As the development of The Shoreline Residence and The Shoreline Mall at Smart City Malta gathers pace, a typical show apartment has just been completed in premises that directly overlook the site, the Laguna and open sea beyond.

In addition to the show apartment, which is being fully furnished by C. Fino and Sons Ltd, another section has been allocated as a display area to showcase the actual finishing materials and selection choices available to clients to assist existing investors and prospective buyers in their decision-making process.

Andrew Gatt, sales and marketing manager at The Shoreline, said: “Since December last year, when the Koray Group was appointed as the design and build contractor for The Shoreline, work has been progressing at a very steady pace, with all piling works completed across the site and the first foundation pads going in.

“In the coming weeks, those who have already invested in a residence will need to start making decisions about finishing and furniture. It’s important that they do this in an environment which matches the reality of their property. Our new show apartment and adjoining facilities, including a sales office, will certainly create this environment while, at the same time, offering prospective buyers a great way to experience what an apartment at The Shoreline will really look and feel like.”

A great way to experience what an apartment at The Shoreline will really look and feel like
Jean Carlo Fino, CEO at C. Fino & Sons Ltd, said: “We are understandably proud that our firm has been appointed as a valued collaborator in this outstanding development, and we will be furnishing the show apartment at The Shoreline to give buyers a complete experience, naturally in keeping with the very high standards adopted. While buyers will, of course, be free to furnish their apartments as they choose, we believe that Fino is able to offer buyers the quality products they expect, and to suit all tastes, styles and budgets.”

The Shoreline Residence offers a varied selection of 370 studios, one, two or three-bedroom apartments, duplexes and penthouses, many overlooking outstanding sea views and all benefiting from substantial terraces, as well as the use and enjoyment of a landscaped private plaza for residents. Having a special designated area (SDA) status, both EU and non-EU nationals are free to purchase multiple units without limits or restrictions, whether for investment, resale, rental, holiday home or as a lifestyle choice, without the need for permits from the authorities. Units are all offered finished to the highest standards.

The Shoreline Mall is also located right on the water’s edge, comprising two double-height levels and will include around 44 separate outlets, as well as a food court and pop-up retail spaces. Situated in a clean, child-safe, pet-friendly and car-free environment, a varied mix of retail, entertainment, catering and leisure is set to make this the premier destination in the southern part of Malta. For the maximum convenience of shoppers, residents and visitors alike, the development will also include three levels of intelligent underground parking.

A new flyover will be built for those travelling to and from Kirkop, Mqabba, Qrendi, Żurrieq and Safi while two new tunnels will improve access to the airport and freeport in new €18 million investment plans unveiled on Thursday by Infrastructure Minister Ian Borg.

The Kirkop tunnels and airport intersection project will also upgrade the Gudja roundabout with a new underpass to Birżebbuġa and a flyover to the Kirkop tunnels.

The minister told a the media during a visit to the site that this was yet more proof that “this is a government for the people”.
The investment, he said, will ease the life of many people, especially those who use the area on a daily basis and get stuck in traffic. The new flyover will reduce travel time, cut traffic and reduce the risk of accidents, the minister said.

The investment, he said, was another step forward towards the government’s vision for a “greener infrastructure” through fewer emissions resulting from reduced traffic and the adoption of cleaner and more sustainable modes of transport through more walkways, improved public transport amenities and safer cycle paths.

The project is expected to include a pedestrian walkway, which Infrastructure Malta will be building along the same road as well as a new roundabout design that will be offering safer facilities for road users as well as cyclists, Borg said.

Infrastructure Malta embarked on the project this week together as two other major infrastructure projects – the Santa Luċija underpass and the Marsa junction – near completion.
The project explained
In a separate statement, Infrastructure Malta said the Kirkop tunnels and airport intersection project will transform the roundabout into a grade-separated intersection with direct connections to and from the different routes converging at this junction.

At the lower level, two new tunnels beneath the roundabout will create a direct link between the southbound and northbound carriageways of L-Avjazzjoni Avenue and Ħal Far Road.

These tunnels will allow road users, including heavy vehicles, travelling to and from Birżebbuġa, the Freeport and the Ħal Far Industrial Zone, to bypass the roundabout.

At Gudja, Infrastructure Malta will rebuild the existing roundabout in an improved design to facilitate access to and from Gudja, Għaxaq and the airport. The existing bypass lane for northbound travel from the Kirkop Tunnels to L-Avjazzjoni Avenue will also be rebuilt.

The third level of the intersection will incorporate a new flyover bridging the southbound carriageway of L-Avjazzjoni Avenue with L-Ewwel Titjira Road, towards the Kirkop tunnels.

Commuters heading to Kirkop, Mqabba, Qrendi, Żurrieq and Safi will no longer need to enter the roundabout to reach the Kirkop tunnels.

It also comprises new cycle lanes and safe cycle routes that will complement the cycle lanes and the cycling and pedestrian bridge at L-Avjazzjoni Avenue and the segregated cycling and walking track at San Tumas Road and Ħal Qormi Road, which Infrastructure Malta developed in the past three years.

IM said it drafted the project’s plans and method statements in collaboration with the Superintendence for Cultural Heritage to ensure that the road construction and tunnel excavation works do not impact the Ħal Resqun archaeological remains in the existing roundabout. These catacombs are located off the site of the new underpass and will remain accessible to archaeologists.

This investment may be co-financed by the European Union’s Connecting Europe Facility and part-financed by the Cohesion Fund.

As we continue gearing up for construction to start, more and more site preparation works are being carried out. Site levelling, consolidation, rock bolting, concrete works and site power have all been successfully completed or installed

A new “seamless” ferry service taking people from Sliema to the Three Cities in 40 minutes has been launched using a combination of land and sea transport.

The new service, provided by Marsamxetto Steam Ferry Services in conjunction with Transport Malta and Malta Public Transport, is “a first for inter-island transport in Malta”.

Commuters will cross over by sea to Valletta where a bus will be waiting to take them across the city to meet the boat on the other side of the city which will promptly ferry them to their final destination.

Tickets for a return journey will cost just €5.

“We are putting into practice our vision to offer commuters a quick, cost-effective and efficient transportation option that will save them time and reduce congestion on Malta’s roads,” Marsamxetto Steam Ferry Services CEO Edward Zammit Tabona said.

“We believe this service will be warmly welcomed by the business community and visitors alike, particularly as there is no direct public transport link between Sliema and the Three Cities, and it reflects our firm commitment to inter-island transport.”

Marsamxetto has been constantly upgrading its ferry service, introducing a new timetable last year comprising additional trips and engaging with users to provide more convenient departure times.

“The company will be investing in new fully electric buses to provide this service, but to offer passenger an immediate solution, we have made arrangements with Malta Public Transport to use one of their current buses up until our new electric buses are delivered,” Zammit Tabona said. “We are convinced that linking sea and land transport services is the way forward for commuters and visitors alike.”

All seven flyovers of the Marsa Junction Project are now open to road users, Infrastructure Malta said on Saturday, with three flyovers first completed in 2019 switched to their intended function.

The three flyovers were being used to carry southbound traffic as a temporary diversion route over the past 14 months but were switched to their intended northbound direction on Saturday morning.

