSCAPE.

Now leading her own consultancy, Nadia Pace honed her leadership skills early while working and studying for a Master’s degree in Greece, where she also built EF Language School’s Cyprus branch from the ground up. She later joined the World Aviation Group in Malta, playing a key role in expanding the company’s operations and became its CEO at the age of 34, successfully navigating the challenges associated with such a position at a young age.

“Leadership roles shouldn’t be held for too long,” muses Nadia, reflecting on her decision to step aside

from the C-suite in the past. “It’s crucial to recognise when it’s time to pass the baton to someone with the right skills for the business’ next phase. I had reached that point, and it was time to shift my career trajectory and start my own consultancy.” In 2018, Nadia founded The Pace Company, and she admits that the early years were uncertain. “It was a major shift for me, especially in mindset,” she recalls. “Until then, my career had been built on representing the companies I worked for. But, with my own business, I had to represent myself, which was challenging, particularly when I decided to use my name as the brand.”

Greater collaboration could help companies overcome issues like poor governance and inadequate compliance with unique, competitive offerings.

Nadia overcame these doubts with determination, a belief in the value she could offer and invaluable support from mentors. She now thrives in her role, working with several distinct companies, learning about new industries and meeting people across sectors. Marking her firm’s third anniversary in 2021 felt like validation. “It was then, during COVID-19, with ample time to reassess, that I decided to rebrand under my name, as Nadia-Pace, and align my services more closely with my vision,” she shares. Initially, Nadia focused on business development, helping companies refine their commercial strategies to foster growth. Her services have since expanded to include three core pillars: non-executive directorship (NED), mentorship and company-wide strategic transformation.

“I see myself as a facilitator of growth, both personally and professionally,” she explains. “I serve as a NED on various boards, focusing on businesses navigating internal change and growth, often beyond Malta. I provide strategic and commercial guidance, with an emphasis on financial performance, revenue growth and positioning organisational structure alongside company goals. In family businesses, I also offer mentorship, succession planning and guidance on leadership transitions, especially for family directors who often balance multiple roles.”

Corporate mentorship, Nadia explains, supports leaders by aligning their personal development with their company’s objectives. It focuses on three key areas: personal aspirations, current or future roles, and the company’s strategy. “Mentorship works to remove barriers to growth, whether personal or professional, while providing clarity and development. At various career stages, it helps individuals realise their potential while contributing to the company’s long-term success,” she says. “Leadership

positions can feel isolating, particularly because leaders often lack a safe space to discuss their difficulties, so I’m passionate about helping individuals confront challenges such as feelings of aloneness or impostor syndrome.”

Ultimately, the tenacity and reliability of a strong leader are crucial, particularly when a company is in transition – which is the case with many of Nadia’s clients. She first assesses a firm’s readiness for change and development by evaluating resources, budget and risk tolerance, as these factors shape expansion strategies. “I frequently assist companies targeting growth in markets like Sub-Saharan Africa, which requires both a financial and operational commitment,” Nadia notes. “Preparedness also means having strong governance and leadership in place to align the company’s capabilities with market opportunities.”

Nadia abides by a strong work ethic and only partners with companies whose values align with hers. “Integrity is non-negotiable, especially in my NED roles, where good governance is crucial. Every service I provide is grounded in ethical principles. Ethical consistency builds trust and credibility with clients, and I won’t hesitate to walk away if our values are mismatched.”

While Nadia enjoys the challenges her work presents, she reveals that ensuring she delivers continued value to long-term clients is one of her top priorities. “My goal is to anticipate my clients’ needs before they become apparent, which is why I hold regular alignment sessions to assess how best to support them. As companies grow and evolve, I need to recognise when my role is no longer adding value and it’s time to step aside. Or, if I can’t help directly, I’ll bring in the right experts,” she shares.

Reflecting on the evolving commercial environment, Nadia observes that turbulence can be expected locally and globally, driven by both internal and external factors. “We’re experiencing ‘short-termism’ as many businesses are being forced to prioritise immediate survival over long-term planning,” she notes. “Traditional five-year plans have shortened, with a focus on cash flow and staying afloat. In Malta, companies are facing challenges like resource management; globally, similar patterns are emerging, especially due to political uncertainty, such as the UK’s shifting government. For businesses, being able to pivot quickly is essential, especially when balancing short-term survival with strategies for sustainable growth.”

In Malta, Nadia believes the business sector still faces obstacles to unlocking new opportunities, and organisational silos present a major challenge. As she explains, many companies operate in isolation, which limits innovation and leads to a market where competition is based on similar offerings, making it difficult for clients to differentiate between providers. “Interestingly, Maltese businesses tend to collaborate more effectively when operating abroad, but this is less common locally,” she remarks. “Greater collaboration could help companies overcome issues like poor governance and inadequate compliance with unique, competitive offerings.”

Looking ahead, Nadia is confident that companies investing in technology, value-added services and sound financial practices will be best positioned for success. This approach presents both challenges and opportunities, encouraging businesses to adopt collaborative, forward-thinking strategies to stay competitive –and many of Nadia’s clients are already ahead of the curve. “We’re working on internal changes and development, and I’m thrilled to see their transformation,” she smiles. “Some clients who were stuck in early 2024 have made significant breakthroughs, both as businesses and individuals. Seeing them thrive, especially through mentorship, is immensely rewarding.”

2024 was also a year of success for Nadia’s business, with performance exceeding expectations. While core operations remained steady, her focus shifted, particularly towards international markets like the UK, which required adjustments to her approach to NED roles due to the different dynamics there compared to Malta. In 2025, Nadia will continue strengthening her international partnerships.

“My aim is to diversify geographically, not only to broaden opportunities but also to build resilience against local market fluctuations,” she elaborates. “I’m also involved in an exciting project within the NED space, in collaboration with another party. The initiative centres on corporate governance and leadership, with plans for a strong launch soon. I’m also developing a mentorship methodology that integrates improvisational theatre techniques with leadership mentoring, to enhance emotional intelligence, adaptability and communication in a creative, engaging way.”

Nadia is also planning to further digitalise her operations, particularly for mentoring, to reach a wider client base and improve service efficiency. “My strengths lie in personalised, hands-on support and fostering long-term, trust-based relationships with clients. While I’ve achieved steady growth, I remain focused on maintaining a high standard of service – this has been essential to establishing Nadia-Pace as a leading provider of business mentorship, and it’s a journey I’m excited to continue.”

qualities acquired over time? My instinct says they are born.

Are you always in ‘change’ mode, or do you prefer long phases of stability? ‘Change’ mode.

Do you enjoy attending business events and conferences? Depends. I choose carefully nowadays.

Less about work: Do you prefer an electric or a fuel-powered car? I’m in two minds about this.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? Seafront penthouse.

Formal or informal attire? Informal.

Gym or outdoor training? Outdoor.

Frequent short weekend breaks or one long-haul vacation? A mix of both.

Fine cuisine or trattoria-style food? Fine cuisine.

Glass of champagne or a Negroni cocktail? Negroni cocktail.

Peter Stroud

CEO, FUTURE GENERATION SOLUTIONS

“YOU’VE GOT TO BE KNOWN, LIKED AND TRUSTED.”

AFTER NEARLY THREE DECADES OF ESTABLISHING SUCCESSFUL BUSINESSES IN LONDON SINCE 1988, PETER STROUD OPENED A MALTA OFFICE FOR IT SOLUTIONS FIRM FUTURE GENERATION SOLUTIONS IN 2017, A COMPANY HE HAD FOUNDED IN THE UK JUST SIX YEARS EARLIER. TODAY, PETER IS RELISHING HIS NEW SECOND HOME ON THE ISLAND AND LOOKS FORWARD TO EXPANDING THE BUSINESS’S OFFERING.

It’s not the challenges that define you, but the opportunities you seek within those hurdles and the solutions you discover in the face of adversity. UK-native Peter Stroud, CEO of Future Generation Solutions (FGS), epitomises this business axiom, having thrived through both triumphs and trials. Indeed, it’s this resilience and his infectious energy that drive his strategy and leadership at the IT solutions firm, which serves the iGaming and financial services industries, and has offices in Malta and London.

“My goal is to harness what I’ve learnt over the years in this industry to guide those around me and help them achieve their best. I enjoy

making a difference,” Peter affirms, his dynamic presence fuelling the conversation. “I want my staff to be better than me; I share my experience to help them grow and become more successful than I am. Hopefully, they’ll stay with the company and contribute to its continued success.”

Peter has been working in the IT sector since 1983 and establishing businesses in the UK since 1988, including Panacea Services, which was set up in 1992 to develop software and provide large-scale IT infrastructure to major companies. Over a period of almost 15 years, the company flourished, going on to employ almost 100

CEO INSIGHT

“If you’re feeling frustrated, take some time to sleep on it before replying to an email or reacting in any way. Issues often look completely different the next day, and this pause gives you a chance to understand the root of the conflict. Avoid sending a WhatsApp message or expressing your thoughts immediately. Instead, try to put yourself in the other person’s position. If you can discuss the matter the next day, that’s ideal. Regardless of the outcome, don’t lose your passion for what you do.”

We want to be recognised as experts in the field; we don’t want to be typecast or pigeonholed as only offering a single type of product. Instead, we aspire to be known as the go-to name for bespoke IT solutions in regulated sectors.

engineers across offices in London, Dubai and Amsterdam. “I sold Panacea in 2009, but just a year later, I was defrauded and lost everything I had made from the sale overnight. I went bankrupt. This was the defining moment of my career,” Peter recalls.

From the ashes, a new idea emerged – or rather, an initiative to consolidate the lessons learnt from his time steering Panacea. “I made many mistakes during that period, and I knew what to do differently. You never get everything right, but I knew the IT business well and how to start from scratch,” Peter explains. In 2011, FGS was founded to provide bespoke computing and digital solutions to regulated industries in the UK. Just six years later, in 2017, with Brexit looming, Peter opened another office in Malta, an EU jurisdiction. “This is

one of the company’s biggest milestones, and I’m incredibly proud of it. I initially came over to visit the country, but when Brexit happened, I saw that the island boasted a vibrant economy and recognised an opportunity for expansion.” Indeed, Peter’s passion for Malta has led him to place roots on the island, and, this year, after acquiring residency, he will be moving to the country permanently.

Today, the company employs 20 staff across both sites and “is very structured, very processdriven,” boasting some big-name clients in the iGaming sector in Malta. “We understand regulated industries; while technology has evolved since the beginning of my career, the core principles of audit and accountability have remained unchanged,” he continues. With the knowledge accumulated over the years, Peter asserts that the company can address each client’s specific needs. “We create bespoke software and provide major hardware. However, we’re not just a provider where you select an off-the-shelf solution for specific IT needs like data management or digital infrastructure. We engage with our clients, ask the right questions and tailor our approach. I always tell my team: you’ve got to be known, liked and trusted.”

Peter’s day-to-day starts with a company meeting at 10am. “This might last a minute or half an hour,” he says, “but everyone needs to understand what the team is doing and what’s in the pipeline.” Peter is very hands-on, working closely with the sales team to ensure they are up to speed on the latest approaches and technologies, including those already in use by FGS’s clients. “We offer our clients the full range of options, explaining the benefits of each product and service, with the sales team taking a leading role. As specialists in these industries, we stay current with all developments.”

Peter acknowledges the personal challenges associated with his role: “I tend to want things to happen quickly and expect people to prioritise issues immediately. But I have tried to tone down this urgency, knowing it can lead to frustration, though it’s been a difficult adjustment.” However, opening an office in Malta has had a positive impact on Peter personally. “Over the past few years, I’ve focused on two main things: my kids, who are 14 and 15 – whom I try to spend as much time with as possible – and establishing the office here. This is my safe space. I worked in London for almost 40 years, where I wouldn’t necessarily recognise anyone, and they wouldn’t recognise me. But here in Malta, I know people and engage with them – that’s everything to me.”

He does, however, have some qualms about the island. “Malta benefits from a very stable economy, but real estate is too expensive, opening a bank account can still be difficult and wages are on the rise. For some positions in the IT sector, it’s more expensive to hire a Maltese person than someone living in London.”

Switching tack, Peter discusses the firm’s progress in 2024. Last year, the company expanded into managed services and support to complement its IT infrastructure offerings. “When I was with Panacea in London, we guaranteed fixes within an hour across the city. We had every hardware part on hand. I didn’t realise, when I first came to Malta, that this is not the case here. It might take two weeks just to get a part in! So, we’ve invested around €2 million in equipment to ensure our clients don’t have to wait.”

This will continue to be an area of focus this year, along with a shift in business strategy over the next few months. “2025 is the year when we aim to broaden our offering to our existing clients. In other words, while in the first few years of the business, we primarily sold products and services that were small pieces of larger solutions, we now see opportunities to provide more assistance to our current customers, thus expanding within our established client base.”

Ultimately, he concludes, his goal is to ensure that FGS’s reputation evolves in tandem with its capabilities. “We want to become one of the top 10 HPE partners in both the UK and Malta. Currently, we’re ranked 19th, so I believe we can achieve this progress by the end of this year. We want to be recognised as experts in the field; we don’t want to be typecast or pigeonholed as only offering a single type of product. Instead, we aspire to be known as the go-to name for bespoke IT solutions in regulated sectors.”

Quick-fire Questions… with Peter Stroud

What time of day are you most productive? Early morning.

Do you work well with music in the background?

What’s your favourite music genre? Punk and British Indie.

What’s your first task every day? I check my online banking app.

What do you like most about your job? When clients say that we have made a difference.

And we must ask… what do you like least? Clients who continuously pay their invoices late.

Do you think leaders are born, or are leadership qualities acquired over time? Born, but need to develop over time.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Always in change mode.

Do you enjoy attending business events and conferences? Yes, to hear new ideas and meet people.

Less about work: Do you prefer an electric or a fuel-powered car? I’m not a car person.

Range Rover SUV or Tesla? Tesla.

A luxury seafront penthouse or a country house? Seafront penthouse.

Formal or informal attire? Informal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? Short breaks.

Fine cuisine or trattoria-style food? Trattoria.

Glass of champagne or a Negroni cocktail? Beer or wine.

Janet Silvio

CEO, HILA

“AMONG ALL SOCIAL SECTORS, MENTAL HEALTH IS THE MOST IN NEED OF SUPPORT AND RESOURCES.”

AS THE VISIONARY CEO OF HILA HOMES – PART OF THE CAREMALTA

GROUP – JANET SILVIO IS REDEFINING LEADERSHIP IN THE SOCIAL CARE SECTOR. WITH A DEEPLY PERSONAL COMMITMENT TO BOTH SERVICE USERS AND EMPLOYEES, JANET HAS BUILT HILA FROM THE GROUND UP INTO A BEACON OF PERSONALISED, COMMUNITY-BASED CARE IN MALTA.

Janet Silvio’s journey to becoming a CEO in the social care sector has been far from conventional. “I’ve always been ambitious,” she remarks. “After earning my degree in accountancy, I was determined to climb the career ladder as quickly as possible. I made conscious decisions to work with market leaders across various sectors, starting in property and later moving to media and production. I embraced change and grew quickly, but the long hours and personal challenges eventually left me feeling burnt out.”

Then, unlike most 30-year-olds at the peak of their careers, Janet made a profound shift. She sold everything she owned and embarked on an 18-month career break, travelling through Southeast Asia, India and Australia. “When you travel across certain countries, particularly India, you start to view life differently. You realise that simple things can

make you happy and that, sometimes, we fuss too much over trivial matters,” she reflects.

When Janet returned to Malta, she brought with her a renewed sense of purpose. “I knew I wanted my work to involve helping others,” she explains. Her first step was to take on a managerial role at Cospicua Home, one of CareMalta’s nursing and residential care homes. Five years later, Natalie Briffa Farrugia, CareMalta’s CEO at the time, offered Janet the opportunity to expand her role by developing a new project focused on the disability sector. Thus, CareMalta’s Home to Independence and Limitless Abilities – or HILA – was born.

HILA’s mission is to provide tailored support for individuals with disabilities, focusing on their unique needs and preferences. “The system must fit their

CEO INSIGHT

“The key to balancing business with my personal life lies in loving what I do. When you have a genuine passion for your work, it doesn’t feel like a burden. Of course, I still take time off and enjoy it, but I’ve found that maintaining a connection to my work, even during my personal time, is the best approach for me. It’s about finding harmony, enabling me to be present in the moment while remaining responsive to the needs of my business.”

We listen to people. We hear what they need and want. We fight for what we believe is their right.

requirements, not the other way around,” Janet emphasises. “Just like a size 10 doesn’t fit every body shape, caregiving is not a one-size-fits-all endeavour. It has to be tailor-made. We listen to people. We hear what they need and want. We fight for what we believe is their right.”

This approach has positioned HILA at the forefront of social care. Each of HILA’s homes is beautifully decorated and integrated into the local community to promote inclusion. Janet and her team work closely with service users and their families to ensure that every detail, from the physical environment to the support plans, is customised to the individual.

In the spirit of adaptability, Janet has developed a hands-on, people-centric leadership style. “I get my drive, vision and positivity from being immersed in the operations,” she explains. “Beyond drafting the company’s strategy and vision, and ensuring followthrough and innovation, my role as CEO of HILA involves supporting our homes, management, staff, and service users. I walk the floors as often as possible and provide consistent moral support because being present on both the good and bad days is very important to me.”

“We ask a lot of our staff. While I lead the company, it is the care that my talented and committed team provides daily that leads to our truly extraordinary outcomes,” Janet acknowledges. The CEO has nurtured a dedicated, multicultural team from diverse backgrounds and countries, and the company strives to create a sense of unity and togetherness that goes beyond just being a workplace.

For this reason, in 2024, HILA placed a strong emphasis on staff well-being, including investing in courses on mental healthcare led by a specialised psychotherapist. “By providing our team with valuable tools for self-care and well-being, we are giving them something that will benefit them personally and professionally, forever shaping how they approach their work,” Janet highlights. “Investing in our staff is crucial to me. My philosophy is that since we ask so much of our team, we must give back to them in equal measure. Having been in their position myself, I

understand the value of having someone who listens and visits in person regularly. I try to lighten their load wherever possible.”

Janet has also been instrumental in shaping HILA’s ethos of creating an extended family for both service users and employees. “The concept of ‘extended family’ at HILA emerged from conversations with parents who expressed that HILA had become like a second family, especially for those who lacked support from their own families. As we mature, we develop the ability to proactively choose the people we consider family, and that’s precisely what happens at HILA. Our service users choose us, and by integrating their family nucleus into everything we do, we become an extension of the care and support they receive.”

Reflecting on HILA’s growth in 2024, Janet explains that the sector as a whole has experienced an increased demand for care services. “It’s encouraging to witness diversification in the sector. As the country undergoes a deinstitutionalisation process, which the United Nations Convention also advocates, the focus is shifting from institutions to community-based services. There’s a growing emphasis on support provision within the community, which is one of our key focuses for 2025.”

To this end, HILA is working on developing shared homes where service users can live independently within the community while receiving necessary support. The company is also exploring opportunities to provide personal assistance in family homes, enabling individuals with disabilities to receive support in the safety and comfort of their own environments.

“Regrettably, mental health is an area where we’re still lagging behind,” Janet points out. “This isn’t just a localised issue; it’s a global problem. Governments allocate only about two per cent of their funds to mental health, and in some countries, it’s even less. It’s disheartening to see that people with mental health issues are often treated as an afterthought, like the Cinderella of healthcare. They shouldn’t be viewed this way because, in my opinion, among all social sectors, mental health is the most in need of support and resources.”

“Several countries, though not yet Malta, have adopted a concept known as ‘secure therapeutic units’. These units offer an intermediate level of care between what we currently have at Casal Nuovo (a community home) and a full-fledged mental health hospital. HILA plans to research this model in 2025 with the aim of developing a new approach that combines the safety of a secure unit with intensive therapeutic support. This initiative has the potential to bridge the gap in services and provide much-needed care for individuals with complex mental health needs,” Janet explains.

As HILA continues to grow and evolve, Janet remains dedicated to upholding the company’s strong foundation and its mission of empowering individuals with disabilities. “I’m eager to sustain the healthy growth pace that HILA has experienced in recent years. What continually surprises me – perhaps due to HILA’s unique status – is that even during challenging times, we always manage to bounce back through hard work and dedication – both at a management level and in terms of support provision. Our passion and drive to succeed enable us to overcome difficulties and emerge even stronger than before,” Janet affirms.

Are you always in ‘change’ mode, or do you prefer Change mode, definitely.

Do you enjoy attending business events and conferences? Yes, I do.

Less about work: Do you prefer an electric or a fuel-powered car? Never had electric, so fuel.

Range Rover SUV or Tesla? Tesla.

A luxury seafront penthouse or a country house? Seafront penthouse with a mountainous backdrop.

Formal or informal attire? Informal.

Gym or outdoor training?

Indoor training, not gym.

Frequent short weekend breaks or one long-haul vacation? Long-haul.

Fine cuisine or trattoria-style food? Both, as long as it’s good food.

Glass of champagne or a Negroni cocktail? Neither. Wine or gin.

CEO INSIGHT

“Outside of work, I enjoy a good book or watching documentaries, as well as dining out with friends and family. I especially value the daily school run with my daughter. I make it a point to avoid business talk during my personal time, as setting boundaries keeps me grounded and brings fresh energy to my work.”

Vincent Baldacchino

CEO, OWNERS BEST

“BUSINESS SUCCESS REQUIRES EARNING MONEY IN THE MOMENT WHILE PLANNING FOR THE YEARS AHEAD.”

VINCENT BALDACCHINO’S CAREER BEGAN IN AIR TRAFFIC CONTROL, BUT HIS ENTREPRENEURIAL SPIRIT QUICKLY TOOK FLIGHT IN A NEW DIRECTION WITH THE CREATION OF OWNERS BEST, EMPOWERING HOMEOWNERS TO SELL THEIR PROPERTIES DIRECTLY TO BUYERS. NOT STOPPING THERE, HE EXPANDED THE INITIATIVE INTO A FULL-SERVICE REAL ESTATE AGENCY, PAVING THE WAY FOR EVEN GREATER SUCCESS. VINCENT’S ACHIEVEMENTS EVENTUALLY LED TO THE LAUNCH OF COSMOPOLITAN DEVELOPMENTS, A PROPERTY DEVELOPMENT COMPANY THAT HAS SOLIDIFIED HIS REPUTATION AS A KEY PLAYER IN MALTA’S REAL ESTATE SECTOR.

The unusual career path from air traffic control to real estate taken by Owners Best CEO Vincent Baldacchino began with a turning point that recalibrated his professional priorities. “While working in air traffic control, I was also a part-time property negotiator with an agency. One sunny afternoon in summer, I was in contact with a potential buyer, but my full-time job kept me from arranging a viewing, and I knew that if I didn’t act, someone else would,” he recalls.

“I asked myself, ‘since this is something I am truly capable of, why don’t I do it full-time?’ I remember clearly – it was Wednesday; by Monday, I resigned. Despite the security of

my former job, I happily took the risk.” Vincent admits that he found the initial years in real estate challenging due to a lack of formal training and available learning tools. Yet, he doggedly sharpened his skills, and a decade into his career in property, he decided to step out on his own and start Owners Best – a key and the first of many triumphs.

With Owners Best, Vincent introduced a new property sales model that empowered homeowners to sell directly to buyers through a magazine and TV show. “Owners Best started life as a marketing agency rather than a real estate company,” he elaborates. “It offered homeowners the opportunity to sell their properties themselves without a

The market is still very strong, and if we continue to adapt to what people want, it will remain so over the coming years.

middleman. I believe owners know their property best, much better than an agent ever could.”

From a marketing perspective, this was a new niche in the real estate industry. The magazine was distributed across Malta and was an immediate success – the numbers spoke for themselves. “We sold two properties out of every three that appeared in the magazine,” he shares. Over time, the firm evolved into a traditional real estate agency, adapting to market conditions and technological advancements, particularly the exponential growth of social media. Despite competition, Vincent believes that the company’s internal tools and experience continue to give them an edge.

The success of Owners Best led to the creation of Developers Best, which produced a sister magazine specialising in selling brand-new properties built by developers, allowing Vincent and his team to offer expertise and early access to listings for buyers. The expansion eventually led to the founding of Cosmopolitan Developments, driven by Vincent’s desire for greater control over the quality and delivery of properties.

“At Developers Best, maintaining the highest standards for our clients is our top priority. Unfortunately, some developers have a history of not meeting expectations. To ensure the quality of the products we deliver, we have made the decision to discontinue working with developers whose reputations indicate they cannot meet our standards,” Vincent explains. Recognising the market’s strong demand for new properties, he realised that by developing their own high-end properties, the company could better serve clients by ensuring timely delivery and exceeding buyer expectations. And so, Cosmopolitan Developments was born. Established five years ago, the company now has an in-house architect and project managers overseeing each development to provide a fully-fledged, hands-on service for customers.

With nearly 35 years of experience, Vincent describes his role as CEO as balancing present challenges, learning from past experiences and anticipating future trends. “Business success requires earning money in the moment while planning for the years ahead,” he says. As CEO, he also prides himself on his problem-solving abilities, noting that identifying the root of a problem is often harder than fixing it. “I view problem-solving as a core part of my job, for which I apply the 80/20 rule, focusing on the top 20 per cent of issues that drive 80 per cent of results. Identifying these key challenges gives me the impetus to tackle them effectively,” he explains.

Looking back at 2024, Vincent is optimistic about the resilience of Malta’s real estate sector, despite global challenges. “The market is still very strong, and if we continue to adapt to what people want, it will remain so over the coming years,” he notes. Vincent points to a shift in buyer preferences since the COVID-19 pandemic, with larger outdoor spaces and dedicated work-from-home areas still major factors in property choices. He emphasises the importance of adapting new developments to these evolving buyer needs.

On the other hand, Vincent warns that challenges such as rising costs and a shortage of skilled labour will continue to impact the sector. “While the focus on sustainability is exceedingly important, the increasing costs of building eco-friendly properties, coupled with skyrocketing material and land prices, could make properties unaffordable,” he cautions, stressing that this could lead to a market slowdown as developers delay sales until they can set prices within buyers’ reach.

“Moreover, it’s becoming increasingly difficult to recruit people with the required skills, diligence and commitment,” he continues, remarking that while his company frequently advertises for new personnel, many applicants fail to show up for interviews. This labour issue, he believes, is a major factor limiting business expansion in Malta, affecting not only real estate and development but also various other sectors.

