The Maltese government has unveiled an ambitious strategic vision aimed at bolstering the superyacht industry by constructing new “full-service” marinas across the islands.
The comprehensive 58-page document, presented by transport minister Aaron Farrugia, outlines measures to identify suitable locations and attract investors for upscale marinas catering to the needs of the high-end superyacht market.
The strategic vision emphasizes conducting feasibility studies to pinpoint potential sites, assess land tenure, evaluate necessary infrastructure, and address any natural constraints. The goal is to align these marinas with international best practices for sustainable development and quality certification.
Marinas have been a contentious issue in some Maltese seaside communities, with protests leading to the cancellation of a proposed marina in Marsaskala in 2022. Activists similarly opposed plans for a yacht marina between Birgu and Kalkara in 2021.
Farrugia, speaking at a press conference, stressed the overarching vision of positioning Malta as the preferred destination for the superyacht sector. The strategic plan aims to create a sustainable ecosystem supported by reliable infrastructure, quality services, and a skilled workforce.
The superyacht industry has witnessed significant growth, with the number of registered superyachts exceeding 24 meters increasing from just over 100 in 2007 to over 1,100 in August 2023. The strategic vision, developed through consultation with industry stakeholders since October 2022, will serve as the foundation for a national superyacht sector plan.
Minister Farrugia emphasized that Malta’s status as a top superyacht jurisdiction will be solidified, and the policy paper will guide efforts to enhance the industry’s competitiveness. The commitment to excellence, high-caliber employment, and sustainable expansion in the superyacht industry align with Malta’s broader economic agenda.