These three flyovers now form direct, two-lane connections from the northbound carriageway of Santa Lucija Avenue and the northbound carriageway of Giuseppe Garibaldi Road (Luqa) towards Aldo Moro Road, Marsa, in the direction of Santa Venera, Qormi, Hamrun, Valletta and other localities in central Malta.

Workers reopened the flyovers after completing final works on the structures, including adding a topmost layer of asphalt to their road surfaces and expansion joints.

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Three other flyovers which serve southbound traffic to connect Aldo Moro Road’s southbound carriageway with Santa Lucija Avenue and Garibaldi Road, towards Santa Lucija, Tarxien, Luqa, Gudja and other destinations were completed last month.

A seventh flyover which links the northbound carriageway of Santa Lucija Avenue with new lanes to the Addolorata Cemetery and a new park and ride that is still under construction and with Il-Gvern Lokali Road, towards Qormi (Turkish Cemetery area) is also functional.

Focus will now switch to the last stretch of the road project’s new lanes, which will connect the southbound carriageway of Aldo Moro Road with Sir Paul Boffa Avenue, towards Corradino, Paola and Cottonera. Works on this stage will be ready by the end of the year.

New footpaths and pedestrian bridges, bus lanes, bus lay-bys, park and ride areas and segregated cycling tracks are also in their final stages, Infrastructure Malta has said. The new walking and cycling track connecting Paola, Tarxien and Santa Lucija with the Marsa Sports Grounds area of Marsa will be open within a few weeks.

Work on the massive €70 million project to replace Malta’s busiest traffic intersection with a series of flyovers allowing traffic to flow uninterrupted began in late 2017.

Apart from the roadworks, Infrastructure Malta has committed to landscaping the area with hundreds of trees and four public art installations, as well as building underground reservoirs which can harvest more than 1.5 million litres of rainwater.

The Marsa Junction Project is co-financed through the European Union’s Cohesion Fund and the Connecting Europe Facility.

Infrastructure Malta has opened the Santa Lucija roundabout underpass, creating an uninterrupted connection between Santa Lucija Avenue and Tal-Barrani Road, along the principal route to southern Malta.

IM said these new tunnels would cut over 30% of journey times, whilst reducing congestion emissions caused by the previous roundabout junction, which created several busy routes, including three arterial roads and another three roads leading to Santa Lucija, Paola and Tarxien.

During the opening event, Capital Projects minister Ian Borg praised the new works for aiding in mobility and reducing emissions due to less traffic time.

“Every capital infrastructure project is an environmental project,” he remarked.

The prime minister, also present, said that the project will have a beneficial impact on those living in the south of Malta. He also made quick comments on the role the EU had in this project in terms of financing.

“Last June we negotiated largest EU funding package for Malta,” he said, alluding to the EU’s COVID-19 budget deal. “It will be wise for us to come up with more of these projects in order to absorb more EU funds.”

The agency said the new grade-separated junction shifted the business routes of this crossroads, between Tal-Barrani Road and Santa Lucija Avenue to the new tunnels, facilitating commutes through the other roundabout connections as well.

Above the underpass, IM’s contractors have also begun rebuilding the roundabout in a safer design, to improve access to residents in Santa Lucija, Paola and Tarxien.

The project also includes the reconstruction of a nearby jogging track as well as a new shared pedestrian and cycling path connection Santa Lucija to Marsa. IM is also rebuilding the old Tal-Barrani road pedestrian subway in a safe design for cyclists with pathways that are accessible to all.

The new shared pedestrian and cycling path formed part of a longer safer cycle network connecting Luqa, Santa Lucija, Tarxien, Paola, Marsa and Qormi.

The first stretch of this bi-directional path was developed as part of the reconstruction of Hal Luqa Road, next to Santa Lucija’s Garden of Serenity, in 2019. Through the Santa Lucija Roundabout Underpass Project, Infrastructure Malta has now extended it down the northbound carriageway of Santa Lucija Avenue, until it reaches Marsa, where other segregated cycling tracks and a cycling and pedestrian underpass are being developed through the Marsa Junction Project.

IM said that the Santa Lucija roundabout underpass project formed part of a long-term investment along with the main central route of Malta, extending from Pembroke and St Julian’s to Birzebbuga. This includes other arterial road upgrades along this route, such as the 2018 reconstruction of Dicembru 13 road and the Marsa-Hamrun bypass, the 2019 rebuilding of part of the regional road, the Msida Valley Bridge and Hal Luqa Road, the rebuilding of Hal Qormi Road and San Tumas Road earlier this year, as well as the seven flyovers of the Marsa junction project.

The agency noted that this arterial route will continue to be improved with other upcoming projects, such as new tunnels of the Pembroke-St. Julian’s Connections Project, the Msida Creek Project, the Kirkop Tunnels and Airport Intersection Project (KTAIP) in Gudja, and the Luqa Junction Project.

Marsa flyovers are considered to be the biggest infrastructural project ever. Photo: Transport Malta
Marsa flyovers are considered to be the biggest infrastructural project ever. Photo: Transport Malta
Malta’s ‘spaghetti junction’ is nearing completion, promising relief to the 100,000 motorists who face the daily ordeal of driving through the congested Addolorata area in Marsa.

Costing €70 million, the project has been three years in the making and is expected to be completed by the end of this year, Infrastructure Malta said.

The state agency, entrusted with what is considered to be the biggest infrastructural project ever, is pledging that once completed it will reduce travelling time by nearly four-fifths: a five-minute journey would be cut to just 60 seconds.

The project involves direct links for northbound and southbound traffic by means of seven flyover structures across three different levels with an overall footprint stretching 12 kilometres.

Timelapse footage shows the junction taking shape. Photos by Infrastructure Malta. Video: Matthew Mirabelli
From an environmental perspective, the biggest impact was the destruction of 153 trees, with a further 78 being transplanted nearby. Infrastructure Malta is pledging to compensate for this by planting 600 trees in Marsa and another 270 at the new section of the Ta’ Qali National Park.

The area taken up by the flyover network measures 97,000 square metres, mainly on the footprint of the old road network and the adjacent industrial zone.

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Works started in November 2017 and a number of flyovers are already open for traffic. The rest are expected to be in operation over the coming weeks.

The agency also says the project will cut pollution: particulate matter and nitrogen oxide emissions – two main causes of respiratory diseases – will go down by up to 70 per cent and 52 per cent respectively within the next 25 years.

A study by economist Gordon Cordina says that for every €1 million invested, Malta would get back €4.2 million in terms of reduced travel times, lower fuel consumption, reduced accidents, increased labour force productivity and air quality improvements.

On the other hand, there has been criticism new roads only increase dependency on private cars, while discouraging environment-friendly modes of transport.

There will be two pedestrian bridges, an underpass and dedicated lanes for cyclists, bus lanes as well as an area for a park-and-ride services.

Shoreline Mall p.l.c. has successfully closed the Offer period for its Bond Issue well ahead of its closing date. The Bonds were fully subscribed within 5 days from the opening of the Offer and the Company expects that the Bonds will be listed by end of July 2020.

Mr Ben Muscat, the Company’s Chairman stated: “Considering the adverse current market conditions created by the pandemic, the Issuer’s board of directors regard the full subscription to the Bonds in less than a week from the Offer’s opening as an emphatic vote of confidence by investors in the Shoreline Mall Project. Our landmark development is creating a positive momentum for both commercial and residential investment in the South of Malta and in the process, will improve the quality of life in this location not least by creating significant employment opportunities.”