Looking ahead, Vincent anticipates stricter regulations in Malta’s real estate sector and believes that property prices will continue to rise over the next five years. He also believes that outdated planning policies need revision to align with the current market and suggests that planning laws should allow for more one-bedroom units, which are in high demand due to Malta’s changing demographics and expanding foreign workforce. “As soon as a one-bedroom apartment enters the market, it’s immediately snapped up,” he says, advocating for more affordable options to meet this growing need.

Business for both Owners Best and Cosmopolitan Developments exceeded expectations in 2024, and Vincent looks forward to building on those results. For the CEO, the past year was dedicated to identifying core market fluctuations anticipated for 2025. He acknowledges that one of his companies’ biggest challenges is adapting to changes in consumer behaviour, particularly in property viewings.

“Post-COVID-19, many potential buyers expect all property information online before scheduling actual viewings,” he reveals. “People are so used to ordering everything online that, as crazy as it sounds, they adopt the same approach to property, despite it being such a large investment.” This shift has resulted in fewer inperson viewings, a key challenge that Vincent’s team is dedicated to addressing. “We recognise that in-person viewings are essential for buyers to thoroughly evaluate the location, quality and compliance of a potential new home, ensuring their needs and priorities are fully met,” he shares.

Despite these challenges, Vincent remains optimistic about 2025. His focus is on streamlining efforts and addressing core issues impacting the real estate market. He also aims to enhance communication by leveraging better technology and providing more training and tools to his real estate agents. His development plans include acquiring better-located sites to continue building attractive, easy-to-sell properties.

“Ultimately, I believe that adapting to changing market conditions will remain crucial, but both Owners Best and Cosmopolitan Developments are well-positioned to thrive,” he asserts. “It’s much easier to manage something you have control over. In just five years, Cosmopolitan has built a strong reputation among buyers, with banks more willing to approve loans to those purchasing properties from us. I take pride in the quality of the product we offer, which strengthens our position in a continuously growing and competitive market.”

People not seizing opportunities.

Do you think leaders are born, or are leadership qualities acquired over time? Skills are acquired; I wasn’t born a leader!

Are you always in ‘change’ mode, or do you prefer long phases of stability? I love change.

Do you enjoy attending business events and conferences? Not at all!

Less about work: Do you prefer an electric or a fuel-powered car? Electric…

Range Rover SUV or Tesla? …but I’d still choose a Range Rover SUV.

A luxury seafront penthouse or a country house? Seafront penthouse.

Formal or informal attire? Informal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? Ideally, a mix of both.

Fine cuisine or trattoria-style food? Trattoria.

Glass of champagne or a Negroni cocktail? Negroni.

Mark Curmi

CEO, TRUMIA

“FOR ME, IT’S ABOUT HAVING THE RIGHT TEAM, THE RIGHT TECHNOLOGY, AND A CLEAR PLAN FOR HOW TO RUN THE BUSINESS.”

WITH A CAREER SPANNING THE BREADTH OF FINANCIAL SERVICES, FROM TRADITIONAL BANKING TO CONSULTANCY, MARK CURMI’S PATH TO BECOMING CEO OF TRUMIA REFLECTS A CONVERGENCE OF EXPERIENCES THAT UNIQUELY POSITION HIM TO LEAD A CUTTING-EDGE FINTECH STARTUP.

“I’ve spent my career in financial services, starting in banking before moving to KPMG, where I was involved in the industry from a different perspective – consultancy and advisory work,” begins Mark. Having worked on both sides –within the industry and as a consultant to the industry – at Trumia, he identified an opportunity to create something innovative and unique within the Maltese and European financial landscape.

“Moving to Trumia brings together a mix of different professional life experiences, giving me the opportunity to apply what I’ve learnt and

what I’ve experienced directly. This transition marked not just a career move but a chance to build a financial institution from the ground up, focusing both on obtaining necessary licences and actively participating in the launch and growth phase,” the CEO maintains.

Mark’s leadership approach has been shaped by his varied background across major companies. His international experience with organisations of different sizes has proven invaluable in understanding how to approach a startup project – and, crucially, how to inspire the right team members to join.

CEO INSIGHT

“You can have the best fintech, the best set-up and the best technology, but bringing in people with the right mindset, drive and passion to deliver a product has been one of the key drivers of our success today.”

We are not just another financial institution offering basic accounts; we are designed to support our corporate clients in growing their businesses.

“It’s not easy to inspire established people to move,” he notes. “We have a senior team which is well-known and experienced in their respective areas – they come from niche markets or specialised sectors within a number of industries.”

Unlike many CEOs who prefer to maintain distance from day-to-day operations, Mark believes in handson leadership. “I still like to roll up my sleeves and get stuck in,” he says. This approach was particularly crucial in Trumia’s early days. His experience in setting up teams from scratch taught him that building a new institution requires a different skill set than joining an established one.

Lifting the curtain to give us a glimpse of his typical day, Mark reveals that his days often begin early. He arrives at the office before the team to plan

according to overnight developments and upcoming schedules. He also holds at least one daily meeting with each department head, ensuring continuous communication and support across the organisation.

Beyond internal management, the CEO remains heavily involved in business development and business growth initiatives, focusing on brand building and strategic growth. “I also spend quite a lot of time making sure we deliver on our plans – both running and building the financial institution, internally referred to as ‘Grow the Institution’ and ‘Run the Institution’,” he explains. It quickly becomes apparent that this dual focus on current operations and future development characterises Mark’s approach to leadership.

Reflecting on the founding vision for Trumia, Mark explains that it emerged from a deep understanding of the financial services industry’s rapid evolution. Rather than simply providing traditional payment services, Trumia focused on developing a technology stack that enables it to deliver consistent and enhanced value to both corporate and consumer clients.

“We looked at what the industry is currently offering and how technology can help us deliver that product better,” the CEO explains, highlighting that the company’s approach goes beyond providing electronic money accounts and payment services. “We are

not just another financial institution offering basic accounts; we are designed to support our corporate clients in growing their businesses.”

This commitment to value creation extends to their consumer offerings. Operating from Malta, Trumia aims to provide greater choice in the consumer market while enabling better engagement between businesses and their customers. The goal, Mark affirms, is to create enhanced efficiencies in both experience and service through integrated products.

At the heart of Trumia’s operations lies a cloud-based infrastructure designed for scalability and flexibility. “We chose technology solutions that would allow us to scale quickly to support the business and ensure a composable ecosystem,” Mark explains. This approach allows Trumia to adapt rapidly to technological innovations while maintaining robust security and operational efficiency.

However, the CEO is keen to point out that the company’s focus on technology isn’t merely about keeping up with trends – it’s about understanding and responding to changing consumer and corporate consumption patterns. As Mark notes, while the underlying products in financial services remain largely unchanged, the way these services are consumed continues to evolve.

Since launching in early 2024, Trumia has achieved several significant milestones, including the successful introduction of both consumer and commercial financial services products. The expansion of their currency account offerings and the establishment of key banking partnerships have been important steps in their growth journey, the CEO continues.

Looking ahead, Trumia has ambitious plans to enhance its product proposition and introduce additional financial products to the market. Their growth strategy is underpinned by a commitment to operational resilience and technological innovation, ensuring they can scale while maintaining service quality and security.

Throughout Mark’s journey with Trumia so far, several key lessons have emerged. “A startup is a startup, but when you put together the right resources and the right people, it flourishes very quickly,” he reflects. He underscores the importance of understanding target customers’ needs and developing products around these requirements, affirming, “for me, the priority is having the right team, the right technology, and a clear plan for how to run the business. Understanding what target customers require is also important – you first need to speak to clients or prospective clients, understand their challenges and develop your product around their needs.”

Perhaps most importantly however, the CEO stresses the value of staying true to core values, particularly in a regulated industry. “We take pride in what we do, and we’ve set evolving goals we want to achieve,” he says, explaining how this focus has guided the company through its rapid growth phase.

Looking ahead, as Trumia continues to expand its presence in Malta and beyond, the focus remains on delivering value through technology-driven financial services. With a strong foundation in place and a clear vision for the future, Mark and his team are wellpositioned to shape the next generation of financial services in Malta and across Europe.

What time of day are you most productive?

Do you work well with music in the background? I prefer quiet.

What’s your favourite music genre? R&B.

What’s your first task every day? I check my plan for the day.

What do you like most about your job? The diverse challenges and opportunities.

And we must ask… what do you like least? Inefficient meetings that could be quick conversations.

Do you think leaders are born, or are leadership qualities acquired over time? Leadership qualities are acquired over time.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Stability.

Do you enjoy attending business events and conferences? Yes.

Do you prefer an electric or a fuel-powered car? Fuel-powered.

Range Rover SUV or Tesla? Range Rover.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Formal.

Gym or outdoor training? Outdoor training.

Frequent short weekend breaks or one long-haul vacation? Weekend breaks.

Fine cuisine or trattoria-style food? Fine cuisine.

Glass of champagne or a Negroni cocktail? Negroni.

Simon Camilleri

CEO, ARRINGO

“I’M A BIG BELIEVER IN HIRING FOR ATTITUDE AND TRAINING FOR SKILLS.”

SINCE ITS LAUNCH IN 2018, ARRINGO HAS BEEN CHARTING AN IMPRESSIVE SUCCESS STORY FROM ITS MALTA HEADQUARTERS. SET UP ON THE ISLAND ON THE BACK OF MALTA’S FINTECH-READY AND BUSINESS-FRIENDLY ECOSYSTEM, THE COMPANY HAS GROWN INTO AN OUTSOURCING POWERHOUSE, OFFERING A BROAD SPECTRUM OF SERVICES RANGING FROM SOFTWARE DEVELOPMENT AND CUSTOMER OPERATIONS TO MARKETING, BRANDING AND BUSINESS DEVELOPMENT.

While rapid expansion is every tech founder’s dream, it doesn’t come without its challenges. For Arringo founder and entrepreneur Adrian Kreter, there steadily came the realisation that his company needed a constant, experienced hand to guide it into its next chapter and ensure a more stable growth trajectory. Enter Simon Camilleri, a seasoned leader headhunted from the credit-checking industry, who stepped into the role of CEO three years ago. Simon has been instrumental in consolidating the business and introducing a more cohesive operational structure and company culture.

Simon’s credentials were an ideal match for what Arringo needed. With a track record of setting up

a string of successful businesses in Ireland, France, Serbia, and Morocco, he brought not only the vision required for global growth but also the hands-on expertise to make it happen. Perhaps even more importantly, he brought a people-first leadership style and an ability to mentor and motivate teams to excel.

“I sometimes joke that I’m the Chief Entertainment Officer,” Simon shares with a chuckle. “One of my main responsibilities as CEO is to inspire our people to come to work and enjoy themselves. In all the businesses I’ve run, I’ve always taken pride in mentoring staff and seeing them grow into senior roles. I get a buzz out of people who work for me succeeding.”

CEO INSIGHT

“As an internationally focused business, Malta has been a crucial hub for Arringo. However, we feel more needs to be done to address infrastructure challenges like traffic congestion and power outages to maintain the island’s appeal as a competitive business destination.”

In recent years, we’ve seen formidable operators fall victim to cyberattacks. If they are vulnerable, anyone can be. That’s why we’ve made a focused effort to strengthen our security measures.

Since joining Arringo, one of Simon’s top priorities has been strengthening its teams and investing in its people. No small feat, considering the business employs over 30 nationalities, with roughly half of its workforce in Malta and the rest spread internationally, and which tends to lean towards younger talent.

“Initially, my approach was to tighten processes and clear up the clutter of ad hoc roles,” Simon explains. “We have also focused a lot on developing our young staff, which helped us get the right people in the right seats. I’m happy to say we’ve promoted quite a few individuals over the past few years.”

This approach to nurturing talent has also shaped the company’s recruitment strategy. “I’m a big believer in hiring for attitude and training for skills,” he continues.

“If you find candidates with the right attitude and the drive to succeed, you can achieve anything. That way, it’s easier to share your vision and ambition knowing that candidates will be willing to contribute and bring their ideas to the table. After all, we’re not looking for automatons. We want our people to share their ideas and help us deliver a better service for our clients.”

To ensure employees feel part of the Arringo culture, Simon and his leadership team have introduced various weekly initiatives designed to boost morale and keep people engaged. This extends to offering days off for self-improvement or charitable work, encouraging staff to give back to the community, whether by volunteering at a care home or cleaning up beaches. To keep employees informed and aligned, Simon hosts quarterly town hall meetings, where he shares updates, answers questions and speaks directly with staff at all levels. “We’re not hierarchical here. I make a point of speaking to everyone – from agents to senior leaders –in the same way,” he says.

This holistic approach to fostering an inclusive and welcoming company culture has proven instrumental in attracting and retaining talent in Malta’s ultracompetitive tech landscape. “The tech boom here has thrown salary expectations way off, which can be a challenge,” Simon explains. “But what we’re showing is that stability, training, mentorship, and genuine career development also hold significant value. I believe more and more candidates now recognise the benefits of growing with us for the long term. This has also resulted in more referrals, with our staff recommending their friends to join our team.”

While all these people-focused efforts have been hard-won successes in their own right, they ultimately serve a higher goal: delivering exceptional standards for Arringo’s international network of clients. Under Simon’s leadership, the company is working towards ISO 9001 certification – a globally recognised benchmark for quality management. This forms part of Arringo’s mission to foster even greater trust among its clients, many of whom operate in heavily regulated industries like banking, cryptocurrency, iGaming, and Forex trading.

“Ensuring that our IT and software systems are robust and meet these industries’ stringent operational demands is a top priority for us. In recent years, we’ve seen formidable operators fall victim to cyberattacks. If they’re vulnerable, anyone can be,” Simon explains. “That’s why we’ve made a focused effort to strengthen our security measures, investing in IT infrastructure and hiring top experts to ensure our systems are as resilient as possible.”

With clients spanning the globe, Arringo’s tech and quality assurance teams must also navigate diverse languages and regulatory frameworks. This adaptability has become a cornerstone of the company’s service approach. “Our clients need to know that no matter where they’re based, we understand their specific challenges and can deliver solutions tailored to their needs,” he adds.

To further enhance its offerings, Arringo acquired QGen two years ago, which has strengthened its position as a leader in Know Your Customer (KYC) and Know Your Business (KYB) services. This acquisition has enabled the company to tap into some of the world’s largest banks for data-driven solutions. With stricter regulations like GDPR placing greater compliance pressures on businesses, this acquisition has allowed Arringo to meet regulatory obligations while providing cost-effective and efficient in-house checks.

“Acquiring these proprietary systems was a game-changer for us,” Simon explains. “Now we have custom-built platforms that give us full control over specialist processes, meaning we no longer need to rely on third-party suppliers.”

While Arringo’s client base is increasingly international, Simon promises that the company remains firmly rooted in Malta. In fact, it is doubling down on its commitment to the island with a significant milestone: the move to its highly anticipated Arringo Tower in Floriana. Overlooking Argotti Gardens, this state-of-theart headquarters represents a major multi-million investment and marks a significant new chapter for the company.

Set to open its doors this year, the building features an open atrium space that welcomes in plenty of natural light. Employees will benefit from a mezzanine canteen for casual breaks and Googlestyle pods for private calls or focused work sessions. At the heart of the design is a striking living tree that rises through the building, bringing a sense of calm and greenery to the modern aesthetic.

“I’m especially excited about Arringo Tower because it will bring our core teams together under one roof for the first time,” Simon shares. “While hybrid working is here to stay, I still believe that nothing can replace human contact. This new office will provide an incredible opportunity to foster greater synergies, build stronger connections among colleagues and lay the foundation for our ambitious growth plans over the next five years.”

Do you work well with music in the background? Yes.

What’s your favourite music genre? I have an eclectic taste.

What’s your first task every day? To make a cup of tea.

What do you like most about your job? Variation.

And we must ask… what do you like least? People presenting problems not solutions.

Do you think leaders are born, or are leadership qualities acquired over time? Bit of both.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Phases of change.

Do you enjoy attending business events and conferences? Depends on what they are.

Less about work: Do you prefer an electric or a fuel-powered car? Hybrid.

Range Rover SUV or Tesla? Hybrid Range Rover.

A luxury seafront penthouse or a country house? Both.

Formal or informal attire? Formal.

Gym or outdoor training? Outdoor.

Frequent short weekend breaks or one long-haul vacation? Both.

Fine cuisine or trattoria-style food? Trattoria.

Glass of champagne or a Negroni cocktail? I like both.

CEO INSIGHT

“I genuinely believe Malta has the potential to become Southern Europe’s Silicon Valley.”

Arnaud Denis

CEO, MEDIRECT

“EUROPE ISN’T A SINGLE SCALABLE ENTITY… FROM LANGUAGE TO LEGISLATION, EACH COUNTRY’S NUANCES REQUIRE A TAILORED APPROACH.”

MEDIRECT IS CHALLENGING TRADITIONAL BANKING WITH ITS ROBUST TRANSACTIONAL FACILITIES AND EXTENSIVE INVESTMENT SOLUTIONS. ITS SUCCESSFUL EUROPEAN EXPANSION AND STELLAR CUSTOMER RATINGS DEMONSTRATE THE FINANCIAL DISRUPTOR’S PROWESS IN ADDRESSING OFTEN-UNSERVED CUSTOMER NEEDS.

NOW, CEO ARNAUD DENIS IS SETTING HIS SIGHTS ON TAKING THIS DIGITAL BANK TO “CHAMPIONS LEAGUE LEVEL” WHILE CONTINUING TO HELP SHAPE MALTA’S FINANCIAL ECOSYSTEM.

Since its inception, pan-European challenger bank MeDirect has positioned itself as a compelling alternative to traditional financial institutions, disrupting the Maltese, Dutch and Belgian markets with reliable and innovative digital services.

In Malta, MeDirect stands out by offering daily banking facilities, mortgage lending and investment products –all on a single platform, helping to alleviate app fatigue. Furthermore, MeDirect’s corporate services, including its tailored solutions, serve the needs of Malta’s business sector, which has historically lacked adequate digital services.

The organisation’s unique value proposition focuses on delivering uncomplicated, speedy and high-quality customer experiences, empowering people to “manage their wealth with confidence and autonomy”. CEO Arnaud Denis explains: “We open a corporate account in two weeks, respond to mortgage requests in a day, and secure sanction letters within three months, compared to the market average of six.”

MeDirect positions itself as a challenger bank, with a focus on delivering intuitive digital financial services to the upper market segment. “We wanted to resolve the problems

We can do anything we set our minds to thanks to our dual identity as a bank with the DNA of a tech company, our top-notch talent and our excellent proprietary technology. It’s not a question of how fast we can innovate or scale, it’s about having regulation and investment that support the speed and size of our ambitions.

this segment often experiences due to a lack of digital solutions,” Arnaud continues. “Achieving product-market fit and promoting the right products in the right way is key to addressing this market’s pain points.” MeDirect’s guiding ethos is to offer products and services centred around three core pillars: democracy, inclusion and support.

Democracy is reflected in the choice of three portfolio management options: self-managed, guided or discretionary. The principle of inclusion ensures access to high-quality wealth services and quasi-private banking, eliminating “elitism” from portfolio management. Customer journeys are simplified and fully supported by user-friendly orientation tools, transparent pricing and regular performance reporting. Additional assistance is available through two physical branches and a call centre, underscoring the bank’s commitment to customer service.

“These powerful, consolidated elements explain our above market-average balances of €100,000 for those clients who also invest through our platform,” Arnaud elaborates. Encouraging client vintage data and positive Net Promoter Scores (NPS) demonstrate high customer loyalty and satisfaction. Interestingly, the identical product range generates different NPS across Malta, Belgium and the Netherlands – indicating differing regional attitudes towards financial services.

MeDirect proved its resilience by transforming its technological infrastructure during the pandemic without requiring further capital. The strategic shift from a “spaghetti of third-party vendors to proprietary cuttingedge technology” leveraged the iGaming backgrounds of many of its developers. Experienced in building seamless UX-focused platforms and flexible tech stacks, these experts were integral to MeDirect’s evolution as a “tech company with banking products”.

The bank’s high technical standards, architectural principles and cybersecurity measures also enable faster product rollouts and new feature releases compared to vendor-reliant legacy banks. Moreover, the platform’s proprietary nature ensures a reliable service, operating at 99.99 per cent availability, thus guaranteeing continuous service without downtime.

Arnaud further explains that MeDirect’s robust technology has helped it reach maturity as a “national banking champion” in its Malta operation, where it holds systemically important status. Crucially, this technology underpins the bank’s ambitions to evolve into a “Champions League of Banking” player as the transition to an in-house tech stack provided a springboard for MeDirect’s entry into different markets. “The modern technology era means we can onboard clients and adapt products at high volume on a local level, ensuring that customers in different territories feel the service speaks to their unique needs – all without incurring extra costs,” Arnaud emphasises.

However, he warns, “Europe isn’t a single scalable entity… from language to legislation, each country’s nuances require a tailored approach. While our tech stack enables us to innovate quickly, we’re mindful of the environments and frameworks we operate within. It’s not just about excellent technology; fostering trust and transparency is also essential for each market entry,” he clarifies. This leads to a crucial area: navigating the intricacies of multijurisdictional operations and growth.

“Fundamentally, we’re geared for scale and ready for the next stage. We have great products and a meaningful base of 150,000 satisfied clients trusting us with some €5.7 billion in deposits and investments. Our technology is strong, and our people are engaged. Naturally, we’re not perfect, but our constraints in competing for a larger share of wallet are not internal,” Arnaud reveals. Instead, the challenges MeDirect faces are “capital requirements, local expectations and heavy regulation”.

Following its phase one investment by UK private equity firm AnaCap Financial Partners, which has been the bank’s shareholder since 2009, MeDirect is now seeking a new shareholder to help accelerate its expansion goals. While ‘scale global, feel local’ is a core tenet of the organisation’s

ethos, the localisation aspect also brings challenges, such as consumer expectations around home country IBANs.

The biggest challenge, however, is walking the unavoidable tightrope of European regulation; an all-encompassing responsibility. Building trusting relationships, understanding regulatory cautiousness concerning rapid FinTech growth, addressing perceptions about the parent company’s location, and demonstrating the benefits of financial disruption are all familiar hurdles for MeDirect’s CEO. Regulated by the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA), MeDirect operates at the same standard as Europe’s top 120 banks. “Yet as a challenger, we have to fight harder to prove our stability,” Arnaud confides.

Different product-specific oversight methods reflect regulatory differences in appetite for digital innovation. Although prudence is necessary, the MFSA recognises Malta’s need for financial innovation, Arnaud explains. Product releases in the Netherlands proceed smoothly as the Dutch Authority for the Financial Markets validates after launch, trusting financial disruptors to ensure compliance. Conversely, Belgium’s Financial Services and Markets Authority vets every element pre-launch, resulting in slower time to market. Product customisation is also affected by additional complexities such as a non-standard definition of complex instruments across regulatory markets.

Looking at emerging trends and opportunities, Arnaud cites the pivotal role of Generative Artificial Intelligence (GenAI) in boosting product innovation and organisational competitiveness, where “the winners will be institutions that fully embrace GenAI and roll it out through their entire organisation”. MeDirect has engaged ICE Malta to train its workforce on applying Artificial Intelligence (AI) within their roles, laying the groundwork for broader GenAI use within the company.

In addition to expanding its footprint, MeDirect is actively contributing to modernising Malta’s financial industry through knowledge-sharing initiatives with Malta Enterprise, the Malta Development Bank and the Malta Financial Services Advisory Council.

MeDirect’s pioneering success also shines a spotlight on Malta, as the only Maltese bank with an overseas presence. Its sophisticated platform’s B2B capabilities can be deployed on a white-label basis to enhance the services of government bodies and private institutions.

Locally implementing overseas innovations may also bring added benefits. Finally, Malta’s “exceptional talent pool of advanced FinTech specialists” reinforces the country’s potential as a hub for other techdriven operations. “I’m Malta’s biggest sales rep, constantly explaining why it’s a great investment location,” Arnaud shares.

Arnaud also touches on MeDirect’s commitment to sustainability, evidenced by its ESG Alliance membership, comprehensive ESG strategy and EcoVadis 2024 Platinum Medal. “ESG should never be presented as a differentiating factor; it’s a core business responsibility,” Arnaud highlights. MeDirect meaningfully contributes to supporting clients, the community and “building a responsible and resilient organisation,” he adds.

From disruption to delivery, MeDirect’s ambition to become a panEuropean financial powerhouse is clear. “We can do anything we set our minds to, thanks to our dual identity as a bank with the DNA of a tech company, our top-notch talent and our excellent proprietary technology. It’s not a question of how fast we can innovate or scale. It’s about having regulation and investment that support the speed and size of our ambitions.”

Quick-fire Questions… with Arnaud Denis

What time of day are you most productive? Sometimes I am most productive at night.

Do you work well with music

What’s your favourite music genre?

What’s your first task every day? I greet my one-year-old son.

What do you like most about your job? Having happy teams – if possible!

And we must ask... what do you like least? The risk of offending anyone.

Do you think leaders are born, or are leadership qualities acquired over time? Leadership is gained through adversity.

Are you always in ‘change’ mode, or do you prefer long phases of stability? I’m often in ‘change’ mode.

Do you enjoy attending business events and conferences? I used to... I don’t anymore.

Less about work: Do you prefer an electric or a fuel-powered car? Electric.

Range Rover SUV or Tesla? Tesla.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? Frequent short weekend breaks.

Fine cuisine or trattoria-style food? Fine cuisine.

Glass of champagne or a Negroni cocktail? Neither, if possible!

CEO INSIGHT

“Choose your battles wisely. Typically, when I see something isn’t working, I step in to try and fix it. But without boundaries, this can easily lead to feeling overwhelmed. I strive for operational excellence, but with some reflection and selfawareness, such a weakness can be turned into a strength.”

Jonathan Dalli

FOUNDER & CEO, CONCEPT STADIUM

“WE’RE STORYTELLERS.”

