Welcome to the 2026 edition of MaltaCEOs. Once again, we have the privilege of sharing insights from 50 of the island’s most accomplished business leaders as they navigate what has become our defining reality: an era in which disruption and uncertainty are no longer exceptions, but the norm.
Across this year’s conversations, a clear and compelling narrative has emerged. Despite persistent challenges, including the ongoing struggle to attract and retain talent, geopolitical uncertainty and a rapidly evolving digital landscape, Malta’s CEOs are responding not with hesitation, but with clarity and conviction. They are building businesses that value people as much as performance, embracing artificial intelligence (AI) not to replace teams but to empower them, and looking beyond short-term wins towards Malta Vision 2050, the country’s long-term development plan, as well as the legacy they hope to leave behind.
What stands out most is the spirit of collaboration that runs through these interviews. There is a genuine desire to see Malta’s business community work together – to safeguard our unique identity on the international stage while contributing collectively to the country’s long-term prosperity. It is a refreshing counterpoint
to the purely competitive narratives that so often dominate business discourse.
I was also struck by the quiet dedication that defines modern leadership. The lines between professional and personal life are frequently blurred; the hours are long and the responsibilities immense. Yet these leaders do not complain. They accept the demands of leadership as part of the role, channelling that commitment into building organisations, opportunities and impact that extend well beyond themselves.
As usual, this edition also features our Upfront section, highlighting timely issues and developments shaping leadership across sectors, alongside 50 carefully curated interviews with some of Malta’s sharpest business minds. Together, they remind us that for those willing to embrace change and find opportunity within uncertainty, the future remains as challenging as it is full of promise.
Here’s to the leaders shaping Malta’s future – and to finding opportunity in every disruption in 2026.
Jo
PUBLISHER
Content House Quad Central, Q2, Level 2, Central Business District, CBD 1040 Tel: 2132 0713 info@contenthouse.mt www.contenthouse.mt
MaltaCEOs 2026 is published, owned and operated by Content House Group Ltd and its subsidiary companies.
EDITOR
Jo Caruana
HEAD OF SALES & BUSINESS DEVELOPMENT
Marie Claire Camilleri
CORPORATE SALES MANAGER
Ivan Naudi
EDITORIAL TEAM
Rebecca Anastasi, Laura Bonnici, Rebecca Cachia, Cat Calabrese, Cassi Camilleri, Ramona Depares, Paula Fleri-Soler, Rebekka Mamo, Dean Muscat, Sarah Muscat Azzopardi, Veronica Stivala
CREATIVE DIRECTOR & DESIGN
Nicholas Cutajar
HEAD OF DIGITAL & MARKETING
Raisa Mazzola
OPERATIONS & CLIENT RELATIONSHIP
MANAGER
Sue Ann Pisani
EDITORIAL ASSISTANT
Tammy Sonderup
MAIN PHOTOGRAPHER FOR CEOS SHOOTS
Bernard Polidano
Content House Group Ltd would like to thank all the participants, contributors, partners, advertisers, and the project team who have made this publication a success.
The editorial appearing in this publication does not necessarily reflect the views of Content House Group Ltd and its subsidiary companies. All rights reserved. Reproduction in whole or in part without written permission of the publisher is strictly prohibited.
The selection process of the 50 CEOs featured in the 2026 edition of this prestigious publication has been made at the sole and exclusive commercial and editorial discretion of the publishing company. Interviewees have not been featured in any particular order.
The publication MaltaCEOs 2026 reaches an influential audience comprising top-tier CEOs, business leaders, directors, and C-level executives in Malta. Beyond this core readership, its circulation extends to prominent businesses and companies spanning diverse sectors in the country. Moreover, it is freely disseminated to key entities such as leading accountancy and audit firms, banks, business centres, financial institutions, recruitment agencies and Government agencies.
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MALTA’S ECONOMIC OUTLOOK 2026: WHAT BUSINESS LEADERS ARE SAYING
AS MALTA LOOKS AHEAD TO 2026, BUSINESSES ARE NAVIGATING A COMPLEX MIX OF GROWTH AND CONSTRAINT. THIS MACRO-LEVEL OVERVIEW BRINGS TOGETHER
ECONOMISTS, ANALYSTS AND BUSINESS LEADERS TO ASSESS SECTOR TRENDS, LABOUR AVAILABILITY, COST PRESSURES, SUSTAINABILITY REQUIREMENTS AND THE BROADER ECONOMIC AND POLITICAL CONTEXT SHAPING THE YEAR AHEAD.
STEPHANIE FABRI ECONOMIST
Stephanie Fabri is an Associate Professor in the Department of Business and Enterprise Management at the University of Malta, specialising in economic strategy and business development, and advising organisations on productivity, reform and sustainable growth.
“Malta starts 2026 strong but stretched – it will be a year where smart choices decide everything. Growth is resilient, unemployment is ultra-low and domestic demand remains firm, yet productivity is lagging, fiscal pressures for better-quality spending are rising and services inflation persists. The economy is healthy, but it is operating close to its limits.
The world in 2026 is more fragmented and transactional and less predictable. For small open economies, agility becomes strategy. Malta must strengthen energy security, accelerate digital capacity and move firmly into higher-value sectors. Old growth models won’t survive this new global order.
I expect inflation to decline, but slowly, while wage pressures and labour shortages will continue to impact service prices. We may see lower inflation, but little relief in operating costs.
Talent shortages will remain structural. Malta will continue to depend on foreign workers, with the challenge being quality and value, not quantity. The country needs targeted high-skill inflows, faster qualification recognition and a renewed productivity agenda. Without that shift, growth will hit a ceiling.
It also means investing in infrastructure and public services that lift productivity, including transport, planning, permitting, and digital Government that materially reduces friction for firms.
The environmental, social and governance (ESG) framework is no longer optional; it’s competitive armour. Companies that embed sustainability into operations,
energy efficiency, supply chains, and product design will outperform. The biggest opportunities lie in green construction, circular business models, premium sustainable tourism, and the blue economy.
Property, hospitality and some services are at stretched capacity. Without supply-side reform, competitiveness will erode. The strongest growth potential sits in knowledge services, digital industries, green tech, and premium tourism.
On the optimism-to-caution spectrum, my outlook for 2026 is strategically optimistic. The economy could grow, but only if we move from volume to sophistication. If recent years were about speed, 2026 will be about precision – and Malta’s success depends on making every move count.”
“If recent years were about speed, 2026 will be about precision – and Malta’s success depends on making every move count.”
“I see Malta beginning the year with solid headline growth, low unemployment and resilient external demand, supported by tourism recovery and steady service-export performance. Yet beneath these aggregates lie structural tensions: productivity gains are lagging behind employment expansion, infrastructure and environmental pressures are mounting, and population growth continues to strain housing, transport and social services.
Fiscal buffers remain adequate but are narrowing, so recurrent commitments will need careful calibration. In my view, the economy is broadly healthy, but its mediumterm trajectory hinges on shifting from labourintensive expansion to efficiency-driven growth, backed by credible governance reforms and sustained investment in skills, digitalisation and environmental resilience.
I also see pockets of overheating. Construction and real estate continue to show price and cost dynamics increasingly disconnected from household incomes, sustained by external demand, investment inflows and demographic pressure.
Tourism-related activities face capacity strains in peak seasons, with labour shortages and congestion eroding service quality. Labourintensive services reliant on imported workers risk productivity dilution and wage-cost misalignment. These pressures don’t yet constitute a systemic imbalance, but they signal an economy operating close to key physical and social constraints. That calls for targeted, credible regulation, better planning and productivityenhancing investment.
GORDON CORDINA EXECUTIVE DIRECTOR, E-CUBED CONSULTANTS
Gordon Cordina is a leading voice on Malta’s macroeconomic performance and structural reform, advising institutions and businesses on policy and competitiveness.
“Malta must become more selective in the investment it attracts and the sectors it promotes, because scale-driven expansion is no longer sustainable.”
Looking ahead, Malta must become more selective in the investment it attracts and the sectors it promotes, because scale-driven expansion is no longer sustainable. Resourceintensive construction, speculative real estate and low-value back-office operations strain labour supply, infrastructure and the environment, while offering limited productivity gains.
By contrast, targeted growth in digital services, fintech under robust regulation, life sciences, maritime technology, and ESG-aligned manufacturing can strengthen reputational capital and support compliance with tightening international standards on taxation, AML/CFT and sustainability reporting.
Prioritising investments that raise skills, deepen technological capabilities and reduce externalities will help Malta manage overheating risks and remain a high-quality, rules-compliant business jurisdiction.”
MALCOLM CAMILLERI CEO, PG GROUP
At PG Group, Malcolm Camilleri leads a diversified portfolio across hospitality, retail and real estate, focused on sustainable growth, investment discipline and business transformation.
“Malta brings a strong economic base to 2026, tempered by structural challenges in talent and global uncertainty. For forward-thinking enterprises, the year ahead offers a landscape rich in opportunity, anchored in stability, sustainability and strategic growth.
Malta’s economy continues to show resilience and adaptability, maintaining one of the strongest growth trajectories in the EU. This positions Malta as a competitive and agile economy in a complex global environment.
“Traditional sectors such as tourism, financial services and gaming have served us well, yet global trends and technological disruption demand that we broaden our horizons.”
Key indicators point to stability with cautious optimism. Inflationary pressures, which dominated recent cycles, are easing, with rates expected to stabilise near 2.1–2.2 per cent, restoring predictability for businesses and households. The labour market remains tight, with unemployment among the lowest in Europe at approximately three per cent. However, persistent skill shortages highlight the need for targeted workforce strategies and upskilling initiatives.
ESG remains a critical pillar of business strategy in 2026, shaping how companies operate and engage with stakeholders – but as we integrate sustainability into our core practices, we must also safeguard our competitiveness. The challenge lies in aligning ESG commitments with cost efficiency and innovation, ensuring that businesses can thrive in a global market while meeting environmental and social responsibilities.
Some sectors in Malta are approaching a point where supply is likely to outpace demand, creating structural imbalances and competitive pressures. This oversupply risk could lead to margin compression, increased vacancy rates and heightened financial strain for businesses operating in these areas.
For Malta to sustain last year’s growth, bold steps towards diversification will be essential. Traditional sectors such as tourism, financial services and gaming have served us well, yet global trends and technological disruption demand that we broaden our horizons. Emerging industries such as green energy, digital health and services driven by artificial intelligence (AI) present significant opportunities for Malta to position itself as a hub for innovation.”
Photo by Bernard Polidano
RAYMOND FENECH CHAIRMAN, TUMAS GROUP
At the helm of Tumas Group, Raymond Fenech leads interests across hospitality, gaming and technology, giving him a front-row view of Malta’s workforce pressures and the realities of scaling internationally.
“In 2026, I believe Malta’s economic health remains resilient. We operate in a small but agile economy and resilience has always been our strength. As time passes, I’m keeping a close eye on evolving tourism trends, labour market dynamics and the continued pressures created by global inflation.
On that note, while inflation is easing compared to previous years, the cost of doing business will remain a challenge. It will require companies to be disciplined and committed to delivering quality.
Labour shortages will persist in 2026, particularly in hospitality, construction and technology. Malta must continue investing in skills training and regulated, ethical recruitment. In addition, businesses need strong internal structures and good governance to support their teams.
ESG is no longer a trend, and I believe sustainability will be central in 2026. It is now an essential part of sound business practice – in fact, it’s already a requirement in our collaborations with international partners. ESG will shape the way projects are designed, operated and evaluated, and it will create new opportunities for those who are prepared to invest in long-term value.
In our sector, the most significant opportunities lie in innovation and diversification. Traditional industries such as hospitality have reached a level of maturity, so growth must come from new areas. This is why we
are investing in technology and online gaming platforms, where the scale is global and the potential is significant. We already work with more than 40 contracted operators, and we expect to reach over 100 by the end of the year.
Overall, my outlook is optimistic but measured. Malta has potential, but we must continue evolving, adapting and upholding the highest standards. This is how we preserve our legacy and secure our future.”
“Labour shortages will persist in 2026, particularly in hospitality, construction and technology. Malta must continue investing in skills training and regulated, ethical recruitment.”