The Company would like to thank its Sponsor, advisors, financial intermediaries and the public at large, in making this Bond issue a success.

The Shoreline Mall is designed to be the most modern and innovative mall on the Island, creating a unique and sophisticated destination within SmartCity Malta. The Company has, to date, concluded a large number of Letters of Intent and Expressions of Interest with representatives of the major retail brands already present in Malta, as well as with representatives of a number of international fashion brands not presently in Malta. The Mall’s brand and retail mix is continually reviewed by Shoreline Management and its retail consultants with a view of delivering a unique retail offer.

It is to be noted that no significant retail shopping malls currently exist in the South, which, inversely is where most of the Maltese population resides. Currently these residents have to drive or commute towards other parts of the Island to visit shopping facilities. This is the primary target market of the Mall, given that it will be within a 15-minute drive from the most densely populated part of the Maltese Islands.

The Shoreline Mall will be offering a safe, unpolluted and child-friendly shopping experience like no other, supported by a spacious, secure and intelligent parking facility for ease of access and maximum convenience – surely the future of shopping in Malta.

This article does not intend to give any investment advice and the contents herein should not be construed as such. The value of investments may increase or decrease and past performance is not an indication of future performance.

–

Tuesday, 19 May, 2020 at 12:05

The Shoreline’s Commercial Podium fulfilled all the necessary requirements to be awarded with a high-level Silver LEED pre-certification

Located directly on the seafront overlooking the Mediterranean Sea, The Shoreline is a landmark private project by Shoreline Contracting Limited within Smart City Malta, offering a mix of 370 luxurious one-, two-, three-bedroom apartments, duplexes and penthouses that enjoy spectacular views, as well as a fully-fledged shopping mall. Recently, after fulfilling all the necessary requirements, the Commercial Podium’s design and construction project has been awarded a high-level Silver LEED pre-certification.

This commercial component consists of two levels of outlets and a further three underlying parking levels, covering the full footprint of the project underlying the private plaza and the residential blocks totaling about 25,500sq.m. with an eclectic mix of retail, catering leisure and entertainment.

LEED (Leadership in Energy and Environmental Design) is an internationally-recognised green building certification system, providing third-party verification that a building was designed and built using strategies aimed at improving performance across all the metrics that matter most: energy savings, water efficiency, CO₂ emissions reduction, improved indoor environmental quality and stewardship of resources and sensitivity to their impacts. Developed by the US Green Building Council, LEED provides building owners and operators a concise framework for identifying and implementing practical and measurable green building design, construction, operations and maintenance solutions.

LEED provides a point system to score green building design and construction. The system is categorised in five basic areas: sustainable sites, water efficiency, energy and atmosphere, materials and resources and indoor environmental quality. Buildings are awarded points based on the extent various sustainable strategies are achieved. LEED (US) and BREEAM (UK) are the most popular rating systems of all sustainable assessment methods worldwide.

According to Italy-based LEED sustainibility consultants Greenwich Srl (greenwichsrl.it/), that specialises in services for green-building certifications such as LEED and BREEAM, the pre-certification has been released by Green Business Certification Inc. GBCI administers the LEED certification programme, performing third-party technical reviews and verification of registered projects to determine whether they have met the standards set forth by the LEED rating system. Dedicated technical experts ensure building certification meets the highest levels of quality and integrity.

Ben Muscat, chairman at Shoreline Contracting Limited, said: “Although pre-certification is an optional review pathway, the Silver pre-certification we obtained for our Commercial Podium, with the help of Greenwich’s consultants, demonstrates our commitment to LEED certification, as we market the unique and valuable green features of our project to attract tenants and financiers.

“The Shoreline is certainly not a conventional development. It is designed to be a sustainable, community-focused, environment-friendly and a visual masterpiece of modern Maltese architecture with landscaped open spaces and a variety of community amenities. The combination of a LEED certified development, together with quality attributes such as sound and noise-proofing and other unique features, are resonating across the industry and with potential homeowners and investors as such initiatives express our determination towards reaching green sustainability to offer a unique environment of the future.”

Sales and Marketing manager at Shoreline Contracting Limited, Andrew Gatt, said: “Following the appointment of lighting consultant Franck Franjou from France (franckfranjou.com/) and acoustic consultant Hann Tucker Associates Ltd from the UK (hanntucker.co.uk), our commercial project is also on track towards being a LEED certified development with a professionally designed use of natural and artificial lighting and a noise-proofing system for the residences while providing the largest number of electric charging stations for electric and hybrid vehicles that any Maltese developer has yet invested in.

“Franck Franjou has won a number of accolades for creating bold statements using the power of light and counts as his iconic credits, among others, the lighting work at the new City Entrance in Valletta.  Hann Tucker Associates Ltd is one of the world’s leading acoustic consultants and have insulated buildings of all types from retail to education to healthcare, counting everyone from Harrods to Sainsbury’s as their clients. These unique features and attention to detail will undoubtedly result in a fully certified and top quality finish that will make both residents and tenants proud and delighted to be living in an area that denotes a superior and evocative lifestyle.”

Set to be fully completed by 2023, this luxurious project will be creating a unique and sophisticated destination in the area of SmartCity Malta. Both EU and non-EU nationals can purchase property at The Shoreline with the same acquisition rights as Maltese citizens and without the need to obtain an Acquisition of Immovable Property permit. There are no limits on the amount of properties a buyer can purchase and, once acquired, the owners may also lease the properties out.

These apartments enjoy a Special Designated Area Status and fully conform to the parameters of the approved 2008 Masterplan for SmartCity Malta.

No matter what the weather, our contractors are busy working and have made incredible progress. And what is even better is that 90% of all excavated material is being recycled.

The first two flyovers at the Marsa junction will open for traffic next month, Transport Malta officials said on Monday.
The busy traffic junction will have seven flyovers by the time the €70 million project is completed at the end of next year.
Details on the project, the biggest ever roads project in Malta, were given in a briefing by Infrastructure Malta CEO Fredrick Azzopardi, at the agency’s offices in Luqa.
The project aims to address the traffic congestion in Malta’s busiest junction, used by an average of 110,000 vehicles per day.

Mr Azzopardi announced that a third of the project has been completed, including the upgrade of Triq Aldo Moro.
By the end of next month two flyovers linking Triq Aldo Moro to Triq Garibaldi will be open for traffic. Although these links are meant for northbound traffic from Luqa to Marsa, they will be initially used in the opposite direction to ease some of the flow in the rest of the area while works are underway.
The lower part of Triq Garibaldi is also set to be re-opened for traffic heading towards Marsa.
Other deviations, affecting northbound traffic at the traffic lights will come into force as from Tuesday
The Infrastructure Malta CEO said that the 130-metre metal superstructure of the first two flyovers made up of circular 40-foot beams, which were manufactured in Turkey, are almost complete.
Works have started to backfill the ramp at this flyover, which will also serve as access another flyover linking Triq Aldo Moro to Addolorata Hill for southbound traffic heading to Santa Luċija. The latter structure, however will be completed next year.
Mr Azzopardi said that the next milestone in the project would be reached in January when two other flyovers linking Triq Garibaldi to Triq Aldo Moro, this time for northbound traffic will be open for traffic.
However, no completion dates were given for the remaining flyovers with the Infrastructure Malta CEO saying only that the project would be ready by the end of next year.
The project entails 337 pile foundations of which 187 have been drilled, 42 pillars of which 20 have been laid, and 264 beams of which 86 are ready.
While the steel structures are being imported from Turkey, all the concrete works are being carried out onsite at the former Shipbuilding yard to avoid transportation logistics.
The project which will also include a pedestrian underpass linking Marsa to Paola and various cycle paths.
Asked what measures were being taken to ensure that the concrete was up to standard, he said that samples from each structure were being subjected to crash tests. In some cases, the concrete was not found to be up to scratch and the structures had to be recast from scratch.