ESTABLISHED IN 2010 BY JONATHAN DALLI AND JONATHAN CHETCUTI, CONCEPT STADIUM HAS GROWN INTO A FULLY-FLEDGED CREATIVE AGENCY AND MARKETING ADVISORY HUB IN 15 YEARS OF BUSINESS. IN 2025, HOWEVER, THE BUSINESS RETURNS TO ITS ROOTS, WITH ITS CEO PLEDGING A BESPOKE ADVISORY SERVICE WHICH WILL FORGE LONGTERM PARTNERSHIPS WITH STARTUPS, SCALEUPS AND MULTINATIONALS. THIS IS THE KEY TAKE-HOME POINT OF THE AGENCY’S RE-BRANDING.

Concept Stadium is about to come full circle, according to Jonathan Dalli, the co-founder of the marketing agency established in 2010. “Our four main pillars – brand, web, digital, and communications – will remain at the heart of what we do. But this year, we want to return to where it all started, keeping our spate of services as a fully-fledged agency while offering our clients the tailored partnership of a boutique and bespoke creative agency and marketing advisory hub.”

The goal, he continues, is to continue injecting creativity into the process. “2025 is the year we reprioritise. There’s a misconception that businesses such as ours are simply execution specialists. But we’re storytellers, and products or

services are sold through the power of storytelling. This is what drives us, and we want to be there with our clients from the very beginning of their journeys, to help them optimise revenue.”

Like many narrative arts, there’s a lot of the personal imbued in the operations and culture at Concept Stadium, with the bespoke elements of the business’ offering attributable to Jonathan’s hands-on approach with clients and staff. “I keep in touch regularly with our clients and stakeholders, and I ask team members to join me at activations, meetings or events we’re responsible for. It’s not only about empowering them but also about giving back, a form of mentoring and, I’ll admit, it’s a bit selfish too. I don’t want to be one of those

The company is on the right path, but we’re constantly learning and evolving. If you learn something, whether through experience or education, the worst thing you can do is park that knowledge.

CEOs locked in their office working on ‘strategy’. That was never my idea of fun. I want to be out there, speaking to people and understanding their needs,” Jonathan asserts.

To this end, the CEO’s approach is one of constant development. “The team at Concept Stadium has learnt a lot over the years, particularly last year when we attended the Dublin Tech Summit 2024, London Tech Week 2024, GITEX Global 2024 in Dubai, and Web Summit 2024 in Lisbon. Over the next few months, we’re keen to capitalise on that. We plan to do so by becoming more agile, through scrumming and by targeting startups, scaleups and multinationals to establish ourselves as a marketing advisory hub of choice, while staying aligned with the creative agency business offering.”

The assistance the creative agency and marketing advisory hub can offer could be invaluable from

a company’s early stages, he asserts. “When we spoke to potential clients in Dublin and London, and explained our offering, they didn’t initially grasp the potential firepower at their disposal. However, when we outlined how we could build a profile for their business to prepare for their next seed funding round, they sat up and listened. This is how we differentiate ourselves from others in this space: We listen to our clients and offer something targeted. We don’t provide off-the-shelf solutions. We also don’t sell at all costs; we sell what our clients need.”

Moreover, in targeting multinationals, Jonathan is keen to leverage Malta’s market conditions as a test case for clients seeking to expand. “We want to grow with our partners, so we encourage them to use the island to test a product launch, for example. If it succeeds here, we can leverage what we’ve learnt to expand their markets or product offering elsewhere.”

The goal, he reiterates, is to provide targeted solutions – to be “less ‘rate card’ and more nimble” in bringing added value to the table. “For instance, we organise brand immersion sessions, where we sit down with our clients and give them the time they need. We don’t just issue proposals; I need to think about how we can truly add value for this client.”

This marriage of creativity and commerce is central to Concept Stadium’s philosophy, Jonathan continues, adding that from the company’s earliest days, he and his late business partner and co-founder, Jonathan Chetcuti, referred to themselves as “commercial creatives”. This dialogue allows the company to “bring an artistic perspective to brand, web, digital, and communications without forgetting the commercial angle. If we forgot the latter, we’d be like a painter whose work hangs in a hotel lobby but who struggles to monetise. So, a question we’re constantly asking ourselves is: How can we enhance our clients’ customer experience? This remains at the core of everything we do – our service, our client interactions, our idea generation, and even our working environment.”

Concept Stadium has recently instituted a feedback process, whereby their offering is anonymously assessed by clients, helping the firm streamline and refine its processes and services. “We take metrics seriously, so we ask our partners to score us. Many marketeers suffer from the ‘echo chamber effect’, but we ask ourselves: What has been the tangible outcome of our campaigns and communications for our clients and their portfolios? We’re not an agency that simply moves on after a quick win, but we maintain a constant, open dialogue with our stakeholders.”

Looking ahead, Jonathan is keen to consolidate the lessons learnt over the years. “Our staff complement has grown – when I come to the office, it’s a packed space, and this is an incredible milestone. The company is on the right path, but we’re constantly learning and evolving. If you learn something, whether through experience or education, the worst thing you can do is park that knowledge.”

With this in mind, the company will continue to expand. “Last year, our focus was on putting Concept Stadium on a global platform without, of course, losing sight of our roots and our ‘people first’ philosophy. This was central to our trips to Dublin, London, Lisbon, and Dubai last year. We also restructured the management team to create a solid framework and establish operational excellence,” Jonathan says.

Jonathan is keen to establish a lasting legacy, driven in part by the loss of his business partner in 2020, who sadly passed away at the age of 41. “When we first set up The Concept Stadium, Jonathan Chetcuti and I called it ‘your marketing partner’, and today, we aim to continue Jon’s legacy through our work, as well as through other projects that integrate Environmental, Social and Governance (ESG) principles into our vision,” the cofounder explains, referencing the completion of the Jonathan Chetcuti Programme, which sponsored sailor Richard Schultheis in his sporting career. On a personal level and representing the programme, Jonathan completed the Camino de Santiago twice, first with the goal of raising funds for a school in Ethiopia, and the second time, raising €16,000 for Hospice Malta’s new St Michael’s centre.

After the first camino, Jonathan recalls travelling to Ethiopia to inaugurate recreational grounds in a school in Jimma Bonga. “The experience was deeply enriching, and the people we met greeted us with warm, big smiles, keen to share their aspirations,” Jonathan says. On the last day, a young boy approached him. “We talked about football, and then he asked for a selfie. We looked up, but the boy took off his flip-flop to use instead of a phone. That, for me, was a moment of realisation – how much we take for granted, and the universality of aspirations,” he concludes.

Quick-fire Questions… with Jonathan Dalli

What time of day are you most productive?

Do you work well with music in the background? Yes, always.

What’s your favourite music genre? Vocal house.

What’s your first task every day? Coffee, comms check and calendar, then workout.

What do you like most about your job? Crafting brands for people... our slogan in practice.

And we must ask... what do you like least? Mediocrity.

Do you think leaders are born, or are leadership qualities acquired over time? Leaders are made, through coaching.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Change is exciting and necessary.

Do you enjoy attending business events and conferences? Yes, if value is added.

Less about work: Do you prefer an electric or a fuel-powered car? Electric.

Range Rover SUV or Tesla? SUV but I dream of Tesla.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal.

Gym or outdoor training?

Gym with the occasional outdoor trail.

Frequent short weekend breaks or one long-haul vacation?

Short weekend breaks with the family.

Fine cuisine or trattoria-style food? Both.

Glass of champagne or a Negroni cocktail? Negroni, definitely.

CEO INSIGHT

“I firmly believe that it takes a village to raise a child, and I see this firsthand as a working parent. As a mother of three children aged between two and 10, I am immensely grateful for my strong support system.”

Dr Sarah Cassar

MANAGING DIRECTOR, ST GEORGE’S CARE

“WE STRIVE TO ENSURE OUR RESIDENTS ENJOY FULFILLING LIVES.”

AFTER EARNING A LAW DEGREE FROM THE UNIVERSITY OF MALTA IN 2011 AND LEARNING THE ROPES OF THE FAMILY BUSINESS ACROSS VARIOUS ROLES, DR SARAH CASSAR, MANAGING DIRECTOR OF ST GEORGE’S CARE, NOW OVERSEES OPERATIONS AT CASA ANTONIA AND THE IMPERIAL – TWO CARE HOMES THAT ARE SETTING NEW STANDARDS FOR THE INDUSTRY AND REDEFINING WHAT IT MEANS TO LIVE IN A RETIREMENT HOME.

“Even though I studied law, I always knew I wanted to join the family business someday, and I believed that a law degree would benefit both me and the company,” shares Dr Sarah Cassar. She was right, given that, 13 years later, Sarah routinely prepares and reviews contracts for staff, residents and suppliers. Before reaching this point, she spent several years exploring different aspects of the business, even working in the front office while still a student. “I learnt a lot about the organisation during that time, and I’m now in a much better position to manage people who do jobs I once did myself. I can understand their challenges better,” she explains.

Sarah later deepened her knowledge of elderly care by obtaining a Postgraduate Diploma in Gerontology and Geriatrics while serving as General Manager of Casa Antonia – a position she held for 10 years. Now,

as Managing Director of both Casa Antonia and The Imperial, Sarah works closely with the Chief Financial Officer, as well as the General Manager and Nursing Manager of each home, who are responsible for the operational and medical management of the homes.

Yet, as a family-run business, decisions are made collectively by Sarah, her father and brother. “We are all very involved and like to take decisions together,” she shares. Sarah’s week is divided between the two homes and involves plenty of variety – a feature of her role that she loves. From conducting staff interviews and showarounds with new residents, to participating in the day’s activities and overseeing refurbishment and upgrade projects, no two days are the same. “I love that my role allows me to focus on a bit of everything, including accounting, law and HR,” Sarah remarks.

Employee turnover and instability are our main concerns, especially with nurses, who are more likely to be poached or move abroad.

On the other hand, she does not enjoy the timeconsuming paperwork as much. “Recently, we’ve become a heavily regulated industry, which means we often need to prepare reports and policies for the authorities that regulate our sector,” she explains.

HR presents another challenge. “Finding carers and nurses has become very difficult, and it’s disappointing when people leave after we’ve invested so much in their training,” she observes. To address this, Sarah emphasises the importance of maintaining good relationships with staff. “We strive to stay as close as possible to our employees, especially care assistants, who have physically and mentally demanding jobs. I firmly believe in our team’s abilities, and showing faith in them makes a real difference,” she asserts.

Recalling her own experience working at the front desk, Sarah adds, “I empathise with those at reception who receive daily calls from the same residents asking what time Mass is – often multiple times a day. This can be stressful, but whenever an employee confides that they don’t think they can handle it, I always say, ‘If I can do it, anyone can’. With practice and training, I know they can succeed.”

For Sarah, patience and empathy are essential when considering the specific needs of their residents, many of whom face health challenges and declining mental capacities. “We have to be sensitive to whatever they’re going through, whether it’s illness, widowhood or the loss of independence. All of these are painful experiences. Sometimes, things that seem trivial to us – like an

unsatisfactory meal or Mass starting 10 minutes late – are a big deal to our residents. If something means a lot to them, it needs to be important to us too,” Sarah notes.

The staff at Casa Antonia and The Imperial go above and beyond to make the later years of their residents’ lives more than just bearable. In addition to offering first-rate facilities in welcoming settings, both homes provide a range of care and medical services delivered by qualified professionals, along with hairdressing and beauty facilities, in-house catering and freshly prepared meals from seasonally rotated menus.

A thoughtfully curated schedule of activities and outings keeps residents engaged. “We don’t just provide the basics for comfortable living. When studying gerontology and geriatrics, I learnt that one of the most important things in life is maintaining a sense of connection and always having something to do. This is why we prioritise a dynamic social routine that keeps residents active, engaged and mentally stimulated,” Sarah explains. “Our managers know all the residents personally, so we tailor experiences to individuals. For example, one of our residents was the first registrar of Malta and loves getting involved in our operations. Not only does he attend our activities, but he sometimes organises them

himself. Participating in meaningful day-to-day activities gives residents great satisfaction and purpose, highlighting that they still have so much to offer.”

While social interaction is integral to life in a care home, The Imperial is also a hub of activity for non-residents. With a multi-purpose hall rented out for third-party events, a pool used for children’s swimming lessons, and a coffee shop and physiotherapy gym open to the public, The Imperial generates a steady flow of traffic. This creates a lively environment that encourages residents to interact with others, often younger people, helping them feel connected to the local community and countering the perception that retirement homes isolate residents from the world outside.

This community-focused social dimension has been key to The Imperial’s success. Located in the cosmopolitan town of Sliema, The Imperial opened its doors in May 2021 after an extensive renovation that restored the historic property to its former glory. Launching The Imperial was a passion project for the whole family and has been Sarah’s biggest business milestone to date.

Her greatest challenge, however, came just before The Imperial was ready to welcome its first residents, with the onset of the COVID-19 pandemic. “We went into lockdown immediately, which meant that 70 staff members, including myself, had to live onsite at Casa Antonia in an adjacent property that we rented. Getting set up in four days, shifting our operations, and catering for both staff and 150 residents for weeks on end was quite a logistical feat,” she recalls. “Thinking back to how we pivoted so swiftly in such a dire situation makes me believe we could survive anything.”

And we must ask… what do you like least? Paperwork.

Do you think leaders are born, or are leadership qualities acquired over time? Acquired over time.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Long phases of stability.

Sarah admits that the business struggled for a while after the ordeal, particularly due to the negative press directed at care homes during that period. The pandemic also delayed the opening of The Imperial, which was in its final stages of construction. However, she reveals that the company has since turned things around, reaching full occupancy in both homes in 2024. Additionally, another key goal achieved over the year was the refurbishment of Casa Antonia, which included garden landscaping and new lift installations.

In 2025, Sarah anticipates that talent recruitment and retention will remain challenging. “Employee turnover and instability are our main concerns, especially with nurses, who are more likely to be poached or move abroad,” Sarah remarks. However, she also highlights a positive trend: seniors are choosing to move to The Imperial while still in good health, primarily to enjoy its hotel-standard facilities and services. This has played a significant role in reducing the stigma around retirement homes in Malta.

As industry regulations increase and more players enter the private sector, Sarah predicts that competition will ultimately benefit residents due to a rise in industry standards – a challenge she feels ready for. “We know that we have the two best care homes in Malta, and we aim to maintain our position next year. A lot of work goes into operating at the level we’ve set, but we’re eager to keep going and explore new ways to make our residents’ lives even better,” she concludes.

Do you enjoy attending business events and conferences? Yes.

Less about work: Do you prefer an electric or a fuel-powered car? Fuel-powered car.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? One long-haul vacation.

Fine cuisine or trattoria-style food? Fine cuisine.

Glass of champagne or a Negroni cocktail? Negroni cocktail.

CEO INSIGHT

“One challenge of my role is attracting talented individuals to join a cleaning business, as it is not typically seen as a glamorous industry. However, by fostering a culture of innovation, technology adoption and a forward-looking mindset, we have successfully transformed our brand’s image. Today, we are recognised as a leader in cleaning technology and services – showing that even in traditionally perceived industries, there is room for creativity, growth and excellence.”

Claudine Ellul Sullivan

CEO, BAD BOY CLEANING SERVICES LTD

“EVERY MEMBER OF OUR TEAM IS ESSENTIAL FOR US TO ACHIEVE OUR GOALS.”

FOUNDED IN 1969, BAD BOY CLEANING SERVICES LTD BOASTS MORE THAN 55 YEARS OF DEDICATED SERVICE WITHIN MALTA’S CLEANING INDUSTRY.

TODAY, UNDER THE LEADERSHIP OF THIS FAMILY ENTERPRISE’S SECOND GENERATION, CEO CLAUDINE ELLUL SULLIVAN STEERS THE COMPANY, MAINTAINING ITS CORE VALUES OF PERSEVERANCE AND EXCELLENCE.

SHE IS ALSO PIONEERING NEW TECHNOLOGIES, SUSTAINABILITY AND INNOVATION TO REVOLUTIONISE THE SECTOR IN 2025 AND BEYOND.

For Claudine Ellul Sullivan, the journey to becoming CEO of Bad Boy Cleaning Services Ltd was as personal as it was professional. Stepping into the shoes of her father, company founder Emanuel Degiorgio, Claudine navigated the challenging transition with determination. “One of the most significant moments in my career was when my late father entrusted me to take over the business and lead it forward. I embraced the responsibility with his encouragement and the support of our incredible team,” she reflects. “I am proud that, together with our dedicated staff, we have not only honoured what was passed down to me but also built upon it, creating a stronger, more innovative business that has become a leader in our sector.”

Indeed, family values still run deep at Bad Boy, more than half a century after it was established and despite now

employing over a thousand team members. “We pride ourselves on fostering a family culture,” Claudine asserts. “We are there for our team, encouraging everyone to share any issues or concerns they may have. I firmly believe that a serene, supportive family business environment is critical to building a stable and successful team. This sense of unity and care makes us more resilient, cohesive and ultimately more successful together.”

Channelling this work ethos rooted in integrity, collaboration, mutual respect, and a drive for continuous improvement, Claudine combines mentorship with strategy as CEO to create a company culture that prioritises Bad Boy’s backbone: its people. “I believe in leading by example, cultivating an environment where every team member feels valued, respected and empowered to contribute their best,” she explains. “I work

Automation has reduced our reliance on manual, repetitive tasks, allowing us to streamline operations and enabling our employees to focus on more complex and value-added services that require human insight and attention.

closely with key staff to shape and implement our vision and strategy, recognising that every team member is essential in achieving our goals. Like a football coach who leads from the sidelines but is also willing to get on the field, I collaborate and work alongside my team to move the business forward together and realise our shared objectives as part of a cohesive, motivated workforce.”

Claudine’s personal life and the business are intertwined, particularly as her daughter, Mia, now continues the family legacy at Bad Boy. “One of the key hurdles of running a family business is balancing personal and professional boundaries, as decisions made within the business often affect family dynamics, and vice versa,” she shares. “Transitioning leadership across generations, while preserving the company’s ethos, can also be complex. We strive to create a culture that is dynamic and forwardlooking, while rooted in our foundation of respect and support.”

Her succession planning with her daughter also builds upon Claudine’s experience as a woman in leadership within a male-dominated industry. “My advice to other women looking to grow their own business or advance in their current roles begins with self-belief. Trust in your abilities and the unique perspectives you bring – do not be afraid to speak up and make your voice heard! Embrace continuous learning, balance passion with perseverance, be willing to take calculated risks, stay adaptable and abreast of industry trends, and – most importantly –surround yourself with people with expertise in areas you do not consider your strengths. Together, you can excel.”

Excellence has been Bad Boy’s signature for over five decades. Answering the local demand for high-quality and reliable cleaning services, the company was established in 1969 as Malta’s first professional cleaning company. Under Claudine’s leadership since 2012, it has expanded its scope to include high-security facilities, hospital and retail space

cleaning services, solidifying its position as a market leader across the domestic, commercial and industrial cleaning sectors.

“A major milestone was joining a team of other leading cleaning companies both in Malta and abroad to manage cleaning at Mater Dei Hospital and Sir Anthony Mamo Oncology Hospital between 2008 and 2020, ensuring exceptional infection control standards,” recalls Claudine. “We also contributed to Malta International Airport’s cleaning management, earning international accolades for hygiene excellence and elevating the sector.”

A focus on innovation and sustainability has been key to the company’s growth. “In the last five years, we’ve introduced Malta’s first fully electric street sweepers and supplied industrial autonomous robots to reduce our carbon footprint and enhance efficiency,” Claudine explains. “Today, as the official representative of leading automated cleaning service robots and in partnership with one of the top suppliers of electric cleaning vehicles, our large fleet of electrified and robotised cleaning equipment achieves better cleaning results across Malta for both the private and public sectors. This technology has eased the pressure on our cleaning staff – particularly during Malta’s challenging summers – ensuring consistent performance regardless of conditions.”

Automation remains a key aspect of Claudine’s vision. “Automation has significantly transformed the cleaning industry, bringing about greater efficiency, consistency, quality, and precision,” she highlights. “At Bad Boy, we see automation as a crucial tool for driving progress and

staying ahead in our sector. It has already had a direct and meaningful impact on the services we offer. It has reduced our reliance on manual, repetitive tasks, allowing us to streamline operations and enabling our employees to focus on more complex and value-added services that require human insight and attention.”

Adaptability and innovation have remained key amid global turbulence, Claudine believes, noting the ongoing stability, robust growth and resilience of Malta’s economy. “In the cleaning services sector, the market size in Malta was estimated at €143 million in 2024, ranking 32nd in Europe according to IBISWorld. As new businesses open in the retail and hospitality sectors, and tourism thrives, demand for cleaning services increases. We consolidated our existing business activities to ensure a robust and stable foundation in 2024 while exploring growth opportunities in emerging market segments by introducing innovative new products and services, and seeking collaborations with marketleading brands,” she explains, adding that investment in internal digitisation has also improved operational efficiency, service provision and response time at Bad Boy.

However, Claudine reflects that 2024 also brought personal challenges: “I navigated the year without my father, whose presence, guidance and advice I deeply miss. It has been an emotional journey, but I find comfort in feeling that he is watching over me and our business, continuing to inspire my decisions.”

Looking towards 2025, Claudine foresees further evolution for Malta’s cleaning sector, with an emphasis on environmentally friendly mobility and sustainability initiatives. Meanwhile, as labour shortages persist, she predicts automation will play an even larger role within the industry, while employee well-being remains a central priority. “Employee rights and fostering a workplace culture where everyone is treated with dignity and respect are crucial. This is already being seen locally with the introduction of temping and outsourcing licensing, and the start of the reviews of work regulation orders.”

The coming years also hold new projects and plans on the horizon for Bad Boy, she reveals. “We plan to further integrate advanced automation technologies, such as AIpowered cleaning robots and fully autonomous systems, to enhance efficiency, consistency and cost-effectiveness, and provide even more tailored and scalable solutions for our clients while reducing manual labour for our staff. Plus, we are exploring data-driven insights internally to monitor and optimise our cleaning operations in real time. This will allow us to anticipate client needs, enhance service quality and improve resource management, ultimately leading to better client satisfaction and operational efficiency.”

As for her personal aspirations, Claudine aims to solidify Bad Boy Cleaning Services as the go-to provider for innovative and sustainable cleaning solutions as well as exceptional service delivery. She concludes: “By the end of 2025, I want us to be recognised not just for the quality of our work, but also for our commitment to employee well-being, customer satisfaction and the community.”

with Claudine Ellul Sullivan

What time of day are you most productive?

Do you work well with music in the background?

What’s your favourite music genre? New age music helps me work better.

What’s your first task every day?

I thank God for blessing me with another day and pray for guidance.

What do you like most about your job? Innovating and seeing the business grow.

And we must ask... what do you like least? Paperwork, which sometimes can be tedious.

Do you think leaders are born, or are leadership qualities acquired over time?

A mix of both.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Change mode.

Do you enjoy attending business events and conferences? Yes, especially those that are well-organised and add value.

Less about work: Do you prefer an electric or a fuel-powered car? Electric and hybrid.

Range Rover SUV or Tesla?

A smaller car for parking! Electric or hybrid are better.

A luxury seafront penthouse or a country house? Country house, although it doesn’t need to be luxurious, as the surroundings would be calming enough.

Formal or informal attire?

A mix of smart casual, as it is important to look good but not to be too informal.

Gym or outdoor training? Outdoor training.

Frequent short weekend breaks or one long-haul vacation? I prefer longer vacations, but due to work, am happy with shorter family vacations.

Fine cuisine or trattoria-style food?

Any good food!

Glass of champagne or a Negroni cocktail? Negroni.

Dr James Cassar

MANAGING DIRECTOR, 242 GROUP

“WE MEAN WHAT WE SAY.”

AFTER COMPLETING A PHD RESEARCHING THE INTERNATIONAL EVENTS INDUSTRY, DR JAMES CASSAR DECIDED TO PUT HIS KNOWLEDGE INTO PRACTICE, ESTABLISHING THE END-TO-END EVENTS SERVICES FIRM 242 GROUP IN 2012, OFFERING CLIENTS A 360-DEGREE IN-HOUSE SUITE OF SERVICES. SINCE THEN, THE FIRM HAS THRIVED, CONSOLIDATING ITS LOCAL POSITION AND EXPANDING INTO FOREIGN MARKETS, SUCCESSFULLY MANAGING COMMISSIONS IN DESTINATIONS AS VARIED AS DUBAI, MEXICO AND THAILAND.

COVID-19 may feel like old news, but for many businesses – particularly those within the events sector – the pandemic forced a realignment of their products and services that persists to this day. Indeed, says Dr James Cassar, Managing Director and Founder of global events firm 242 Group, the series of imposed pauses in 2020 and 2021 presented an opportunity to shift gears.

“The pandemic presented an unprecedented challenge – but productive approaches emerged from it. We had the opportunity to create proper plans for the company’s future and, as a result of the time we were given, we consolidated and diversified our business.

Since then, the group has experienced exponential growth and, this year, our goal is to further solidify the business as a 360-degree events, print and expos solution for our clients worldwide.”

The group has already made significant strides in this respect. Since its establishment in 2012, the firm has cemented its position as an endto-end event production and management enterprise in Malta, Cyprus, Dubai, and Spain. Satellite offices across the globe have also ensured that the business can “offer the same level of standard worldwide, through our offices, staff and partners,” James attests.

CEO INSIGHT

“You need to view negative occurrences as opportunities to learn and grow. I know it sounds like a cliché – and you do come across this in a lot of business books – but the truth is, when something does not turn out the way you wanted, it pushes you out of your comfort zone. That’s when exciting things happen. As long as you don’t give up, you can always get up.”

The motivation behind the diversification of services and operations stems from James’s expertise in the sector. After completing a doctorate researching the strategies behind destination sales and marketing within the international events industry, James – a former teacher who still lectures at University part-time – decided to freelance in the field but quickly found that you’re only as strong as your weakest partner.

“Unfortunately, at the time, there was a lack of reliable suppliers and associates whom you could trust to get the job done to the high standards expected. So, when I opened 242 Group, I kept this in mind, and we’ve developed a business which controls the entire operational chain. This means that instead of solely depending on third parties – who may let you down –we only work with those with whom we have a trusted

and long-term relationship. We take care of everything else, including warehousing, expo management, design, photography, videography, and even furniture and marquee rental. We own the materials, and this means we don’t just subcontract,” James explains.

