17 minute read
Business Projections and Plans - Tech mt, Ivalife Enemed, MMH, MIDI,
from Economic Vision 2022
by Mediahut Ltd
How will Malta fare economically in 2022?
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Tech.mt CEO Dana Farrugia, says that Malta’s continued success in the technology sphere depends on several areas. The workforce will need to acquire new skillsets to be able to deal with innovative and digitallyfocussed technologies such as the Internet of Things and Blockchain. Just as important is educating the young people who will be making up Malta’s workforce in the future. All this is vital for the success of local enterprises and the economy, she stresses.
Bringing Malta out of greylisting, repairing its reputation and taking care of the environment while ensuring sustainable economic growth within the economy are just some of the important issues that Malta has to face head-on in 2022, says IVALIFE Insurance CEO Reuben Zammit. Mr Zammit also warns against complacency as far as vigilance against COVID-19 is concerned, saying that we are far from being ‘back to normal’ as yet. In the meantime, Enemed Chairman Kevin Chircop believes that the level of due diligence and anti-money laundering rules that need to be followed -both in Malta and globally – has rendered the traditional way of doing business obsolete. As for challenges, he cites one of the main ones to be the prices of energy which have shot up due to the pandemic and other factors.
MMH Malta Executive Chairperson Angelique Abela
continues on the same vein, stating that maritime and oil and gas industries have faced a number of challenges, with more on the horizon such as shifts in various sectors of the industry towards sustainability and the use of lower-emission fuels. The Manoel Island masterplan was recently unanimously approved by the planning board of the Planning Authority, which commended the efforts that have been made to achieve a more sustainable masterplan which now has a better balance between built-up and open spaces. MIDI will now be submitting its plans for a full development permit with the aim of commencing works towards the last quarter of 2022.
New Registrar of Companies and Chief Executive Officer of the Malta Business Registry
Dr Geraldine Spiteri Lucas says that one of her missions is to push the drive for a high-performance culture registry, putting stakeholders at the centre of the MBR while remaining true to their values and mission of providing businesses with a sense of security throughout all their endeavours.
Family Business Office Regulator
Dr Joseph Gerada says that finding the balance between economic growth and remaining competitive in a world which is currently struggling economically, while safeguarding the health of the public in general is not going to be an easy task.
Minister for the Environment, Climate Change and Planning
Dr Aaron Farrugia says that as global economies are starting to recover (or adapt) from the pandemic, we are seeing a 600% increase in European gas prices which will no doubt pose a challenge for the upcoming year. Other challenges include climate change, the environment and waste management, he states.
New Skillsets for the New Digital Economy
Ms dana farrugia, Ceo at Tech.mt outlines the key areas critical for Malta’s continued success in the technology sphere.
For Tech.mt, the agency tasked with promoting and cultivating Malta’s technology and ICT sector, creating a culture of innovation is a priority. The current challenges have accelerated the need for us to transform, change, and reinvent ourselves for the future, so that we can emerge stronger. The latest version of the EU Innovation Scoreboard indeed highlights that the EU’s innovation performance continues to increase at a steady pace. Indeed, Malta registered the second greatest performance growth rate (51.5 per cent) among all member states between 2014 and 2021 in the field of Information Technology Use. Being at the forefront of integrating technology and innovation in different sectors, Malta has continued to push the boundaries in the digital sphere. Malta’s success in this sector is mainly due to the Governments’ drive and commitment towards the digital sector and the private sector’s continued investment and growth. Access to incentives and financial instruments are key elements in building innovation ecosystems, including those related to tech and the digital economy, says Dana Farrugia, CEO at Tech.mt, adding that Malta needs to further strengthen this element through venture capital and other equity schemes. “Although a lot is being done; we need further digital transformation to ensure that the public sector can become not only an enabler of growth but a main driver,” she says. “The future of the digital economy will require a new skillset of the workforce. With new technologies such as IoT, blockchain, virtual reality and the onset of 5G; the skillsets are going to be critical for the success of any enterprise and economy.” Ms Farrugia stresses that it is therefore critical that educational institutions, including primary and secondary, schools start equipping our future workforce. Concurrently, it is going to be critical to also reskill and upskill our current workforce. “Malta has built a diversified economy on the basis of regulatory innovation and key “We acknowledge that large tech companies, although a vital backbone, have their own challenges to face however, Tech.mt can assure that it is present in various fora to influence policy and is constantly finding avenues internationally where to promote Malta’s Tech sector as a choice of excellence. Tech.mt would like to thank the local tech companies who have sustained the economy through the pandemic following increased demand.”
sectors such as remote gaming, financial services and pharmaceutical manufacturing are all based on the power of regulation. We need to continue carving out new economic sectors that are digitally focused. Malta has already started treading new ground in the fields of blockchain, artificial intelligence and other key areas.