During the first quarter of 2019, the Property Price Index (PPI) increased by 6.5 per cent when compared to the corresponding quarter of the previous year, the NSO said today.
Provisional figures indicate that the main driver of the increase was the Apartments price index, although the Maisonettes price index also went up.
In the first quarter of 2018, the PPI registered a rise of 5.3 per cent when compared to the same quarter of the preceding year.

The PPI shows the price changes of residential properties purchased by households. It is compiled on a quarterly basis rather than on a monthly basis, to ensure that all figures are substantiated by larger samples.
The PPI covers apartments, maisonettes and terraced houses only. The price for the properties being included are deemed to be indicative of developments in the property market in general

Spectaular and affordable are usually two words that rarely go together yet The Shoreline Residence Ltd has just launched another two spectacular high quality and yet affordable residential blocks of their project – namely Block A and Block H – at Ricasoli in Kalkara.
The former is a corner block with 18 exclusive two- and three-bedroom units with breath- taking panoramas, while Block H presents a foreshore row of terraced units on 3 levels with private lift that are among the best on offer with a Mediterranean seaview anywhere in this region. These latest details were revealed during an event attended by leading estate agencies and their top consultants.
Considered to be among the best and most outstanding properties in the entire development, these apartments and duplexes offer clients affordable luxury in a secure, car-free and clean environment close to all that matters. They come with the added value of some of the most exciting investments and retail options so lacking in the South.
“The entire project is to be built all at once,” said the Sales and Marketing Manager at The Shoreline Residence Ltd, Andrew Gatt. “The shopping mall is set to open to the public in Q1/2022, handover of the first finished units to clients is scheduled for Q3/2022. Meanwhile, The Shoreline is currently evaluating the construction tender as construction works are planned to start by the end of this year.”
A mixed use development that is already synonymous with a serene lifestyle in this emergent part of Malta, The Shoreline will be the address for approximately 370 luxury apartments.
Served with a 2-storey, double-height shopping mall covering 25,500 square meters, with ample space for underground parking, overlooking the Smart City Laguna, recreation areas and other amenities, The Shoreline is considered as one of the larger private construction project in Malta to date. As these residences enjoy a Special Designated Area Status (SDA), they can be purchased by both EU and non-EU nationals with the same acquisition rights as Maltese citizens, and without the need to obtain Acquisition of Immovable Property (AIP) permits.
Some 300 metres away from where the estate agents were being briefed about the latest offerings, one could see heavy equipment, including a special cutting machine, being utilized to prepare the earmarked site to accommodate one double-height retail area, and three levels of garage spaces for over 1,000 cars.
In terms of environmental responsibility, En-sure ( www.ensure.com.mt ) are carrying out site monitoring in accordance with international standards, using sampling protocols in accordance with approved method statements.
More information is available at www.theshorelineresidence.com

20190519-MT(a)

Works have started and moving at a great pace!

www.timesofmalta.com/articles/view/20190512/local/marsa-flyover-project-set-for-another-milestone-as-first-massive-beams.709801#

private investment of about €175,000. This new centre is the 136th childcare centre in Malta and Gozo.

The centre will accommodate 34 children, including newly-born children. This is the fifth such centre opened by Stepping Stones, the other four centres being located in Fgura, Birkirkara, Marsascala and Qawra and these in total employ 43 people.

The Minister for Education, Evarist Bartolo said that in free childcare between April 2014 and December of last year, the Government has invested €72 million in childcare centres.

He said that besides helping parents to continue their studies and to continue working, such centres also help children because from a very young age the children are cared for, loved, appreciated and their questions answered.

The Minister said over 5,000 children make use of this service. He said that Government financial support has encouraged private investment and more than 100 childcare centres are private.

Minister Bartolo said the few centres were in danger of closure because of difficulties but now there are 136 centres.

Over the last five years more than 16,000 children have benefited from free childcare.

The Shoreline Residence Ltd expressed its satisfaction for the definitive approval of its development application by the Planning Authority regarding its upmarket and distinctive landmark project on the east coast of Malta at Ricasoli. 

As Andrew Gatt, Sales and Marketing manager for The Shoreline emphasized: “We are delighted to finally have our project solidly grounded and with such an emphatic Board decision in favour of approval. The Shoreline aims to offer its residential clients affordable luxury in a safe, car-free and unpolluted environment close to all that matters, as well as the added value of exciting investment and retail options so sorely lacking in the South. All in all, this is a great place to raise a family, put down roots, enjoy the superb location and great views.”

The Shoreline will be home to approximately 370 luxury apartments complete with a two-storey, double-height shopping mall covering 25,000 square meters, with ample space for underground parking and overlooking the Smart City Laguna, recreation areas and other amenities, making it one of the larger private construction projects in Malta to date.

“This is another important step in the transformation of the southern side of Malta. Designed to be a sustainable, community-focused, environment-friendly and a visual masterpiece of modern Maltese architecture to be completed by 2023, The Shoreline project will deliver top quality residences and a series of upscale shopping mall outlets in the shortest time possible,” explained Ben Muscat, chairman of The Shoreline Residence Ltd. He also emphasised that while The Shoreline is a standalone project in its own right, it will benefit significantly from the eventual development of other elements within the SmartCity itself.

The site excavation works are expected to start in the coming weeks, followed by the engagement of the main construction contractor in the last quarter of this year.
A company spokesperson said that its luxurious project is a Leed certified development with professionally designed use of natural and artificial lighting. It includes a number of unique features such as a car-free and non-polluted environment and a noise-proofing system for the residences and the largest number of electric charging stations for electric and hybrid vehicles that any Maltese developer has yet invested in. The final aim is the creation of a unique lifestyle and a sophisticated destination within SmartCity Malta, located only a few metres away from the azure Mediterranean sea.
Potential homeowners and investors are increasingly seeing the great upside potential for investment in these residences, consisting of a varied mix of 1-, 2-, 3-bedroom apartments, duplexes and penthouses,  all with spacious terraces and offered highly finished with an excellent choice of sizes and layouts. As these residences enjoy a Special Designated Area Status, they can be purchased by both EU and non-EU nationals with the same acquisition rights as Maltese citizens and without the need to obtain Acquisition of Immovable Property permits.
The Shoreline also offers a client-friendly payment structure consisting of a variety of schemes. These are intended to cover a wide spectrum of potential buyers  including plans that are tailored for buyers who may wish to avail themselves of bank finance and structure their payments accordingly.

Enquiries are being received at sales@3.71.201.190 and tel. +356 2180 8895, +356 9949 7518 and more information is available at www.theshorelineresidence.com

The report said that growth is expected to continue over the forecast horizon, albeit at a slower pace.

Malta’s high GDP growth makes it one of the most dynamic economies in the EU, according to the European Economic Forecast for Winter 2019.