The group’s approach has quickly gained supporters, and over the past 12 years, the firm has grown from a two-person team into one with more than a hundred employees based in Malta and internationally. “I think we can credit this growth to a series of landmark moments, such as when we were engaged to manage our first international event in Dubai a few years ago. We had already gained some experience outside Malta, but not on this scale, so this offered us new opportunities and challenges we were not used to. Today, however, we’ve produced events in far-flung places such as Mexico and Thailand, to name just two.”

James insists that the foundation of 242 Group’s achievements lies in the certainty that clients can trust things will be done exactly as they’ve requested. “Since we manage a lot of this work in-house, whatever our team promises gets done. We are not dependent on others and therefore mean what we say. We can do this because we control the lead times, the budget and any contingencies that may arise. Our industry can be unpredictable – there are many variables that can impact the success of an

The group has experienced exponential growth and, this year, our goal is to further solidify the business as a 360-degree events, print and expos solution for our clients worldwide.

event – so we’ve gone a step further and consolidated our offering. And it helps that we are a very tight team – we’re not just colleagues, we’re friends – and this creates a company culture characterised by wholehearted engagement with what we do.”

The firm’s approach is also unlocking a growing array of opportunities. “Our holistic solutions have become increasingly in demand, and this has led to the group growing locally and internationally. We have built a solid reputation and invested in developing productive relationships with our global clientele. Looking ahead, we foresee growth in other destinations, which will drive further business expansion,” the Managing Director and Founder states. He emphasises that a commitment to excellence will continue to guide every decision. “The team has a strong work ethic. Of course, this means that our work-life balance can be blurred. When you work in events, you’re essentially on the job almost all the time.”

Despite the intense demands of the job, he continues, “internally, we’re always on hand to support each other, and we provide the necessary backing to foster an environment where risks can be taken. This has resulted in the team feeling more motivated and trusting, and consequently, we have a strong retention rate. Most of our staff – both locally and internationally, full-time or freelance – stay with us because they feel comfortable and confident. This, in turn, continues to strengthen our company culture.”

Indeed, last year James invested in training the group’s team managers, who oversee specific aspects of the business. “We focused on building personal relationships between these executives. It’s not always easy to bring different personalities into alignment, but we share the same mentality and aspirations. So, our work last year was not only focused on sales – while important, it is not the sole priority. Instead, we looked at the bigger picture and asked ourselves: What can help us grow sustainably? The answer lay in improving our operations and our systems – so that’s where we’ve invested.”

James sees his role as that of a “magic maker” – someone who identifies and solves problems, tying up loose ends externally for clients and internally with his team. “This is actually what I enjoy the most: Making an impact. The buck stops with me, and while there is some stress associated with decision-making, I thrive on identifying and solving problems,” he says with a smile.

This year, the firm’s growth continues with a move to a new physical office space. “In Malta, we’ve outgrown our current base. Our new premises will allow the team to feel at home, and we’re also expanding our warehouse capacity. Employee well-being and network-building are central to these decisions. To this end, we’re also consolidating our office spaces in Cyprus and Dubai while opening new bases in Portugal and Spain. As part of this effort, we’re investing in an enhanced CRM system, which we will first roll out within our smaller departments. Once it has been tried and tested, we’ll introduce it across the group. The aim is to create a system where our international and local teams can see what everyone is working on. In other words, we’re harnessing technology to remove physical barriers and bring the team closer together.”

Looking further ahead, James is optimistic that the group’s operational strategies will bear fruit for years to come. “I can see our model becoming increasingly in demand. I believe it is future-proof, and it will allow us to continue to expand – both by acquiring new clients and thriving in tandem with the ones we already have,” he says.

What’s your first task every day? I check my calendar for the day.

What do you like most about your job? Overcoming challenges.

And we must ask… what do you like least? Miscommunication.

Do you think leaders are born, or are leadership qualities acquired over time? A mix of both.

Are you always in ‘change’ mode, or do you prefer long phases of stability? I prefer stability, but change is a must.

Do you enjoy attending business events and conferences? Yes, to learn and network.

Less about work: Do you prefer an electric or a fuel-powered car? Fuel-powered.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal attire.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? Frequent short breaks.

Fine cuisine or trattoria-style food? Fine cuisine.

Glass of champagne or a Negroni cocktail? Negroni cocktail.

CEO INSIGHT

“To address the challenges of 2024, we must go beyond seeing them as obstacles, embracing fresh thinking while staying attuned to the human dynamics that shape our employees’ lives – in both their best and most difficult moments.”

Dr Jonathan De Giovanni

“THE POTENTIAL FOR AI ADOPTION IN A LAW FIRM IS SUBSTANTIAL.”

MANAGING DIRECTOR & CEO, PROMETHEAN CORPORATE SERVICES

DR JONATHAN DE GIOVANNI, CEO OF PROMETHEAN CORPORATE SERVICES, IS SPEARHEADING THE FIRM’S TRANSFORMATION FROM A LOCAL ENTITY INTO A GLOBAL POWERHOUSE WITHIN EMERGING MARKETS AND FINTECH. HEADING INTO 2025, JONATHAN’S FOCUS IS ON EXPANDING PROMETHEAN’S FOOTPRINT IN THE GLOBAL MOBILITY SECTOR, ALL WHILE NAVIGATING COMPLEX REGULATORY SHIFTS AND EMBRACING DIGITAL TRANSFORMATION. WITH A LEADERSHIP STYLE THAT BALANCES TECHNOLOGICAL INNOVATION AND A PEOPLE-FIRST APPROACH, JONATHAN IS POSITIONING PROMETHEAN AS A KEY FORCE IN THE EVOLVING FINANCIAL SERVICES INDUSTRY.

Like many Maltese lawyers, Dr Jonathan De Giovanni, CEO of Promethean Corporate Services, began his studies at the University of Malta. His journey from the lecture halls to leading Promethean reflects his enduring commitment to growth and professional excellence. After completing his studies in Malta, Jonathan pursued a Master of Arts in Financial Services and an Advanced Diploma in International Taxation in London, with a memorable graduation ceremony at the Royal Albert Hall. This relentless drive for knowledge and strategic thinking has underpinned his path to becoming a CEO known for dynamic leadership, foresight and innovation.

“My role demands careful organisational management and planning with a focus on long-term goals, particularly in this era of rapid technological advancement, from Artificial Intelligence (AI) developments to emerging social media platforms,” Jonathan remarks. His ability to navigate and adapt to complex market changes is critical in today’s fast-paced, competitive business environment, where he applies the same dedication that defined his early career.

Central to Jonathan’s leadership is a deep respect for people, which drives much of his decision-making. “Our greatest asset is our people,” the CEO emphasises,

affirming that even in the age of AI and automation, human connection remains the foundation of any business, and that companies are built on more than just technology – a belief that was reinforced last year when Jonathan broke his ankle and was unable to travel for three months. He used the setback as an opportunity to exemplify persistence in the face of challenging circumstances. “I used that time to fortify Promethean’s culture, increase corporate governance standards, and inspire and motivate the team. It’s important to show resilience and lead by example,” he shares.

Work is far more than just a job for Jonathan. “It’s an integral part of my identity and lifestyle. Rarely do I go out and not talk about work, because that is just what I do,” he says. “I am, by nature, a closer of deals, and I love when an informal encounter with a stranger turns into a business relationship with a new client.” Jonathan’s ability to seamlessly integrate professional interactions into his personal life reinforces his commitment to building strong client relationships. Whether through personal or professional channels, nurturing meaningful connections is central to his approach and Promethean’s success.

Under his leadership, the entity has evolved from a small, local firm into a significant player on the global stage. The company’s mission was clear from the start: internationalise the business and diversify its service offerings. Over the years, the firm has successfully expanded into a profitable enterprise within a larger

international group focused on financing projects in emerging markets. “We grew the business into a much larger piece of the puzzle,” Jonathan reflects, highlighting Promethean’s role within the wider global framework. Today, Malta serves as a strategic and foundational hub, enabling the firm to broaden its reach across multiple markets.

A defining milestone in Promethean’s journey was the acquisition of WDM Lex Advisory, a move that led to the company’s rebranding and accelerated growth. “This acquisition was pivotal in positioning Promethean for future success,” Jonathan explains. The recent partnership with ICA Consulting in London further marks a significant alliance between the business and financial sectors in Malta and the UK, strengthening Promethean’s international connections.

As the company continues to evolve, Jonathan highlights AI’s increasing role in Promethean’s day-to-day operations, particularly in compliance, due diligence and client onboarding. “The potential for AI adoption in a law firm is substantial, but it’s up to us to decide where and how to implement these processes,” he says, stressing the need to carefully balance AI with human oversight. He adds, “AI lacks the emotional nuance sometimes required in writing or conveying certain arguments.”

Reflecting on 2024, the CEO acknowledges that it was a year of adaptation for Promethean. “We’ve experienced a technological shift – or disruption – in terms of our need to innovate and integrate AI and automation in our systems and daily lives. As a result, we have embraced AI and digital tools more than ever, with a heightened

AI lacks the emotional nuance sometimes required in writing or conveying certain arguments.

focus on cybersecurity, as the need to protect sensitive information continues to grow,” he shares. “Overall, we’ve achieved significant growth this past year and, despite global challenges, have maintained our resilience as we continue to expand and strengthen our position in the market.”

Jonathan adds that this resilience reflects Malta’s status as one of the most stable economic jurisdictions in the EU, which has withstood several crises over the past few years, ranging from the 2008 mortgage collapse to the COVID-19 pandemic. Commenting on the challenges facing Promethean and the sector, Jonathan notes, “the need to attract, train and retain talent to bridge the skills gap remains a prevalent issue. Increased regulatory requirements also present difficulties, though to their credit, they’ve pushed us to innovate and stay ahead of the curve.”

The company has also carved out an important role in Malta’s startup ecosystem, offering services that extend beyond its initial focus on high-net-worth individuals. Jonathan predicts an influx of global mobility clients drawn to Malta’s residence and citizenship programmes, especially as digital nomadism grows, necessitating strong management and financial planning support. Within the context of Malta’s Startup Residence Programme and its Digital Nomad and Global Residence Programmes, Promethean now provides global mobility services that bolster the firm’s impact and support Malta’s drive to attract diverse talent to the island. “I foresee these programmes gaining even more traction as Europe imposes curbs on them and as individuals seek alternatives to larger jurisdictions like the United States. This will hopefully drive Malta to innovate in financial and tax planning,” he says.

Jonathan also sees continued growth prospects in Malta’s gaming and real estate landscapes, which he anticipates will continue to have ripple effects across sectors. “The demand for healthcare services is increasing, which creates opportunities in telemedicine and health tech innovations,” he says, adding that Malta’s established digital gaming and eSports markets remain robust and continue to thrive despite limitations on Malta’s licensing framework.

To maintain competitiveness, Jonathan believes Malta must hone its expertise in digital innovation, technology, AI, and FinTech. “We need to introduce courses on machine learning in schools to prepare the next generations for the future of work. It’s much easier for a teenager to master new concepts in technology than it is for a seasoned professional with decades of experience,” he explains.

In the year ahead, Promethean’s drive remains closely tied to the broader vision of its parent group. “We are intensifying efforts in areas like securitisation and financial services, entering into more intricate structures within these initiatives. We’re also focusing on regulatory compliance services and niche legal practices, particularly in FinTech and cryptocurrency law,” he explains. With these targeted initiatives, aligned with current market demands, Promethean is well-positioned not only to meet but to capitalise on the challenges ahead, ensuring the company’s continued growth and innovation in the coming year.

Quick-fire Questions… with Dr Jonathan De Giovanni

What time of day are you most productive?

Do you work well with music in the background?

What’s your favourite music genre?

What’s your first task every day? Making my bed, followed by coffee and emails.

What do you like most about your job? Being dynamic, people-centric and thinking

And we must ask… what do you like least? The industry’s over-regulated and bureaucratic nature.

Do you think leaders are born, or are leadership

Born with aptitude but moulded through experience.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Change mode.

Do you enjoy attending business events and conferences? Definitely!

Less about work: Do you prefer an electric or a fuel-powered car? Fuel-powered car.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? Luxury seafront penthouse.

Formal or informal attire? Formal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? As many short weekend breaks as possible.

Fine cuisine or trattoria-style food? Both!

Glass of champagne or a Negroni cocktail? Negroni cocktail.

CEO INSIGHT

“Work-life balance is often misunderstood. It really depends on your personal goals. Leading a company requires coping strategies that differ from those of your employees. You need adaptability and resilience. Importantly, prioritise yourself by making time for activities that calm or inspire you.”

Charmaine Mangion

FOUNDER & MANAGING DIRECTOR, MC INNOVATIVE LTD

“NO MATTER THE INDUSTRY, LIFE’S OBSTACLES ARE JUST STEPPING STONES TO GREATER OPPORTUNITIES.”

ESTABLISHED IN 2014, MAGIC CASTLE WALDORF IS MALTA’S FIRST AND ONLY CHILDCARE ORGANISATION TO OFFER A CURRICULUM SHAPED AROUND THE HOLISTIC EDUCATIONAL STYLE OF STEINER WALDORF.

LED BY FOUNDER AND MANAGING DIRECTOR CHARMAINE MANGION, MAGIC CASTLE WALDORF TODAY FORMS PART OF MC INNOVATIVE LTD, WHICH ALSO INCLUDES RELATED SERVICES SUCH AS PARENTAL TALKS AND THE NUTRITIONAL FOOD CONCEPT CHEFKODY, TO ENSURE EVERY CHILD CAN THRIVE, LEARN AND GROW ON THEIR OWN TERMS.

Like many successful startups, Magic Castle Waldorf Childcare was born out of a need. During the final year of her teaching degree, Charmaine Mangion – today the company’s CEO and Managing Director – discovered she was pregnant. To complete her studies and graduate, she sought suitable childcare for her young daughter.

“I began searching for a childcare centre to be able to finish my studies, but I quickly noticed a gap in the sector,” she recalls. “As a mother, I dreamt of finding a place with large outdoor spaces, free from bright colours or overstimulating environments. I wanted my daughter to be exposed to natural resources, ideally wooden rather than plastic, and, most importantly, somewhere that offered no screen time during the day. Having studied early years development, I’m

very much a by-the-book mother and became passionate about these elements.”

While teaching, Charmaine continued to develop her vision until she found potential premises for her first childcare centre. “I redesigned the space to meet each developmental need, creating areas for art, music and a mini library, as well as a spacious outdoor area, all tailored to provide a curriculum focused on open-ended art and play.”

An opportunity to observe the holistic Steiner Waldorf approach abroad solidified Charmaine’s perspective. “After that, we reshaped and refined our curriculum towards the Steiner Waldorf pedagogy,” she says, explaining that the educational style focuses on developing children’s

Policy reform is not just about addressing threats; it’s an opportunity to challenge conventional thinking and transform obstacles into pathways for innovation and progress. We can draw inspiration from a child’s perspective, where a simple pine cone embodies endless imagination.

intellectual, artistic and practical skills through imagination and creativity. “Waldorf education gives children space to express their interests through music, art, storytelling, drama, yoga, and outdoor play. Unlike Montessori, where the adult gives the child an item along with instructions on how to use it, Waldorf revolves around child-led play, using open-ended resources through which children can express themselves with no structure, direction or expectations.”

Charmaine’s journey is one of self-made success, having taken on nearly every role within her organisation –from financial planning and business development to administration and educational leadership. She has also partnered closely with parents, understanding their perspectives to shape client experiences. What began as a small team of two in a single centre has, over 10 years, evolved into a thriving team of more than 30 across four centres in Qormi, Ħamrun and San Ġwann. Today, as Founder, Charmaine remains deeply involved, collaborating with senior management and educators, and ensuring that Magic Castle Waldorf’s vision is realised every day.

“We focus on policy reform to shape the company’s future direction and the services we offer, while continuously refining our practices to meet children’s needs for expression, creativity and emotional wellbeing. I ensure our policies align with the latest research in early childhood development, regularly integrating new insights and methodologies into our programmes to keep our approach innovative, evidence-based and distinct from traditional childcare models. Policy reform

is not just about addressing threats; it’s an opportunity to challenge conventional thinking and transform obstacles into pathways for innovation and progress. We can draw inspiration from a child’s perspective, where a simple pine cone embodies endless imagination,” Charmaine asserts.

Continuous learning and a holistic approach for both the children and the team remain top priorities as the company grows. “I’m currently prioritising vertical expansion beyond conventional childcare services. We recognised the need to offer a range of services that support holistic child development, and we’ve carved out this niche,” explains Charmaine.

While Magic Castle Waldorf remains a key part of the business, today, MC Innovative Ltd encompasses a broader range of initiatives. Launched in 2024, ChefKody is a nutritional food programme where a nutritionist plans and freshly prepares the children’s daily meals at the childcare centre, promoting healthy eating habits from an early age. Meanwhile, MC Innovative Ltd also offers parental talks and workshops to bridge the gap between home and the centre, creating a cohesive learning environment for children and their parents, grandparents or guardians.

Innovative by name and nature, the company also houses Charmaine’s ever-growing list of intellectual property related to childcare, particularly regarding optimising the space for holistic development and creating a conducive and inspiring environment for both employees and children – reflecting the CEO’s detail-oriented ethos. “I’ve always believed in the importance of details,” Charmaine affirms. “In every aspect, I’m the one looking to add that extra touch, whether it’s implementing a new policy or procedure, designing the premises, or planning activities for the children.”

A positive working environment is also essential, continues Charmaine. “Every staff member works differently, so what motivates one person might not work for another. But I believe it’s important to treat every staff member as an individual, not just a number – just as we do with the

children. We want to ensure every person feels happy, respected and supported. For both children and educators, this philosophy has proved effective. It’s incredibly rewarding to see a child who was scared upon arrival leave with confidence and to witness our staff’s growth in confidence when they’re in the right position with everything they need to succeed.”

Indeed, Charmaine’s innovative leadership has been recognised since Magic Castle Waldorf’s establishment in 2014, with the company winning the Company of Excellence Award at the Business Woman of the Year Awards in both 2019 and 2020 which were presided over by H.E. President Emeritus Marie-Louise Coleiro Preca and by H.E. President Emeritus George Vella.

“A big part of the journey has been about challenging the taboos around childcare, especially for women,” Charmaine highlights. “Winning these awards empowered me as a woman and motivated me to further promote the potential of women in society by enabling them to build C-suite careers and take on leadership positions alongside motherhood, just as I have done. Innovation is key, especially in childcare, and it’s never more important than when challenging society’s understanding of what a childcare centre can be, as well as addressing the gender care gap and the role of women as both parents and businesspeople. My goal is to change society’s view of childcare centres from mere babysitting services to educational experiences. I would also love to see more men pursue careers in care-related roles.”

Determined and focused growth, while challenging societal norms, continues to be at the forefront of Charmaine’s vision for 2025. MC Innovative Ltd is set to celebrate Magic Castle Waldorf’s 10th anniversary with the launch of an additional centre, which will serve as a kindergarten for children aged three to five. “As an alternative to traditional preschool, we plan to open the first Waldorf-inspired kindergarten,” shares Charmaine. “Here, children can follow a curriculum on literacy and numeracy while also learning key life skills such as time management, coping techniques, mental health practices, and organisational skills – all based on our holistic, child-led ethos.”

Although the children enjoy a tech-free environment, educators remain paperless where possible and communicate with parents via an app. Charmaine is keen to continue leveraging technology to support the business, care for the environment and strengthen ties with the local community.

Charmaine is committed to challenging outdated policies and introducing fresh ideas in her field. Her unconventional journey – becoming a mother before graduating, founding her company before earning her MBA and now pursuing a law degree at 31 – has shaped her belief in the power of creative thinking and finding growth in every challenge. As she puts it, “no matter the industry, life’s obstacles are just stepping stones to greater opportunities.”

Thinking ahead to the coming years, Charmaine plans “to embrace the stability the past decade has given us, solidifying our position as a leader in the childcare sector. I’m also excited to launch our new kindergarten concept, pursue industry partnerships and continue my succession plan as CEO. Additionally, we’ll be focusing even more on our CSR and ESG goals, serving our community and protecting the environment. We want MC Innovative Ltd to keep building a bright future with certainty and vision for the next generation – and for those raising them.”

Quick-fire Questions… with Charmaine Mangion

What time of day are you most productive?

Do you work well with music in the background? I prefer perfect silence.

What’s your favourite music genre? Depends on my mood!

What’s your first task every day? Coffee and checking the company portal, emails and news.

What do you like most about your job? Instilling confidence in others.

And we must ask… what do you like least? The gap between qualifications and skills.

Do you think leaders are born, or are leadership qualities acquired over time? With determination, anyone can find their leadership style, ignite their passion and inspire others.

Are you always in ‘change’ mode, or do you prefer long phases of stability? A balance of both.

Do you enjoy attending business events and conferences? Yes – to meet like-minded people.

Less about work: Do you prefer an electric or a fuel-powered car? Electric – better for the environment!

Range Rover SUV or Tesla? Tesla.

A luxury seafront penthouse or a country house? Country house, for the serenity.

Formal or informal attire? I love a bit of both!

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? I take short breaks but crave a long-haul vacation.

Fine cuisine or trattoria-style food?

Fine cuisine: food is art.

Glass of champagne or a Negroni cocktail? Champagne (unless it’s a bad day!).

Marika Tonna

CEO, BUSINESS FIRST

“MY LEADERSHIP STYLE HAS CHANGED A LOT. AS A HUMAN BEING, I HAVE CHANGED A LOT.”

IN THE SPHERE OF BUSINESS SUPPORT SERVICES, BUSINESS FIRST HAS ESTABLISHED ITSELF AS A CRUCIAL TOUCHPOINT FOR MALTA’S ENTREPRENEURIAL COMMUNITY. AT ITS HELM, CEO MARIKA TONNA HAS SEEN AN EVOLUTION IN HER LEADERSHIP APPROACH, SHAPED BY BOTH PERSONAL REFLECTION AND PROFESSIONAL EXPERIENCES.

“I started my management career in the late 1980s, early 1990s. It was a time when we worked very hard, for very long hours. You just wouldn’t say no to your boss. Well-being didn’t even cross your mind,” Marika reflects, looking back on her career trajectory.

Now, as the CEO approaches her 60th birthday, she acknowledges that her perspective on leadership has transformed significantly. “My leadership style has changed a lot. I, as a human being, have changed a lot,” she shares, describing a shift towards a more empathetic and collaborative approach to management.

This evolution was particularly influenced by a challenging period last year when a team member faced serious illness. “I remember receiving the news that our colleague was not well. It really changes your perspective on life, on work, on everything,” the CEO explains, reflecting on how this experience reinforced her commitment to fostering a more supportive workplace culture.

“I think I’ve become more empathetic and more focused on strengthening my interpersonal relationships with my staff – on trying to promote harmony and team spirit while always keeping our goals and standards in mind,” she maintains.

CEO INSIGHT

“My leadership style today has evolved more towards mentorship and coaching. While I share my knowledge, I also feel I learn a lot from the team by involving them and encouraging joint decision-making.”

Under Marika’s leadership, Business First has remained dedicated to efficient service delivery while adapting to changing business landscapes. The organisation continues to serve a growing number of clients while expanding its services. Maintaining high-quality standards with the same resources is a challenge; however, they are managing this growth through a flexible system whereby all staff are trained in all processes. For example, back-office staff assist with front-office operations during peak times. “If we have people waiting at reception, the back-office staff go out to help,” she explains, highlighting their commitment to maintaining response times.

Training and development are central to the organisation’s strategy. “We focused a lot on training this year,” Marika notes, explaining that the approach extends beyond conventional training sessions to include practical exposure to their client base such as the artisanal community they serve. This hands-on experience helps staff understand their impact on Malta’s economic fabric, particularly in supporting micro-enterprises.

The organisation’s excellence has not gone unnoticed. “In 2023, the Business First team was recognised with the Quality Award at the Is-Servizz Pubbliku awards,” Marika says. “We were awarded the title of the entity with the best client service.” This recognition has motivated the team to maintain their high standards of customer care.

More young people are setting up their own businesses, even straight after school or university.

“I motivate the team by highlighting the role they play in the island’s economic development. Most businesses here are micro-enterprises, which is the sector we deal with primarily. These are the ones contributing to the economy. By serving this young gentleman who wants to set up a business – by explaining to him how to do it, the incentives that exist, trademarks, intellectual property, and the licences he needs – they are contributing to the island’s performance and success.”

Looking ahead to 2025, Business First is expanding its reach, particularly in Gozo. The CEO reveals plans for a physical presence in Gozo to cater to the growing entrepreneurial community on the sister island, while working more closely with the Ministry for Gozo and the Gozo Business Chamber to strengthen connections with micro-enterprises in the region.

“We’re working very closely on promoting Gozo. We’re also finding that the number of enterprises there has increased. For the first time, I’m encountering more businesses and entrepreneurs who would like to set up in Gozo,” she says.

Throughout her work, Marika has observed significant trends in Malta’s business landscape, notably an increase in environmentally conscious ventures and youth entrepreneurship. “I’m seeing more young people setting up their own business, even straight after school or university,” she notes. These new enterprises often focus on sustainability and well-being, reflecting changing market priorities.

The organisation is adapting its services to meet evolving needs. While maintaining its core support functions, Business First is expanding its collaborative network, establishing Memoranda of Understanding with entities such as the Family Business Office, MTCA and the Commerce Department, and is now extending this network further with other Government entities, including Servizzi Ewropej. Marika also expresses interest in possibly reaching previously underserved sectors, such as agriculture.

As she looks to the future, the CEO’s focus remains on nurturing her team while maintaining operational excellence. “I always leave space in my calendar for the team. I listen to them because that is how we can improve. They are the ones speaking to the clients,” she explains, emphasising the importance of staying connected with front-line staff.

Moving forward, Marika’s vision for Business First continues to evolve, balancing the needs of a changing business landscape with the organisation’s core mission of supporting Malta’s entrepreneurial community. Despite the challenges, she remains optimistic: “The economy is still growing, it’s still vibrant. Successful businesses always find opportunities to thrive and grow, even if it means diversifying into new areas; this was particularly evident during the Covid months.”

Quick-fire Questions… with Marika Tonna

What time of day are you most productive? 6am.

Do you work well with music in the background? I was raised in Valletta, so I learnt to work in noise.

What’s your favourite music genre? Quite eclectic.

What’s your first task every day?

Caring for my dog, my King Charles Cavalier... she spends five minutes kissing me as if she hasn’t seen me for a year.

