The process for the privatisation of the management of three yacht marinas will kick off tomorrow when the Privatisation Unit will issue calls for bids, Finance Minister Tonio Fenech said today.

The government will offer 25-year concessions for the management of the yacht marinas at Ta' Xbiex, Msida and Mgarr. They have a total of some 700 berths.

The minister said the marinas could be managed separately or jointly.

He said the new operators would be required to upgrade the marina facilities within two years, by improving areas such as quays and pontoons, quayside facilities, access control and security and fight fighting equipment.

They will be required to maintain the marinas to high international standards and develop them to ensure their long-term viability. The operators will also need to commit to a five-year fee structure.

The marinas are currently run by the Malta Maritime Authority which will now focus on the regulatory role.

The call for applications closes in early August.

The minister explained that the governemnt currently earns €1 million from the marinas per year and spends about €300,000, mostly on maintenance.