Photo by Albert Camilleri
MICHAEL WARRINGTON CEO & DEPUTY CHAIRMAN, AX GROUP
Michael Warrington steers a portfolio spanning hospitality, real estate, care, and construction, bringing a long-term lens on investment, infrastructure and the social foundations of growth.
“The economy is doing well, and not just from a local perspective – rating agencies and EU commentary project five years of additional growth, which is encouraging for business. Yet there are limitations and challenges that should inform our strategy.
Social pressures are impinging on both the political and economic agendas, with discussions about over-tourism and population size dominating. The sad reality is that we’ve seen population growth but haven’t had the foresight to plan the infrastructure to accommodate it, hence the traffic congestion and labour pressures.
Malta needs some fresh thinking in terms of social order. Our short-sighted approach to migration needs to change. Few people have embraced the reality that we depend on migrant workers, from birth to grave. We, as a society, must appreciate the value of migrant workers in Malta and not take them for granted. We must invest in people – they are fundamental to our economic growth.
On a scale of optimistic to cautious, my outlook is positive for 2026 and beyond. The economic fundamentals are good, with exciting opportunities ahead.
Setting a strategy for the next five years is clever, but I hope it won’t be riddled with compromises. Ultimately, we must remember that we’re planning Malta’s future for the next 100 years, with the consequences of our decisions today defining our country tomorrow.”
“We, as a society, must appreciate the value of migrant workers in Malta and not take them for granted. We must invest in people – they are fundamental to our economic growth.”
Photo by Bernard Polidano
THE CEO STATE OF MIND 2026
How Malta’s leaders are adapting to change
The role of CEO has never been a static one, but 2026 introduces a distinct set of challenges and opportunities. Digital acceleration, political change, heightened environmental, social and governance (ESG) expectations, and a workforce with shifting priorities are all arriving at once. In this feature, some of Malta’s senior business leaders share how they are refining their leadership mindset, balancing performance with wellbeing, and steering organisations designed to adapt and grow in a constantly evolving environment.
For Malta’s CEOs, 2026 is not a year for autopilot. Ask any chief executive how leadership has changed and a common thread emerges: the job has moved from directing to enabling. Where the role once centred on operational control and predictable outcomes, it now demands a steadier hand on direction, with faster decisions and more variables in play.
“Success used to be largely based on predictable outcomes, allowing one to focus on the bottom line,” says Norman Aquilina, CEO of Farsons Group. “But today’s market dynamics require a balance between delivering the bottom line and keeping your eyes on the horizon.” Norman adds that “a key leadership skill is the ability to navigate uncertainty, encouraging a challenging mindset and thereby inspiring teams to innovate and adapt to the inevitable transformative pressures.”
Christian Sammut, CEO of BMIT Technologies plc, describes his own shift “from operational control to strategic enablement, driven by rapid technological change and rising stakeholder expectations.” In his view, modern leadership calls for stronger judgement around technology’s implications: “We need to balance innovation with responsibility while ensuring technology adoption respects fairness, privacy and transparency.”
“A key leadership skill is the ability to navigate uncertainty, encouraging a challenging mindset and thereby inspiring teams to innovate and adapt to the inevitable transformative pressures.”
Norman Aquilina, CEO, Farsons Group
And the pattern holds across sectors. Luke Chetcuti, CEO and Chairman of Hugo’s Group, found that as his business grew, being hands-on in every decision became unsustainable. “I realised leadership is less about control and more about delegation and robust structures and systems.” As teams scale, he adds, “empowering people goes a long way to driving execution, growth and scale.”
THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS
Adding some nuance, John Ellul, Co-Founder of Veracloud, says that “leadership has evolved from a position of control to one of adaptability.” In practice, he argues, clarity becomes more important as conditions shift. “Confidence is built through transparency and a clear long-term vision – even when short-term conditions fluctuate.”
DIGITAL’S DOUBLE EDGE
Digital transformation features in almost every conversation about contemporary leadership, yet Malta’s executives are candid about its complexities. Data-led decisions, automation and new routes to growth are accelerating performance but also bringing greater exposure and less room for error.
Peter-Jan Grech, CEO and Founder of BRND WGN, brings attention to such hazards. “Automation, speed and access to information bring advantages, but we’re
also seeing risks that weren’t here before,” he says. Chief among them are cybersecurity threats rooted in human error, artificial intelligence (AI) hallucinations from overreliance without critical questioning, as well as what he terms “AI homogeneity” – organisations “diluting their brand and degrading customer experience by working with Creative Downloaders instead of Creative Directors that think strategically.”
As the pace accelerates, Peter-Jan argues that leadership becomes as much about alignment as innovation. “The harder task is keeping teams aligned, motivated and focused when the ground keeps moving. That means over-communicating priorities and setting a steady operating cadence.”
John notes that digital transformation “is no longer about delegating tech decisions but about embedding a digital-first mindset across organisations.” When
“We need to balance innovation with responsibility while ensuring technology adoption respects fairness, privacy and transparency.”
Christian Sammut, CEO, BMIT Technologies plc
Photo by Bernard Polidano
technology was merely a support function, a CEO could afford to be a spectator, but with AI now moving into core operations, leaders are expected to ask different questions – not only about what works, but critically about what is safe, fair and defensible.
At BMIT, Christian sees expectations moving beyond infrastructure provision to delivering secure, scalable and integrated solutions. “We’ve transformed and adapted by investing in automation, strengthening compliance and ensuring technology adoption aligns with customer needs and long-term value creation,” he says.
Framing digitalisation as non-negotiable, Norman adds: “Provided digitalisation is well embraced, it can lead to effective empowerment, giving businesses that competitive edge. Within this sphere, staying on the fence is not an option.”
Photo by Rene Rossignaud
“Empowering people goes a long way to driving execution, growth and scale.”
Luke Chetcuti, CEO & Chairman, Hugo’s Group
“Technology is evolving at an extraordinary pace,” highlights Luke. “As a leader, I make it a priority to understand our systems so I can take more informed, strategic decisions. Agility is essential to remaining competitive.”
For Joseph Gauci, Founding Partner at CLA Malta, the implications are organisational as much as technical, requiring greater collaboration between departments and continuous investment in training.
STRATEGY WITHOUT POLITICS
With speculation around a potentially early general election and shifting policy directions, Malta’s business leaders have had to consider how political uncertainty affects planning. The consensus is to separate longterm strategy from short-term political cycles to focus on what can be controlled.
“You don’t build strategy on politics,” notes Peter-Jan. In response, he has shortened planning cycles while doubling down on culture. “If organisational culture is steady, the company also remains stable regardless of the political cycle.” Luke and Christian take similar approaches, anchoring strategy in fundamentals and customer priorities rather than policy speculation. “Cash flow, balance sheet strength, operational efficiency, and customer experience,” Luke lists. “Flexibility is essential.”
Norman acknowledges the distraction of uncertainty but also points to the role of collective business representation. “A strong voice of business through collective representation is vital as it holds policymakers more accountable,” he explains. Joseph adds that election periods typically bring brief economic slowdowns, but he remains confident: “The local economic landscape shows resilience and GDP forecasts predict growth of around four per cent for 2026.”
“Confidence is built through transparency and a clear longterm vision – even when short-term conditions fluctuate.”
John Ellul, Co-Founder, Veracloud
FROM COMPLIANCE TO COMPETITIVENESS
Environmental, social and governance (ESG) criteria were once viewed by many as a purely box-ticking exercise. In 2026, that mindset is outdated as ESG considerations are now increasingly treated as a discipline that can add rigour, reduce risk and sharpen strategic choices.
“More than sustainability in isolation, it’s about being competitively sustainable,” Norman asserts, “meaning that it’s not only about being environmentally sensitive and socially responsible, but also about being economically sound.”
Christian agrees that “ESG adds complexity but sharpens purpose.” At BMIT, that has translated into energy-efficient data centres and renewable partnerships.
Peter-Jan goes further, believing that “leaders should proudly carry the ESG responsibility because it shapes tomorrow’s realities. When it is done with intent, it moves from being an exercise in reporting to one of relevance.” Luke, while acknowledging the added pressure, says it has helped guide decisions around energy use and business practices.
For John, aligning sustainability with profitability is “now a core leadership responsibility”, while Joseph expects the change to accelerate as “more Maltese companies will embrace ESG in the coming years.”
EXECUTIVE BURNOUT
Amid the talk of strategy, digitalisation and market resilience, a more personal theme emerges as leaders discuss the toll of the job. Alwayson connectivity has made leadership fatigue a genuine boardroom issue and, for many, a performance risk.
Peter-Jan describes burnout as “not just a phenomenon but a new reality – a reality for most professionals and not just leaders alone.” His
THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS
response is to surround himself with strong people, protect thinking time and immerse himself in nature daily – the reason being that “if I’m exhausted, then the organisation becomes reactive instead of inventive.”
Christian also acknowledges that fatigue and burnout are “genuine challenges across senior leadership.” The pace and complexity of decisions are proving increasingly intense. What helps him is prioritisation, clarity, open dialogue, and shared accountability, ensuring teams have space to remain effective without compromising wellbeing.
Yet technology has made it harder than ever to disconnect; maintaining clear boundaries is ever more essential. For Luke, physical discipline has been an invaluable lesson.
“Prioritising sport and fitness – something I learnt later in life – has improved my resilience, clarity of mind and ability to manage daily pressures,” he shares.
Meanwhile, Norman’s prescription centres on delegation. “It’s about effectively delegating while staying connected with management to maintain operational oversight without getting dragged into day-to-day issues. It’s also about prioritising one’s wellbeing, giving yourself the necessary space to offload and time to recharge.” In much the same vein, Joseph relies on his business partners and sons to share the load, while John points to peer networks as crucial support.
“The harder task is keeping teams aligned, motivated and focused when the ground keeps moving. That means over-communicating priorities and setting a steady operating cadence.”
Peter-Jan Grech, CEO, BRND WGN
NAVIGATING COMPETING DEMANDS
The wellbeing question connects to a broader tension: the sheer number of people a CEO must answer to. Delegation helps with managing workload, but it does not remove the competing demands from employees, customers, investors, and regulators. And the workforce dimension is changing too, with expectations around meaning, flexibility and transparency rising alongside performance pressure.
Norman calls it “a delicate balancing act” yet argues the tensions can also be productive. “Just as stakeholder expectations can be contrasting, they can likewise be complementing,” he says. Well-motivated employees perform well, satisfy
Photo by Mark Cassar
“Leaders must prioritise empathy, self-awareness and psychological safety to inspire loyalty.”
Joseph Gauci, Founding Partner, CLA Malta
customers and ultimately deliver for shareholders. The trick, he says, is active listening, clear communication and staying anchored to the organisation’s core purpose.
Peter-Jan takes a harder line, insisting that it is impossible to please everyone, no matter how hard one tries. “Running a business is about chasing your ‘north star’ and letting it guide the trade-offs. Not everyone will like every decision, but they will understand the choices you make if they are rooted in honesty and a consistent purpose.”
Luke’s experience transforming Hugo’s Group from a family business into a listed company sharpened this reality. More stakeholders meant more scrutiny, but also more discipline. “We adopted stronger governance built on accountability and transparency,” he says. “It was challenging but ultimately beneficial” – and admittedly one of his proudest achievements as Group CEO.
THE 2026 OUTLOOK
So what does it take to succeed as a CEO in Malta in 2026? According to Luke, “the pace of change has accelerated dramatically, particularly with technologies such as AI. Being tech-savvy is now essential. Strategic agility, digital literacy and regulatory awareness are all critical to remaining relevant and competitive.”
It is clearly no longer enough to be the smartest person in the room. The role demands strategic focus, emotional intelligence and the discipline to prioritise when everything feels urgent at the same time.
Norman summarises the requirement as the ability to stay “strategically focused, avoiding distractions and being able to pivot quickly.” It is about execution, but also direction, in an environment where “expecting the unexpected is the norm.”
For Christian, success hinges on “regional and global perspectives, digital fluency and an ethical strategic outlook.” John adds weight to this, asserting that, “in 2026, the advantage comes from disciplined focus and fast pivots. Digital fluency and ethical intent turn uncertainty into trusted execution.” Joseph, in turn, points to courage and resilience, noting that “you should not be afraid of change.” He also underlines the human dimension of leadership as organisations
adapt. “Leaders must prioritise empathy, selfawareness and psychological safety to inspire loyalty.”