What’s your favourite part of your job? The people, whether they are clients or staff.

And we must ask… what do you like least? We do sometimes get difficult clients, but somehow we always manage to turn them around.

Do you think leaders are born or are leadership qualities acquired over time? A bit of both.

Are you always in ‘change’ mode or do you prefer long phases of stability? Change – I get bored.

Do you enjoy attending business events and conferences? Yes... a lot of work gets done during the networking part.

Do you prefer an electric or a fuel-powered car? I’m not really a car person.

Range Rover SUV or Tesla? SUV.

A luxury seafront penthouse or a country house? Valletta is my dream place to live, so a seafront penthouse.

Formal or informal attire?

Both, but I prefer formal – even if it’s smart casual, at least for work.

Gym or outdoor training?

Walking outside.

Frequent short weekend breaks or one long-haul vacation?

Frequent breaks.

Fine cuisine or trattoria-style food? I feel more comfortable in a trattoria, and sometimes you can eat better there.

Glass of champagne or a Negroni cocktail? Both, but if I had to choose, I’d go for a Negroni.

CEO INSIGHT

“Education is vital, particularly in developing a well-trained workforce that combines technical expertise with integrity and professionalism. It’s essential to equip the next generation to meet the demands of today’s industries.”

Owen Grech

CEO, FINEX MALTA

“ADAPTING TO CHANGE IS ESSENTIAL TO REMAIN COMPETITIVE IN AN EVOLVING MARKET.”

AS A DYNAMIC BOUTIQUE CORPORATE SERVICES PROVIDER, FINEX

MALTA LEVERAGES THE EXPERTISE OF ITS TEAM TO DRIVE GROWTH AND INNOVATION. CEO OWEN GRECH LOOKS AHEAD TO A FUTURE OF EXPANDED SERVICES AND A GROWING CLIENT PORTFOLIO, WHILE ALSO POSITIONING MALTA AS A KEY PLAYER IN THE GLOBAL FINANCIAL SERVICES LANDSCAPE.

Owen Grech, CEO of corporate services provider Finex Malta, leads his company with a clear vision and hands-on approach. From managing operations and driving business development to mentoring his team, Owen wears many hats. “Being a boutique firm brings its challenges, but it also allows me to be a listener, a mentor, and even to roll up my sleeves to get the job done,” he explains.

Founded in 2019, Finex Malta has swiftly carved out its place in the competitive corporate services sector, offering tailored solutions to clients across various industries. For Owen, establishing the firm was the realisation of a long-held ambition. “It was always a dream of mine to grow this company from scratch. Despite challenges like the COVID-19

pandemic, we’ve built a solid client base, largely through word-of-mouth referrals,” he reflects.

The company operates on two fundamental pillars: a tailored, client-focused approach to corporate services and a commitment to leveraging advanced IT tools. “We don’t just want to be the non-executive director who shows up for board meetings,” Owen asserts. “Our clients rely on us for day-to-day insights and strategic advice.” This personalised service has resonated with clients, earning the firm a strong reputation, partly due to its focus on cutting-edge technology, which has not only streamlined Finex Malta’s internal operations, but also enhanced its offerings – including assisting clients to implement accounting software that is integrated with CRM tools, inventory management and more.

Partnerships

with competitors strengthen the business ecosystem. There’s power in unity within the sector.

“Adapting to change is essential to remain competitive in an evolving market, and we practise what we preach,” Owen maintains. For example, Finex Malta’s rigorous compliance processes, driven by the team’s hard work and adaptability, earned it a Class C Corporate Services Provider (CSP) licence by the Malta Financial Services Authority, allowing the firm to offer the full suite of CSP services. “Securing this as a small outfit was a huge milestone, proving we meet the standards of much larger firms,” he notes. This adaptability has propelled Finex Malta’s growth from core CSP and accounting services to include taxation, VAT and HR solutions, serving clients across industries such as gaming, retail, renewable energy, and Government entities.

2024 marked a turning point for Finex Malta. The firm consolidated its existing operations, laying the groundwork for its future, while revenue and client onboarding exceeded expectations. “We were bolstered by a wave of new clients. Many were former connections choosing to work with us again, which was a testament to the quality of our service,” Owen smiles.

One highlight was assisting a client in two significant financial transactions, which involved collaborating with global financial players. “It boosted our exposure and credibility, and strengthened our ability to navigate complex projects while delivering results that benefit clients and reinforce our reputation,” he remarks.

As 2025 begins, Finex Malta is preparing to enter new markets, including aviation and yachting, where Malta’s fiscal advantages create exciting opportunities. The company is also planning a rebranding initiative to reflect its evolution and goals. “It’s time to showcase who we’ve become and where we’re headed,” Owen affirms. Marketing and employer branding remain key areas of focus as Finex Malta seeks to attract top talent and expand its visibility. “As a boutique company, we’re not as well-known as larger players, which is why we position ourselves as a home for ambitious professionals,” he shares.

Owen is optimistic about Malta’s business environment remaining relatively stable despite structural challenges that could impact competitiveness. “I don’t anticipate drastic changes in the economy’s stability,” he remarks, “but both Finex Malta and the wider economy must embrace Artificial Intelligence (AI) to fully exploit the growth opportunities it brings.” The Government’s digital transformation is another priority Owen highlights. While Malta’s private sector has rapidly embraced digitalisation, inefficiencies in public services often create bottlenecks. “Sometimes we still have to physically visit an office to collect certificates,” he shares. “Digitally speaking, the Government must continue to improve.”

Despite these challenges, Owen believes in Malta’s ability to perform well economically and maintain its reputation as an international business hub. Promoting the country’s advantages while encouraging entrepreneurs to invest locally remains essential. “We aim to assist in bringing entrepreneurs to Malta to build and innovate because it’s beneficial for everyone,” he emphasises. “I’m a strong advocate for collaboration within Malta’s corporate services sector because partnerships with competitors strengthen the business ecosystem. There’s power in unity within the sector. By working together, we’ll achieve better results for clients while promoting Malta as a destination for business.”

This collaborative ethos extends to Finex Malta’s role in emerging industries. The company has already onboarded clients in blockchain and renewable energy, going beyond traditional corporate services to facilitate connections with the Government and other local resources. “These are innovative sectors, and we’re taking on a more strategic, leading role by helping clients bring their ideas to Malta,” the CEO highlights.

For Owen, leadership is about more than achieving professional milestones. He places equal emphasis on fostering personal growth within his team. “Given that we’re a small, dynamic team, I value true collaboration and open communication. Reliability and teamwork are central to everything we do. It’s about being there for each other and our clients,” he notes. He also takes pride in mentoring employees and providing opportunities for growth. “We don’t have rigid career ladders like larger firms, but we provide a strong foundation for skill development and career progression,” Owen says. This approach has created a culture where employees feel empowered to contribute to the company’s success.

As a CEO, Owen faces the perennial challenge of balancing professional and personal commitments. “Managing emails is a killer,” he laughs. Yet, as a father of two, he prioritises family time, carving out moments for school activities and weekend outings. Outside work, he enjoys cooking, experimenting in the kitchen and preparing Christmas lunch for his family. He also has a passion for sports –“though mostly watching them on TV and not participating!”

Owen’s passion for his job is equally palpable. His excitement about the firm’s goals is evident as he outlines his vision for Finex Malta’s future. Beyond 2025, he remains steadfast in his objectives for continued growth and innovation, and contributing to Malta’s position as a thriving business epicentre. “We want to expand our client portfolio while entering new markets and strengthening our position as a trusted choice for both startups and established businesses seeking to operate in Malta. We’re determined to continue providing high-quality work with a boutique, personalised touch,” he says.

International expansion is also on the horizon. Owen recognises the importance of building partnerships with global brands to take the firm to the next level. However, this growth will demand additional resources and talent. “We’ll definitely need to expand our team to support the growth we’re targeting,” he acknowledges. Ultimately, Owen views Finex Malta’s journey as part of a broader effort to enhance Malta’s business landscape. By embracing technology, fostering collaboration and mentoring the next generation, he is committed to creating lasting value. “We’re proud of how far we’ve come, but we’re always focused on where we want to go. The path is clear, and we’re steadily working towards our goals,” he concludes.

What time of day are you most productive? Early morning, before anyone wakes up.

What do you like most about your job? Meeting and understanding clients’ needs.

And we must ask… what do you like least?

Do you think leaders are born, or are leadership qualities acquired over time? Experience makes or breaks a leader.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Always in change mode, but I love stability.

Do you enjoy attending business events and conferences?

Not my forte, but networking is important.

Less about work: Do you prefer an electric or a fuel-powered car? Looking to change to a hybrid.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house?

Luxury seafront penthouse.

Formal or informal attire? Informal.

Gym or outdoor training? Outdoor training.

Frequent short weekend breaks or one long-haul vacation?

Long-haul vacations provide a real break.

Fine cuisine or trattoria-style food?

Fine cuisine with my wife; trattoria with friends.

Glass of champagne or a Negroni cocktail? Negroni.

CEO INSIGHT

“One should give in order to receive. In both business and life, everything is a two-way process of give and take. Greed in business never leads to success.”

Dr Massimo J Ellul

CEO, M&E MANAGEMENT GROUP AND MEDITERRANEAN HOSPITALITY MANAGEMENT

“STRIVE FOR NOTHING LESS THAN THE BEST.”

A SEASONED CONSULTANT AND HOSPITALITY OPERATOR, DR MASSIMO J ELLUL, CEO OF M&E MANAGEMENT GROUP AND MEDITERRANEAN HOSPITALITY MANAGEMENT, IS CURRENTLY STEERING HIS COMPANIES THROUGH AN AMBITIOUS EXPANSION PHASE. FOLLOWING THE SUCCESSFUL LAUNCH OF NORU HOTEL MALTA IN 2024, MASSIMO PLANS TO EXTEND THE BRAND INTERNATIONALLY IN 2025. LEVERAGING A GLOBAL NETWORK BUILT ON DECADES OF INDUSTRY EXPERIENCE – AND GUIDED BY HIS “NOTHING LESS THAN THE BEST” PHILOSOPHY – HE AIMS TO ESTABLISH NORU AS A DISTINCTIVE PLAYER IN THE INTERNATIONAL MARKET.

Dr Massimo J Ellul’s business journey began in the early 1990s during his studies at Cambridge. Recognising a gap in the Maltese market, he earned a diploma in marketing and continued his studies in the subject matter up to post doctorate level. “At the time, marketing was not widely recognised in Malta, and the university didn’t offer any courses in the field,” Massimo recalls. This foresight enabled him to seize the opportunity upon returning to Malta, resulting in many of the country’s top hotels becoming his clients.

Massimo’s career reflects his dual passions for marketing and hospitality. “I’m primarily a

consultant by profession, but I’m also a hospitality operator. Hospitality is a major focus of the consultancy services we provide, both locally and abroad,” he explains. This expertise led to the creation of two complementary entities: M&E Management Group, a marketing and management consultancy, and Mediterranean Hospitality Management Ltd, a hospitality operator.

Philanthropy also plays a central role in Massimo’s life. As a dedicated voluntary activist, he serves as chairman of the St Lazarus Foundation in Malta and grand-chancellor of its worldwide operations, which comprise 15,000 members. “Originally

Malta has managed to keep inflation and recession at bay while other countries have faced paralysis. This resilience, particularly in the tourism sector, has been remarkable post-pandemic.

focused on leprosy, the foundation has updated its mission to address contemporary societal needs, providing hospitality and philanthropic initiatives for vulnerable individuals and those with disabilities,” Massimo explains. His commitment to charitable work earned him the President’s Call to Service Award from President Barack Obama in 2011.

At the core of Massimo’s ethos is the Latin phrase nihil nisi optimum – nothing but the best. This motto, instilled in him as a schoolboy by his mentor, the “indomitable” Liceo Vassalli Headmaster John Michael Testa, underpins his business philosophy. Under Massimo’s leadership, M&E Management Group and Mediterranean Hospitality Management have evolved

from local consultancy services into international powerhouses in the hospitality sector.

Over the years, the companies have expanded significantly, undertaking projects across Europe, the Middle East and the United States, and collaborating with both public and private sectors. “It’s been heartening to see our small, island-based business provide premium services to government operations around the world,” Massimo says proudly. One of his most notable achievements came in 2005 when he received the prestigious Freedom of the City of London – the first time the honour was awarded to a leader in marketing services.

Other career highlights include consulting on major events in the UAE, such as the Dubai Summer Surprises, the Dubai Shopping Festival and the Al Ain Flower Festival. He also led a three-year project in Slovenia to modernise and privatise the government’s flagship Sava Hotels & Resorts, managing over 21 properties.

In 2024, the company made a bold move by opening its own hotel, the Noru Hotel Malta in St Julian’s, marking a transition from consultancy to direct hospitality operations. “We aimed to create a four-star superior hotel that offered something unique,” Massimo says. The hotel showcases modern oriental design and décor, coupled with a commitment to five-star service in a

deluxe setting. Its success has paved the way for the Noru brand’s global expansion, with plans for international growth in 2025.

This expansion comes amid a shifting business landscape in Malta. “Malta has managed to keep inflation and recession at bay while other countries have faced paralysis. This resilience, particularly in the tourism sector, has been remarkable post-pandemic,” Massimo notes. However, he acknowledges that changes are on the horizon. “The Government has been subsidising the public and private sectors for several years, but this will gradually have to stop,” he observes, anticipating challenges for businesses reliant on Government support.

Despite these challenges, Massimo remains optimistic about Malta’s business environment, emphasising the adaptability of local enterprises. “Malta’s small size allows businesses to adapt more quickly to changing market conditions than in other jurisdictions,” he says. He dismisses concerns of market saturation in tourism, noting that visitor numbers continue to rise. This trend aligns with the launch of Noru Hotel Malta and suggests an ongoing demand for high-quality hospitality services locally.

Massimo views industry challenges as opportunities for excellence. “For those of us committed to setting the highest standards in hospitality, these challenges renew our energy and commitment. Our goal is not merely to meet industry standards but to set new benchmarks for quality and service,” he asserts. This focus on quality and uniqueness helps the business stand out in a competitive and evolving market.

Do you think leaders are born, or are leadership qualities acquired over time? Both.

On a national level, Massimo advocates for enhancing Malta’s unique offerings to attract high-quality visitors. “As a business, we help our international clients optimise their product. Locally, we should be doing the same,” he explains. He stresses the importance of maintaining a proactive economic policy. “Thoughtful and systematic investment in our economy is essential. However, in a small economy like Malta’s, even minor policy adjustments can have significant ripple effects across sectors,” he cautions.

Looking ahead, M&E Management Group and Mediterranean Hospitality Management are set for further growth in 2025. The success of Noru Hotel Malta in 2024 has laid the foundation for the brand’s international expansion. “We’re actively seeking strategic partners to replicate similar hotel projects abroad,” Massimo reveals.

In 2025, the company will also focus on strengthening Noru Hotel Malta’s local presence, balancing the international tourist market with a strong local customer base, particularly during off-peak seasons. “We believe in the importance of the Maltese market and want local residents to enjoy our services and facilities,” Massimo says.

Reflecting on the year ahead, Massimo concludes, “2025 will present both challenges and opportunities, but with our team’s expertise and dedication, I’m confident we’ll navigate the hurdles and seize new opportunities to grow and succeed in the global hospitality market.”

Are you always in ‘change’ mode, or do you prefer long phases of stability? Change mode.

Do you enjoy attending business events and conferences? It depends on what they’re about.

Less about work: Do you prefer an electric or a fuel-powered car? Fuel-powered car.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal attire.

Gym or outdoor training? Reading a book.

Frequent short weekend breaks or one long-haul vacation? Both.

Fine cuisine or trattoria-style food? Fine cuisine.

Glass of champagne or a Negroni cocktail? Vodka.

CEO INSIGHT

“Leadership is about setting the tone. It’s about being the connection between the team and the vision, creating space for everyone to grow and succeed.”

Elton Dimech

MANAGING DIRECTOR, PAYHOUND

“CRYPTO IS NO LONGER A PASSING TREND BUT A VALUABLE ASSET CLASS.”

ELTON DIMECH, MANAGING DIRECTOR OF PAYHOUND, IS GUIDING HIS TEAM THROUGH THE COMPLEX TERRAIN OF CRYPTOCURRENCY AND DIGITAL FINANCE. LEADING ONE OF THE FIRST LICENSED CRYPTO SERVICE PROVIDERS ON THE ISLAND, ELTON COMBINES HIS BANKING BACKGROUND WITH AN ADAPTIVE APPROACH TO NEW TECHNOLOGIES. FOCUSED ON REGULATORY COMPLIANCE AND SECURE PAYMENT SOLUTIONS, HE IS POSITIONING PAYHOUND TO NAVIGATE THE EVOLVING EUROPEAN MARKET IN 2025 AND BEYOND.

Having launched his career in banking in 2009, Elton Dimech spent a brief spell at Bank of Valletta plc and a longer tenure at Sparkasse Bank Malta plc, steadily rising through the ranks over the course of a decade.

Becoming Head of Corporate Banking at Sparkasse –then a newly introduced and immediately successful service – marked an important milestone for Elton. Gaining exposure to the industry, he transitioned to cryptocurrency and joined Payhound (formerly Moneybite) in 2019. “Moving from a very specific role within a large company to a broader one within a small team opened the door to areas that were new to me, which was very interesting,” he recalls.

Reflecting on his current role as Managing Director, Elton shares, “as someone with a certain level of

responsibility, I see myself as the glue connecting our capable team to the company’s vision.” To Elton, leadership boils down to leading by example. “I like to be the first one at the office and the last to leave, and I am always available for my team. Having started at the bottom, I know how hard it is to earn opportunities,” he says.

Opportunity has been key in Payhound’s young history. Founded in 2018, the company set out to provide seamless deposit solutions for gaming operators and to facilitate fast international transfers, addressing limitations in traditional banking. “Reliable crypto-based payment solutions have allowed gaming companies – which were still viewed as highrisk businesses at the time – to operate smoothly in line with their business goals,” Elton explains.

With regulations in place, even traditionally conservative industries like banking and investment services now have pathways to engage with cryptocurrency.

As one of the first companies to be licensed under the Virtual Financial Assets Act by the MFSA in 2021 – and therefore one of the first regulated entities in the space – Payhound quickly established itself in the market as a secure and compliant solution. Since then, the company has expanded beyond gaming.

“We soon recognised the importance of diversifying our client base rather than relying on one vertical, so we took what we know best – crypto payment processing and converting funds between crypto and fiat currencies – and replicated that solution across other industries facing similar challenges,” Elton shares, demonstrating the company’s adaptability as it extended its services to affiliates, financial institutions and e-commerce businesses. “Our model has been to identify needs as an opportunity to offer our product and to see where else these pain points exist so we can develop our solutions across other verticals,” he explains.

Central to Payhound’s operations is its emphasis on security. From the outset, the company has prioritised a robust approach to protecting client funds and data, securing ISO 27001 certification in its commitment to maintaining international standards of information security management. “We continuously assess security, which is top of mind whatever we are working on – from intellectual property and our proprietary technology to product development and integrated add-ons to our solutions,” Elton asserts.

Discussing industry regulation, Elton highlights the EU’s introduction of the Markets in CryptoAssets (MiCA) regulation, which took effect on 30th December 2024. “With MiCA, crypto-asset service providers in Europe are now governed by an EU-wide framework rather than individual local regulations. This was prompted by the EU’s realisation that crypto is now too big to fail and to be left unregulated. It’s no longer a passing trend but a valuable asset class that, like others, requires consumer protection,” he states.

This legislation represents a turning point for companies like Payhound, as it aligns all EU members with a unified regulatory standard, reducing inconsistencies across borders. For Payhound, Malta’s regulatory alignment with EU standards has facilitated a relatively smooth transition. “Very little has changed when compared to how we were previously regulated by the MFSA. As one of the first jurisdictions to regulate the space, the local market has been stable for a number of years,” he reports.

For companies like Payhound, MiCA has introduced fresh opportunities. “While not everyone may agree, I see regulation as an opportunity. In this case, it’s creating a more stable regional market. However, the new framework has sent shockwaves through the industry, and some companies might not survive,” he remarks, highlighting the regulatory arbitrage prevalent in the sector prior to the new framework. “Some jurisdictions, like Malta, led the way with high regulatory standards, while others chose not to regulate at all. This lack of consistency allowed companies to operate without the oversight of a financial authority if they chose more lenient jurisdictions. The EU now requires all crypto service providers to be fully regulated,” Elton explains.

As a result, those in minimally regulated environments are rethinking partnerships and becoming more selective about compliant crypto providers. “This shift is expected to spur consolidation in the market as less regulated providers exit, creating demand for compliant solutions. This will benefit providers like us in Malta, where stringent regulations were already in place,” he observes.

This does not mean that Payhound intends to rest on its laurels, however. “Of course, we are still a relatively new company and we plan to continue growing strategically while adapting to new opportunities,” Elton confides. He also believes that the new regulatory landscape will drive increased interest from major players who had previously steered clear of crypto due to perceived risks. “We anticipate a lot of renewed interest from sectors like banking, which historically have distanced themselves from crypto, as well as from investment services like funds and asset managers,” he predicts. “With regulations in place, even these traditionally conservative industries now have pathways to engage with cryptocurrency. For instance, funds can now invest in crypto assets, with a major shift in the acceptance of Bitcoin ETFs in the US, enabling institutional and retail capital to flow into crypto. This is a significant breakthrough, making the space more appealing and accessible to a wider range of investors,” Elton notes.

The new framework has also levelled the playing field within the EU, presenting Payhound with higher-level challenges. “Now, there’s more equivalency in the market among service providers throughout Europe. This harmonisation promotes fair competition, which is core to the EU’s ethos, but it also means that we need to stay competitive by maintaining the highest standards in product quality, service and security to remain a top choice for our target clients. The landscape is now one of equivalent competition across Europe, which challenges us to stand out by excelling on every front,” he asserts.

Elton observes that while Malta’s size presents certain limitations, it still remains a target market for businesses. “This mitigates the effects of global turbulences that larger markets face,” he says, acknowledging that major geopolitical events, like decisions made by larger powers such as the US, inevitably affect the local economy. “Wars, for example, have both direct and indirect effects on the market in general,” he adds.

Despite the heightened competition and evolving expectations, Elton is optimistic about Payhound’s next phase. “As a young business, our focus is on growth with stability. Moreover, the licence we hold now does not limit us in how we operate across Europe. In fact, it gives us the ability to freely passport our services into any EU member state, and we have the same opportunities as any other company in Europe to attract business across borders,” he remarks. This expansion strategy positions Payhound to rise as one of the leading players in the crypto space within Europe.

With enthusiasm for the year ahead, Elton concludes: “In 2024, we focused on stabilising our team and adding expertise for the next phase. The regulatory changes we faced helped us streamline our processes and focus on what truly matters: Continuing to deliver top-tier, compliant solutions for our clients. Our goal in 2025 is to be at the forefront of crypto payment processing, offering businesses the ability to receive and convert crypto seamlessly, with a solution that feels like a traditional bank account.”

Quick-fire Questions… with Elton Dimech

What time of day are you most productive? At the end of the day, when I’m alone at the office.

Do you work well with music in the background? Definitely not, it’s distracting.

What’s your favourite music genre? Techno.

What’s your first task every day? Coffee with the family.

What do you like most about your job? Working with like-minded people.

And we must ask… what do you like least? Taking difficult decisions.

Do you think leaders are born, or are leadership qualities acquired over time? Both – depending on situation and necessity.

Are you always in ‘change’ mode, or do you prefer long phases of stability? I prefer long phases of stability.

Do you enjoy attending business events and conferences? Yes.

Less about work: Do you prefer an electric or a fuel-powered car? Electric.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? Luxury seafront penthouse.

Formal or informal attire? Informal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? One long-haul vacation.

Fine cuisine or trattoria-style food? Trattoria-style food.

Glass of champagne or a Negroni cocktail? Negroni cocktail.

CEO INSIGHT

“What I enjoy most is seeing the direct impact and influence we have on people’s lives. We provide families with a secure home or enable access to affordable housing for young professionals, and these outcomes remind me of why we do what we do. Over the past weeks, we have helped an average of one family every two days to become homeowners, and sometimes all they need is a simple adjustment, a push or a creative solution – it’s not always about providing a free dwelling.”

Matthew Zerafa

CEO,

MALTA HOUSING AUTHORITY

“WE’VE SET OURSELVES A VERY AMBITIOUS AGENDA.”

AS CEO OF THE MALTA HOUSING AUTHORITY, MATTHEW ZERAFA IS STEERING A 50-YEAR-OLD INSTITUTION THROUGH ITS MOST SIGNIFICANT TRANSFORMATION TO DATE. BY COMBINING DIGITAL INNOVATION WITH ENHANCED SOCIAL IMPACT, MATTHEW IS REFORMING THE AUTHORITY’S APPROACH TO HOUSING SOLUTIONS. UNDER HIS DIRECTION, THE ORGANISATION IS EVOLVING FROM A TRADITIONAL SOCIAL HOUSING PROVIDER INTO A DATA-DRIVEN, COMPREHENSIVE HOUSING SOLUTIONS AGENCY, ADDRESSING THE DIVERSE NEEDS OF MALTA’S CHANGING DEMOGRAPHICS WHILE MAINTAINING ITS CORE SOCIAL MISSION.

For Matthew Zerafa, leading the Malta Housing Authority goes beyond personal achievement – it is the culmination of years spent shaping Malta’s housing policy landscape. His transition from Policy Consultant to CEO in November 2022 marked a natural progression in his dedication to transforming the sector.

“Stepping into the role of CEO gave me the opportunity to more efficiently implement the concepts I had worked on in my advisory capacity – drafting legislation, schemes, strategies, and frameworks to improve social housing access and affordability,” he reflects.

This hands-on approach has enabled Matthew to bridge the gap between policy formation and implementation, turning strategic visions into tangible outcomes. Striking a balance between urgency and long-term planning has been one of his greatest challenges. “Housing is a basic human right, and the need is often immediate. However, our solutions must also be sustainable, particularly given Malta’s critically limited resources, such as land scarcity,” he remarks.