“Malta’s economy maintained a strong growth trajectory in 2018, with a particularly brisk expansion in the third quarter. Real GDP growth is estimated to have reached 6.2 per cent in 2018, making Malta one of the most dynamic economies in the EU,” the report said.

The report said that starting from the second quarter of 2018, domestic demand had replaced net exports as the main driver of growth.

“Private consumption has been buoyant, reflecting strong employment growth, increasing disposable income and a large accumulation of savings in recent years.”

“Investment remained subdued in the first three quarters of 2018, especially in non-residential construction and transport. Export growth slowed down from the high rates registered in recent years due to a weaker external environment and a drop in goods exports, while imports have started to recover, supported by strong domestic demand.”

The report said that growth is expected to continue over the forecast horizon, albeit at a slower pace.

“In 2019 and 2020, real GDP growth is set to ease to 5.2 per cent and 4.6 per cent, respectively. As global demand moderates, economic growth is expected to continue relying on domestic demand, underpinned by high private and public consumption.”

“Investment growth is expected to pick up on the back of large-scale infrastructure projects in the health, tourism and real estate sectors. The current account surplus is projected to remain large, reflecting the significant trade surplus of the internationally-oriented services sector.”

“Consumer price inflation began to accelerate in the second quarter of 2018 and reached 1.7 per cent by the end of the year. In part, the acceleration reflects the statistical impact of the increase in the weight of accommodation services in the price index basket for 2018. Despite tighter labour market conditions, wage pressures have yet to fully materialise. As wage growth starts gaining pace, inflation should gradually rise to 1.9 per cent in 2020.”

Commenting on the results, Minister for Finance Edward Scicluna stated: “I am impressed by the European Commission’s forecast which, has once again, revised upwards its forecast for our economy against a weaker external environment. The Commission has downgraded the Eurozone’s economic forecast amid Brexit and trade tensions.”

€70 million project will be finalised by end of 2020

Foundation works on the first two of seven flyovers at the Marsa junction are under way and both should be up and running by this summer, Infrastructure Minister Ian Borg said on Monday.

The first two flyovers will connect traffic flowing between Triq Aldo Moro and Triq Garibaldi.

Addressing a press conference to give updates on the €70 million project, Dr Borg said the third and final stage of the revamp to the thoroughfare was well under way.

“While we are busy laying foundations for the final stage of the project, much of this work is not visible to the public so there might be the impression that the project has stalled. This, however, is far from the case,” he said.

Once completed, the Marsa junction project will be home to the tallest, widest, and longest flyovers on the island.

The tallest part of the intersection will be around four storeys high climbing above another lower flyover. The two longest sections, extending over 400 meters, will connect Triq Garibaldi to Vjal Sta Lucija and Triq Aldo Moro. The widest of the seven structures will include four lanes, forking into two different flyovers each with two lanes.

The flyovers, which are expected to be fully installed by the end of next year, cover around 12 km of either new or completely restructured lanes and will create new northbound and southbound connections between Triq Aldo Moro and Vjal Sir Paul Boffa, Vjal Sta Lucija, Triq Giuseppe Gaibaldi and Triq il – Marsa.

460 concrete piles, 46 pillars

Infrastructure Malta chief executive Frederick Azzopardi told reporters how contractors were currently excavating and casting the first clusters of around 460 concrete and steel piles that will support the flyover structures’ 42 pillars.

These will in turn support 350 horizontal beams, roughly 30 meters long each, upon which the new lanes will rest, replacing the junction’s old traffic light system.

He explained how once the foundations were laid, Infrastructure Malta would oversee the casting of concrete platforms upon which the pillars will be constructed. The first two flyover structures will include 14 pillars.

The contractors are also busy excavating and building over two km of walk-through culverts, which will host new high-voltage power cables as part of an upgrade to the area’s energy grid.

An additional 13.5 km of water, sewage, storm water, electricity, internet and other telecommunication underground networks are also being installed beneath the road surface as part of the project.

“This means that when there is a fault or when new services need to be installed, we won’t have to rip up the tarmac like in the past,” Minister Borg said.

This final stage of the project will also be when the 1.6 km of new footpaths and cycle lanes are added to the junction. Three pedestrian bridges, four new bus laybys, new bus lanes, and a 380-space park and ride facility will also be completed in this final part of the project.

Changes for motorists

Around 100,000 vehicles pass through the Marsa intersection every day.
Mr Azzopardi said the installation of the seven flyover structures would require reworking of the traffic flows and lane system.

“The first of five changes for motorists passing through this intersection will come in a few months once the first structures are laid. These changes are based on studies of the traffic flow in and around this junction and are meant to cause the least congestion and disturbance,” he said.

The major changes to traffic flows, he said, would come in between the second and fifth phase of the installation of the flyover structures.

Despite GDP growth easing from 6.2% to 5.2% in 2019, the Maltese economy is still expected to top the EU’s growth chart

The Maltese economy is one of the most dynamic in the EU, having registered a growth in GDP of 6.2% in 2018, according to the European Commission’s winter economic forecast.

The country’s economy maintained a steady growth trajectory in 2018, adding that while GDP growth was expected to persist, it would ease to 5.2% in 2019 and 4.6% in 2020.

The commission noted that starting during the second quarter of 2018, domestic demand had replaced net exports as the main driver of economic growth.

“Private consumption has been buoyant, reflecting strong employment growth, increasing disposable income and a large accumulation of savings in recent years,” reads the report.

It added that investment remained subdued in the first three quarters of 2018, especially in non-residential construction and transport.

Moreover, export growth slowed down from the high rates registered to continue relying on domestic demand, “underpinned by high private and public consumption”.

“Investment growth is expected to pick up on the back of large-scale infrastructure projects in the health, tourism and real estate sectors,” the commission said. “The current account surplus is projected to remain large, reflecting the significant trade surplus of the internationally-oriented services sector.”

The Commission also noted that price inflation began to accelerate in the second quarter of 2018, reacting 1.7% by the end of the year.

“In part, the acceleration reflects the statistical impact of the increase in the weight of accommodation services in the price index basket for 2018. Despite tighter labour market conditions, wage pressures have yet to fully materialize. As wage starts gaining pace, inflation should gradually rise to 1.9% in 2020.”

Improvements to slip roads also planned

Cannon Road in Sta Venera is to be linked to the Marsa Ħamrun bypass to facilitate the flow of traffic from Birkirkara, Sta Venera and Ħamrun to the south of Malta, Infrastructure Minister Ian Borg announced on Tuesday afternoon.

He said in a Facebook post, that the plans, prepared by Infrastructure Malta, continue to build on the project carried out last year to improve the bypass.

He said that traffic flow towards Ħamrun and Qormi will also be improved thanks to the addition of another lane on the sliproad linking the bypass to the roundabout near the Maltapost depot.

Another lane will be added to the bypass by utilising space created in the project launched last year.

More than €60 million in government and European Union funds will have been spent on road infrastructure investments by the end of this year, information from the Transport Ministry provided to The Malta Independent indicates.

The government in the run up to the 2017 general election pledged a whopping €700 million over the course of seven years for the improvement of Malta’s infrastructure. Infrastructure Malta, the agency coordinating this investment, was in fact set up and launched in September 2018.

Prior to this however, the Ministry was already, through the directorate for road infrastructure, working to implement important road projects such as the reconstruction of residential roads, important junctions and various roundabouts, the Transport Ministry said.

