Government has plans to identify geographical areas and investors needed for the construction of superyacht marinas across the Maltese islands.
This comes from government’s newly released strategic vision for the superyacht industry announced on Tuesday. The 58-page document highlights a number of measures aimed at attracting investment through the superyacht industry.
One of the measures in the document reads, “A feasibility study will be conducted to identify the geographical location of potential sites, tenure of the land, the infrastructure that will be required at these sites and any associated natural constraints. Investors will be sourced to facilitate the construction of upscale full-service marinas that cater to the needs of the high-end superyacht market and also adhere to international best practices for sustainable development and quality certification.”
Marinas have been a controversial topic in recent years for a number of Maltese seaside communities. Widespread protests against a marina in Marsaskala took place in 2021, leading Prime Minister Robert Abela to scrap plans for the marina on the eve of 2022’s election.
Meanwhile, last October, activists appealed to the infrastructure ministry to withdraw plans for a yacht marina between Birgu and Kalkara.
Government’s strategic vision
Spearheaded by the transport ministry, government’s strategic vision seeks to create a sustainable ecosystem, positioning Malta as the preferred destination for the superyacht sector.
Addressing a press conference, minister Aaron Farrugia highlighted the overarching vision of making Malta the jurisdiction of choice for the superyacht industry by fostering sustainable growth, supported by reliable infrastructure, quality services, and a skilled workforce.
The superyacht industry has seen the number of registered superyachts exceeding 24 meters growing from just over 100 in 2007 to over 1,100 in August 2023.
The strategic vision was developed through a consultation process involving industry stakeholders, initiated in October 2022. The ministry will utilise this document as the basis for a national superyacht sector plan, working with industry experts.
The minister stressed that Malta’s status as a top superyacht jurisdiction will be cemented and that the policy paper will act as a guide for improving the industry’s competitiveness. The superyacht industry’s dedication to excellence, high-caliber employment, and sustainable expansion is consistent with Malta’s overarching economic agenda.