A key milestone in Matthew’s career was the introduction of the 2020 Rent Reform, which he spearheaded. This marked the culmination of a three-year research-intensive effort. “The market

With the appointment of an EU Commissioner specifically for housing, we look forward to addressing key housing issues together with our European counterparts while bringing in more EU investment and improved regulations in the sector.

was disorganised, but we brought key stakeholders together to draft legislation that supports a fair and stable environment for landlords, tenants and other parties, effectively cutting through the red tape,” he explains.

Under Matthew’s leadership, the Housing Authority has transformed significantly from its original mandate. “It was established as the sole entity in Malta tasked with addressing the housing sector in its entirety,” Matthew explains. “While social housing remains a crucial service and a core component of our work, the way we administer our services has evolved drastically.”

This transformation is evident in the Authority’s approach, which prioritises personalised and sustainable solutions. “Rather than simply building and allocating apartments, our social welfare professionals meet applicants personally to understand their unique circumstances. This allows us to tailor housing solutions to their needs,” he shares.

The Housing Authority’s expansion strategy is equally comprehensive. “We employ a range of strategies to sustain and grow our housing stock, from regenerating dilapidated buildings to embellishing existing stock and launching innovative schemes in collaboration with the private sector,” Matthew explains. The scale of this expansion is noteworthy: “Over the past decade, we’ve built nearly a third of our current housing stock.”

In 2024, the Housing Authority embarked on an ambitious digitalisation process to streamline

operations and enhance service delivery. This process focuses on creating client profiles that address the diverse needs of its clientele, ranging from private landlords and tenants to firsttime buyers, new families, socially vulnerable individuals, and elderly residents with accessibility challenges.

Reflecting on this transformation, Matthew remarks, “leading an organisation with 50 years of paperwork and physical files, and a team that includes employees with decades of service, through a digital overhaul is a significant challenge. However, this cultural shift is vital to making our administration more efficient and effective.”

The establishment of Policy and Compliance departments in 2023 introduced stringent controls to prevent misuse of the Authority’s substantial €60 million annual budget. He emphasises the importance of allocating resources transparently and effectively, thereby strengthening the organisation’s accountability.

In its mission to support homeownership, the Housing Authority has expanded its portfolio to include 18 targeted schemes, designed to address diverse personal circumstances. One impactful initiative is the New Hope Scheme, which acts as a guarantor for individuals who face barriers to obtaining

home loans. Matthew shares a personal connection to this scheme: “My friend Andrew, a cancer survivor, was unable to secure a life insurance policy required for a home loan. Through this scheme, the Housing Authority stepped in as a guarantor, allowing him to achieve his dream of homeownership.”

This focus on personal stories over numbers reflects Matthew’s leadership philosophy. “We are more concerned with real people and their challenges. Housing costs absorb a large share of households’ income, particularly for first-time buyers and lowincome families in the rental market. By designing schemes that cater to various demographics, we’ve supported young graduates, elderly individuals with accessibility issues and others in achieving this life goal, raising Malta’s homeownership rate to 85 per cent,” he notes with pride.

Looking back on the past year, Matthew is pleased with the Authority’s accomplishments. “We set an ambitious agenda, including major reforms and legislative changes aimed at improving housing accessibility and quality. Despite the challenges, we delivered on time, and in some cases, exceeded expectations. Internally, we strengthened our teams and optimised processes, laying the foundation for future expansion,” he reflects.

For 2025, the Housing Authority has outlined several initiatives, including the creation of Malta’s first property register. “A comprehensive and accessible housing database would enhance transparency and provide valuable insights for policy and market analysis,” Matthew explains.

Simplifying services and reducing bureaucracy have also been key to the Authority’s reforms. “We focus on addressing genuine needs and eliminating unnecessary barriers so that eligible individuals and families receive timely assistance through a transparent and user-friendly system,” Matthew emphasises.

Alignment with European housing policies is another priority for the Housing Authority, particularly following the appointment of the EU’s first Commissioner specifically for housing in 2024. “We look forward to addressing key housing issues together with our European counterparts while bringing in more EU investment and improved regulations in the sector,” Matthew notes. Such alignment is crucial in tackling issues like energy poverty, which has gained prominence on the European agenda.

The Authority’s commitment to sustainable construction is reflected in its pilot projects, such as a nearly zero-energy building in Żabbar. This building has been retrofitted using available resources, highenergy-rating appliances and triple-glazed apertures. Matthew hopes the project will serve as a prototype for future developments, aligning with both local and European sustainability goals.

With its ongoing digitalisation process and various initiatives in the pipeline, the Housing Authority, under Matthew’s leadership, is evolving into a forward-thinking organisation. No longer limited to traditional housing provision, it is redefining itself as a modern agency dedicated to addressing Malta’s diverse housing needs while maintaining its core social mission.

“We are striving to create a comprehensive approach to housing solutions that balances innovation and inclusivity,” Matthew emphasises. “Our aim is to support Malta’s housing landscape for generations to come.”

and conferences? Yes, if they add value.

Less about work: Do you prefer an electric or a fuel-powered car? I prefer classic cars but drive an electric model.

Range Rover SUV or Tesla? Land Rovers, more broadly.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal.

Gym or outdoor training? Outdoor training.

Frequent short weekend breaks or one long-haul vacation?

Frequent short weekend breaks.

Fine cuisine or trattoria-style food? Fine cuisine.

Glass of champagne or a Negroni cocktail? Negroni.

CEO INSIGHT

“Risk management is about understanding a problem, analysing how it might occur and then articulating a solution for that problem. Similar things can go wrong for organisations, but context changes everything. A fire is a fire… but a fire in a university is different to one in a restaurant, an office or a care home. The difference lies in the context. ISO 31000 actually demands that risk managers account for the context of the risk.”

John Schembri

CEO, SHIELD SECURITY CONSULTANTS LTD

“RISK MANAGEMENT IS NOT JUST ABOUT SURVIVING RISK. IT IS EQUALLY CENTRED ON LEARNING TO ADAPT AND THRIVE AMIDST THE PRESENCE OF RISK.”

JOHN SCHEMBRI HAS A MISSION: TO DEMOCRATISE OPERATIONAL RISK MANAGEMENT AND HARDWIRE RISK-BASED THINKING INTO THE DNA OF ORGANISATIONS, INFORMING HOW THEY PLAN, OPERATE AND DELIVER. POSSESSING DEMONSTRABLE ANALYTICAL UNDERSTANDING OF RISK SCENARIOS PLUS EXTENSIVE SECURITY RISK EXPERIENCE, JOHN IS LEADING THE CHARGE ON REDEFINING HOW WE VIEW RISK. INSTILLING THE VALUE OF ORGANISATIONAL RESILIENCE IN HIS CLIENTS, AND HELPING THEM ACHIEVE THIS BY USING SHIELD’S REVOLUTIONARY BUSINESS CONTINUITY TOOLS, HAS GIVEN HIS FIRM ITS LASER FOCUS ‒ AND ULTIMATELY ITS PATH TO SUCCESS.

“Risk happens at the coalface: It usually starts with making wrong decisions and taking the wrong turns,” says SHIELD Security Consultants Ltd CEO John Schembri. “White and blue collar fraud, health and safety incidents, security breaches… these all happen in real time to real people in the real world.” After 18 years of military service, John was convinced there was more to managing an organisation’s security than the traditional measures of onsite guards or CCTV monitoring. “We were at a point where we needed to make sense of risk beyond the perspective of numbercrunching for financial risk management,” he explains. “It

was about understanding real-world scenarios and making sure organisations were ready for whatever might come.”

John launched SHIELD in 2004 with an avant-garde vision to “offer business solutions that addressed these operational risk realities”. Combining consultancy, training and innovative technology, SHIELD identifies threats businesses may not recognise themselves and delivers effective solutions and strategies for security risk management, occupational health and safety, quality risk management, fire safety, resilience and business continuity.

The sheer dynamism of the global environment is a major challenge for businesses today. Geopolitical instability, natural disasters, major incidents and cybersecurity attacks are leading to the emergence of organisational resilience as a fundamental priority in operational risk management.

The company has been instrumental in protecting vital national assets and critical infrastructures, designing security protocols for power stations and storage facilities, securing museums, guiding emergency response initiatives, as well as conducting security risk assessments and advising on policy development across various sectors.

What started as a one-man operation has grown into a significant player in the security consultancy industry, serving a client base that extends beyond Malta. Operating to the highest ISO regulatory standards, SHIELD comprises 15 internationally diverse and highly educated professionals who share their leader’s passion.

During the (by John’s own admission) “chaotic and challenging” early years of SHIELD, his military background (comprising the Royal Military Academy at Sandhurst, Armed Forces of Malta, United Nations and President Ugo Mifsud Bonnici’s military Aide-de-Camp) helped open doors. So did his confidence in the tailored service he was building and its value proposition. To this day, he remains committed to “being in the boat with clients, rowing in the same direction,” to help them achieve their objectives.

The sheer dynamism of the global environment is a major challenge for businesses today, John elaborates. “Geopolitical instability, natural disasters, major incidents and cybersecurity attacks are leading to the emergence of organisational resilience as a fundamental priority in operational risk management. Organisations must now accept the responsibility of being able to withstand dynamic change and deliver business continuity.” Investing in organisational resilience, John argues, is the only way to mitigate the impact of targeted attacks or external shocks on business performance, objectives and reputation.

This leads to the innovation that could be credited with developing the backbone of SHIELD’s success: the company’s proprietary risk management platform STORM (Shield Tools for Operational Risk Management) – a groundbreaking suite of tools designed to enhance the efficiency and effectiveness of organisations’ risk management and assure their business continuity. Described by John as the “most beautiful thing to happen to us”, STORM’s creation represented a milestone moment that revolutionised how SHIELD serves its clients and generated a “quantum leap” attracting clients across the Mediterranean, Middle East and North Africa.

What sets STORM apart is its comprehensive housing of multiple risk elements on one platform. Offering audit trails, reporting, document management, and controlled permissions, STORM supports real-time risk monitoring on a bring-your-own-device basis, providing busy professionals with an optimum way of protecting their operations from anywhere in the world. “We could send information to a safety officer on the ground in Argentina, Saudi Arabia, Chile or elsewhere as we speak,” explains John.

Crucially, STORM “puts risk monitoring in the hands of responsible parties on the ground,” embodying the concept of risk democratisation that is central to John’s ethos. Instead of being the sole purview of directors, risk management becomes accessible to every individual engaged in critical decision-making, he explains.

Any conversation about risk must acknowledge the culture of risk avoidance. Addressing the question of why some organisations are reluctant to recognise and proactively deal with the risk imperative (inviting comparison with an ostrich burying its head in the sand), John highlights three significant factors: cost, competence and feeling overwhelmed.

Firstly, cost prioritisation is a pervasive issue, John warns. “Focusing on minimal expenditure over considerations such as the efficacy and viability of chosen solutions is

shortsighted.” Competence is another hurdle. Risk-focused measures are often viewed through a narrow lens as unnecessary or simply as a “tickbox exercise”. These misconceptions can lead to “organisational drag” and result in risk management being wrongfully designated to unqualified individuals. Notably, a key SHIELD remit is to ensure that STORM is only operated by individuals properly versed in risk management application.

Finally, some organisations are simply overwhelmed by the need to adopt a risk-focused mindset to align with best practices including compliance, John reveals. “Resilience involves a combination of foresight, planning and adaptability – a skill set that is not universal among companies.”

This ‘ostrich effect’ offers insight into why John is resolute about redefining the image of risk management and strengthening its scope. “Risk management is not just about surviving risk. It is equally centred on learning to adapt and thrive amidst the presence of risk,” John emphasises, recalling a peer’s advice to “teach clients to view risk management as the brakes on a high-performance car.” Just as drivers can only go fast if they have the ability to brake, organisations can only pursue opportunity and innovation if they have robust risk measures in place. This argument transforms risk from a defensive necessity into a proactive, value-generating force. “Risk management is good management… it should be integrated into every decisionmaking process, not simply employed when something goes wrong.” The solution, John asserts, lies in embedding risk management into an organisation’s DNA so that it runs through everyday operations – not in treating it as a separate function, John asserts.

Following SHIELD’s primarily organic growth, its CEO believes a more strategic approach is now required to further expand the firm’s horizons. “Upon completing its 2023-2025 business plan targets, SHIELD will emerge as a new version, focusing on internationalisation and offering an enhanced product and service line that incorporates ‘safety by design’ and ‘information security by design’.”

Legacy seems the obvious next topic. Reflecting candidly on long-term continuity, John marries the company’s solid past with the promise of its future. “I want to safeguard SHIELD’s success so it survives me. I’d like to increase our geographical footprint via franchises in the Middle East and North Africa, and see STORM become a leading global risk management solution – hopefully cracking the mothership of risk management: the UK.” These goals will be pursued without compromising SHIELD’s existing ethics and integrity.

Looking beyond SHIELD, John is deeply invested in the broader field of risk management. Blending hope with foresight, he highlights three trends shaping the future of the global risk landscape. Technology, he predicts, “will drive operational risk forward”. The integration of wearable technology with platforms like STORM will enable larger-scale, real-time risk management. “If we can monitor our health via smart watches, why can’t we do the same with risk?”

Next, he recommends that public institutions embrace a more enterprising risk management approach to close the gap with the private sector – while also balancing enterprise with ethical risk management.

John concludes with possibly the most important factor: increased awareness. “My hope is that through the lessons learnt from historical events and incidents, employees and higher management will become more attentive towards proper risk management. Planning ahead is essential. After all, what’s the use of investigating incidents after they’ve happened?”

What time of day are you most productive?

What’s your favourite music genre?

What do you like most about your job? The diversity of work.

And we must ask… what do you like least? Bad-mannered people.

Do you think leaders are born, or are leadership qualities acquired over time? Undoubtedly acquired over time.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Change mode (but I’d love stability!).

Do you enjoy attending business events and conferences? Yes, I find them useful.

Less about work: Do you prefer an electric or a fuel-powered car? Fuel-powered.

Range Rover SUV or Tesla? Audi QS3. Bar none!

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal – after 18 years in uniform!

Gym or outdoor training? Outdoor.

Frequent short weekend breaks or one long-haul vacation? Frequent breaks.

Fine cuisine or trattoria-style food? Down-to-earth, trattoria-style.

Glass of champagne or a Negroni cocktail? Negroni, hands down.

Andrew Azzopardi

CEO, VINTAGE’82

“OPPORTUNITIES ARE CONSTANTLY EMERGING IN THE WINE INDUSTRY, WAITING TO BE SEIZED.”

ANDREW AZZOPARDI, FOUNDER OF VINTAGE’82, IS NOT JUST SELLING WINE; HE IS CULTIVATING A REVOLUTION IN HOW MALTESE CONSUMERS EXPERIENCE, INVEST IN AND TRULY UNDERSTAND FINE WINES. WITH A BLEND OF PASSION, EXPERTISE AND INNOVATIVE, FORWARDTHINKING STRATEGIES, ANDREW IS POSITIONING HIS COMPANY AT THE FOREFRONT OF AN EVER-EVOLVING, DYNAMIC INDUSTRY LANDSCAPE.

“Ever-changing; never the same,” is how Andrew Azzopardi describes his role as CEO at Vintage’82. “In a small, dynamic company like ours, adaptability is essential,” he explains. “One moment I’m crafting long-term strategies, the next I’m deeply involved in day-to-day operations. It’s a delicate balance between big-picture thinking and hands-on management. Yet, while it can sometimes feel chaotic, I’ve learnt how to find serenity in the chaos.”

This agility has served Vintage’82 well in an era marked by significant shifts in consumer behaviour and industry trends. Andrew’s business philosophy remains rooted in a passion for wine that transcends commerce. “Our commitment to quality is unwavering,” he affirms. “If I wouldn’t drink it myself, we won’t sell it.” This principle has served as the foundation for rebuilding trust in an industry where promises often fall short.

“People are increasingly seeking real quality, not just marketing claims,” Andrew continues. “That’s the niche we’re striving to fill. We aim to restore the true essence of excellence in the wine industry in Malta, combining toptier wines with exceptional service, catering to both luxury superyachts and the local market.”

Across sectors in Malta, Andrew believes the perception of quality has been diluted over time, which has become a widespread issue. “There’s a significant gap between what’s promised and what’s delivered, especially in wine purchasing. One of the challenges of 2024 was an erosion of trust in local industry – a palpable sense of lost confidence in leaders, whether in government or business – which has created a climate of subtle animosity,” he notes. “It’s our responsibility as business leaders to address this by demonstrating our commitment to integrity and

CEO INSIGHT

“Mental and physical health are key to success and must not be overlooked. Go outside for a run, walk or swim. It clears your head and sets you up for the day. For my physical health, I swim; for my mental health, I turn to my swimming friends. We’re from different walks of life but share a love for the environment and the sea. This routine keeps me healthy and ready to take on the day.”

Climate change should be on everyone’s agenda – business leaders, governments and especially our industry.

transparency. We must deliver premium quality, and I believe we’re on the right path.”

Looking ahead to 2025, Andrew asserts that businesses must adapt to rapidly changing market demands if they want to stay relevant and competitive. “I’ve identified three key trends shaping our industry: Growing health consciousness, a focus on quality over quantity and increasing environmental awareness. These factors are becoming critical elements in consumer decision-making,” asserts Andrew, steadfast in his belief that, as producers and retailers, aligning with these evolving consumer preferences is essential for long-term success.

“It’s not just about selling wine anymore; it’s about offering a healthier, higher-quality and more sustainable product that resonates with today’s values and lifestyle choices. Consumers are drinking less but opting for higher-quality wines, moving away from bulk wines and seeking more refined, artisanal

products. They’re willing to pay more for a superior experience. Importantly, premium wines are often produced with fewer additives and more care, which promotes better health,” Andrew explains.

“What’s more, to remain ahead of the game nowadays, top-tier wines must be sustainably produced. Consumers are more informed and discerning than ever, and they expect transparency and authenticity from the brands they trust. We need to meet those expectations while maintaining the integrity and quality of our wines.”

Many premium producers are already adopting organic or biodynamic practices, even if they are not advertised on the label. “Organic practices should be a given, not a selling point,” Andrew insists. Winemakers are returning to basics, and as far as Andrew is concerned, any winemaker worth their salt, places the environment and sustainability at the core of producing quality wine. “Simply put, you can’t make great wine without respecting your environment. It’s about acknowledging nature in every step of the process – from the soil to the bottle,” he adds, emphasising the connection between craftsmanship and the natural environment.

The question is, does local wine make the grade? “The quality of local wine has improved tremendously. I’m a big fan, and I’m proud to have sold local wines to one of the world’s largest superyachts. That was a real

highlight for me!” Andrew enthuses. “Malta’s wine industry is going through an exciting phase. We have established producers taking quality very seriously, and then there’s this new wave of ‘garage winemakers’ – passionate, clever individuals crafting excellent wines in small batches under great conditions. This blend of innovation and tradition is what makes the Maltese wine scene so dynamic today.”

As the wine industry evolves, both challenges and opportunities lie ahead. For Andrew, climate change is a critical issue. “We need to lead by example, not just give lip service. I can literally taste climate change in the wines being produced. Bordeaux wines from the 90s were about 11 per cent alcohol; now, even in a cool year, they’re hitting 13 to 14 per cent alcohol content, and that’s purely down to rising temperatures.”

While there are ways to adapt, such as changing grape varieties, Andrew believes more action is needed. “Climate change should be on everyone’s agenda – business leaders, governments and especially our industry. It must be a crucial focus in the coming years,” he insists. “As leaders, we need to set our own targets for addressing climate change rather than wait for the authorities to do it. From small steps like reducing the use of plastic and paper to bigger initiatives like switching to electric vehicles, environmental concerns need to form part of our long-term strategy.”

For Vintage’82, 2024 was a year of consolidation, with a strong focus on strategic planning for the future of the business in 2025 and beyond. “We used 2024 to solidify our foundation and map out our growth strategy. The goal was to set the stage for expansion in 2025,” Andrew explains. “Opportunities are constantly emerging in our industry, waiting to be seized. The real challenge is discerning which ones to pursue. Any move we make must align with our long-term vision for sustainable growth and innovation.”

One exciting opportunity was the expansion of Vintage’82’s retail outlet – an endeavour that emerged through close collaboration with a client. The new venture aims to be a safe space for premium wines. “Walking into a wine shop with a huge selection can be overwhelming, which is why we want to rebuild trust with our consumer base. We’ve tasted every wine we sell, and we guarantee top quality,” Andrew says. “But we’re not just another retail outlet; we think of it as a concept store – hosting events, classes and face-to-face experiences. We want clients to feel like they’re entering my living room. We want them to come in, become our friends, pick up a glass of wine, and taste it right there with us.”

Vintage’82’s philosophy is that wine is not just an investment; it is a journey – and Andrew invites his clients to join him on this adventure, encouraging them to experiment, discover new varieties and explore lesserknown regions. His advice? “Stop sticking to just Italian, Bordeaux or Burgundy – play around and broaden your wine horizons! Here’s our guarantee: Whatever we give you to try, it’s going to be quality, and you might just find a new favourite along the way.”

I’m a 90s kid! Pearl Jam features on my Spotify. What’s your first task every day? Swimming.

What do you like most about your job? That every day is different.

And we must ask… what do you like least? Financial planning.

Do you think leaders are born, or are leadership qualities acquired over time? Born, but you can acquire skills over time.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Mostly change mode, but I appreciate stability.

Do you enjoy attending business events and conferences? Yes, especially when there’s good wine.

Less about work: Do you prefer an electric or a fuel-powered car? Electric.

Range Rover SUV or Tesla? Neither.

A luxury seafront penthouse or a country house? Country house near the sea.

Formal or informal attire? Informal.

Gym or outdoor training? Outdoor.

Frequent short weekend breaks or one long-haul vacation? Frequent short breaks.

Fine cuisine or trattoria-style food? There’s a time and place for both.

Glass of champagne or a Negroni cocktail? Champagne, of course.

CEO INSIGHT

“We are dealing with tiny humans, so we have to bear in mind that it’s not a textbook approach. It requires a lot of adaptation, flexibility and several layers of patience.”

Donha Muscat

CEO, ST. PAUL’S INSTITUTE AND CHILDCARE

“IT’S NOT A ONE-SIZE-FITS-ALL METHOD.”

IN MALTA’S EVOLVING CHILDCARE SECTOR, ST. PAUL’S INSTITUTE AND CHILDCARE HAS GAINED A LOYAL FOLLOWING FOR ITS INNOVATIVE APPROACH TO EARLY YEARS EDUCATION AND FLEXIBLE CHILDCARE

SOLUTIONS. UNDER THE LEADERSHIP OF CEO DONHA MUSCAT, THE CENTRE HAS EVOLVED FROM ADDRESSING A PERSONAL NEED INTO BECOMING A CORNERSTONE OF MODERN CHILDCARE SERVICES IN MALTA, WITH EXPANSION PLANS ALREADY UNDERWAY.

Donha Muscat’s journey into childcare began with a challenge familiar to many working parents. Recalling her difficulty in finding suitable childcare, she laments, “after I gave birth to my daughter in 2017, I couldn’t find childcare and was really struggling to go back to work.”

This personal experience set the wheels in motion, leading her to identify a gap in the market and inspiring her to create a solution. “I decided I needed to do something and wanted to open a childcare centre myself,” she recalls. With a strong background in the childcare sector

and a higher diploma in management already under her belt, she felt confident in her ability to manage and direct early childhood education services. She is currently in the final year of a Doctorate in Business Administration (DBA), further enhancing her expertise in managing and advancing early childhood education services.

In 2020, she found a suitable property in Pietà, and by 2021, St. Paul’s Childcare was operational. The centre’s success was both immediate and enduring – it is currently fully booked well into 2025, with a substantial waiting list.

You

learn by doing. I begin by understanding each individual’s character, and then lead accordingly.

Delving into Donha’s mindset and approach, it is clear that what sets St. Paul’s apart is its keen attention to market needs and flexible approach to childcare. The centre offers extended hours and dropin services, addressing the real needs of today’s working parents. “We’re open till late, not only on Saturdays but all week, excluding public holidays and Sundays,” Donha explains.

This flexibility has proven so successful that it’s led Donha to launch 24-hour services, particularly catering to healthcare and other shift workers. “There is a big demand,” Donha reveals, adding that the Government has also shown interest in utilising their 24/7 services. Addressing a common misconception around 24-hour care, she posits, “each parent is entitled to a set number of hours – if you use them in the morning because you work mornings, you cannot use additional hours at night. Parents use the hours according to their work shifts.”

But St. Paul’s success isn’t just about convenient hours, the CEO insists – it’s built on a foundation of quality care and structured programming. The centre maintains strict adherence to regulatory

ratios, often exceeding requirements to ensure optimal care. “If the Quality Standards in Education say three babies with one carer, that is exactly what I am doing,” Donha emphasises, refusing to cut corners or jeopardise the safety of those in her care.

Her dedication is also immediately apparent as she highlights the most rewarding aspects of her role: “I love seeing the staff’s dedication and happiness – for example, when they want to return early after being away because they miss the children. The children’s attachment to the centre is also rewarding – when they come back in for a small hug or want to play with us, even after being picked up.”

The centre’s physical layout is carefully designed, Donha continues, with separate rooms for different age groups rather than an open-plan set-up. This approach helps control the spread of illness and creates calmer, more focused environments for children at different developmental stages.

Throughout her experience, Donha identifies staffing –particularly maintaining a diverse, qualified workforce – as one of the major challenges facing the sector. “We try to adapt the staff accordingly... I have a total mix,” she explains, noting that while this diversity brings its own challenges in terms of communication and cultural differences, the CEO sees it as an opportunity to create a richer environment for the children. “Some cultures have different approaches to punctuality or different work styles. However, as long as they are kind and patient with the children, I focus on that more than on their qualifications,” Donha states.

Moreover, to address the qualification gap in the industry, she has recently established St. Paul’s Institute, offering childcare training courses. The institute, she explains, provides flexible on-demand learning options and practical placement opportunities, including placements directly at St. Paul’s Childcare, making education more accessible for aspiring childcare professionals.

The CEO’s leadership style emphasises adaptability and understanding, which filters through every facet of St. Paul’s Institute and Childcare. “You learn by doing. I begin by understanding each individual’s character, and then lead accordingly. It’s not a one-size-fits-all method,” she explains. This strategy extends to both staff management and parent relations, creating an environment where everyone feels valued and supported.