The ministry listed projects in Luqa, Qormi, and Lija, along with specific roads such as Mdina Road in Zebbug, the Marsa-Hamrun Bypass, Triq il-Keffa in Swieqi, Triq Bontadin in Birkirkara, and Vjal ix-Xarolla as some examples of this, whilst also making mention of the finalisation of the Kappara Junction Project, the initiation of the Marsa Junction Project, and the planned commencement of the Central Link Project and the Santa Lucija Tunnels.

The second phase of the Marsa Junction project was in fact completed at the end of November, and the project has now moved onto the building of the seven flyovers that it will contain.  That project alone will, in total, cost €70 million.

68% of respondents of a Flash Eurobarometer n Malta believe that, generally speaking, Malta’s membership in the European Union (EU) is a good thing.

The results came from the first results of a European Parliament flash Eurobarometer which focused on public opinion, and the 2019 MEP elections Lead Candidate Process and European Parliament Media Recall. The survey was conducted between the 26 November and 3 December 2018. 26,071 respondents aged 15 or more took part across the EU.

Whilst 68% of respondents said that membership in the EU is a good thing, 8% and 21% said that it was a “bad thing” and “neither a good thing nor a bad thing” respectively.

In separate question, the significantly lower amount of 45% of respondents replied that the EU generally conjured up a “total positive” image, with 40% saying that the EU conjured a “neutral image” and 10% saying “total negative”.

Maltese respondents answered very similarly to the European average.

With regards to the lead candidate process, the respondents were given the following explanation prior to being presented with a question – “In 2014, based on the results of the EU elections, a lead candidate of a European political family was elected President of the European Commission. Europeans could therefore not only vote for who should represent them in the European Parliament, but also take part in the process of electing the President of the European Commission. In the next European elections, voters would have for the second time the opportunity to take part in the process of electing the President of the Commission.”

57% of all member state respondents voted yes when asked whether this process of electing the President of the European Commission, depending on the results of the European elections, would make them more likely to vote than at the present.

36% voted that it would not make them more likely to vote, whilst 7% said they didn’t know.

Locally, 44% of respondents answered in the affirmative, whilst the same number of individuals remarked that this move would not make them more likely to vote.

An overwhelming number of respondents agreed with the statement that it only makes sense if it (the aforementioned lead candidate process) is accompanied by a real debate about European issues and the future of the EU.

Media Recall

60% of EU citizens say that they have recently heard about European Parliament’s activities from the press, seen on the Internet or on television or heard on the radio.

Malta placed towards the lower end of the graph with 43% having said that they have recently herd about European Parliament’s activities, and 55% saying they haven’t.

When queried on what they recall were the specific topics that were discussed, the top three answers were immigration, combating climate change and protecting the environment, and economy and growth at 77%, 70%, and 63% respectively.

Immigration was the most frequently mentioned item in in Malta, followed by economy and growth, and combating climate change and protecting the environment.

Malta placed at the higher end of the spectrum with regards to having heard about the next MEP elections with 57% saying that they had recently read in the press, seen on the Internet or on television or heard on the radio.

The island’s strong economy and state incentives are driving demand for limited space

Malta, an archipelago nation between Sicily and north Africa, has been a magnet for seafaring empires and merchants for millennia. Phoenicians, Greeks, Romans and most recently the British have landed their fleets on the Mediterranean country’s shores, using Malta as a base for conquest and commerce.

Arrivals in the capital Valletta today are seeking the spoils of peace rather than war. Since the country gained independence from the UK in 1964, Malta’s economy has gradually been reshaped — and has flourished since the country’s accession to the EU in 2004.

Since joining the bloc, property prices have also been on a steep incline, underpinned by a strong economy and government incentives. “During the period of our existence there has never been any one year where we did not register year-on-year growth,” says Kevin Buttigieg, chief executive of RE/MAX Malta, an estate agent established in 2004.

Between 2000 and 2007, Malta’s house price index rose almost 80 per cent (53 per cent when adjusted for inflation), according to property data provider Global Property Guide. Following the financial crisis, prices were more volatile between 2009 and 2013, but have been increasing steadily over the past five years.

Supply is, and will probably remain, tight. Malta is the 10th-smallest nation by area in the world — behind city states such as Monaco and the Vatican City — covering just 320 square kilometres. The country is a fifth of the size of London, and Valletta could comfortably fit inside the UK capital’s Hyde Park. Opportunities to develop on new sites are therefore limited.

“Perhaps the most ambitious [projects] now are the skyscrapers being developed in the Saint Julian’s or Sliema areas, with completion dates set for the end of 2020. Valletta is also a very much sought-after location but property there is very limited and prices have now reached historical highs,” says Buttigieg, whose agency has a lengthy waiting list for property in the capital.

In part because of the limited space for new-builds, “the government has announced a number of incentives with the purpose of encouraging the restoration and reuse of scheduled property and tax incentives for clients purchasing properties in urban conservation areas”, says Robert Spiteri Paris, co-managing director of Perry, an estate agent with three offices in Malta. Buyers in these areas are only required to pay half the stamp duty, normally charged at 5 per cent of the purchase price.

The government has also granted special designated area status to several new developments, meaning “both EU and non-EU nationals can purchase property in Malta with the same acquisition rights as Maltese citizens”, according to Spiteri Paris.

Foreign buyers are a growing contingent, he adds, estimating that expats now make up 90 per cent of Perry’s clients looking for rental property and half of those looking to purchase.

In part that is thanks to government incentives aimed at attracting foreign buyers, most recently a citizenship-by-investment scheme called the Malta Individual Investor Programme, aimed at non-EU buyers. The scheme has “generated property sales and rentals, as well as an assured income to the country”, says Buttigieg. Rental yields in Malta, which attracts tourists throughout the year, are around 4.4 per cent gross, according to Global Property Guide.

Following five consecutive years of record sales volumes, local estate agents are optimistic. Buttigieg describes Malta as “a sellers’ market” and Spiteri Paris anticipates “continuing demand for quality property in the year ahead”.

Space seems to be the only constraint. Spiteri Paris identifies a lack of available stock as a challenge. At the last census, in 2011, the population density in Malta was 1,320 people per square kilometre, against an EU average of 116.6. Those seeking an escape to solitude, therefore, might be advised to look elsewhere.

Photographs: Getty Images; Getty Images/iStockphoto; Dreamstime; Getty Images/Robert Harding

He was answering questions put to him by MaltaToday after the official opening of the new ITS campus in Luqa, which was also attended by Zurab Pololikashvili, secretary general of the United Nations’ World Tourism Organisation.

Mizzi said the government was still on talks with Dubai Holdings on the transfer of land.

“Our plans are very much on schedule and ITS will be moving to its SmartCity campus and four-star hotel in fours years or so,” he said.

When questioned, Mizzi insisted that all work carried out in the past nine months to get the new ITS campus ready had been done with all necessary permits in place. He explained that most of the work, being a matter of renovation, needed only a change of use application. “But all other work carried out was done with all necessary permits in hand.”

After touring the campus with Pololikashvili and other stakeholders, Mizzi said ITS had a crucial role to play in the government’s vision of making Malta the best tourist destination around the Mediterranean.

“Our vision is now to upscale and to spread solid tourist arrivals across more months of the year,” he said.

