Three marinas offered to private sector

Three yacht marinas are set to be privatised, possibly by the end of the year, Investment Minister Tonio Fenech said yesterday.

Calls for bids for the 700-odd berths at the Msida and Ta' Xbiex yachting centres and Gozo's Mġarr Marina are expected to be published today, closing in the first week of August.

The new owners will have to upgrade the marina facilities and infrastructure within two years. They will also have to commit to a berthing fee structure for the first five years of the 25-year concession.

After that period the facilities will return to the Malta Maritime Authority.

Mr Fenech said the government believed the yachting sector could significantly benefit from the involvement of the private sector, which had always been better at making use of assets.

"In the hands of experienced and reputable private operators, complemented by investment in upgrading the existing facilities and improved berthing management, the marinas' unique location and facilities could be positioned to take advantage of the business opportunities presented by a growing and dynamic yachting industry," he said.

He added the new owners had to be creative to maximise use and attract value-added services like yacht chartering and the wintering of super yachts.

Currently, the government earns some €1 million a year from all marinas and forks out around €300,000 for their upkeep. Although the three marinas are being privatised separately, it is not excluded that two or all three marinas could end up in the hands of the same bidder.

Speaking during a press conference at Ta' Xbiex, Mr Fenech said the privatisation of the three marinas would allow the authority to focus more on regulatory aspects.

The marinas' privatisation had been announced in the budget for this year.