As Malta moves deeper into this decade, the most effective leaders will be those who can cut through the noise – the ones who understand that technology can accelerate execution, but it cannot replace the human need for trust, connection and purpose.
As Peter-Jan concludes, “AI has clearly accelerated execution, but humans give work meaning. In 2026, I think meaning, not efficiency, will once again become the real competitive edge.”
by Shaun Spiteri
Photo
What Keeps Malta’s CEOs AT NIGHT? AWAKE
Behind the boardroom confidence, CEOs are juggling competing demands. So, we asked five of Malta’s business leaders what keeps them up at night. Their candid answers reveal the tensions, trade-offs and frustrations influencing leadership in 2026 – from AI disruption and workforce strain to bureaucracy, cash flow and changing regulations.
Across Malta’s business landscape, pressure points are multiplying, and they rarely arrive one at a time.
The country’s CEOs describe a constant balancing act: growth versus control, investment versus restraint, speed versus risk. In addition, artificial intelligence (AI) is accelerating change, but not always with clarity, and skilled people are essential, but harder than ever to retain.
Nevertheless, opportunity remains strong, including international expansion and
research breakthroughs, such as quantumsecure communication. Yet the systems that should support progress often lag behind. Permits take too long, invoices go unpaid for months and immigration processes can feel hostile – effectively undermining the workforce the Maltese economy now relies on.
Despite these frustrations, many leaders return to the same counterpoint: appreciation for the people who keep adapting and delivering, even when the conditions make progress much harder than it should be.
HARALD ROESCH
CEO, Melita
What keeps you awake at night as a CEO in Malta right now?
I see it as key that I don’t stay awake at night – I need to operate at 110 per cent every day for my team and stakeholders. Complexity is part of the job. Going through Melita’s recent sale to Goldman Sachs was additional workload, but it was completed without lost sleep.
What’s the one business risk you’re most worried about in 2026?
Cybersecurity. We need to stay ahead of cyber criminals. We have layers of protection for our network, our business customers and residential customers, which we’re constantly enhancing.
If you could change one thing about Malta’s business environment tomorrow, what would it be?
Finding ways to turn Maltese innovations into international success cases. Through the PRISM consortium, Melita built a quantum node network enabling quantum-secure communication. There’s world-leading research happening here. Local collaboration can unlock international opportunities –I’d like to see more of it.
What’s one thing happening in Malta that makes you feel positive about the future?
A growing awareness of community and the environment. There are more electric vehicles on the road, and more people are using buses and ferries. The quantity and quality of submissions to the Melita Foundation have grown over the past five years. It points to a future where wellbeing is being considered alongside economic growth.
CENK KAHRAMAN
CEO, Finance Incorporated Ltd
What keeps you awake at night as a CEO in Malta right now?
The scale and speed of global and EU-wide competition. It requires constant focus to ensure we remain competitive despite pressure from multiple fronts.
Where do you see the biggest threat to your business growth?
Sudden changes in regulation and global trends, as when the rules shift quickly, long-term planning becomes more complex and decisions carry greater risk.
What’s your biggest operational headache right now?
Finding and attracting skilled workers. Growth depends on people, and getting the right team in place is one of the biggest challenges we face.
What’s the toughest decision you’re facing this year?
Deciding how and where to diversify into other jurisdictions in a way that supports sustainable growth while safeguarding long-term resilience.
What industry trend worries you most?
AI, given how quickly it is evolving and reshaping expectations across industries.
DR JAMES CASSAR Managing
Director, 242 Group
What keeps you awake at night as a CEO in Malta right now?
The main challenge is balancing growth and structure within a group such as ours, ensuring that all the companies are receiving the right level of investment and support. The level of service is ultimately more important than growth alone.
If you could change one thing about Malta’s business environment tomorrow, what would it be?
People’s disregard for payment terms. It has become common to ignore payment terms, particularly in specific markets. This creates cash-flow challenges across almost all industries.
What’s your biggest operational headache right now?
Consolidating different companies within the group so they work more smoothly together. We’ve invested in a system, which is being rolled out in 2026, that will give managers visibility not only of their departments but of others too, helping them identify synergies and opportunities.
What aspect of running a business in Malta has become significantly harder in the past two years?
Human resources. Not because there’s no interest in joining us, but because perceptions of the industry’s requirements often don’t align with reality. The hard work required to thrive in events is frequently overlooked.
JOSEF SAID CEO, Konnekt
What keeps you awake at night as a CEO in Malta right now?
Misjudging the speed, scale and direction of AI’s impact. We already use AI and machine learning models internally and for clients. The real risk is not AI itself, but investing in the wrong places and failing to reskill people quickly enough.
If you could change one thing about Malta’s business environment tomorrow, what would it be?
The treatment of third-country nationals (TCNs) needs to change radically. Unless they’re treated like Maltese
citizens when it comes to changing jobs and work permits, we perpetuate a cycle of abuse and suffering. Identità needs to be far more service-oriented, and the Immigration Appeals Board requires complete reform and better resourcing – its backlog already exceeds 18 months.
What’s the toughest decision you’re facing this year?
Where to double down and where to hold back. The real dilemma is executing these choices when they have a human impact, like reshaping teams and
Photo by Bernard Polidano
THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS
stopping projects. Balancing long-term responsibility with immediate impact on individuals is the hardest part of the job.
What aspect of running a business in Malta has become significantly harder in the past two years?
Building and retaining a stable workforce. Foreign workers made up five per cent of the workforce in 2005, 20 per cent in 2015 and about 36 per cent today – yet systems feel designed to push them away. We bring people here, train them and then too many move to countries where life is simpler and citizenship achievable in under five years. We’re quietly losing the talent we need.
What’s one thing about your business or team that you’re particularly grateful for right now?
Exceptional people. I’m particularly grateful for how we show up for one another – the support, maturity in handling difficult conversations and willingness to challenge for better outcomes.
ALEXANDER CHETCUTI CEO,
Lift Services Ltd
What keeps you awake at night as a CEO in Malta right now?
Making sure we don’t waste momentum. We have a strong base in Malta and a growing presence in North Africa, so my focus is on scaling sustainably, protecting cash flow and keeping standards high as volume increases.
What’s the one business risk you’re most worried about in 2026?
Over-exposure to a small and cyclical local construction market. That’s why we’re pushing harder on diversification across products, services and regions.
If you could change one thing about Malta’s business environment tomorrow, what would it be?
Simplify and speed up bureaucracy around permits and regulation. The country would gain a lot if more of our time went into building teams and serving customers, rather than chasing approvals.
What’s one thing about your business or team that you’re particularly grateful for right now?
Loyalty. We have people who’ve been with the company for more than 30 years. We even have a three-generation story – a grandfather who retired after a long career with us, his son who’s been here 25 years and now his grandson for five. That level of commitment says a lot about the culture we protect.
If you had to name one word that describes your biggest challenge, what would it be? Balance.
Photo by Peter Mark Mercieca
THE NEXT GENERATION OF MALTA’S BOARDROOMS
ONCE TREATED AS A PRIVATE FAMILY MATTER, SUCCESSION PLANNING HAS BECOME A BOARDROOM PRIORITY, INCREASINGLY SCRUTINISED BY BANKS, REGULATORS AND INTERNATIONAL PARTNERS. AS MALTA’S FAMILY BUSINESSES ENTER THIRD AND FOURTH GENERATIONS, AND LISTED COMPANIES FACE RISING GOVERNANCE EXPECTATIONS, QUESTIONS OF LEADERSHIP CONTINUITY, BOARD STRUCTURE AND COMPOSITION ARE COMING TO THE FORE. IN THIS FEATURE, SIX NON-EXECUTIVE DIRECTORS, ADVISORS AND BUSINESS LEADERS EXAMINE HOW SUCCESSION PLANNING AND INVESTMENT IN STRONGER CORPORATE FRAMEWORKS ARE SHAPING THE FUTURE OF MALTA’S BOARDROOMS.
“Malta must clearly understand the effect on both investment and competitiveness for locally based firms because of the various pieces of legislation enacted in Brussels.”
Anthony S Diacono, Vice Chairman, MedservRegis
The last decade has upturned the conversation around succession planning in Malta. What was once private has become unavoidably public, and formerly discreet family discussions are now a mainstream governance imperative. “Banks, auditors, regulators, and employees are asking tougher questions about continuity, particularly as companies take on larger balance sheets, more complex financing and international partners,” explains Robert Debono, CEO of db Group.
Jonathan Shaw, Partner and Non-Executive Director at Hatten M&A Advisory, agrees that “succession has become significantly more complex. Many Maltese businesses are now in their third or fourth generation, which means more shareholders, smaller and more fractional shareholdings and a wider range of expectations.”
With the number of voices at the shareholder table having grown from one or two to 10 or 15, Leadership and Sales Transformation Consultant Alex Falzon notes that this creates a host of challenges for family businesses, including the unintentional dilution of the Founder’s purpose across generations. “Losing sight of that original ‘why’, the organisation risks becoming a summation of all the people involved, rather than a focused entity with a clear direction,” he says.
Unsuccessful companies fragment into territories managed by different family branches, creating silos that weaken the whole, while those that thrive take a different path. “They’re reconnecting with or redefining their purpose, building proper structures, introducing transparent communication, and drawing clear boundaries between ownership and management,” continues Alex.
“Confusing tenure or family connection with leadership capability is a huge mistake. Leadership doesn’t develop automatically but needs intentional cultivation. The businesses getting succession right are investing in developing leadership ability years before
“Entities embedding strong corporate governance in their systems and processes enjoy a higher level of trust than those who don’t.”
Chris Scicluna, COO & Executive Director, BDO Group
they need it, and they’re honest enough to recognise that the best leader might not be the most obvious choice. What matters is capability, not just continuity,” he argues.
Effective succession is long-term, structured and merit-based, adds Jonathan. “It requires clarity on roles, capability and readiness. For family businesses, introducing external advisors or even informal boards helps bring discipline and objectivity to what is often an emotionally charged process.” He advocates for the objectivity non-executive directors can bring to the boardroom. “They’re free from legacy dynamics and can put the company’s long-term interests first. Their role is to challenge constructively, highlight blind spots and ensure decisions are guided by governance rather than family politics. Of course, not all external appointees are equal; experience, emotional intelligence and credibility are essential.”
BDO Group COO and Executive Director Chris Scicluna agrees that independent non-executive directors (iNEDs) play a pivotal role in raising governance standards, strengthening boards and supporting long-term
succession planning. “Their presence ensures that oversight is not merely a compliance formality but a meaningful process that challenges assumptions, introduces diverse perspectives, prioritises discussions around existing and emerging risks at board level, and helps shape a healthy governance culture from within,” he asserts.
In succession planning, iNEDs also play an essential mitigating role, continues Chris. “iNEDs provide an objective external perspective that helps prevent echo chambers in family-owned businesses. By constructively challenging management and adding complementary expertise, they strengthen decisionmaking, reduce risk, add enterprise value, and help boards meet rising regulatory and stakeholder expectations. In family businesses, iNEDs should not be seen as judges or referees between conflicting viewpoints. Rather, they play a key role in mentoring the next generation of leadership, helping overcome emotional barriers to change, and ensuring leadership transitions are structured, balanced and aligned with long-term goals. Skilled iNEDs help stabilise an enterprise by balancing differing opinions and guiding discussions towards merit-based decisions.”
Tensions inevitably arise when family businesses introduce professional management or external board members. “Trust and control become major pressure points,” says Jonathan. “What matters is how these tensions are resolved. The worst approach is relying on voting, which is technically democratic but practically divisive. The healthiest governance cultures resolve issues through communication,
context and consensus-building. Voting should always be the last resort.”
Listed companies, meanwhile, offer instructive contrasts to family businesses. “Listed companies are regulated, which brings discipline,” says Anthony S Diacono, Vice Chairman of MedservRegis. “Boards of listed companies must meet certain criteria, especially if regulated. Planning for succession in this listed environment follows a regime that requires rotation of board members, with each one providing expertise across the various disciplines required, as well as strong character and integrity to challenge discussions.”
