The …
The £25 million (EUR38 million) Cottonera Waterfront Project in Malta is expected to be completed in June this year. This important restoration of the waterfront of three historic cities of Vittoriosa, Cospicua and Senglea will include a yacht marina for 34 super-yachts as well as a new Casino (Malta`s third) which is incorporated into a 17th century house on the waterfront.
The long-drawn out privatisation of Malta International Airport has also progressed, with Vienna International Airport, with SNC-Lavlin Inc and Bianchi & Co taking a 40 per cent share of the airport, while the government remains the main sharehold.
The consortium will operate the airport for the next 65 years, and intend to develop the airport as a Mediterranean hub. Last year, it handled 3 million passengers and reported a turnover of Lm16.6 million. Another major construction project, the delayed Valletta Cruise terminal, is also underway; the first terminal will be ready by the end of 2003 (it will be capable of processing 2,000 passengers an hour) and the second terminal will be ready by the end of 2005. And for the MICE sector, a new convention centre, adjacent to the Hilton, is scheduled to open this month. Accommodating up to 1,400 theatre-style, it is the largest yet in Malta.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