Around 1,000 students are attending ITS this scholastic year, including 600 full-time students. 260 foreign students are attending the institute.
PololikashvilIi said that institutes like ITS were helping to create quality jobs and were in high demand across the Mediterranean.

“Our organisation is willing to assist Malta with programmes and tools to help it make ITS the learning institute of choice, as well as referring teachers and students to come here,” he said.

ITS CEO Pierre Fenech praised the work of all parties involved in making sure the new campus was operational in time for this new scholastic year.

“This campus was designed with input from the staff, besides experts,” he said. “This far, the majority of feedback from staff and students has been highly positive.”

In the middle of the Mediterranean sea, just beneath Italy, the European Union hides its best kept secret – a jewel by the name of Malta. This archipelago, comprised of three islands, Malta, Gozo and Comino, may deceive you by its tiny size (the main island extends 316 sq.km.), for its economy has grown exponentially in the past 10 years – considerably surpassing its much larger European neighbours.  The Malta Government has recently stated that, “European Commission experts forecast that Malta will have a 5.6% economic growth rate in 2018, and 4.5% in 2019.”

Today Malta has a population of 432,000 and is home to 30,000 expats from around the world who are employed in multiple sectors, the main ones being gaming, financial services and construction. Rankings published earlier this year in the international InterNations Expat Insider survey, have placed Malta amongst the top 10 countries for good work-life balance and seventh as an overall as a destination for expats (12,500 respondents living in 188 countries). In 2017, the same survey quoted respondents’ replies for Malta as an ideal destination for a good quality of life, welcoming locals, warm weather and sea, choice of leisure activities, safety and security, and overall personal happiness.

As though the above was not enough, we can add that Malta’s other riches lie in its deeply rooted history dating as far back as 5900BC, and having been a British colony for over 150 years, Malta adopted the English language as its second language. In addition, the 2017-2018 Global Competitive Index ranked Malta 11th for overall health and education.

Malta has firmly established itself as a country which favours and facilitates foreign investment. Its location, and easy access to all major international airports have all contributed to foreign firms, as well as families seeking to relocate, choosing Malta as their main base. Malta offers an advantageous tax system and several relocation programmes such as the Residency & Visa and Global Residence programmes for non-EU citizens, as well as the Individual Investor Programme (IIP) which offers citizenship in a EU Member State.

If you think investing in Malta for business purposes, retirement, relocation, or simply a holiday home, may be something you are interested in, the largest Maltese real estate agency – Frank Salt Real Estate – will be visiting South Africa for the 15th consecutive year to talk more about the benefits of their island life and the processes involved according to one’s choice of investment. Seminars are being organized with Malta law firm EMD and South African partners Seeff and MaltaLifestyle. They will be held as follows:

• Durban: 16th October 2018 at The Oyster Box Hotel – 14h30 and 18h00
• Cape Town: 18th October 2018 at the Belmond Mount Nelson Hotel – 14h30 and 18h00
• Johannesburg: 22nd October 2018 at the Protea Hotel Wanderers – 14h30 and 18h00

The International Monetary Fund has revised downwards its forecast for Romania’s economy, both for this year and next year, after a moderation of the stimuli that led to the robust growth of 2017, according to the latest World Economic Outlook report.

In April, the IMF had estimated that Malta and Romania would have the largest economic growth in Europe in 2018, of 5.7 and 5.1 percent respectively. In this week’s report, the Romanian economy is only forecast to grow by 4 percent this year, and a 3.4 percent growth is estimated for 2019, a small decrease of 0.1 percent since April’s forecast.

“Romania’s economy had a robust 6.9 percent growth in 2017 following fiscal stimuli and a solid external demand. The growth will slow down to 4 percent in 2018 and continue to decrease to 3.4 percent in 2019, as the stimuli become more moderate,” the report shows.

Alejandro Hajdenberg, the IMF representative in Romania, had warned at the beginning of September that the IMF is considering a change to Romania’s growth prognosis this year.

As for consumer prices in Romania, the IMF estimates have remained unchanged, at an annual growth of 4.7 percent, but they were revised downwards for 2019, when the increase in prices will slow down to 2.7 percent (compared to a 3.1 percent prognosis in the spring). In 2017, Romania had an average annual inflation of 1.3 percent.

The IMF also changed its predictions on Romania’s current account deficit, to 3.5 percent of GDP (compared to 3.7 percent estimated in April). For next year, the organization expects Romania’s current account deficit to be around 3.4 percent of GDP (compared to its previous 3.7 percent prognosis).

As for the world economy, the IMF had a downward growth prognosis of 3.7 percent in 2018 – 0.2 percent lower than its April predictions.

“The downward revision reflects the surprises that have affected activity at the beginning of 2018 in a series of advanced economies, the negative effects of the trade policies approved or implemented between April and September, as well as the weaker outlook for a number of important emerging economies,” the IMF writes.

Romania’s National Prognosis Commission had estimated a GDP growth of 6.1 percent in 2018, followed by 5.7 percent in 2019 and 2020 and 5 percent in 2021. The European Commission expects a 4.5 percent growth in 2018 and 3.9 percent in 2019.

The banking sector in Malta remains well capitalised, highly liquid and profitable, and has continued to contribute to the local economy albeit at levels lower than hitherto observed, according to the Malta Bankers’ Association.

Total assets of all the association’s 24 member banks stood at slightly less than €47bn at the end of 2017. Of these, the six “core domestic banks”, which have the strongest ties with the domestic economy, had a combined balance sheet total of €22.5bn (compared to €21.3bn in 2016), representing 207 per cent of GDP.

Customer deposits with the “core domestic banks” maintained their upward trend, increasing by a further 3.4 per cent to reach a record €18.3bn (€17.7bn in 2016). Total deposits held with all banks now stand at €25.4bn. Karol Gabarretta, the MBA’s secretary general, said: “This indicates that despite historically low interest rates, Maltese households continued to demonstrate their trust in the local banking sector by increasing deposits at the core domestic banks mainly. In fact deposits from residents account for almost 90 per cent of the deposits of the said core banks”.

Mr Gabarretta added that the ‘core domestic banks’ as the main players within the local banking sector remain committed to ensure the proper financing of the economy, despite the challenges outlined above and other costs brought about by the ongoing changes to the EU’s regulatory framework which was originally put in place following the 2008 global financial crisis.

During 2017, credit provided by these banks increased by 1.1 per cent and stood at €10.6bn at the year-end (€9.6bn in 2016). Mr Gabarretta pointed out that notwithstanding this increase, as has been observed in the CBM’s Financial Stability Report for 2017 “resident lending to non-financial corporations (NFCs) by core domestic banks decreased as it became evident that NFCs are increasingly relying on other sources of financing, including loans from related companies, retained earnings as well as debt issuances”.

The direct contribution of the banking sector to the local economy remains significant, as can be gauged from the 2017 figures: full-time bank employees: 4,688; payroll  €187.7 million; taxation on profits  €111.3 million; dividends paid to resident shareholders: €58.1 million.

Malta is emerging as a prominent force in the world of cryptocurrencies. The European island-state has surprised many this year with its continual positioning as a “blockchain economy,” and is now edging over Gibraltar, another economy banking on blockchain for a resurgence, due to the latter’s shaky relationship with the European Union.