The unfavourable news Malta experienced in 2021 may have impacted its attractiveness, and hence, its economy. “Going forward we are committed to continue working hard to restore our island’s appeal; we must all work together to improve our country’s government and service quality. While constructive criticism is important, we must equally focus on the positive and highlight our achievements. With Government’s roadmap in place and the economy performing well, we can focus on re-establishing trust in our attractiveness and assuring prosperity,” highlights Ms Farrugia. We acknowledge that large tech companies, although a vital backbone, have their own challenges to face however, tech.mt can assure that it is present in various fora to influence policy and is constantly finding avenues internationally where to promote Malta’s Tech sector as a choice of excellence. Tech.mt would like to thank the local tech companies who have sustained the economy through the pandemic following increased demand. Ms Farrugia says that guiding businesses in enhancing their portfolios and pitches to attract investment and export their products lies at the heart of what Tech.mt does. Recent projects include its well-received consultancy initiative for start-ups and academia and the collaboration on the launch of several guarantee and funding schemes for SMEs. Focusing on post-COVID prospects, Tech. mt shall continue to push the use of technology and to cultivate innovation mindsets with the ultimate aim to support business organisations in gaining a competitive edge. n
Challenging the Status Quo
iValife insurance is a new digital first, technology-driven life insurance company which provides a range of smart life insurance products tailored to both individual and group needs. Ceo reuben Zammit speaks about some of the decisions Malta faces going into 2022 and what challenges the local insurance sector faces.
Navigating the country out of greylisting and repairing its reputation to attract foreign investment, as well as protecting the environment while ensuring sustainable growth within the economy are two important factors that Malta has to face going into 2022, according to IVALIFE CEO Reuben Zammit. “A strategic change to a green economy rewarding environmentally friendly initiatives and investment is well-needed,” he says, “Other areas which need to be tackled include restoring a healthy US Dollar correspondent banking relationship for Malta, managing the pressures on the incrementing cost of living and finding a feasible way of recovering the €5b outstanding tax bill due to the Government of Malta.” When speaking about the changes that COVID-19 has brought about in the day-to-day operations at IVALIFE, Mr Zammit says that they built their organisation to operate remotely, and COVID proved that this was a good decision as the business impact was diminished to a minimum. “We could carry on working seamlessly without any business interruptions. This also helped to cut on travelling time and thus contribute to lesser emissions. We allowed for a flexible working environment, and we accelerated the pace of digitalisation, with our resources working effectively and efficiently.”
As we move into 2022, Mr Zammit warns against the dangerous ‘back to normal’ confidence as we still see soaring COVID-19 cases. As for the challenges the insurance sector may face in 2022, he mentions that the availability of sufficient disposable income to take out life covers as insurance is sometimes perceived to be “extra”, leading to postponements in personal plans.
“The insurance industry needs to do more to make insurance more of a commodity item that is easier to obtain,” he stresses, “The ever-increasing amount of compliance requirements is another issue. Compliance cannot be seen as a ‘one size fits all’ solution, as what may make sense in one financial sector may not apply for another. Regulation should also be proportionate on the kind of products being offered, rather than having a blanket regulation.”
Some of the company’s main aims for 2022 are taking customer centricity to the next level, making available customised offerings through digital access, extending their product offerings to include individual and corporate pension plans, continue building and improving on their digital offering and creating a real digital interface for clients to interact with them in a personalised manner.
“As customer experience becomes more important and clients expect and demand all services digitally, the local insurance market is going to need to jump on the digital bandwidth sooner rather than later,” Mr Zammit concludes. n
A new way of doing business
The CoVid-19 pandemic has not been kind to the energy sector, particularly aviation. how does enemed Chairman Kevin Chircop see the company getting over this particularly tough hurdle? “Our core values of ‘Respect’, Enemed Chairman Kevin Chircop believes that the one of toughest decisions Malta faces next year and the years to come is
‘Responsiveness’ and related to the change enforced in relation to in culture that must fiscal discipline. be
‘Results’ are inbuilt in “The level of due diligence and anti-money all our daily decisions, laundering rules that lowed - and this is not are required to something that be folis hapbe it a policy or simply an operational pening in Malta only but globally - means that the traditional way of doing business is obsolete,” he said. procedure… it is our way On an international and a local level, Mr Chircop sees the prices of energy - in particular of life. It is the way we fuels that have skyrocketed partly because of conduct business.” the effects of of the global the pandemic and drive to move to partly more because ‘cleaner’ fuels - as one of the main challenges for his industry over the next year.
“Financial institutions and hedge funds are not keen anymore in providing support for this industry, hence large oil companies are finding it difficult to maintain or build new oil rigs. The surge of COVID-19 numbers is slowing the large economies once again, hence the fine balance between demand and supply has not as yet been established,” he said.
Mr Chircop states that the pandemic has had terrible consequences for certain divisions, particularly for aviation, which was at an almost complete standstill for eight months.