Nadia Pace, Founder of Nadia Pace Consultancy, highlights how trust dynamics in family businesses create issues that listed companies may avoid. “Family businesses often choose individuals whom the parents or founding generation strongly trust,” she says. “That trust, however, may not extend to the second or third generation and tends to supersede a deeper evaluation of whether the individual possesses the competencies the business requires. This is where family businesses can learn important lessons from more structured, competency-driven selection processes. If family businesses adopt, even gradually, the procedures that listed companies follow to appoint directors, the result would be clearer, more transparent and more aligned with the needs of the business, rather than the preferences of the family.”
Jonathan echoes that both can learn from each other. “Listed entities could emulate the long-term stewardship mindset of family firms, while family businesses would benefit from the governance discipline and separation between ownership and management seen in listed companies,” he explains.
“Diversity through a healthy mix of generations is key. Younger leaders bring ambition, energy and new ideas to the table, while seasoned colleagues bring experience, credibility, history, and institutional knowledge.”
Robert Debono, CEO, db Group
Photo by Bernard Polidano
“Boards must also dedicate time and expertise to strategic discussions, including future planning, internationalisation, growth, and new projects. That is the core of effective modern governance.”
Nadia Pace, Founder, Nadia Pace Consultancy
While boardrooms benefit from the broader skills of non-executive directors working alongside family businesses, diversity remains an essential aspect of tomorrow’s leadership teams, continues Robert. “Cultural and international diversity matter. Boards and leadership teams that blend generations, backgrounds and global exposure make better decisions and adapt faster. Locally, we’re seeing this positive shift gaining traction. The result is that they prioritise strong governance, invest in people and maintain financial strength, turning family succession into a natural evolution rather than an ominous moment.”
Nadia underlines that diversity considerations should always prioritise merit and experience over quotas. “While gender diversity is often highlighted, I emphasise diversity of competencies,” she says. “Businesses today face complex challenges across legal, digital, geopolitical, and international domains. The skills and experience required in these areas differ from company to company, depending on their context and growth trajectory. Competency-based diversity is more meaningful than diversity based solely on gender.”
Meanwhile, with millennials and Gen Z increasingly entering leadership roles, Malta’s boardrooms are quite literally embracing a new generation. Their dynamics shift yet further, influencing how leadership and governance develop within the national business landscape. “Diversity through a healthy mix of generations is key,” Robert asserts. “Younger leaders bring ambition, energy and new ideas to the table, while seasoned colleagues bring experience, credibility, history, and institutional knowledge.”
Future leaders must also prepare for the working environment of tomorrow, adds Anthony. “They must have the same attributes as current
Photo by Bernard Polidano
successful leaders: drive, entrepreneurial spirit, deep focus on their core business, the ability to embrace change and accept corporate responsibility, together with governance and social responsibility. Nothing new there. However, they’ll also have advanced technology in a very different operating environment with shorter working weeks, for example, as well as the effects of social media on product and perception – and they must meet the expectations that arise from these changes.”
In constantly evolving international markets, this forward-thinking adaptability may also prove essential as EU governance standards
“The healthiest governance cultures resolve issues through communication, context and consensusbuilding. Voting should always be the last resort.”
Jonathan Shaw, Partner & Non-Executive Director, Hatten M&A Advisory
Photo by Bernard Polidano
influence local priorities, adds Anthony. “Malta, as a member of the EU, adopts EU governance standards. Debate never ceases on the problems of the ‘one-size-fits-all’ legislation, even in governance. Malta must clearly understand the effect on both investment and competitiveness for locally based firms because of the various pieces of legislation enacted in Brussels.”
Investment in formal governance structures is likewise imperative, although proportionality matters, says Jonathan. “A governance structure must be appropriate to the size and nature of the business. Over-engineering a small business risks becoming bureaucratic and stifling. Good governance adds value when it enhances clarity, accountability and strategic direction, without overwhelming the organisation.”
Chris affirms that corporate governance is essential for businesses seeking to thrive in the long term, directly contributing to reputation, credibility and resilience. “When treated as a foundational piece of organisational culture rather than a compliance task, governance enhances outcomes through better decisionmaking, reduces risk, improves reputation, and strengthens relationships with banks, regulators and stakeholders. Entities embedding strong corporate governance in their systems and processes enjoy a higher
“Confusing tenure or family connection with leadership capability is a huge mistake. Leadership doesn’t develop automatically but needs intentional cultivation. The businesses getting succession right are investing in developing leadership ability years before they need it.”
Alex Falzon, Leadership & Sales Transformation Consultant
level of trust than those who don’t, are more likely to identify suitable sources of capital and have smoother generational transitions leading to long-term success. Strong governance is not simply about compliance but also about building organisations that are sufficiently resilient to face their future successfully.”
Compliance alone is insufficient to propel Malta’s boardrooms towards their next evolution, concludes Nadia. “Compliance is essential, but focusing solely on legal and regulatory requirements isn’t enough. Boards must also dedicate time and expertise to strategic discussions, including future planning, internationalisation, growth, and new projects. That is the core of effective modern governance.”
As Malta’s boardrooms navigate this generational and structural shift, the businesses that combine disciplined governance, diverse perspectives and intentional succession planning are likely to define the country’s next chapter of sustainable growth.
A New CEO Playbook Is Emerging in Malta
Purpose is no longer confined to corporate social responsibility (CSR) reports. In Malta, a growing number of CEOs are embedding sustainability and social impact into core business strategy – from investment decisions to governance – even as scrutiny over ‘purpose-washing’ intensifies.
Corporate purpose is no longer a branding exercise in Malta. Across boardrooms, CEOs are being forced to make practical decisions about sustainability, governance and social impact –not because it looks good in an annual report, but because regulators, employees and customers increasingly expect it to shape how businesses actually operate.
For Maltese business leaders, the debate has shifted. The question is no longer whether purpose matters, but how far it can be embedded into strategy without becoming performative – or worse, a liability. Scrutiny has intensified, greenwashing risks are real and tolerance for vague environmental, social and governance (ESG) claims is rapidly diminishing.
At the same time, evidence suggests that when purpose is executed properly, it can strengthen resilience rather than weaken it. Companies that align values with decisionmaking tend to outperform peers during periods of disruption, retain talent more effectively and build longer-term trust with stakeholders. The challenge lies in separating genuine strategic intent from surface-level messaging.
This tension is now playing out in Malta, where ESG adoption is accelerating, regulation is tightening and a growing number of CEOs are testing what purpose-led leadership looks like in practice – from investment priorities and governance structures to workforce policies and customer outcomes.
“AUTHENTICITY IS BUILT IN THE MOMENTS THAT ARE NOT VISIBLE, IN THE MOST DIFFICULT CHOICES AND LONG-TERM COMMITMENTS, AND IN THE STANDARDS WE HOLD OURSELVES TO, ESPECIALLY WHEN NO ONE IS WATCHING.”
NIKHIL PATIL, CEO, GO PLC
The financial case for purpose-driven business has, on paper at least, strengthened. Research from Chief Executives for Corporate Purpose (CECP), a global coalition of leaders from over 200 major businesses, found companies that align business practices with purpose reported 25 per cent higher revenue and 22 per cent higher pre-tax profit than those that do not. During the pandemic, high-purpose companies saw valuations rise at roughly four times the rate of lowpurpose peers.
Consumers are reinforcing this shift, but with sharper scepticism. PwC’s 2024 survey of 20,000 consumers found 80 per cent willing to pay more for sustainably produced goods, while 70 per cent now research sustainability claims before trusting brands. Demand is rising, but so is the burden of proof.
In Malta, momentum has accelerated since 2022. The Malta ESG Alliance, launched with founding members including APS Bank, Bank of Valletta, HSBC Malta, and
THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS
GO, is among the country’s most significant businessled initiatives to date. Its initial decarbonisation efforts are projected to save around 18,000 tonnes of CO₂ equivalent annually.
Early results from companies using the national ESG Portal show measurable progress: an eight per cent decrease in CO₂ emissions, nine per cent less waste and a seven per cent increase in women in managerial roles.
Steves&Co. became Malta’s first certified B Corp, a symbolic milestone in a market still defining what ‘purpose-led’ means. CEO Steve Ciantar-Barbara frames the certification as validation, not reinvention. “It was a proud milestone, rather than a new direction. It formalised what had already long been embedded in our thinking and actions.”
Regulation is tightening too. The Corporate Sustainability Reporting Directive already applies to large Maltese
“PURPOSE AND SOCIAL IMPACT ARE ESSENTIAL FOR LONG-TERM RESILIENCE, STAKEHOLDER TRUST AND REGULATORY COMPLIANCE.”
MARCEL CASSAR, CEO, APS BANK
companies and extends to listed SMEs in 2026, shifting ESG from messaging to audited disclosure.
by Tonio Lombardi
For Nikhil Patil, CEO of GO, the pandemic marked the turning point, when purpose moved from statement to operating model. “When connectivity became an essential lifeline, we saw, in real terms, the responsibility we carry as a national infrastructure provider,” he says. “GO’s purpose –Drive a Digital Malta, where no one is left behind – now functions as the company’s north star, elevating strategy rather than replacing it.”
That distinction matters. In the strongest organisations, purpose is not a parallel CSR track. It is the rationale behind choices like where to invest, what to prioritise, how to treat employees and customers, and which trade-offs to accept when short-term financial pressure rises.
At APS Bank, CEO Marcel Cassar describes purpose and social impact as “essential for longterm resilience, stakeholder trust and regulatory compliance”. In practice, he says, it shows up in tangible products and partnerships, like social loans with the Housing Authority, equity sharing schemes, ethically screened pension plans, and green loans and deposits. “These schemes collectively reflect the bank’s social commitment, often prioritising community benefit over short-term profit.”
Yet global examples show how purpose commitments can unravel under scrutiny, and why leaders are cautious about discussing ESG. No figure better illustrates the shift than BlackRock’s Larry Fink. His 2020 declaration that “climate risk is investment risk” became a rallying cry for stakeholder capitalism. By 2025, his annual letter had dropped references to climate change, sustainability, and diversity, equity and inclusion (DEI). In the United States, Republican-led states, arguing ESG is politicised, pulled €11 billion from the firm. Nevertheless, BlackRock still manages over
Photo
THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS
€853 billion in sustainable investment strategies, showing that while the rhetoric changed, the business did not.
Unilever’s trajectory tells a similar story. Under former CEO Paul Polman, the company argued that sustainable brands grew 69 per cent faster than the rest of the portfolio. Under his successor, Hein Schumacher, that ambition was scaled back as Unilever narrowed living wage commitments for suppliers and cut virgin plastic reduction targets from 50 to 30 per cent. The lesson for CEOs is not that purpose is ‘over’, but that it is tested hardest when markets tighten.
This is where the conversation moves from aspiration to accountability. Regulators and courts are increasingly willing to punish purpose claims that do not hold up. Germany fined asset manager DWS €25 million for misleading ESG claims. Dutch courts ruled KLM’s ‘Fly Responsibly’ campaign unlawful, finding it painted an overly optimistic picture of sustainable aviation fuel and carbon offsets.
That trend is not marginal. High-severity greenwashing cases rose 30 per cent in 2024, with nearly one-third of flagged companies being repeat offenders. In other words, the market is not rejecting purpose, but lazy, performative purpose.
“Purpose can easily become a marketing slogan,” says Steve. “Authenticity requires three things: measurable action, internal alignment and consistency over time. If your team can’t see the purpose in action, it isn’t real.”
Yet, making purpose real is rarely comfortable –and often costly. Jean Pierre Schembri, CEO of CPHCL, offers an example of what purpose-driven decisions can require. The group’s approach to its recruitment arm RQT, which employs 600 people, many from countries where “placement practices are not always humane and respectful”, reflects
a conscious choice. “We ensure every employee is welcomed and given the same rights and benefits, wherever they come from,” he asserts. “Higher wages, robust onboarding and enhanced benefits,” he adds, “represent a trade-off between purpose and immediate profitability.”
Examples like this are still the exception – leaders often claim purpose matters but cannot point to decisions that prove it. When they can, the story becomes less about branding and more about governance.