Looking back, Donha reflects on how the COVID-19 pandemic has transformed parents’ views of childcare services. “Before, when parents worked from home, they usually kept the children with them, but now there has been a shift,” she observes, noting how parents increasingly recognise the value of professional childcare not only for convenience but also for their children’s cognitive development. The pandemic also led to enhanced health and safety protocols, which she embraces as positive progress for the industry.

Setting her sights on the future, Donha reveals that St. Paul’s is poised for significant expansion in 2025, with plans to open a second location in Paola. The new centre will replicate the effective layout and model of the Pietà location, with an expected capacity of 40–50 children, she explains, adding that it will also maintain the same commitment to separated spaces and high-quality care that made the original location so successful.

And as St. Paul’s Institute and Childcare continues to grow, the CEO remains focused on upholding the high standards that have defined its success story – a story that demonstrates how understanding and responding to community needs, combined with a commitment to quality and innovation, can create a thriving business that truly serves its community.

Do you work well with music in the background? Instrumental only, no lyrics!

What’s your favourite music genre? Classical.

What’s your first task every day? Preparing my daughter for school.

What do you like most about your job? The satisfaction of feeling genuine love from the children.

And we must ask... what do you like least? The attitude of some parents.

Do you think leaders are born, or are leadership qualities acquired over time? Both. You need theory and knowledge, but you adapt as you learn along the way.

Are you always in ‘change’ mode, or do you prefer long phases of stability? I would love stability, but the world is constantly changing.

Do you enjoy attending business events and conferences? Yes, I enjoy speaking with people who have the same passion.

Less about work: Do you prefer an electric or a fuel-powered car?

I’m in the process of getting an electric car, but am hesitant. I prefer traditional cars.

Range Rover SUV or Tesla? Tesla.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Formal.

Gym or outdoor training? Outdoor.

Frequent short weekend breaks or one long-haul vacation? Frequent breaks.

Fine cuisine or trattoria-style food?

Fine cuisine, once in a while.

Glass of champagne or a Negroni cocktail?

Neither – I don’t really drink.

Michael Warrington

CEO, AX GROUP

“WE WANT TO PUSH THE BOUNDARIES. WE WANT TO LEAD.”

WITH A CAREER SPANNING BANKING, FINANCE, AND LEADING ONE OF MALTA’S MOST DIVERSE GROUP OF COMPANIES, MICHAEL WARRINGTON BRINGS A WEALTH OF EXPERIENCE TO HIS ROLE AS CEO OF AX GROUP.

UNDER HIS LEADERSHIP, THE GROUP HAS UNDERTAKEN AMBITIOUS PROJECTS THAT ARE RESHAPING MALTA’S URBAN LANDSCAPE, ALL WHILE REMAINING TRUE TO ITS ROOTS AS A FAMILY BUSINESS WITH A STRONG COMMITMENT TO COMMUNITY BUILDING AND HERITAGE PRESERVATION.

From construction and restoration to hospitality and healthcare, AX Group has established itself as a key player in Malta’s business landscape. Within this diverse setting, it’s Michael Warrington’s role as CEO to “help set the vision and strategy, and ensure every part of the organisation is aligned,” he explains, though he is firmly against micromanaging.

“I don’t see my role as dictating but rather directing and motivating. If everyone understands the common vision, they’ll work to achieve it. I’m

fortunate to have a team of individuals who I consider world-class leaders around me.”

Michael’s career has been marked by significant milestones. He began in banking, an experience he credits with shaping his business approach. “As a banker and accountant, I’ve always been more aligned with the financial side of industries,” he reflects. His background in finance has equipped him to understand what drives businesses and how to optimise outcomes.

CEO INSIGHT

“Beyond my role at AX Group, I’ve been involved with insurance companies, banks, investment firms, and telecommunications companies. I’ve worked across various industries, and these experiences provide valuable insights into how our businesses are affected, which helps me as a CEO.”

The success of humanity lies in our ability to communicate effectively.

“I can focus on the finer details, drilling down into the minutiae of numbers because I understand all the components and, most importantly, how they impact the value and performance of the business,” Michael says. “At the same time, I can take a broader perspective, which aligns with my role as CEO: Ensuring the group achieves results, delivering appropriate returns for our investors and shareholders, maintaining liquidity, and ensuring our financing structures are sound.”

One of the most significant transitions in Michael’s career was moving from the corporate world to AX Group. A key consideration, he highlights, is the nature of the business. “We are a family business,” he says. “I believe the business exists for the family, not the other way around.” This philosophy has guided the group’s transition from the first to the second generation, with the third generation already showing interest.

During his tenure, AX Group has embarked on several ambitious projects. The Verdala Hotel and Verdala Terraces, which are nearing completion, stand out as particularly significant. “Verdala has been on the cards for nearly 30 years,” the CEO reveals.

What makes these developments unique, in Michael’s view, is not just the location but also the quality of construction and attention to detail that AX Group is

known for. “People buying residences at Verdala aren’t purchasing apartments to speculate – they’re buying their home,” he emphasises.

The development will also be the first community in Malta to offer a 24/7 concierge service, a feature Michael believes sets it apart. “We’ll have a shop for daily needs, a contracted pharmacy and a hotel focused on well-being and tranquillity. While there’s competition, we see the opportunity to elevate the offering and create something unique on the island.”

Building communities is a recurring theme in AX Group’s projects. “We’ve realised how important it is to be in sync with the community where you’re located,” the CEO says, noting that this community-centric approach has been successful in other ventures.

Looking ahead, Michael sees technology and Artificial Intelligence (AI) playing an increasingly important role in

the group’s operations. The company recently embarked on a three-year plan to overhaul its IT infrastructure. “No company can say they won’t embrace AI,” he states. From improving customer experiences to streamlining operations, technology is central to AX Group’s future strategy.

“The success of humanity lies in our ability to communicate effectively,” Michael observes. He stresses that embracing technology and keeping up with trends is crucial, especially given that AX Hotels cater to younger visitors. “If we try to communicate with them in old-fashioned ways, it won’t work.”

On the development front, Michael reflects on AX Group’s role in shaping Malta’s urban and economic landscape, highlighting the importance of leading by example. “When you raise standards, your competition will try to exceed them, and that’s a positive thing,” he says. “We’re passionate about restoration. We value and treasure our built heritage, and we want to be part of such projects.”

This commitment to preservation extends to the group’s construction practices. “Construction is inherently risky,” Michael acknowledges. “Implementing new laws and regulations is crucial. I personally review every health and safety report, and an independent firm prepares a barometer for each site every fortnight. This culture shapes how we operate.”

Michael’s vision for AX Group is one of continuous improvement and responsible development. “We want to push boundaries,” he asserts. “We want to lead.” As Malta continues to develop, AX Group is committed to playing a key role in shaping a sustainable and thriving future.

Reflecting on the challenges and opportunities ahead, Michael remains optimistic yet cautious. “2024 has been an exceptional year for us,” he says. “The reopening of ODYCY, formerly Suncrest, has been a tremendous boost, and we’re where we want to be. We’ve also restructured our management teams in the construction and care divisions, and we’re now seeing the benefits.”

Looking to the future, Michael anticipates continued growth and investment. “2025 will focus on completing the sale of several residences at the Verdala Terraces,” he predicts. “It will also be the year we begin phase two of our project plan in Qawra, which involves demolishing Sunny Coast Hotel and Lido, and rebuilding them to form part of the ODYCY destination.”

This next chapter will also see a leadership transition, following the appointment of Kenneth Abela as Chief Executive Officer-Designate – a strategic move which aligns with the group’s vision for future growth and leadership continuity. Michael, who became Deputy Chairman of AX Group with effect from 1st December 2024, will retain his role as CEO throughout 2025.

As AX Group continues to evolve, Michael remains committed to the values that have brought the company this far: a focus on quality, a commitment to community and a vision that honours the past while embracing innovation.

Quick-fire Questions… with Michael Warrington

What time of day are you most productive?

Do you work well with music in the background? Definitely, I need music to energise me.

What’s your favourite music genre?

What’s your first task every day? A cup of tea and some fresh air.

What do you like most about your job? The diversity and the people I work with.

And we must ask… what do you like least? Unfortunately, conflict and tension are sometimes part of the job.

Do you think leaders are born, or are leadership qualities acquired over time? I think leadership qualities are acquired over time.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Change, change, change.

Do you enjoy attending business events and conferences? Yes, whether listening or gathering new ideas.

Less about work: Do you prefer an electric or a fuel-powered car? Electric.

Range Rover SUV or Tesla? Tesla.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Informal.

Gym or outdoor training? Outdoor.

Frequent short weekend breaks or one long-haul vacation? Frequent breaks.

Fine cuisine or trattoria-style food? Trattoria.

Glass of champagne or a Negroni cocktail? I prefer wine!

CEO INSIGHT

“Strive to be a role model for everyone in your industry. Focus on the positive impact you make and the benefits you bring to people’s lives, rather than getting caught up in negativity. It’s about inspiring others and making a real difference.”

Merve Cungar

CEO, A PLUS SOLUTIONS LTD

“WE’VE ENSURED THAT OUR SOLUTIONS ARE FUTURE-PROOF.”

MERVE CUNGAR HAS FIRMLY POSITIONED A PLUS SOLUTIONS AS A LEADING CONSULTANCY FIRM WITH AMBITIOUS PROJECTS SPANNING NUCLEAR MEDICINE, BIOTECHNOLOGY AND SUSTAINABLE AGRICULTURE. BY PRIORITISING INNOVATION, CLIENT-CENTRIC SERVICES AND A CLEAR VISION FOR GROWTH, SHE IS DRIVING THE COMPANY TO NEW HEIGHTS, BOTH IN MALTA AND ON THE GLOBAL STAGE.

Merve Cungar’s journey to becoming CEO of A Plus Solutions is a testament to her adaptability and vision. Arriving in Malta 13 years ago with her young son, she quickly identified a gap in the market for comprehensive support services for international students. “I began my journey in academic consultancy, driven by a vision to assist students. From there, I expanded to help companies and individuals looking to establish themselves in Malta. It’s been a natural progression, allowing me to apply my expertise across different areas,” she explains.

For companies looking to expand into Malta, A Plus Solutions provides legal, financial and business setup advisory services, as well as assistance navigating Malta’s regulatory landscape. “We also use our indepth local knowledge to connect clients with key resources and offer strategic advice on market entry,” Merve says. “We provide a boutique-style service to our clients. When it comes down to it, life has its ups and downs, so you need to remain flexible. It’s not just about completing tasks and calling it a day. We engage in deep, meaningful communication,

Malta presents a wealth of opportunities for firms looking to establish themselves here.

truly understanding each client to foster strong collaboration. It’s all about building lasting relationships.”

Drawing from a rich tapestry of experience across hospitality, textiles and the media industry, Merve has honed a versatile skill set that has proven invaluable in her leadership journey. Today, she finds the most enjoyable aspect of her role is the opportunity to innovate and create solutions that truly make a difference for clients. However, she acknowledges that staying ahead of market changes and ensuring A Plus Solutions adapts quickly to new demands will always pose a significant challenge.

Balancing work and personal life can also be demanding. “Being a female leader with a family means you need to excel at time management. I structure my day efficiently – today, for example, I had meetings at 9 and 10 in the morning, then I went boxing, and now I’m back for another meeting. I’m very adaptable. Even when I’m in holiday mode, if something urgent comes up, I’ll handle it. Ultimately, it’s about organising your time to fit your needs and setting aside moments for family and personal interests,” Merve maintains.

“For me, the ability to strike the right balance comes from approaching life with gratitude. Be thankful for every person and experience that touches your life and your company. This mindset can transform how you view both challenges and opportunities. I also believe it’s crucial to continuously push your boundaries and seek personal growth,” she continues. “It’s not just about business, business, business. You must expand your mind and tend to your mental wellbeing too. This inevitably has a positive impact on your business – it’s all interconnected.”

With Merve at the helm, A Plus Solutions has evolved into a multifaceted firm, offering tailored solutions across various sectors. The company is built on a foundation of integrity and continuous learning. “These values are reflected in our client relationships and how we approach challenges. We believe in being transparent, reliable and always striving for excellence,” Merve asserts.

Despite global challenges, Merve believes the business environment in Malta has remained relatively stable, particularly in sectors like

finance and education. “We’re seeing a growing number of companies eager to set up shop in Malta,” she adds, “and this trend is playing a big part in modernising our economy and making it more resilient overall.”

In 2024, the company focused on innovation and client retention. “We worked hard to offer new services that meet the changing needs of our clients and ensure that our solutions are future-proof,” Merve explains, noting that the year exceeded expectations, with growth in both the academic and business consultancy sectors. “Our industry is seeing a boost from the growing need for professional services, the push towards digital transformation and an increasing focus on sustainable projects in the environmental and energy sectors.”

A Plus Solutions also made significant adjustments to its operations, integrating remote work solutions and focusing more on data-driven decision-making. “These changes have not only improved our internal operations but also enhanced our ability to offer more flexible and comprehensive consultancy services,” Merve elaborates. Yet, a significant challenge for the company has been visa issues experienced by Turkish students seeking to study in Malta. “It’s incredibly frustrating for us because these students are being turned down, and it’s preventing them from starting their MBA programmes here,” Merve notes, highlighting the complexities of international education in a post-pandemic world.

Moving forward, Merve’s vision for 2025 is clear: to establish the company as a global player in consultancy services. “By the end of the year, I’d like to expand further into international markets,” she affirms. Merve also sees consultancy in Malta evolving to become much more techfocused in the coming years. “There’s going to be a bigger push towards sustainability and innovation. It’s an exciting shift that’s already starting to take shape,” she predicts.

For Merve, a key focus remains the integration of Artificial Intelligence (AI) into consultancy services. She believes that balancing AI with human communication will be crucial. “The key is teaching businesses to use both AI and human interaction effectively, finding the right balance between the two. After all, life is all about balance, isn’t it?” A Plus Solutions is also working on several new projects, including partnerships with tech firms and investing in AI and data analytics to improve its service offerings and provide more customised solutions for clients.

As A Plus Solutions continues to grow, Merve’s commitment to fostering innovation and collaboration remains unwavering. Her journey from newcomer to influential business leader is a testament to the opportunities Malta offers to those with vision and determination. “Malta presents a wealth of opportunities for firms looking to establish themselves here. It’s become – and continues to evolve as – a strategic hub for companies wanting to expand or relocate, so we are excited about the future and confident that A Plus Solutions will continue making a positive impact on both our clients and the local economy,” she concludes.

Frequent short weekend breaks.

Fine cuisine or trattoria-style food? Fine cuisine.

Glass of champagne or a Negroni cocktail? Champagne!

Trevor Mallia

CEO, ADVANCED MANAGEMENT OPTIONS LTD

“MY GOAL IS TO EMPOWER PEOPLE TO IMPROVE THEIR LIVES.”

TREVOR MALLIA, CEO OF ADVANCED MANAGEMENT OPTIONS LTD, LEFT SCHOOL AT 16 AND WORKED VARIOUS JOBS BEFORE RETURNING TO EDUCATION AS AN ADULT. TODAY, HE IS DRIVEN TO EMPOWER INDIVIDUALS SEEKING SELF-IMPROVEMENT. THIS YEAR, THE COMPANY IS SET TO GROW AS A VALIDATION ASSESSMENT CENTRE FOR INFORMAL AND NON-FORMAL LEARNING, WHILE ALSO EXPANDING ITS PORTFOLIO OF TRAINING COURSES.

The influx of workers in construction, hospitality and care has underscored the need for specialised training across trade sectors, says Trevor Mallia, CEO of Advanced Management Options Ltd, a training academy dedicated to providing such guidance. “We offer our services to those who may have left the educational system, recently arrived in the country, or are struggling to return to studying. They may need certification, language skills or simply want to

improve their lifestyles by taking advantage of new opportunities,” he explains.

Enhancing workers’ credentials is becoming increasingly important. “We need to ensure people are properly trained and certified today, and over the coming years. Further and higher education is key to giving both foreign and local employees the opportunity to learn skills such as health and safety or first aid, as well as Maltese.

CEO INSIGHT

“Work is not your life. No matter how hard you work, you’re only irreplaceable at home. If I were starting out today, I wouldn’t marry before 35, especially if I were setting up a business. Focus on your dreams first – then find ways to balance family and work.”

I’m very proud of what we have achieved – in 2024, we moved offices and started focusing on VINFL (validation of informal and non-formal learning). By the end of 2025, I’d like us to have grown into a fully-fledged further and higher education institution.

This is a growing need, and we must adapt. A key responsibility for the academy in the coming months is to show people the importance of maintaining high standards, securing licences and permits, and understanding how training is essential to protecting themselves and their interests,” he says.

As Malta’s economy grows, Trevor emphasises, “We must ensure everything is done properly, certified and documented.” He recalls the tragic death of 20-yearold Jean Paul Sofia, who was killed when a building collapsed at a Corradino construction site. This incident sent shockwaves across the island, shattering many lives. Preventing such tragedies, Trevor asserts, is not only about imposing standards but also about educating people on their importance.

This year, Advanced Management Options Ltd is set to further expand its specialised training services. “We’re focusing on workers from overseas who may have issues with certification, lack the right qualifications, or are used to different systems. We’re helping them adapt as they join our economy. For example, many carers for the

elderly come from Southeast Asia but don’t speak Maltese. While Malta is a multilingual country, many residents in care homes don’t speak English. We are providing Maltese language courses to address this gap.”

The business has also become a validation assessment centre, in collaboration with the Malta Further and Higher Education Authority (MFHEA), offering validation of informal and non-formal learning (VINFL) in sectors such as construction, healthcare and IT. Trevor sees this as a significant growth area for the company. “A few years ago, the MFHEA established a process to verify and accredit individuals with experience but no formal certification. While our core business is training, we recognised it was unfair for those with 20 years of experience in a trade to be sidelined in favour of someone with paperwork but little practical experience. We’re facilitating this process, verifying applicants’ skills and granting them MQF-level certification. The demand for this service has grown in recent months, and VINFL will become a key pillar of our business, running alongside our training programmes.”

Trevor’s passion for creating opportunities stems from his personal journey. Leaving school at 16 without O-levels, he began working for a carpet cleaning company before joining the police force. “I served for 13 years, but I always felt out of place. When the internet became prevalent, I found that learning online was easier for me as I’m dyslexic,” he recalls. Over the years, Trevor earned a Diploma in Management, a Bachelor of Arts in Sales Management, and an MBA in Coaching and Mentoring. “I evolved,” he smiles, “and now I hope to inspire others who think, ‘if he did it, so can I’.”

Trevor’s educational background has shaped the company culture at Advanced Management Options Ltd. “I believe in modern management. I don’t use punch clocks, and I manage staff in a goal-oriented way. We’re a team, a family. I don’t want anyone coming to work unwillingly. If they need time off, they can be honest with me. This creates a culture of trust,” he says. Trevor thrives on interaction. “I need to meet people all the time,” he laughs. “When I stop, I get demotivated. People tell me I have an aura that makes them want to talk to me. I love this feedback; it drives me to do more.”

However, Trevor admits that his achievements have come at a cost. “I’m always on the go. My mind never stops thinking about work and how to improve processes. This constant energy isn’t healthy – it can lead to paranoia. I don’t have a work-life balance. I need to meet people who do and ask them how they manage it. It’s affected me personally,” he says, sharing that he recently separated from his family due to overwork.

Few CEOs openly discuss both the gains and losses of running a company. For Trevor, maintaining a human approach is a priority. “Whether with staff or customers, my goal is to empower people to improve their lives. I’m very proud of what we have achieved – in 2024, we moved offices and began focusing on VINFL. By the end of 2025, I’d like us to have grown into a fully-fledged further and higher education institution. There’s a lot to celebrate, but ultimately, it’s about providing value to those who need it.”

Quick-fire Questions… with Trevor Mallia

What time of day are you

Do you work well with music

What’s your favourite music genre? Grunge, progressive rock, all metal

What’s your first task every day? Coffee.

What do you like most about your job? The sparkle in a customer’s eye.

And we must ask… what do you like least? People who aren’t solution-oriented.

Do you think leaders are born, or are leadership qualities acquired over time? Both.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Change mode.

Do you enjoy attending business events and conferences? No.

Less about work: Do you prefer an electric or a fuel-powered car? Fuel.

Range Rover SUV or Tesla? Neither.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Jeans and a T-shirt.

Gym or outdoor training? Bed.

Frequent short weekend breaks or one long-haul vacation? Frequent and short.

Fine cuisine or trattoria-style food? Trattoria.

Glass of champagne or a Negroni cocktail? Coke Zero.

CEO INSIGHT

“Many European countries are quite conservative regarding finance, so introducing tailored, online-first solutions presents an exciting opportunity.”

PAPAYA

Igor Tsybolyuk CEO,

“BY MAINTAINING CLOSE CONNECTIONS WITH OUR CUSTOMERS AND RESPONDING SWIFTLY TO THEIR FEEDBACK, WE ENSURE OUR OFFERINGS REMAIN BOTH COMPETITIVE AND UNIQUELY SUITED TO THEIR CHALLENGES.”

AS A LICENSED ELECTRONIC MONEY INSTITUTION (EMI) REGULATED BY THE MALTA FINANCIAL SERVICES AUTHORITY (MFSA), 2024 HAS SEEN PAPAYA LTD CONTINUE TO EXPAND GLOBALLY, OFFERING A COMPREHENSIVE ECOSYSTEM OF ONLINE BANKING AND PAYMENT SOLUTIONS TAILORED TO THE NEEDS OF MODERN BUSINESSES AND INDIVIDUALS. COMPRISING A MIX OF TECH ENTHUSIASTS, FINANCE PROFESSIONALS, AND TOP ANTI-MONEY LAUNDERING (AML) AND COMPLIANCE EXPERTS, THE COMPANY ANALYSES MARKETS AND NICHE INDUSTRIES TO UNCOVER SPECIFIC CHALLENGES AND PAIN POINTS, CREATING HIGHLY TARGETED PRODUCTS FOR SEAMLESS BANKING SOLUTIONS.

The last five years have been transformative for FinTech. Once seen as disruptors challenging the dominance of traditional banks, FinTech companies have evolved into key players within the financial ecosystem. Driven by a growing demand for digitalfirst solutions – accelerated by the pandemic –they’ve transformed how we interact with money, pushing more people toward online banking and digital payments. Today, FinTech firms like Malta-

based Papaya, led by recently appointed CEO Igor Tsybolyuk, are no longer just alternatives but crucial operators shaping the future of finance.

“I believe we have reached a stage of maturation within finance, where traditional banks bring trust and stability, while FinTechs offer speed and innovation,” says Igor. “Together, we are creating solutions that are both reliable and cutting-

edge. Instead of competing, FinTechs are helping banks modernise and expand their reach through partnerships and white-label solutions.”

This evolving relationship has opened new opportunities but also exposed gaps in accessibility. For Papaya, addressing these gaps has become central to its mission, with the company aiming to provide solutions for underserved groups that larger banks and many FinTech firms often overlook. Igor believes that one of his and his team’s main responsibilities is to ensure inclusivity and access.

“Unlike traditional banks and large institutions, which often rely on one-size-fits-all solutions, we focus on creating highly tailored products,” Igor explains. “We address the unique needs of industries like iGaming, EdTech platforms, content creator studios, and subscription services. This approach allows us to serve niche markets with precision and innovation.”

Papaya isn’t solely focused on corporate clients but is also investing in consumer-focused solutions, helping consumers manage and navigate their finances more effortlessly. One such product is designed specifically for teenagers and individuals with limited credit histories, such as expats and students across the European Economic Area (EEA), empowering this growing demographic with the tools they need to become financially literate and take control of their wealth.

“By creating solutions tailored to specific demographics and niches, we deliver services that are personalised, relevant and adaptable,” says Igor. “By staying close to our customers and listening to their feedback, we ensure our offerings remain competitive and uniquely suited to their challenges.”

In the fast-moving world of FinTech, where new players rise and fall quickly, Papaya’s decade-plus existence helps it stand out as an established entity. Founded during the first major wave of FinTech innovation, this period saw the rise of digital and mobile technologies that made mobile banking more accessible, along with regulatory shifts like PSD2 (Payment Services Directive 2) in the EU, creating fertile ground for FinTech companies to thrive. Malta quickly adopted a forward-thinking approach, building a strong regulatory framework and welcoming innovation, creating an ideal environment for companies like Papaya to flourish.

“Malta’s proactive support for tech-driven businesses has attracted a pool of highly skilled

Instead of competing, FinTechs are helping banks modernise and expand their reach.

professionals,” Igor explains. “Add the island’s great climate, and it becomes an appealing destination for talent, especially when compared to colder northern regions with similar tech-friendly environments. As a result, Malta has become a true hotspot for the FinTech industry.”

Malta’s robust regulatory framework has also been welcomed by Papaya from the start. While

many FinTech companies operate with a “move fast and innovate” approach, sometimes causing friction with regulators accustomed to the slower pace of traditional banking compliance, Papaya has placed compliance at the core of its strategy to establish trust with both industry stakeholders and clients.

“We believe compliance is more than just checking boxes,” says Igor. “Acts like the EU’s upcoming Digital Operational Resilience Act (DORA), which came into effect in January 2025, challenge us to innovate while staying secure.” He credits his team’s expertise as a critical asset, highlighting Olegs Cernisevs who recently earned a PhD with a doctoral thesis on risk management in the FinTech sector. “Insights like these add a valuable layer of depth to how we approach challenges,” he adds.

Today, every online business faces the dual reality of unprecedented opportunities and increasing technology-related risks, such as cyberattacks and data breaches. For Papaya, operational resilience is another top priority. The company integrates cutting-edge risk management practices, guided by the principles of DORA, to ensure its Information and Communication Technology (ICT) infrastructure remains secure and adaptable to changing regulatory standards.

“Our proactive approach includes implementing Key Risk Indicators (KRIs) to monitor potential threats, regular stress-testing of our systems, and fostering a culture of continuous improvement,” Igor explains. “We also adhere to ISO 27001 standards, recognised globally for their rigorous controls in data security and risk management.”

As the CEO notes, this need for greater stability and security must also be balanced with a willingness to embrace innovative trends from across the technology sector. Embedded Finance and Banking-as-a-Service (BaaS) are enabling businesses to integrate financial services directly into their platforms, creating seamless, user-friendly experiences. Meanwhile, advancements in blockchain and digital currencies, including Central Bank Digital Currencies (CBDCs), are set to revolutionise payments and settlements with enhanced transparency and efficiency. Artificial Intelligence (AI) is also playing a pivotal role, driving personalised customer experiences and boosting fraud prevention through real-time insights.

