Yacht marinas to be privatised by year end

The government plans to privatise the yacht marinas administered by the Malta Maritime Authority by the end of the year, Transport Minister Austin Gatt announced yesterday.

He said the aim is to foster a competitive yacht marina sector with the participation of various market players and to upgrade the service received by boat owners through the modernisation of marina facilities.

The government will be adopting a holistic approach to the privatisation and will assess the possibility of meeting the future demand for berthing space by developing 1,000 new berthing spaces.

The minister said the government intends to heavily involve the private sector in this implementation, with the aim of making Malta a yachting destination.

Dr Gatt was speaking at the launch of the HSBC Valletta Boat Show 2008 which will take place between September 25 and 28 at Flagstone Wharf, commonly known as Il-Menqa, in Marsa.

He said the boat show and other similar events could help turn Malta into a regional centre for yachting and maritime services.

The popularity of the show has meant the exhibition area has had to be doubled due to high demand, John Formosa, managing director of Network Publications, the promoters, said.

Alan Richards, HSBC Malta's CEO, said: "Malta is, at heart, a maritime country with a fascinating history. Because of the size and location of the island, Malta is an immensely attractive hub for the Mediterranean yachting industry."

He recalled that HSBC was the first local bank to recognise the healthy growth potential for the yacht industry with the launch in 2006 of two specialist and innovative tailor-made services: the yacht finance and the yacht lease finance packages. Mr Richards noted that both products have enjoyed "great success" in the local boating market.

During the exhibition, boats will be moored alongside the entire quay which is over 370 metres long.

Artist John Martin Borg presented Transport Minister Austin Gatt with a watercolour impression of the upcoming boat show.