“The hardest part is cultural alignment, ensuring employees understand the ‘why’ and row in the same direction,” says Nikhil. “Purpose cannot sit in leadership
“THE YOUNGER GENERATIONS EXPECT EMPLOYERS TO LIVE THEIR VALUES, CHAMPION DIVERSITY, PROTECT THE ENVIRONMENT , AND CONTRIBUTE TO SOCIETY. BUSINESSES THAT IGNORE THIS WILL STRUGGLE TO ATTRACT BOTH TALENT AND CUSTOMERS.”
STEVE CIANTAR-BARBARA,
CEO,
STEVES&CO.
Photo by Kris Micallef
alone; it must be carried by every team, every day. Our experience shows that when you lead with purpose and transparency, alignment follows. Sustainable returns come from trust, relevance and resilience.”
Talent expectations are hastening this debate. Deloitte’s 2025 survey found 89 per cent of Gen Z and 92 per cent of millennials say purpose is important for job satisfaction, and 44 per cent have left roles they felt lacked purpose. “The younger generations expect employers to live their values, champion diversity, protect the environment, and contribute to society. Businesses that ignore this will struggle to attract both talent and customers,” observes Steve.
So, is purpose still a differentiator – or is it becoming the price of entry?
Globally, sustainable fund assets still total €3.16 trillion, with projections reaching €34 trillion by 2030. Europe accounts for 85 per cent of these assets and continues to expand regulation, pushing more companies into formal measurement, disclosure and accountability. Investor appetite and regulatory pressure are pointing in the same direction, even if the messaging has become more cautious.
In Malta, the market’s smaller scale offers an advantage: speed. “Malta can adopt a longer-term mindset – one that rewards innovation, sustainability and responsible growth,” suggests Steve. “What we should resist is copying models that don’t fit our size, culture or economic realities. Our strength is agility. We can implement change faster than larger markets, if we choose to.”
Nikhil believes the trajectory is shifting quickly. “The next generation of leaders and employees expect more from businesses. They want meaning, not just roles. That is why I firmly believe that purpose-driven leadership will soon become the baseline for credible business – not a differentiator.”
“HIGHER WAGES, ROBUST ONBOARDING AND ENHANCED BENEFITS REPRESENT A TRADEOFF BETWEEN PURPOSE AND IMMEDIATE PROFITABILITY.”
JEAN PIERRE SCHEMBRI,
CEO, CPHCL
It is evident that the path forward favours specificity over aspiration. As Marcel from APS Bank puts it, “treating purpose and social impact as strategic drivers – not CSR add-ons – helps us create lasting value, manage risk and remain authentic to our corporate culture.” At APS Bank, that means tracking progress through a mix of ESG KPIs, including carbon footprint across Scope 1–3 emissions, housing affordability metrics, board diversity, and employee wellbeing.
For conscious leadership to survive its credibility crisis, it may need this kind of grounding – less rhetoric about changing the world, more evidence of changing how decisions get made.
“Authenticity,” Nikhil believes, “is built in the moments that are not visible, in the most difficult choices and long-term commitments, and in the standards we hold ourselves to, especially when no one is watching.”
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of island’s THE MOST INFLUENTIAL BUSINESS minds 50 Meet
CEO INSIGHT
“Sincerity in one’s messaging is important. When dealing with partners, advisors or colleagues, being genuine in one’s observations puts people at ease, which helps you build teams or partnerships. Speak your mind. If you know what you’re talking about, people will listen.”
Simon Naudi
CEO, CORINTHIA GROUP
“A WELL-OILED BUT HUMAN MACHINE STANDS A BETTER CHANCE.”
AS CEO OF CORINTHIA GROUP, SIMON NAUDI PRESIDES OVER MALTA’S MOST PROMINENT INTERNATIONAL HOSPITALITY EXPORT. FOLLOWING A LANDMARK YEAR THAT SAW THE BRAND PLANT ITS FLAG IN NEW YORK, BRUSSELS AND BUCHAREST, HE IS NAVIGATING THE COMPLEXITIES OF OPERATING ACROSS 20 COUNTRIES WHILE PRESERVING THE COMPANY’S DISTINCT FAMILY ETHOS. AS 2026 GETS UNDERWAY, HIS FOCUS SHIFTS TO EMBEDDING THIS HUMAN-CENTRIC CULTURE WITHIN A RAPIDLY GROWING GLOBAL WORKFORCE AND PIONEERING THE LUXURY-BRANDED RESIDENTIAL MARKET IN MALTA.
For Simon Naudi, looking back on 2025 reveals a company that has expanded aggressively on the global stage. It was, by his own admission, a “breakthrough year” for the group.
“I think we’ve had a great year,” Simon begins, reflecting on the whirlwind of activity that defined the past 12 months. “We’ve opened three hotels – a beautiful hotel in Brussels, which we own and developed; a Corinthia
Hotel in New York, our first in the United States; and a palace-style hotel in Bucharest.”
Representing a strategic consolidation of the brand’s positioning in the ultra-luxury segment, the group’s ambition shows no sign of waning. Moving forward, Simon reveals that a consortium put together by the group has secured a prime site in Beverly Hills, California, marking another significant step in one of the
The most consequential decisions from my position are on the human side – recruitment and moving people into the right roles. Success is not down to one, two or three individuals; it’s the work of hundreds and thousands.
United States’ most competitive markets. Closer to home, in Europe, the group’s highly anticipated hotel in Rome is “almost done,” with completion imminent.
However, scaling a business deeply rooted in a specific philosophy – the ‘Spirit of Corinthia’ – presents a unique set of challenges. As the company expands into new territories, employing thousands of new staff members from Belgium to the US, the effective transmission of culture becomes critical.
“At the core of Corinthia, like many successful companies, lies a philosophy,” Simon explains. “Decision-making isn’t driven purely by technical
considerations, but also by human ones. Ultimately, the hotel business is about the human experience.”
It is this human-centric approach that Simon believes gives Corinthia a competitive edge over industry giants. “Our industry is dominated by four or five huge companies, each with dozens of brands,” he notes.
“So when you are a smaller operator – small in relative terms – it becomes a huge advantage in how we interact with guests and partners. Relationships are far more personal. The commercial benefit follows: a welloiled but human machine stands a better chance.”
To ensure this ethos endures as the business scales, the group is formalising the way its culture is embedded across the organisation. At the start of 2026, dedicated HR resources are being deployed to “ensure and articulate the values of the company in all four corners of the world,” moving beyond technocratic recruitment towards a deeper nurturing of the company’s spirit.
While the group’s eyes are firmly fixed on global growth, Simon remains deeply engaged with the evolution of Malta’s tourism offering. The group’s Chairman and Founder Alfred Pisani has long advocated for a pivot from volume to value, a sentiment Simon now feels has permeated the national consciousness.
“Change can only happen in a democracy when people want it to happen. Now there is a broader understanding that the future of our country should be less about increasing numbers and more about increasing spend,” he observes.
The CEO is confident in Malta’s ability to deliver on this promise, distinguishing it from competitors that rely solely on sun and sea. “There are spectacular sites, beautiful towns and villages,” he says. “We Maltese tend to focus on what has been uglified but, in the wider context there are truly stunning places, and there is a market willing to pay more for that experience.”
Corinthia is leading this charge domestically through significant reinvestment. The Corinthia Palace, the group’s ‘spiritual home’, is undergoing a phased upgrade to ensure it stands shoulder to shoulder with its international counterparts in London and New York. “This hotel has a particular character that appeals to a more mature luxury traveller, and we want to continue investing in that,” he maintains.
Are you more of an early bird or a night owl? Early bird.
Do you usually work on weekends, or do you maintain a strict cut-off? I work on weekends.
The group is also introducing new verticals to the local market. The launch of the Verdi brand – an upscale, though not ultra-luxury, offering – has proven successful, with eight hotels now managed under the banner. Simultaneously, the group is preparing to introduce branded residences to Malta through the Oasis project at the former Ħal Ferħ site.
“The hotel industry globally is moving into the residential space,” Simon notes, referencing Corinthia’s own projects in London, Riyadh, Dubai, Doha, and New York. “This sector is growing at a very fast pace, and our brand brings reassurance that the product is well built, well designed and supported by strong service,” he adds. The Oasis will combine a hotel with residences benefiting from full hotel services – a first for the island at this scale.
Despite the operational complexities of running a business across 20 countries, Simon remains focused. His priorities for 2026 are clear and financially prudent: increasing revenues and improving conversion to the bottom line through efficiency.
Yet, when asked about the most critical decisions of the past year, Simon does not point to real estate acquisitions or financial restructuring. True to the company’s ethos, he points to people.
“The most important decisions are not investment-related,” he reflects. “The most consequential decisions from my position are on the human side – recruitment and moving people into the right roles. Success is not down to one, two or three individuals; it’s the work of hundreds and thousands.”
Looking ahead, Simon’s advice to aspiring entrepreneurs is grounded in the fundamentals that have driven Corinthia’s success for decades. “Focus on the product and the service. Deliver quality to customers. If you meet expectations, people will return and they will talk about you. It becomes a snowball that grows and grows.”
If you weren’t in this industry or role, what career would you have chosen? A writer.
Do you prefer to invest in property, stocks and shares, or crypto? Property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Two or three.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Currently, a research assistant.
What’s the perfect age to retire in your view? The age when you think you could be doing better things with your life.
What’s one important item on your bucket list? Travel the Silk Route.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Comfort food. Liver. Meat, generally.
Coffee or tea – or something else? Water... if someone’s making a hot drink though, coffee.
Which is your favourite restaurant in Malta? All of our own restaurants.
What’s one thing you never leave home without? My alertness.
What’s your go-to way to switch off after a long day? Watch a documentary.
CEO INSIGHT
“Vassallo Group’s purpose is to leave a positive impact on Maltese society, commercially and socially, particularly through care, education and sustainable development.”
Pio Vassallo
GROUP CEO, VASSALLO GROUP LTD
“I’M A VERY GOOD LISTENER. I LISTEN MORE THAN I TALK. AND THIS IS HOW YOU LEARN.”
PIO VASSALLO LEADS VASSALLO GROUP, A FAMILY ENTERPRISE CELEBRATING ITS 80TH ANNIVERSARY IN 2026. FOUNDED IN 1946 AS A CONSTRUCTION FIRM, THE GROUP HAS GROWN INTO A HIGHLY DIVERSIFIED BUSINESS SPANNING REAL ESTATE, ELDERLY CARE, HOSPITALITY, AND EDUCATION. NOW, PIO IS STEERING A PHASE OF STRATEGIC CONSOLIDATION WHILE PURSUING SELECTIVE EXPANSION IN AREAS SUCH AS ENERGY AND FURTHER GROWTH IN EDUCATION, POSITIONING THE THIRD GENERATION TO SCALE WITH DISCIPLINED GOVERNANCE AND CLEAR PURPOSE.
Pio Vassallo’s journey to the helm of one of Malta’s most diversified groups of companies began early. Every summer from the age of 10, he spent time across different areas of the business – from construction sites to the store and design office – gaining practical exposure that, combined with a degree in construction management, formed the basis of his management philosophy.
He quickly ascended, becoming CEO of the construction arm in the early 2000s. Construction requires dealing with “a lot of critical issues”, and Pio soon found that the discipline and decision-making demanded by the industry travelled well across other areas of the business. He takes a methodical approach to problem-solving and has used it to
guide the group’s entry into – and expansion across – new markets. “I’ve used my experience in taking key decisions and applied it to different sectors,” he shares. This ability to draw parallels across disparate operations remains one of his strengths as a leader.
With a leadership style rooted in humility, Pio maintains a steady focus on empowering his senior team. “I pride myself on being a servant leader,” he notes, preferring persuasion to being “too strict”. Central to his ethos is a commitment to listening: “I’m a very good listener. I listen more than I talk. And this is how you learn.” The underlying reasoning is simple – Pio believes openness is a prerequisite for growth. “If you don’t allow other people to talk, you will not get
We are a private company with a very public conscience.
that opportunity to learn.” He extends this philosophy by adding one final principle: “If you don’t care who gets the credit, it’s amazing what you can achieve.”
That long view also shapes how Pio thinks about the company’s legacy and the overall wellbeing of his staff. Indeed, a recent pivotal decision involved setting longterm direction by initiating a formal succession plan for the next generation – a move he deems “very critical for our business”. As he puts it, “succession is not an event; it’s a process.” His strong duty of care towards the group is as much moral as managerial. “When you inherit a business, you don’t just inherit the assets or wealth. You also inherit the responsibility.”