“We are proud that we sustained our employees in every way we could and did not lay off anyone. This does not mean that we are out of the woods since sales for this year are only about 55% of 2019; however, the trend is improving so there is hope,” he explained, “Our company culture is one of continuous improvement and being lean. We are in continuous search of doing things better and in an efficient manner so there is this constant search of keeping our operational costs to a minimum even when the company is going strong.” Although it was already planned to be implemented, the pandemic accelerated the decision to move to remote working and flexibility at Enemed. “We are glad that this was implemented with success and will definitely be kept since it gives our employees full flexibility and easily reach the work life balance especially for parents with young kids,” said Mr Chircop, “Our core values of ‘Respect’, ‘Responsiveness’ and ‘Results’ are inbuilt in all our daily decisions, be it a policy or simply an operational procedure... It is our way of life. It is the way we conduct business.” n
Facing Challenges Head-On
MMh Malta executive Chairperson angelique abela says that, as with every industry over the past two years, maritime and oil and gas industries have faced a number of challenges, with more on the horizon.
As Executive Chairperson of MMH Malta Limited, Angelique Abela’s primary focus is the overall direction, strategy and business development of the company.
Ms Abela also has the responsibility of overseeing new projects being undertaken by the company, amongst which are the rehabilitation of the former Malta Shipbuilding site in the Grand Harbour into the Mediterranean Maritime Hub – a centre of excellence for the marine, oil and gas industry in the Mediterranean - and the growth and expansion of the MMH Academy, successfully established in 2014. “The next challenges we foresee are the shifts in various sectors of the industry towards sustainability and the use of lower-emission fuels. As with every sector, we must also navigate through the current challenges being faced in our local economy at this moment,” she states. According to Ms Abela, one main ‘positive’ that COVID-19 brought about was that digitalisation within the sector increased, allowing the industry to function more efficiently.
“However, more importantly, the pandemic brought awareness and a strong drive towards the safety and well-being of seafarers. As a company, we are proud that on a local level, we worked with Government and the relevant authorities to ensure that crew changes could continue to be carried out safely and with minimal impact to the seafarers and the essential work that they do,” Ms Abela said.
As for plans for 2022 and beyond, the Mediterranean Maritime Hub will continue to support the maritime industry on a local and international level. “We also hope for general growth within the sector and aim to continue investing in our goal to ascertain Malta as a centre of excellence for the Maritime and Oil and Gas industries.” n “We are proud that on a local level, we worked with Government and the relevant authorities to ensure that crew changes could continue to be carried out safely and with minimal impact to the seafarers and the essential work that they do.”
A new lease of life for Manoel Island
The Manoel island masterplan has been unanimously approved by the planning board of the planning authority. The planning board commended the efforts that have been made to achieve a more sustainable masterplan which now has a better balance between built-up and open spaces, with the open spaces now heavily outweighing the built-up area. Midi will now be submitting its plans for a full development permit with the aim of commencing works towards the last quarter of 2022.
While Manoel Island is a critical part of Malta’s history, it remains a much-loved part of the local landscape and culture. Preserving this unique heritage and making it accessible, is at the heart of the revised MIDI masterplan.
The new masterplan for Manoel Island aims to retain the aspects of the mixed-use development while placing a stronger emphasis on creating larger public spaces. The masterplan contemplates that the footprint of the new buildings to be developed on Manoel Island will be scaled down to cover less than 10% of MIDI’s concession and the gross floor area of the new buildings will be 55,000sqm compared to the 95,000sqm permitted in the original Outline Development Permit. Furthermore, Manoel Island is going to have 175,000sqm of open space for the enjoyment of the public.
restoration of heritage buildings The existing heritage buildings are central to the design philosophy of the new masterplan. The masterplan provides a new lease of life to the heritage buildings present on Manoel Island, including Fort Manoel, which has already been restored. The Customs House, St. George’s Chapel and the Cattle Shed will occupy prominent positions within the new 35,000sqm open space which extends from the Manoel Island bridge to the Lazzaretto quay. These buildings will be restored to provide an animated commercial offering which compliments the surrounding open spaces. The Marina The existing marina concession will be upgraded, and the capacity of the marina will be increased to approximately 190 berths. Apart from pontoons, the marina will include a quay for larger berths which will be offered stern to berths. The marina will be protected by a floating breakwater which in the new masterplan replaces the fixed breakwater. By providing a floating breakwater the impact on the environment is largely mitigated.
The residences The residential buildings are positioned in two clusters on the parts of the island where studies show that they will not impede on archaeologically sensitive areas. The first cluster is located
along the south shore and the second cluster is located between the Admiralty Canteen and the Lazzaretto. The two clusters are separated by the large public open space which is located at the heart of the development. The building heights will be slightly terraced from the seafront towards the centre of the island to create a varied architectural skyline which respects the islands topography. The maximum height of the development will not exceed the height of the buildings in Fort Manoel.
no land reclamation In a move away from the original plan that included 14,000sqm in land reclamation, the revised masterplan does not include the land reclamation originally contemplated as part of the development. As a result, the residential block which was proposed for the north shore entrance to Manoel Island will not be developed, thus reducing the impact on the Gzira community. By focusing on the heritage assets on Manoel Island, the revised Masterplan represents a new way of preserving Malta’s history for the benefit of its residents and visitors. This blend of history with the contemporary world will transform Manoel Island into a new and unique destination for Malta. n