“Our industry is evolving rapidly, and these trends present opportunities to deliver better, more inclusive financial solutions,” says the CEO. “The ongoing shift toward cashless economies and real-time payment systems continues to drive demand for innovative digital payment solutions. I believe that addressing inefficiencies in cross-border payments and settlements represents another major growth opportunity. While all this is a lot to juggle and master, I feel that our expertise and agility mean that Papaya is well-positioned to adopt these innovations, ensuring we stay at the forefront of FinTech’s next chapter.”

Looking ahead to 2025, Papaya is particularly focused on expanding its embedded banking solutions across Europe and solidifying its position as a trendsetter in FinTech. The company plans to grow its product offerings through strategic partnerships, enter new markets and continue innovating for underserved demographics.

“By the end of the year, I’d like to see Papaya positioned as a thought leader in FinTech, setting an example for how businesses can balance innovation, compliance and inclusivity,” he concludes.

Do you work well with music in the background?

With the right foundation, one can learn.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Both, in their own time.

Do you enjoy attending business events and conferences? I do.

Less about work: Do you prefer an electric or a fuel-powered car?

A petrol-roaring engine.

Range Rover SUV or Tesla? Range Rover.

A luxury seafront penthouse or a country house?

Country house at the seafront.

Formal or informal attire?

I’m comfortable with both.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? A long holiday.

Fine cuisine or trattoria-style food? I love local street food.

Glass of champagne or a Negroni cocktail? A Negroni.

Victor Chetcuti

CEO, COMPLETE SUPPLIES

“IF THE PANDEMIC TAUGHT US ANYTHING, IT’S THAT DEMAND DIDN’T DECREASE; IT SIMPLY SHIFTED TOWARDS DIFFERENT PRODUCTS. THESE CHALLENGES TEACH YOU TO CAPITALISE ON OPPORTUNITIES AND TRENDS.”

SINCE STEPPING INTO THE CEO ROLE SEVEN YEARS AGO, VICTOR CHETCUTI HAS LED COMPLETE SUPPLIES THROUGH A PERIOD OF RESTRUCTURING AND TRANSFORMATION. SPURRED PARTLY BY THE SHIFT TO REMOTE AND HYBRID WORK IN THE POST-PANDEMIC WORLD, THE COMPANY HAS FOCUSED ON EXPANDING ITS OFFERINGS TO BETTER SERVICE EVOLVING OFFICE AND CONSUMER NEEDS.

When the opportunity to acquire local office products specialist Complete Supplies arose in 2018, CEO Victor Chetcuti recalls that it felt like the culmination of his career up to that moment. Having started in a family business before branching off as a sole trader, he describes his professional journey as one built on seizing opportunities, taking calculated risks and making personal sacrifices. This acquisition was his biggest career move yet – and one he didn’t take lightly.

“Acquiring Complete Supplies was definitely a massive move,” Victor reflects. “It was a much larger operation than my own business at the time, but my deep

understanding of the industry and the fact that Complete Supplies already had a solid market share gave me the confidence to move forward. I saw it as a golden opportunity to take a well-established business and grow it further.”

By his own admission, Victor is a very hands-on CEO, and running Complete Supplies is no small task. In a sector with little seasonality, the company operates year-round, serving clients across Malta daily and Gozo weekly, all through its own logistics team. As a result, finding worklife balance remains a challenge, especially with two of his family members involved in the company. However, Victor

CEO INSIGHT

“Maintaining open and honest communication at all levels builds transparency and trust with your team. It is important to provide them with regular updates on the company’s overall situation and plans for the immediate future.”

is learning to switch off and dedicate quality time to family and his passion for cars.

At work, he remains deeply involved in every aspect of the business – staying in touch with key clients, managing talent, overseeing business development, and keeping an eye on cash flow. He also plays an active role in procurement, particularly in expanding the company’s brand portfolio. This has been a major focus since taking over to offer clients a wider range of products and services.

“Complete Supplies has built a strong portfolio of topquality brands over its 30-year history,” Victor explains. “I inherited some of these brands from the previous owners.

We are firm believers in brands that have stood the test of time. We don’t just pick and choose the cheapest or most popular products; we invest in and promote brands to ensure their long-term success in Malta, while providing our clients with continuity of the products they rely on.”

One of the biggest drivers behind the introduction of new products in recent years was the COVID-19 pandemic, which disrupted traditional office set-ups and pushed many companies in Malta and beyond towards hybrid and remote work. This could have easily sounded the death knell for a business like Complete Supplies, which primarily served offices. Instead, Victor and his team rose to the challenge, quickly shifting focus to ergonomic office furniture and consumables to help employees stay productive at home. High-demand products included ergonomic chairs certified for eight hours of use and air purifiers – so popular at the time that the company struggled to meet demand.

While the pandemic was a “bitter learning experience”, Victor sees it as part of the natural evolution of the industry, which has helped the company emerge stronger. “If we look back just a few decades, business was completely different. We used to sell telex and fax paper, both of which are now obsolete. Over the years, we’ve evolved from selling pens, paper and files to tapping into new niches. In fact, if the pandemic taught us anything, it’s that demand didn’t decrease; it simply shifted towards different products. These challenges teach you to capitalise on opportunities and trends.”

I don’t believe that opportunities come knocking on your door. You must look out for them yourself and be open to the right ones.

Complete Supplies continues to capitalise on its reputation as a leader in specialised paper products in Malta. The company has expanded its range by tapping into areas like plotter paper and thermal paper, becoming a go-to supplier for diverse industry needs. “Today, we are market leaders in all aspects of the paper industry,” Victor says. “We stock substantial volumes of office paper in different grades, weights and colours, so clients can always find what they need.”

Despite a shift towards paperless operations in many industries, Victor is confident that paper will remain a vital pillar of the business. “Globally, paper is expected to grow by a substantial percentage,” he says. “We’re also committed to partnering with suppliers that source certified paper, such as Blue Angel, FSC and PEFC. These certifications aren’t just symbols; they ensure a sustainable supply of paper from regenerated forestry, in line with the latest ESG regulations.”

Another significant transition for Complete Supplies has been its expansion into merchandising and printing. Clients can now rely on them for everything from custom design creation to high-quality printing, lamination, stapling, and binding. This move has not only attracted new clients but also strengthened relationships with existing ones, allowing the company to handle more of its clients’ needs.

Additionally, the acquisition of major competitor Sidonia two years ago has further boosted economies of scale, improving operational efficiency and the bottom line. This merger is a key milestone in Victor’s vision of transforming the company into a one-stop shop for office solutions in Malta, and it has been the primary focus over the past year.

“The last year has been about streamlining the newly acquired business into our model. We’ve approached our new client base individually to strengthen relationships. It’s been a very smooth transition with a positive reception,” he says, adding that the company is constantly seeking new opportunities to diversify and grow.

Learning from the pandemic and recent global disruptions that affected shipping and sourcing, Victor admits he’s leaving nothing to chance. He and his team work closely with suppliers to maintain stock levels – an effort that comes with a cost, but one that ensures availability and reliability for clients. They’re also staying aligned with market trends and innovations, keeping a watchful eye on new developments.

“I don’t believe that opportunities come knocking on your door. You must seek them out and be open to the right ones. This mindset has helped us prepare for the future, ensuring we’re better able to pivot when market changes happen and always ready to meet our clients’ evolving needs.”

Reflecting on his tenure as CEO, Victor acknowledges the challenges brought by global events but remains optimistic. “Despite everything that has impacted our industry, business in Malta has remained stable, and our figures over the past year are encouraging. Now, we’re determined to keep the momentum going. We have exciting growth plans, including tapping into new niches and offering an improved digital experience for our clients.”

Do you work well with music in the background?

And we must ask… what do you like least? I don’t know.

Do you think leaders are born, or are leadership qualities acquired over time? Born, but improved with experience. Are you always in ‘change’ mode, or do you prefer long phases of stability? Change mode.

Do you enjoy attending business events and conferences? Yes.

Less about work: Do you prefer an electric or a fuel-powered car? Fuel.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? Country house.

Formal or informal attire? Formal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? Short weekend breaks.

Fine cuisine or trattoria-style food? Fine cuisine, with my wife.

Glass of champagne or a Negroni cocktail? Champagne.

Charlene Sciberras

FOUNDER & CEO, ELEV8 SOLUTIONS LTD

“WE WANT TO REDEFINE HOW IGAMING BUSINESSES VIEW OUTSOURCING SERVICES, BECOMING A TRUSTED PARTNER THAT LIVES AND BREATHES CLIENTS’ BRANDS AS IF THEY WERE OUR OWN.”

ESTABLISHED IN MAY 2024 BY FOUNDER AND CEO CHARLENE SCIBERRAS, ELEV8 SOLUTIONS HAS QUICKLY MADE ITS MARK IN MALTA’S IGAMING SECTOR BY OFFERING TAILORED OPERATIONAL SUPPORT TO HELP BUSINESSES NAVIGATE REGULATORY COMPLIANCE AND IMPROVE EFFICIENCY. IN 2025, ELEV8 SOLUTIONS SEEKS TO CONTINUE REDEFINING OUTSOURCED SERVICES IN IGAMING, DELIVERING LONG-TERM RESULTS FOR CLIENTS AS THEIR TRUSTED PARTNER.

The career trajectory of Elev8 Solutions Founder and CEO Charlene Sciberras has spanned recruitment, client relationship management and HR and operations management across a variety of sectors – all driven by her passion for helping businesses thrive. “Starting Elev8 Solutions was a tremendous change, as I went from running an established company to creating one from scratch,” she recalls. “It was exciting yet challenging and required taking risks, while developing a vision that combined my love for building businesses from the ground up – which has always been my forte – with creating flexible solutions for clients.”

Before Elev8, Charlene served as CEO of OpEx Ltd, another B2B service company in the iGaming sector, where she gained valuable experience in restructuring internal

operations to elevate the client experience – a concept that would later inspire Elev8’s company name. Her career also features notable milestones that have shaped her leadership approach, including the launch of Bolt Food Malta, where she successfully set up courier operations in Malta and Gozo at the height of the COVID-19 pandemic. Overcoming the extraordinary challenges of that period, she contributed to the development of courier operations in Cyprus, Tunisia, Poland, and Ghana, playing a supportive role in broader international expansion projects. She has also served as a client relationship manager and recruiter at recruitment services firm, Konnekt.

Fundamental to each of her professional achievements is Charlene’s work ethic, which centres on integrity, agility and delivering value – principles that permeate throughout

CEO INSIGHT

“As women in leadership, we are often told we can’t ‘have it all’, but I believe we can. Finding balance is an ongoing process, and I set clear boundaries to ensure I have time for my son and for myself. This allows me to recharge and return to work with fresh ideas. I hope to inspire other women to pursue leadership roles by showing that achieving balance is not only possible but essential in today’s business world.”

We’re always seeking ways to improve quality, enhance efficiency and, most importantly, identify our clients’ pain points so that we can develop solutions that drive their success.

her company. “Our culture at Elev8 is built on teamwork and transparency,” she explains. “We’re always seeking ways to improve quality, enhance efficiency and, most importantly, identify our clients’ pain points so that we can develop solutions that drive their success.”

Redefining the approach to outsourcing in iGaming, Elev8’s mission is to become a trusted partner that drives long-term success and continuous improvement, with a commitment to truly understanding each client’s unique challenges. “We saw an opportunity to deliver specialised solutions that go beyond traditional outsourcing, enhancing efficiency and ensuring regulatory compliance,” she explains. Indeed, when Charlene established Elev8 Solutions in May 2024, she targeted a critical gap in the iGaming sector, she goes on. “We want to address the overall lack of structure and efficiency in the space and redefine how iGaming businesses view outsourcing services, becoming a trusted partner that lives and breathes clients’ brands as if they were our own. Our vision is to foster deep, collaborative relationships that enable us to help businesses streamline their operations and focus on growth.”

As Founder and CEO, Charlene’s responsibilities at Elev8 involve shaping and executing the company’s vision while remaining actively engaged in day-to-day operations alongside her team – the same team that followed her from OpEx. “Having an approachable, hands-on approach as a leader is key,” she says. “I work closely with my team to keep us progressing and to deliver solutions that spell success for our clients. Building a team that shares my vision has been a major highlight. I’m passionate about delivering meaningful change and seeing tangible results, so witnessing our clients grow and succeed with our support is always incredibly rewarding.”

Elev8’s core services include 24/7 customer support with multilingual native speakers, Know Your Customer (KYC) verification services, payment processing, and RG and Compliance. The company also provides operations consultancy services that cover Business Process Outsourcing (BPO), reactivation and retention strategies, VIP management, product development, and Artificial Intelligence (AI) feedback and interaction data analysis – among other critical areas. This combination of expert, behind-the-scenes services allows clients to focus on their core activities and long-term goals while Elev8 handles the initial back-end set-up and launch of online casinos, as well as ongoing, client-facing frontend services.

Unlike larger firms – where clients often become just another account – Elev8’s smaller size ensures every client receives

focused attention and personalised, cost-effective solutions, delivered with agility and speed, Charlene highlights. “This approach builds stronger partnerships, treating clients as valued collaborators rather than mere contracts, fostering mutual commitment and a shared vision for success. Our aim is to support the seamless functioning and growth of our clients’ businesses.”

The firm’s ‘plug-and-play’ model enables companies to tap into much-needed expertise without the overheads and delays associated with building an in-house team.

“Startups and growing businesses often face challenges such as managing rapid growth, navigating complex regulations and optimising efficiency. Building a fully operational team can be costly and time-consuming, requiring specialised expertise. At Elev8, we address these difficulties by offering a team of experienced professionals who can integrate seamlessly into our clients’ operations.”

Since its inception, Elev8 Solutions has grown rapidly. In response to demand, its services have expanded beyond operational support into a more comprehensive offering while cultivating strong relationships with key players in the iGaming sector – from both startup and well-established online casinos to platform providers.

“One of our most significant achievements has been transitioning from outsourced support to becoming a genuine partner,” Charlene says. “For startups, we focus on building solid operational foundations, such as establishing efficient processes, creating HR and compliance frameworks, and providing guidance on regulatory requirements.

For established businesses, we concentrate on analysing existing operational data, reviewing processes and fine-tuning strategy which – when paired with the right solutions – results in optimisation and scaling based on their specific needs. Our agile approach allows us to provide the right support depending on where each business is in its growth journey.”

Competitive, innovative and subject to strict regulatory requirements, the iGaming and online casino sectors present both opportunities and challenges for businesses –and Charlene remains keenly aware of these complexities, particularly regarding the need to keep pace with international regulations. “Many of our clients struggle with managing regulatory compliance across multiple jurisdictions when scaling globally,” she explains. “At Elev8, we help clients tackle these challenges with tailored compliance consulting, risk management strategies and operational support.”

Despite global economic fluctuations, Charlene is optimistic about Malta’s business landscape. “Business in Malta is generally stable due to the island’s strategic location, favourable regulatory framework, established infrastructure, and supportive Government policies,” she notes. “Malta’s position as a trusted jurisdiction for iGaming companies mitigates some of the risks and uncertainties, potentially attracting more international players to the region and strengthening the local iGaming ecosystem.”

leadership roles.

Charlene is confident about Elev8’s future following a promising inaugural year. “For us, 2024 demonstrated the power of resilience, strategic partnerships, strong relationships and networking, as well as the need to remain agile in a rapidly evolving industry,” she says.

Looking ahead, Charlene has ambitious plans for Elev8 Solutions and high hopes for the wider iGaming sector. Investment in technology and partnerships will enable Elev8 to better support clients and maintain a competitive edge. “In the coming years, I expect the local iGaming industry to place greater emphasis on regulatory compliance and a stronger focus on responsible gaming practices,” she predicts. “We aim to be at the forefront of integrating AI and data analytics into our services, while we have introduced a specialised RG and AML team. Adapting to these changes while maintaining high service standards will be crucial for us going forward.”

Indeed, Elev8 Solutions is well-positioned to capitalise on these trends by continuing to innovate and expand its offerings. In 2025, Charlene plans to introduce enhanced compliance solutions and explore strategic partnerships to help broaden the company’s reach – initiatives designed to ensure Elev8 Solutions remains a trusted partner in the sector. “We have invested in advanced technology to enhance our service delivery and client experience and we’re exploring new markets within the iGaming industry,” she adds.

As the company grows, Charlene’s focus remains on nurturing strong relationships with both existing and new clients. “Our goals for 2025 centre around growth and strengthening our client relationships. By the end of the year, I’d like to see Elev8 Solutions in a stronger market position, with a broader client base and expanded services,” the CEO concludes.

Do you think leaders are born, or are leadership qualities acquired over time? Leadership combines both innate traits and acquired skills.

Are you always in ‘change’ mode, or do you prefer long phases of stability? I have to be in ‘change’ mode.

Do you enjoy attending business events and conferences? Yes, very much so.

Less about work: Do you prefer an electric or a fuel-powered car? I’ve always had a fuel-powered car.

Range Rover SUV or Tesla? Range Rover SUV.

A luxury seafront penthouse or a country house? Seafront penthouse for summer; cosy country house for winter.

Formal or informal attire? Informal.

Gym or outdoor training? Outdoor training.

Frequent short weekend breaks or one long-haul vacation? Frequent short weekend breaks.

Fine cuisine or trattoria-style food? Trattoria-style food.

Glass of champagne or a Negroni cocktail? A Negroni cocktail.

Manila Di Giovanni

CEO, DWORLD

“OUR VIRTUAL ECONOMY HUB WILL SHOWCASE MALTA’S HERITAGE, LOCAL ENTERPRISES, STARTUPS, AND PUBLIC INSTITUTIONS ON THE GLOBAL STAGE.”

MANILA DI GIOVANNI, CEO OF DWORLD, STANDS AT THE FOREFRONT OF DIGITAL ECONOMIC TRANSFORMATION, PIONEERING THE WORLD’S FIRST COMPREHENSIVE VIRTUAL ECONOMY FOR CITIES AND COUNTRIES. STARTING HER ENTREPRENEURIAL JOURNEY AT JUST 19 IN MONACO, THIS FORBES 30 UNDER 30 HONOUREE AND RECIPIENT OF PRESTIGIOUS ACCOLADES, INCLUDING THE WOMAN OF THE YEAR AWARD IN MONACO, HAS DEDICATED HERSELF TO BRIDGING THE GAP BETWEEN THE PHYSICAL AND DIGITAL REALMS.

In the world of DWorld, Manila Di Giovanni has made it her mission to foster collaborations between governments, enterprises and communities to revolutionise how nations harness technology for economic growth. In doing so, she has positioned herself as a driving force in the evolution of digital economies worldwide.

Describing her role at DWorld, Manila says it goes beyond traditional executive duties: “I serve as a bridge-builder,” she says. “I connect our team members, government officials, public institutions, and community-focused enterprises worldwide.” Her leadership philosophy stems from steadfast determination and resilience. “Taking a project from vision to reality demands intense commitment,” she explains.

“It’s this unwavering persistence that drives breakthrough achievements.”

This mindset has been crucial in navigating the challenges of pioneering new technological frontiers, particularly in an emerging field that is often misunderstood. “When you’re introducing concepts like web3 and Metaverse technologies, you need to go through an intense educational process. I spend 90 per cent of my time teaching people about what the Metaverse truly is, as well as the transformative impact it can generate.”

So, what is the Metaverse? In simple terms, it’s a bridge between the real world and its virtual counterparts. However,

CEO INSIGHT

“I believe it’s crucial to nurture your inner child throughout your professional journey. Maintaining a childlike ability to dream is what fuels our ambitions and gives us the willpower to overcome challenges. I consciously preserve my inner child’s perspective. This authenticity has enhanced my leadership skills – it allows me to lead genuinely, without hidden agendas. It might seem unconventional, but nurturing your inner dreamer is what makes the impossible possible.”

While this virtual platform will never replace the authentic experience of visiting Malta, it serves as a powerful complementary tool that helps us manage tourism more sustainably.

what makes DWorld’s platform unique is that it isn’t limited to just recreating what exists today: “While we can create precise digital twins of current environments, we can also prototype and visualise the future of cities and countries,” Manila enthuses.

“Unfortunately, the term ‘Metaverse’ has become a bit tainted,” she notes. “So, we’ve intentionally shifted away from using it because people immediately associate it with gaming and pixelated environments.” In fact, DWorld has replaced ‘Metaverse’ with terms like ‘Cityverse’ and ‘Virtual Economy’ to better reflect their mission of creating practical, real-world value through tourism and economic development.

Comprehensive engagement with local businesses forms the foundation of this initiative. “The Maltese Cityverse requires participation from every enterprise and public entity,” Manila goes on to explain. “We’re creating more than just a platform; we’re building a virtual economy hub that will showcase Malta’s heritage, local enterprises, startups, and public institutions on the global stage. This ecosystem can only thrive when all stakeholders are actively engaged.”

The platform represents a transformative opportunity for Maltese businesses to transcend geographical limitations. “Being an island, Malta faces natural barriers to physical access. But, in our Cityverse, businesses can connect with anyone, anywhere in the world.” That is especially exciting

because this borderless accessibility unlocks new revenue streams as businesses can showcase their offerings through virtual storefronts, host global events and create immersive customer experiences – all while building stronger international brand loyalty and expanding their customer base.

One of the platform’s most innovative features is its role in urban planning and development. “The Cityverse serves as a powerful visualisation and prototyping environment for governments and enterprises,” Manila continues. “Before committing resources to real-world implementations, stakeholders can simulate and test future projects in detail.” Beyond urban planning, the Cityverse evolves into an advanced digital ecosystem that transcends mere virtual replicas of cities, transforming them into interactive platforms where innovation, sustainability and civic engagement converge. By leveraging technologies such as virtual reality (VR), blockchain and Artificial Intelligence (AI), the Cityverse becomes a dynamic environment where citizens, businesses and institutions collaborate in real time. It enables experimental models for urban growth, decentralised governance solutions and sustainable development practices, ensuring more informed decisions and optimised resources. Additionally, it breaks geographical barriers by offering opportunities for education, commerce and entertainment, positioning cities as global hubs of innovation and culture.

The platform also addresses sustainable tourism challenges. For instance, the Maltese Cityverse will offer immersive virtual tourism experiences that showcase Malta’s rich heritage to visitors worldwide. These digital experiences will give tourists the chance to explore Malta’s culture and landmarks before their physical visit. “While this virtual platform will never replace the authentic experience of visiting Malta, it will serve as a powerful

complementary tool to help us manage tourism more sustainably. Beyond that, but allowing virtual exploration, the environmental impact of mass tourism can be reduced while maintaining and even enhancing tourism revenue streams.”

While the concept of a virtual economy has been widely embraced, particularly by nations limited by size or accessibility, DWorld’s journey from Monaco to Malta wasn’t straightforward. “It took us almost two years to sign our MOU with TechMT,” Manila reveals. But it was worth the wait for her and her team. This collaboration – supported by the Ministry for the Economy – represented a significant milestone in establishing Malta’s official virtual economy. Since then, the platform has gained remarkable traction among local enterprises.

“2024 exceeded our expectations in many ways,” Manila reflects. “While we anticipated moderate growth, we were pleasantly surprised by how quickly our targeted regions embraced the Cityverse technology. The adoption rate far surpassed our initial projections.” The biggest surprise, she reveals, was the high level of interest from governmental entities in embracing the Cityverse for economic and tourism development. “I’ve enjoyed seeing our virtual economies become a vibrant ecosystem where entities are collaborating and cooperating,” she says.

Looking ahead, Manila’s vision for DWorld’s digital future is both ambitious and transformative. “Our strategic direction goes beyond creating just another digital platform,” she explains. “We’re generating a virtual parallel economy for Malta that will boost tourism and GDP while actively engaging and empowering younger generations. This isn’t just about economic growth – it’s about giving the community the tools to shape Malta’s future and create lasting positive impact for our local society.”

Training and education will form a crucial pillar of Dworld’s 2025 strategy. “We’re collaborating with DiHubMT to develop comprehensive Cityverse technology training courses,” Manila continues. “Our goal is to create programmes that enhance the skills of the local workforce, making it easier for them to access new opportunities in this emerging digital economy. We want to empower people with the knowledge and tools they need to thrive in the Cityverse environment.”

Despite global economic uncertainties, Manila sees robust potential in Malta’s technology sector. “The Maltese business environment has shown remarkable resilience, particularly in technology,” she notes. “We’re continuing to see strong interest from both local and international investors, especially in Cityverse and digital transformation initiatives. While regulatory challenges remain one of our biggest hurdles, careful strategic planning can help sustain growth in our industry.”

For Manila, the Maltese Virtual Economy represents more than just technological advancement – it’s a blueprint for how nations can harness digital innovation to drive economic growth. So, by creating an ecosystem that integrates local businesses, develops talent through comprehensive training programmes and prioritises sustainable development, DWorld is establishing a framework that other regions can adapt for their own digital transformation journeys.

“What we’re creating goes beyond attracting investments,” Manila underscores. “We’re positioning Malta as a forward-thinking digital economy that welcomes tech talent and innovation. We hope the results will be transformative.”

Quick-fire Questions… with Manila Di Giovanni

What time of day are you most productive? Night-time.

Do you work well with music in the background? Yes.

What’s your favourite music genre? Classical music.

What’s your first task every day?

Introspection and meditation – taking time to ground myself.

What do you like most about your job? Innovating and bringing visions to life.

And we must ask… what do you like least? Navigating politics and regulations.

Do you think leaders are born, or are leadership qualities acquired over time?

Leadership qualities are cultivated through experiences – especially challenges.

Are you always in ‘change’ mode, or do you prefer long phases of stability? Change mode.

Do you enjoy attending business events and conferences? Yes.

Less about work: Do you prefer an electric or a fuel-powered car? Electric.

Range Rover SUV or Tesla? Tesla.

A luxury seafront penthouse or a country house? Seafront because I’m from Genoa!

Formal or informal attire? Formal.

Gym or outdoor training? Gym.

Frequent short weekend breaks or one long-haul vacation? Frequent short breaks.

Fine cuisine or trattoria-style food? Fine cuisine.

Glass of champagne or a Negroni cocktail? Champagne!