Vassallo Group’s growth reflects ambitious yet structurally sound diversification. Founded in 1946, the company began in construction before making a strategic leap into elderly care in 1993, pioneering private-sector care in Malta. Today, the company’s portfolio blends these pillars with other areas including property, education, energy, hospitality, and student accommodation.
This seemingly disparate mix of business lines operates under a unifying strategy; finding common ground even in the most unlikely of departments. Pio illustrates the approach with a simple comparison: “Pricing cake and pricing concrete have more in common than you might think.” Whether mixing ingredients in catering or sequencing processes in construction, time is the constant. Both require quality delivered on schedule, because, as Pio puts it, “the product has an expiry date”.
Governance underpins the model. Delving into the company’s modus operandi, Pio explains that despite being a private, family-owned entity, the group functions with a corporate mindset and robust oversight. “We are a private company with a very public conscience,” he says. The firm’s boards are structured with a balance of family, non-family and non-executive directors, meaning that organisational rigour intersects with inherited values like “humility and hard work”.
For Pio, this operational approach is key to maintaining Vassallo Group’s purpose and ongoing stability. To ensure knowledge and best practices circulate across the portfolio, a monthly leaders’ forum brings the CEOs of the group’s companies together. “They share context, give advice and therefore ensure that everyone knows what’s happening in different parts of our business,” Pio explains. The resulting synergy maximises group-level services like finance and logistics while enabling the individual business heads to learn from one another and benefit from the diverse experience of their peers.
That coherence shows up in results. Recent performance reflects the maturing of Vassallo Group’s major investments. Key drivers of this success include the Campus Hub project, construction and real estate, healthcare, and education. As projects come to fruition, Pio confirms that the group is now “reaping the benefits of this investment”.
The principal constraint to further growth in Malta, however, is a serious human capital issue. “Our biggest obstacle is the difficulty in finding staff,” Pio confirms – a limitation felt acutely across Malta’s construction and healthcare sectors. To tackle it, he advocates for a national
change in attitude that places vocational routes on a par with academic ones. “In places like Estonia, apprenticeships are as important as professional qualifications,” he notes. “There needs to be a broad shift in which we place greater emphasis on apprenticeship roles.”
On technology, the CEO’s approach is also practical. The group is actively integrating digital tools and advancements, using artificial intelligence (AI) to improve efficiency on the administrative side of the business. Yet Pio is clear-eyed about its limits, particularly in care services, highlighting that the human element remains paramount. “In elderly care, a person still needs a person,” he asserts.
That pragmatism also shapes his perspective on risk and standards. The weight of responsibility comes with the territory, and Pio speaks candidly about his main concern: “the risk of accidents” in construction – an ever-present consideration as a CEO managing large-scale, physical projects. Pio also identifies a broader challenge in Maltese construction: maintaining local identity and standards. He urges the industry to keep Malta’s identity visible.
“The goal should be that when you look at a newly built structure, you can immediately tell it is Maltese rather than Italian,” says Pio, pointing to traditional architectural and design features such as the Maltese balcony, patterned tiles and – space permitting – internal courtyards. But above all else, for the construction industry to operate healthily and successfully, Pio stresses the need for collaboration and respect among competitors. “Even though there is competition, there should be respect, and I think that’s something that has been missing in new businesses.”
As Vassallo Group heads towards its 80th anniversary in 2026, its corporate strategy is a considered blend of two growth pillars: consolidation and selective diversification. Following a rapid period of expansion, the past two to three years have focused deliberately on consolidating –preparation “for the next big jump”. Looking ahead, the group is targeting energy as a new sector for diversification, while continuing to grow in care and accommodation, potentially through acquisitions.
That outward lens extends to Malta’s wider economy. Pio sees substantial opportunities for Malta, particularly in areas he believes are currently underestimated. For example, international education remains a strong prospect. “I think Malta is still a big attraction,” he muses, citing the island’s good reputation, climate, location, and the English language as distinct advantages. He also points to “niche opportunities, such as those in AI” where Malta can excel, similar to its success in financial services.
For the year ahead, Pio’s primary objective is to have the next generation’s succession planning “well underway”. And his message to Malta’s business community is equally steady and pragmatic: identity matters, and so does mutual respect. “One minute you’re competing with someone, and the next you’re working together,” he underscores. With that in mind, he calls for a renewed focus on fair play and civility: “Competition,” he adds, “is healthy.”
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings?
Are you more of an early bird or a night owl?
Do you usually work on weekends, or I never work on Sundays, but sometimes on Saturdays.
If you weren’t in this industry or role, what career would you have chosen?
Do you prefer to invest in property, stocks and shares, or crypto? Definitely property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Eight.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? All three.
What’s the perfect age to retire in your view? No perfect age. Just when you run out of steam.
What’s one important item on your bucket list? To sail around the world.
Which is your most important meal of the day –breakfast, lunch or dinner? Lunch.
Your favourite food and dish? Sea bass.
Coffee or tea – or something else? Espresso.
Which is your favourite restaurant in Malta? Friski at San Blas in Gozo.
What’s one thing you never leave home without? My Garmin watch.
What’s your go-to way to switch off after a long day? I watch my son play football.
Kenneth Farrugia
CEO, BANK OF VALLETTA
“IF YOU TAKE CARE OF YOUR PEOPLE, THEY WILL TAKE CARE OF YOUR BUSINESS.”
AS CEO OF BANK OF VALLETTA – A SYSTEMIC PILLAR OF MALTA’S ECONOMY – KENNETH FARRUGIA IS STEERING THE INSTITUTION THROUGH A PIVOTAL DIGITAL TRANSFORMATION. FOR 2026, HIS FOCUS REMAINS ON HARMONISING TECHNOLOGICAL INNOVATION WITH A DEEP-SEATED COMMITMENT TO SUSTAINABILITY AND COMMUNITY ENGAGEMENT – A BALANCING ACT THAT DEFINES HIS STRATEGY FOR ENSURING THE BANK’S RELEVANCE AND RESILIENCE IN AN EVER-EVOLVING FINANCIAL LANDSCAPE.
Through his 40-year career at Bank of Valletta, CEO Kenneth Farrugia has witnessed the industry’s tectonic shift from traditional, in-person services to today’s highly regulated, digital-first environment.
Kenneth’s leadership style has adapted in parallel with the industry’s constant evolution. “There’s no playbook,” he muses. “New challenges emerge every day.” His approach is built on a foundation of trust and empowerment. “I’m a people-first person,” he states. “I always feel that, if you take care of your people, they will take care of your business and your clients.”
The CEO’s people-centric philosophy is crucial when navigating the frustrations of external roadblocks
or implementation delays. For Kenneth, the key is fostering a collaborative, learning-focused environment. “As a leader, you must drive that sense of collaboration between employees and encourage a learning mindset. It’s about working together to improve – I’m not after witch-hunts – I just expect constant, continuous improvement,” he asserts. “I think that setting that tone from the top goes a long way.”
This sense of collective responsibility extends beyond the bank’s walls. The CEO is keenly aware of the weight of responsibility Bank of Valletta carries as a systemic institution in Malta’s economy – a duty that has become even more pronounced amid global inflation and economic uncertainty.
CEO INSIGHT
“A bank’s true value isn’t just on its balance sheet; it’s measured by the stability and prosperity it helps to build within its community. Our role as a systemic institution is to be a catalyst for positive change, driving sustainable practices and ensuring that as the economy grows, it does so in a way that benefits future generations. That’s a responsibility we embrace every day.”
We have an important catalytic role to play when it comes to green transformation.
a dedicated day of leave for charitable work. “I recently joined my executive team in a soup kitchen to help serve the people there,” Kenneth shares. “We want to make sure that this is part and parcel of who we are as a bank.”
The bank translates this responsibility into tangible action, embedding sustainability into its core strategy. “We have an important catalytic role to play when it comes to green transformation,” Kenneth insists, highlighting that the bank’s pricing models have been designed to incentivise sustainable practices. “If you have green capex, you get a preferential financing rate. We have also introduced green home loans and even green investments to support the green transition.”
The goal, Kenneth explains, is to use the bank’s influence to foster positive change. “I believe that you can influence supply by influencing demand. If you make customers aware that they’ll benefit from a lower financing rate if they buy a green home, the supply will start skewing itself towards green buildings.”
The bank’s commitment to the community is further solidified through the Bank of Valletta Foundation and active participation in the Malta ESG Alliance. This moves beyond boardroom strategy to prioritise hands-on action, from supporting cultural initiatives and vulnerable members of society to encouraging employees to use
Reflecting on Bank of Valletta’s performance over the last year, Kenneth is equally positive. “It has been a good year, exceeding our expectations,” he begins, noting strong results in the first half of 2025. While the bank anticipated a reduction in interest income due to lower rates, its core business lines have proved their strength. “We’ve seen these becoming stronger across the board,” he states, “even when it comes to commercial lending, personal lending, home loans, cards activities, and investment products.”
This robust performance, however, has not been without its challenges, admits Kenneth. Chief among these, he shares, was the onset of significant regulatory shifts at the start of the year, namely the Digital Operational Resilience Act (DORA) and the Capital Requirements Regulations (CRR III).
While essential for stability, these regulations were primarily focused on resilience rather than serving as catalysts for innovation – another key priority for Kenneth over the past 12 months. Indeed, a conscious, strategic decision from within the bank has driven innovation and inspired what he views as his most critical recent decision as CEO: to embrace digital transformation at
Bank of Valletta. “Our drive throughout 2025 was to initiate the process to embed digital in our business and operational model. We want to remain relevant to the current and future generations.”
This commitment is materialising in a new mobile and internet banking channel that will quintuple its functionalities. “We’re going from 20 to 100 functionalities, giving more empowerment to our clients to self-service their banking,” Kenneth reveals. “My ambition is that by the end of 2026, we will enable our customers to self-service most of their core banking requirements.”
However, Kenneth balances this digital-first approach with recognition of the bank’s diverse client base. “We are careful to also give important consideration to the older generation, many of whom have been loyal Bank of Valletta customers for decades. For their sake, we’ve taken bold decisions to maintain a robust branch footprint in Malta and Gozo – the opposite approach of some other banks,” Kenneth affirms.
While catering for the needs of the bank’s various demographics, he maintains his long-term vision for Bank of Valletta’s future: “To enable customers to completely self-service their requirements, so that every product and service we currently offer over the counter can also be provided digitally.”
Kenneth shares that he and his team are eager to explore the wide potential of technology to help them realise this vision. “Digital really excites me,” he smiles. “We are constantly inspired by what technology can do for us and our customers.” Conversely, what keeps him up at night is the other side of that same coin: cybersecurity. “As much as technology solves problems, it can also be misused,” he warns, expressing concern over the onset of sophisticated scams targeting customers as well as ransomware attacks on institutions. “It pains me to experience customers being scammed.”
As for his own legacy, Kenneth is reflective. “I don’t think of it as my legacy; I think it’s all about my contribution to the legacy that we are leaving behind. I feel that leaders should be proud of what they have achieved but grateful to those who made it happen.”
He poses a question every leader should ask: “How would you like to be remembered? What will you leave behind?” For Kenneth, the answer lies in building a bank that is not just digitally adept and profitable, but also deeply anchored in the wellbeing of the community it serves.
The CEO echoes his call to introspection and longterm thinking in his message to Malta’s business community for the chapter ahead: “Look in the mirror and ask yourself: ‘What can I do to ensure that the coming generations have a better living and working environment?’ Let’s think sustainably.”
Exercise.
Are you more of an early bird or a night owl? Very early bird.
Do you usually work on weekends, or do you maintain a strict cut-off? I do sometimes spend a few hours working.
If you weren’t in this industry or role, what career would you have chosen? Hospitality.
Do you prefer to invest in property, stocks and shares, or crypto? A balance of traditional capital market instruments and property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Nine.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A learning tool, to broaden my knowledge on a subject.
What’s the perfect age to retire in your view? I don’t think I would ever fully retire. I love being engaged.
What’s one important item on your bucket list? To visit Australia.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Asian food, especially sushi.
Coffee or tea – or something else?
Two or three coffees a day, and I like closing working hours with a cup of tea.
