Businesses will be waiting to see how many long-awaited projects get off the ground in 2015, especially those that generate activity across different sectors.

The cuts in electricity tariffs for businesses will save around €50 million, but it remains to be seen how these savings are used. They could be re-invested into expansion plans or into more efficient operations, used to reduce product prices and make the entity more competitive, or merely absorbed as extra profit. The impact will be most felt in energy-hungry manufacturing, where competitiveness is the key.

January should see a decision by Phoenicia Energy Holdings of whether it will take up the option to go into a second phase in Area 4 – in line with its concession agreement – and drill a second well, after the unsuccessful deepwater Ħagar Qim was abandoned in summer. Majority shareholder Genel has yet to give any official indication of its intentions. However, the survey of Area 3 should be completed and could see activity in this site.

The announcement of the preferred bidder for the vast Marsa Shipbuilding site is imminent and the creation of a hub for oil and gas will stimulate a number of associated supply streams. As long as the negotiation process goes without any hitches – or challenges – Malta could see rig stops well before the end of the year.

With the Marsa Power Station being decommissioned and in the process of being dismantled, will the area finally be redeveloped? The plans for the area, including the Marsa Menqa, have not been on the front burner since then Minister Austin Gatt launched his Grand Harbour Regeneration Plan in 2007.

Fingers are also crossed that the 45-hectare White Rocks site will not live up to its reputation as a white elephant. Nothing has been heard since the October 24 closing date for submissions by the 17 investors who expressed interest in the project. The project would create considerable activity with a real estate, as well as upmarket hotels.

Another project that has been on the cards for years is the Sa Maison marina. Work at Haywharf has started, which will enable the AFM to move from the earmarked site. Five bids were submitted for the 25-year concession, which will create at least 240 all-weather berths.

When it comes to long-awaited projects, the price surely goes to the Manoel Island project, the development brief for which goes back some two decades. The concession-holders, Midi, have been looking for a strategic investor to get this going once and for all.

It remains to be seen whether the final product will be tweaked to appeal to very high net worth individuals – such as those being lured to Malta by the citizenship scheme – who currently have very few luxury detached properties to choose from.

After years delayed by lack of finance and permits, the Metropolis project could start to take shape, after the Mepa board last November gave the green light to the €120 million project. The irony is that the project has remained a hole in the ground but it gave new life to the area around Testaferrata Street in Gzira.

It will not be the only high-rise project to tower over nearby buildings. Mepa’s policy, issued last spring, has already seen the Piazzetta in Sliema given approval but there are several other sites that qualified, which will undoubtedly generate controversy. It remains to be seen whether the business model for these sites is still valid, after so many years.

Mepa also revised its height policy for hotels and there has already been a flurry of applications for hotels to add storeys as well as to be demolished and rebuilt. One of the most anticipated is the Corinthia in St George’s Bay, which is set to establish a new standard for Malta. The whole of St George’s Bay could soon be unrecognisable, with development planned around most of its perimeter. So far, the only disappointment is the Radisson, whose redevelopment plans were downgraded to a mere refurbishment.

Unfortunately only one proposal was presented for the design, construction and operation of a cruise terminal and yacht marina in Gozo. The negotiations were meant to be concluded by mid-December, but so far, nothing has been heard since the submission deadline in October.

Apart from this, there is precious little planned for Gozo in the coming year. Will the Xlendi buoy actually be relaid to start catering for small cruise ships? Will the airstrip be redesigned to be used for light aircraft?

Projects generate investment and add value which will grow the economy much more effectively than domestic consumption allow.

But they would also contribute towards a general feed-good factor which spurs even further investment and in turn further growth.

However, is it sustainable for all these projects to take off at the same time? Is it even desirable? Watch this space!