As reported by Bloomberg on Oct. 4, the two Western European crypto havens are seeking fresh investments from blockchain-focussed venture funds and digital asset startups. But, it looks like Gibraltar is losing out on the crypto-race due to its deep connections to the U.K.–which recently voted out of the E.U. in a voter referendum last year.

The British colony faces widespread concerns over its regulatory future, and with the already unregulated grey market of cryptocurrencies, entrepreneurs are seemingly seeking options that provide the least resistance and legal scrutiny for their crypto businesses.

Investors and speakers at last week’s Delta Summit in Malta voiced their support for Malta’s foothold in the European single market and stated countries like Gibraltar, even famed Switzerland, lack a similar advantage.

Crypto.com CEO Kris Marszalek noted that Malta is staying in the European Union, a feature that is “not going to change.”

Marszalek added:

“I went to Gibraltar a while ago and they were very open about the fact that they had no certainty about what’s coming–it doesn’t look as if anything has changed since then.”

Malta’s push in the cryptocurrency world has been case study-worthy. From an island known to neighboring states as a beach retreat to one of the world’s only economies supporting the burgeoning cryptocurrency sector.

The country has found its chance to rival economies like Hong Kong and Singapore –two global financial centers that were merely fishing and shipping ports only three decades ago. Their secret sauce? Allowing small and medium businesses to enter their jurisdiction and set highly-supportive regulations that appraise innovation.

In September, Prime Minister Joseph Muscat highlighted Malta is poised to fulfill its “Blockchain Island” dream by setting up fast-track licenses and audit solutions in partnership with “Big Four” accounting firm PwC. The country further considered lowering its 5 percent tax rate for crypto businesses while the Maltese Stock Exchange explores launching digital asset trading on its bourse.

At a recent event, Muscat stated that blockchain technology forms the “inevitable future of money,” and can create a more transparent and equitable society. He asserts that distributed ledgertechnologies (DLT) can transform the fundamentals of political, civic, and corporate systems.

Muscat also noted the “decades-old problem” of inefficient, corrupted administrative systems serves as the impetus to position Malta as a self-styled blockchain island

Thus far, the country has attracted cryptocurrency exchange players like Binance and OKEx to shift from jurisdictions like Hong Kong to its shores. The trio is reportedly forming a Founders Bank in Malta with the aim of proving financial and banking services to crypto startups.

Meanwhile, Malta’s success is overshadowed by money laundering concerns and relatively high crime rates, with the European Commission preparing a binding guideline for Malta’s financial regulator to enforce on crypto businesses after the country’s unlikely jump to the top.

GTG Advocates and Wyzer have announced they will be forming a new joint venture, Caledo, to act as a one-stop shop to blockchain companies. Led by two of Malta’s most knowledgeable pioneers in the blockchain and cryptocurrency space, Ian Gauci and Abdalla Kablan respectively, Caledo is the first Maltese entity to offer corporate, legal, regulatory and technological services under a single umbrella.

Malta is fast becoming a global leader in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies. Bringing professionals who understand and embrace decentralised technology together with the island’s best legal minds, Caledo will bridge the gap between regulators and innovators by speaking the language of both.

“We are excited to be joining forces with GTG Advocates to provide this new industry with a full spectrum of solutions,” said Dr Kablan, founder and chairman of Wyzer, following the set-up of the joint venture.

“We believe that our joint expertise complement each other and together we will offer a full range of services that will positively impact this newly emerging market.”

Dr Gauci expressed his belief that: “Digital innovation is making us rethink the legacy paradigm around us, where cross-sectorial knowledge as well as activity are key.”

As the partner responsible for communications, media and technology within GTG Advocates, he added: “We are practising what we are preaching here and I am excited that GTG and Wyzer are setting the foundations for next chapter of services in the digital economy by being a key enabler and inceptor in this area.”

Caledo will strengthen Malta’s competitiveness in attracting world leading blockchain companies and aims to make Malta the jurisdiction of choice for disruptive and emerging technologies.

While a relatively small economy, Malta still managed to dramatically outperform its fellow Eurozone states during the first six months of the year. As a result, credit rating agencies DBRS and S&P remain optimistic about the country’s economic outlook.

The Eurozone’s smallest Member State was its fastest growing economy during the first six months of 2018. At over 5 per cent, Malta’s economic growth rate topped the Eurozone, according to credit ratings agency DBRS. Consequently, DBRS has confirmed its ”A” long-term rating of Malta, with a stable economic outlook.

In response to the positive rating, Malta’s Ministry for Finance issued a statement saying, “the rating reflects Malta’s remarkable broad-based economic growth, its strong external position and low reliance on external financing, as well as its favourable public debt structure and households’ strong financial position”. Indeed, Malta’s economic performance has been extraordinarily impressive, with several key economic indicators outperforming the Eurozone’s largest economies.

Last year, the island’s economy expanded by 6.7 per cent, nearly triple the average growth rate across the Eurozone, which came in at 2.4 per cent. Malta’s debt to GDP, which reached its highest level in 2011, has fallen by nearly 28 per cent, placing it well below the average of euro sharing countries. What’s more, at less than 4 per cent, Malta’s unemployment rate tied for second lowest with the Netherlands, just behind Germany.

Of note is the fact that Malta’s fiscal surplus rose to 3.9 per cent in 2017, an astonishing 3.1 percentage points above the government’s target. This is thanks in large part to the country’s Individual Investor Programme (IIP), which contributed 2.6 per cent of GDP growth in 2017 compared to 1.7 per cent the previous year. Malta requires a comparatively large investment for individuals wishing to participate in the programme, which grants Maltese citizenship to individuals who purchase at least 150,000 euros of financial instruments and make a 350,000 investment in real estate, with a minimum holding period of five years. Despite this relatively high bar, the IIP brought in 230 million euros last year, generating 5.4 per centof overall government revenue.

Malta’s private sector has also performed well. There has been a steady increase in the country’s labour supply thanks to net migration and more women entering the workforce. Valletta has also benefited from a rise in productivity over the past four years. Furthermore, the demand for Maltese services, especially financial services, contributed to a 13.6 per cent current account surplus last year, a 30-year high for the country. Regarding the banking sector, DBRS noted that Maltese financial institutions have robust Tier 1 capital ratios, high levels of liquidity, and stable profit levels.

DBRS’ upbeat evaluation of Malta’s economy was echoed by S&P’s upward revision of Maltese sovereign debt last month. S&P increased its outlook for Malta’s long-term sovereign credit rating from stable to positive, citing strong growth, the current account surplus, and small government deficit. Moreover, the agency stated that it might increase its ratings on Malta over the next 24 months if economic growth remains in line with their expectations.

This generally outstanding performance of the nation’s economy leaves many to wonder just how Malta managed to outperform so many of its fellow member states. A key reason is its stable government. In June 2017, the ruling Labor Party won a comfortable majority, providing it with the necessary breathing room to continue with its reform agenda. The government has focused on crafting policies that create jobs, improve housing affordability, and enhance both physical and human capital within the economy.

The International Monetary Fund has backed up the credit rating agencies’ rosy outlook for Malta. The organisation projects real GDP growth of 5.4 per cent this year, and 4.6 per cent in 2019. It also expects that the government deficit will continue to fall over the next two years.

Thus, while Malta may not be the economic engine of Europe, its steady GDP growth is an example of Southern Europe’s contributions to the recovery of the Eurozone.