Which is your favourite restaurant in Malta? For Asian cuisine – Aki. For Mediterranean – Le Majoliche.
What’s one thing you never leave home without? My mobile phone.
What’s your go-to way to switch off after a long day? Watch some TV or read a few chapters of a book.
CEO INSIGHT
“I hope the healthcare community in Malta is ready for the changes coming through AI. We can’t afford to react after the fact. We need to preempt it, embrace it and stay one step ahead.”
Jean-Claude Muscat
CEO, SAINT JAMES HOSPITAL
“2025 WAS A MILESTONE YEAR THAT FUELS OUR NEXT WAVE OF INVESTMENT.”
2025 MARKED SAINT JAMES HOSPITAL’S BEST YEAR ON RECORD, BACKED BY A SLATE OF MULTIMILLION-EURO INVESTMENTS AND SIGNIFICANT TECHNOLOGICAL UPGRADES. NOW THE HOSPITAL IS ENTERING ITS NEXT PHASE OF GROWTH AND TRANSFORMATION. YET FOR CEO JEAN-CLAUDE MUSCAT, AN EVEN BIGGER OPPORTUNITY LIES BEYOND SAINT JAMES’ OWN EXPANSION, ONE IN WHICH PRIVATE HEALTHCARE PLAYS A MORE PROMINENT, COLLABORATIVE ROLE WITHIN MALTA’S NATIONAL HEALTHCARE SYSTEM.
Artificial intelligence (AI) has sparked intense debate across almost every industry, promising breakthroughs on one hand while raising concerns and question marks on the other. In healthcare, however, hesitation is fading fast thanks to AI’s potential to become a widespread force for good, positively transforming the entire care continuum. And few people in Malta are leaning into this future as decisively as Jean-Claude Muscat, CEO of Saint James Hospital.
Jean-Claude has spent recent years exploring firsthand where AI can make a meaningful difference within the hospital’s walls. For him, the question is not whether AI will change things, but how soon we can adapt to – and take advantage of – this new reality.
“Healthcare is seeing dramatic, exponential change,” he says. “The developments in data and innovation are incredibly exciting.”
Some of these changes are already visible at Saint James. A recent introduction is an AI-assisted reporting system used by doctors. As the doctor speaks with the patient, the AI system listens in real time and prepares a full medical report by the end of the consultation. “It even filters what’s relevant and what’s not,” Jean-Claude explains. “If the conversation drifts into everyday topics, it knows to leave those out. In practical terms, this frees doctors to spend more quality, personalised time with patients, rather than losing hours to forms and reports.”
We need a more farreaching vision for healthcare in Malta, one that stretches beyond the lifespan of any single legislature.
The impact becomes even clearer in clinical diagnostics. In breast imaging, for example, AI now acts as the second reviewer – previously a role for another doctor –bringing exceptional accuracy and giving both clinicians and patients added reassurance. In endoscopy, AI highlights areas of concern on-screen as the procedure is happening, boosting detection rates by roughly 24 per cent.
Such developments are increasingly standard, so what excites the CEO even more is what’s emerging in telemedicine. He describes a new service that will be launched in early 2026 where patients – particularly those who are elderly, vulnerable or chronically ill – can be monitored around the clock in their own homes. If a reading falls outside the norm, the system triggers an alert and a nurse is dispatched directly to the patient. “This is going to transform quality of life,” he says, “allowing more people the freedom to live in their homes for longer, giving peace of mind not just to them but to their families and loved ones.”
Having been part of the Saint James story for more than 30 years, Jean-Claude is no stranger to how quickly healthcare can evolve. He joined what was then a small family business at the age of 19, taking a notso-glamorous role in the hospital’s washroom. But this gave him a ground-floor view of how the operation worked, and he developed an unexpected enthusiasm for the industry. As the hospital grew, he found he
had a knack for networking, for building teams and for understanding how each part of the organisation connected.
That hands-on education eventually led to his appointment as CEO in 2002, just as Saint James acquired the Capua Hospital. Although the business was expanding, it was also losing millions. Turning things around fell on Jean-Claude’s shoulders, and he has steadily steered the hospital towards stability and long-term profitability, culminating in a record-breaking 2025, with more than 600,000 patient visits and turnover exceeding €60 million: “2025 was a milestone year that fuels our next wave of investment,” he shares.
The CEO acknowledges that growth has brought increased pressure on staff, systems and the overall pace of operations. Despite this, he remains optimistic, thanks to a stable core team and a growing number of full-time doctors and consultants, which means Saint James is better equipped to treat patients around the clock. A €36 million investment programme is now shaping the hospital’s next wave of evolution.
This programme includes Malta’s first dedicated Eye Hospital, a new Robotic Surgery Theatre, a Cardiac Suite, and a major expansion of the hospital’s Żejtun campus. The site will feature a significantly enlarged emergency department – which is projected to grow threefold – as well as new inpatient capacity alongside several other upgrades. These multi-phase investments are set to reshape how the hospital delivers care and make its services even more accessible to patients across Malta, with projects scheduled for rollout in 2026 and 2027.
Saint James has also played a key role in shifting national perceptions of private healthcare. For years, many Maltese people hesitated to turn to private
hospitals, believing that anything serious still required a trip to Government hospitals.
But Jean-Claude has witnessed that mindset change: “I think people are seeing the quality and professionalism of our care for themselves,” he says. “Once patients experience good care, word spreads. Word of mouth is still our strongest form of marketing, and it’s definitely played a big part in the growing demand for our services.” Today Saint James operates two 24/7 Emergency Departments and treats more than 180 patients a day – almost half of Mater Dei’s daily emergency volume.
The CEO has few doubts about the next phase of Saint James, but he does carry one major concern: that Malta’s public and private healthcare systems do not operate harmoniously enough, often functioning in isolation and sometimes even in competition. “The current ecosystem is too disjointed,” he explains. “We should be working together, not duplicating resources.”
What worries him most is the absence of long-term planning, a reality he sympathises with given that each new Government has time working against it. “Each administration inherits the same system, applies short-term fixes where it can and then moves on. But we need a more far-reaching vision for healthcare in Malta, one that stretches beyond the lifespan of any single legislature. It’s encouraging to see Government investing in new healthcare equipment and other developments,” he continues. “But the real challenge is managing everything efficiently, particularly with the limited resources we have on the island. The Government is facing the same problems we are, only magnified.”
This is why Jean-Claude believes private healthcare can and should play a larger, more constructive role. Private operators, he notes, tend to be more efficient and more focused on outcomes. The intention is not to replace public healthcare but to strengthen it. “This shouldn’t be a zero-sum game,” he says. “There are areas where private operators can run services on behalf of Government, as long as it’s more efficient, at a lower cost and delivers better outcomes for patients.”
He points to international models in Cyprus and Luxembourg, where patients can choose between public and private hospitals under pre-agreed tariffs. In Jean-Claude’s view, Malta could adopt a model where, if a private hospital’s fee exceeds the Government rate, the patient simply pays the difference. This would ease pressure on the public system, speed up access to care and give people more choice in how and where they receive treatment.
What’s more, Jean-Claude believes Malta is uniquely positioned to adopt such models. “We’re a small country. That’s a big advantage, as we can implement this far more easily than larger nations.” The benefits of technology only strengthen the case. “I hope to see a future where all local healthcare systems are interoperable, where doctors can access medical information across public and private facilities, and where healthcare providers work hand-in-hand. This is entirely achievable.”
Ultimately, the CEO believes the goal for all parties should be to deliver more efficient healthcare with a higher level of quality for the Maltese public. “All the investment Saint James is making shows how committed we are to achieving this over the next five to 10 years,” he says. “In the end, it’s patients who stand to benefit the most.”
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings? Have a mug of tea, tackle my emails and exercise.
Are you more of an early bird or a night owl?
Hospitality.
Do you prefer to invest in property, stocks and shares, or crypto? Property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Four, not often enough.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A bit of each.
What’s the perfect age to retire in your view? I’m 55 years old and 60 feels like a good age to retire.
What’s one important item on your bucket list? Quality time with the people I love.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner, definitely.
Your favourite food and dish? Pasta.
Coffee or tea – or something else? Wine.
Which is your favourite restaurant in Malta? I have four firm favourites that I rotate between.
What’s one thing you never leave home without? My keys and name tag.
What’s your go-to way to switch off after a long day? Wine and watching football.
CEO INSIGHT
“Surround yourself with the right people, people you can trust. It’s not easy, but it’s vital.”
Robert Debono
DIRECTOR & CEO, DB GROUP
“IT’S IMPORTANT THAT EVERYTHING REMAINS PROFITABLE AND WELL-MANAGED. WE ARE VERY DISCIPLINED IN THIS REGARD.”
AS THE DB GROUP CONTINUES TO PRIORITISE HOSPITALITY, ITS INTERNATIONAL EXPANSION IN LONDON AND THE MIDDLE EAST REFLECTS A CAREFULLY PLANNED GROWTH STRATEGY. DIRECTOR AND CEO ROBERT DEBONO SHARES HOW FISCAL DISCIPLINE, SUSTAINABLE GROWTH AND BOLD INTERNATIONAL MOVES ARE SHAPING THE GROUP’S NEXT CHAPTER.
It’s been an impressive few years for db Group –from announcing major international expansion plans to posting a 15 per cent rise in EBITDA to €35.8 million and a turnover of €99.2 million for the year ending March 2025.
The group remains firmly on course, with the coming years set to continue reinforcing the fiscal discipline that has served the group so well, as well as broadening its international vision.
“Our core drivers as a group are our hospitality and property operations. In recent years, we strategically shifted focus to hospitality, both in Malta and
abroad. We are always looking for new opportunities, wherever these may be,” Director and CEO Robert Debono says.
The group has recently opened the doors of its flagship contemporary Japanese dining experience in London’s prestigious Cavendish Square – having already found success for this homegrown brand in Valletta. In 2025, it also announced its entry into the Middle East with an ambitious project that will take the Hard Rock Hotel brand to Ras Al-Khaimah.
“The Maltese market will always have its limitations. Looking beyond the Grand Harbour, London was the
We’re not interested in trophy assets. We won’t open a restaurant just to have a fancy London address.
were very attracted to this evolving market,” Robert continues.
first spot on our radar. It’s a fascinating place to seed and nurture a business, and in a sense a natural choice. At the same time, by opting for high-end dining in Cavendish Square, we’re acutely conscious that we are competing with the big global players in one of the most competitive food and beverage scenes in the world,” Robert states.
“With feet on the ground, we’re not interested in trophy assets. We won’t open a restaurant just to have a fancy London address. If successful, the venture will not only deliver a rapid return on investment but also position db Group among the industry’s leaders.” The CEO confirms that London is being approached as a platform for further international expansion. Meanwhile, the decision to enter the Middle East market had also been maturing for some time, encouraged by the region’s rapid development.
“Ras Al-Khaimah is going to become the first Emirate to operate a casino, which will also be the first in the Middle East. This is a game-changer for the region and is set to generate significant tourism growth. We
This approach reflects the CEO’s style of leadership – steady, with a sharp eye on the bottom line. Since taking over five years ago, he has overseen a number of business developments. But what about his own personal development? “I’ve gained more confidence in this business leadership role. I learnt not to take things too personally and I’ve stopped secondguessing myself. That doesn’t mean I see myself as the be-all and end-all, or that I don’t consult, discuss and seek advice. Far from it. I just approach things more calmly and with greater focus,” he replies.
The decision to expand to London has been his most critical decision to date. “We were very mindful of how competitive it is. We are as much averse to failure as we are to vanity projects. We won’t open a restaurant just for the sake of it; each of our initiatives has to make money and pay for itself. Of course, we’re passionate about the process and the concept – but it has to work towards the bottom line.”
Robert also notes the operational lessons learnt in London. “We had to postpone the opening due to several delays, which is expected given such a project. Here in Malta we were used to working with the same trusted teams but in London there were suddenly many new faces around our table. We’ve realised that
we cannot expect to operate the same way abroad as we do in Malta. That mindset is now guiding our approach in the Middle East as we assemble that team too.”
What comes next after the Middle East? “These projects are launch pads. We aim to further expand our restaurant and hospitality offering abroad soon. One successful project leads to another. We are now looking at other business opportunities in London and across the Emirates – maybe even further out in the Middle East, such as Saudi Arabia. There’s a lot of potential in those regions,” he elaborates.
