The investor in the Metropolis project in Gżira, Jalal Husni Bey, will plough €40 million more into the three towers to improve their finish.

The original project was meant to cost €60 million but Mr Bey believes that the product would have been “mediocre” and he wants something which will stand out in Malta.

There was a point where it seemed that the project would never get off the ground and even when he took over the massive hole in 2010, he still faced considerable obstacles. Even the foundations required further engineering before he could start building.

But now the seismic studies have been completed and he is evaluating the three contracting bids submitted for the works, which he believes will take just under four years.

“We will try to give priority to local companies but it will take longer than it would elsewhere because so few of them have experience with high-rises,” he said, noting that the 33-storey tower would be the highest building in Malta.

“No, it is not my ego project. I inherited the plans!” he laughed.

He will use much of the middle tower as his company’s headquarters, basing hundreds of employees here.

However, he believes that there is still considerable scope for residential units in spite of the fact that the property situation in Malta has changed considerably over the decade since it was envisaged. (Mr Bey bought up all the units that had been sold on plan by original project owner Global Capital.)

“Security is an issue in Libya at the moment and a lot of Libyans, diplomats and expatriates are basing their families in Malta,” he said, saying the demand for quality accommodation was rising.

He is looking at the surrounding area and has already bought up as many blocks as he could, noting that only a handful of buildings nearby still house prostitutes – and that these were only small buildings with a few rooms.

“I don’t want to own the whole road but I want to change it. Testaferrata Street is unique. It is wide and traffic friendly, central and close to the marina. I am willing to bet that it could be the best street in Malta,” he said.

His main thrust is to use his considerable contacts in retailing to attract major names to Malta. “I want Metropolis to have top retail brands because the location is excellent. The aim is to have eight or nine outlets open within 15-18 months so that we can create the momentum for the rest of the project,” he said. “There are not enough venues for retail outlets and the ones there are are too expensive. They are charging €400 per square metre in addition to key money. And I want to have good restaurant chains because the stretch from Sliema along the Strand has been invaded by kebab stands,” he scoffed.

He is also in the final stages of buying the petrol station opposite the site, which would serve as an entrance to the underground parking, which will have considerably more spaces than originally planned.

But he is also looking further afield and has presented his ideas to the government for the marina at Gżira Gardens, which he believes has massive potential and could accelerate the metamorphosis from a red district.

“After sunset, the gardens are plagued by drugs, transvestites and alcoholics and it is a no-go area even for people who have their boats there. And this is one of the most amazing spots in Malta with some of the most amazing villas!”

Asked whether Manoel Island was not the obvious next option, he laughed.

“Albert Mizzi is my friend. It is his project. Of course, if he wanted me to take it, I would be willing!”

Mr Bey is passionate about all his projects and, while he is a patriotic Libyan, he feels he has already forged a strong bond with Malta.

“I think that Malta should move ahead with the citizenship scheme as it is good for the country. It doesn’t matter which version; that is not important. What is important is whom you give it to. It has to be someone who believes in Malta because, once they come here and experience it, they will come back. I have no doubt about this. And each of them will bring thousands of others.

“Would I be interested? I would accept Maltese citizenship with pleasure!” he said.