Closer to home, he expects the Maltese market to become more competitive as the industry is poised to make the shift towards quality tourism. “I believe that the industry has seriously levelled up in recent years. Competition is rising at the upper end of the market, with huge investments in luxury hospitality matching the stated direction of the country. This is music to our ears. We are exploring more exclusive hospitality options, including Michelinstar-level offerings,” he states.
Is the country on track to achieve the quality tourism ambitions? The CEO acknowledges strong efforts made by Government entities, enhancing connectivity to attract high-value travellers. “The standard of accommodation has improved and, apart from our own, there are interesting projects in the pipeline. The food and beverage sector is also moving in that direction. The wider environment still needs work, but overall Malta is heading the right way,” he affirms.
One persistent challenge is finding the right talent. Malta, Robert says, has become expensive to relocate to, making it harder to attract top international professionals. “After all, it’s the people who make or break a business,” he stresses. “We’re competing globally and so it’s not just about being an employer of choice. It’s about convincing the right professionals to move to Malta and commit to their future here. As for local talent, the reality is that resources are limited.”
Digital transformation, including artificial intelligence (AI), is now embedded across db Group’s operations. It has invested heavily in cutting-edge tech. While acknowledging that there’s always a measure of resistance to change, Robert is adamant that innovation is the way forward.
“We are currently in the process of upgrading the finance, purchasing and admin system, with AI integrated into processes that were once manual. We also upgraded our property management system just a year ago and we’re already seeing the benefits. The new systems don’t just reduce payroll, but they also make jobs easier and encourage retention,” he states. From where Robert stands, the vision remains clear: sustainable growth while delivering the highest value in the hospitality sector.
“We will be focusing all of our time, energy and resources on upcoming projects. It’s important that everything remains profitable and well-managed, and we are very disciplined in this regard. The key is to maintain a healthy pace and strong cash flow.” Robert concludes with a message for the wider business community: do not fear competition. “Competition is what has helped us improve considerably as an industry and as a country. We should embrace the investment and innovation happening in Malta.”
Quick-fire Questions… with Robert Debono
How well do you sleep at night? (Rate from 1 to 10) Five, new baby permitting.
On average, how many hours do you sleep?
What’s the first thing you do most mornings? Check for new emails.
Are you more of an early bird or a night owl?
Do you usually work on weekends, or do you maintain a strict cut-off? I’m flexible.
If you weren’t in this industry or role, what career would you have chosen? Probably IT.
Do you prefer to invest in property, stocks and shares, or crypto? Stocks and shares.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Seven.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Research tool and sounding board.
What’s the perfect age to retire in your view? Completely? Never.
What’s one important item on your bucket list? Visiting South America.
Which is your most important meal of the day –breakfast, lunch or dinner? Breakfast.
Your favourite food and dish? Japanese cuisine.
Coffee or tea – or something else? Water.
Which is your favourite restaurant in Malta? Fernandõ Gastrotheque.
What’s one thing you never leave home without? My phone.
What’s your go-to way to switch off after a long day? The gym.
Greta Camilleri
CEO, M&Z PLC
“THE BUSINESS IS NOT ABOUT ONE PERSON – IT’S ABOUT THE TEAM, THE PAST AND MY FATHER’S LEGACY.”
GRETA CAMILLERI GREW UP IN THE FAMILY BUSINESS – THE FAST-MOVING CONSUMER GOODS (FMCG) IMPORTATION AND DISTRIBUTION FIRM M&Z PLC – STACKING SHELVES, ACCOMPANYING DRIVERS ON DELIVERIES AND MAKING SALES VISITS. TODAY, AS THE COMPANY CELEBRATES OVER 100 YEARS IN OPERATION AND, AS ITS CEO SINCE 2021, GRETA IS INTENT ON CHAMPIONING HER TEAM WHILE LEADING WITH THE RESPECT, HUMILITY AND EMPATHY SHE INHERITED FROM HER FOREBEARS.
Ever since she was a child, Greta Camilleri has been drawn to the power of team sports, first discovering it on horseback at the age of six. Riding a 600kg animal “with a mind of its own” required far more than physical strength or technical skill; it demanded trust, awareness and a deep sense of connection. Horse-riding taught Greta that progress only comes when all parts move together, guided by empathy and understanding. “You’re
constantly reading situations, adapting and working in partnership,” she reflects. “It was my first lesson in teamwork.”
Those early lessons continue to define Greta’s leadership today. As CEO of M&Z plc, a longestablished importation and distribution company specialising in fast-moving consumer goods (FMCG), she leads with the same principles of coordination, respect and
CEO INSIGHT
“The two most important qualities in business, in my view, are humility and discipline. Humility allows you to learn from your team and clients – after all, you’re working for them. And if you wake up early, with a fresh mind and a positive outlook, you can overcome any challenge you face.”
These are big shoes to fill, but it’s a privilege to shape what comes next.
shared purpose. Founded in 1922 and operating as a licensed distributor since 1929, M&Z has evolved across generations, yet its foundations remain rooted in people. “To move forward, you need to understand the environment around you – your colleagues, your customers and every moving part of the business,” Greta says. “Leadership is about creating alignment.”
Now employing around 160 people, M&Z is a complex operation, and Greta is deeply aware that its strength lies in those who keep it running day after day.
“The business is never about one individual,” she explains. “It’s about collective effort, continuity and belonging.” This belief has shaped her approach to building a culture grounded in trust, respect and shared responsibility. Even major milestones, such as
the company’s listing on the stock exchange, were guided by the principle that people should feel genuinely invested in the company’s success.
Like all growing organisations, M&Z has encountered challenges along its journey. Rather than obstacles, these moments have been approached as opportunities to learn, adapt and improve. Leadership has remained closely involved at an operational level to gain first-hand insight and ensure informed, effective decisionmaking. As Greta notes, “You can’t solve problems you don’t experience.” In terms of M&Z company culture, employee wellbeing is equally prioritised. Initiatives focused on mental health, peer support and open communication reflect Greta’s belief that performance and care go hand in hand. “If people feel supported, they show up differently – for each other and for the business.”
Greta’s relationship with the company began long before she stepped into a leadership role. Growing up immersed in the business, she learnt through experience rather than instruction. From
warehouse work and merchandising to accompanying sales teams and delivery drivers, she gained a holistic understanding of how each function contributes to the whole. “There’s no substitute for being on the front line,” she says. “That’s where you understand the market, the consumer and the pace of change. It keeps you curious and humble.” That curiosity continues to drive her decision-making. “I never assume I have all the answers. Asking the right questions is just as important.”
Staying close to operations has allowed Greta to empower her team while encouraging innovation that respects the company’s heritage. Adaptability, she believes, is not a departure from tradition but a continuation of it. “Every generation has had to evolve,” she says. Over the decades, M&Z has expanded beyond its original commodity roots, most recently into categories such as wine, spirits and food service, while strengthening its long-standing core portfolio. At the same time, the company has invested in developing capabilities for shorter shelf life products, laying foundations for sustainable growth.
The journey has not been without its tests. Rising costs, shifting consumer behaviour and global uncertainty have required resilience and clear thinking. In the post-COVID-19 period, supplier disruption – particularly following Brexitrelated complications with British partners – created further pressure. “In some cases, we had to rethink supplier relationships entirely,” Greta explains. “But challenges force you to become more creative, more agile and more united.” These experiences, she says, reaffirmed the importance of strong relationships and a committed team.
Growth through acquisition has also brought valuable lessons. Over the past decades, M&Z has integrated several businesses, each bringing complexity beyond balance sheets and systems. “The human impact of change is often underestimated,” Greta notes. “Every decision lands on people first.” As a result, the company’s strategy has shifted from rapid expansion to consolidation – ensuring each category is fully optimised and teams feel confident before moving forward again. “Success takes patience,” she adds. “You grow responsibly or not at all.”
Looking ahead to 2026, Greta is focused on balance: safeguarding financial stability while investing with intention. Protecting margins, strengthening cash flow and taking a long-term view remain central priorities. “I’m not here to reinvent what works,” she says. “I’m here to sustain what my family have built, refine it and ensure it remains profitable and relevant.” Part of that vision includes diversification into niche and more sustainable product offerings, particularly in healthfocused segments where long-term value outweighs shortterm volume.
For Greta, leadership today is about stewardship – honouring the past while shaping the future. She carries forward a legacy built over generations, supported by the continued presence and guidance of her father. “These are big shoes to fill,” she admits. “But it’s a privilege to shape what comes next. I’m building something that will outlast me, preparing the business for the fifth generation. That’s what keeps me motivated – and awake at night.”
On average, how many hours do you sleep? Around seven to eight hours.
What’s the first thing you do most mornings? Check my inbox.
Are you more of an early bird or a night owl? Very much an early bird.
Do you usually work on weekends, or do you maintain a strict cut-off? Occasionally – usually early mornings.
If you weren’t in this industry or role, what career would you have chosen? A veterinarian.
Do you prefer to invest in property, stocks and shares, or crypto? Property and stocks.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Often enough to rely on it.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A research assistant.
What’s the perfect age to retire in your view? Sometime beyond 60.
What’s one important item on your bucket list? Raising my daughters to be strong and compassionate.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner – it’s family time.
Your favourite food and dish? Ethnic cuisine.
Coffee or tea – or something else? Coffee. Always.
Which is your favourite restaurant in Malta? Our clients’ restaurants.
What’s one thing you never leave home without? My father’s watch.
What’s your go-to way to switch off after a long day? An evening walk with the family.
CEO INSIGHT
“I never stop researching new ideas and technology, and keeping abreast of global developments. I enjoy networking and visiting both our own stores and those of our competitors. There are always valuable insights to be gained simply by observing what is happening – not just in Malta, but internationally. I also believe that the advent of artificial intelligence (AI) has accelerated many changes across our industry.”
David Tabone
CEO, THE CONVENIENCE SHOP (HOLDING) PLC
“WE WANT TO BE THE MOST TRUSTED RETAIL NETWORK IN MALTA.”
AT THE HELM OF ONE OF MALTA’S LARGEST RETAIL NETWORKS, DAVID TABONE HAS SPENT HIS FIRST YEAR AS CEO ORCHESTRATING A MAJOR DIGITAL TRANSFORMATION FOR THE COMPANY WHILE DEEPENING ITS COMMUNITY ROOTS. AS THE CONVENIENCE SHOP HOLDING P.L.C. BLURS THE LINES BETWEEN PHYSICAL RETAIL AND DIGITAL SERVICE, THE CEO DISCUSSES THE POWER OF HYPER-LOCALISATION, THE IMPORTANCE OF SPEED AND WHY HUMAN CONNECTION REMAINS THE ULTIMATE CURRENCY IN A TECH-DRIVEN WORLD.
2025 was a year that redefined the trajectory of The Convenience Shop Group. Since taking the helm as CEO in January 2025, David Tabone has wasted little time in championing a strategy that balances aggressive expansion with intimate, community-focused service.
“We’ve had quite a year,” David begins, reflecting on the group’s evolution under the MyConvenience and MySupermarket brands. “We’ve seen steady revenue growth, which came about by expanding our network of outlets – we now have over 100 outlets across Malta and Gozo.”
However, growth goes beyond the number of doors opened, David says, pointing to the frequency of
engagement as a significant factor. A key driver of this was the rollout of the MyRewards loyalty programme and the mobile delivery app. While acknowledging the universal obstacles of 2025 – inflationary pressures and a fiercely competitive labour market – he characterises the last 12 months as a vital period of consolidation towards the goal of becoming ‘Malta’s leading retail network’.
The recent launch of the loyalty and online shopping app marked a pivotal moment in the company’s digital transformation, with the CEO describing the vision as an absolute necessity rather than a luxury. “We were operating 100 stores that were deeply embedded in every single community in Malta, yet we did not really
have a digital presence,” he admits. “What we wanted to do was bridge these physical stores with seamless digital convenience that consumers deserve in 2026 and beyond.”
The strategy goes beyond simple transaction processing. Focused on rewarding loyalty in a manner that feels relevant to Maltese families, it allows customers to earn and redeem points across the entire network. “We are very much a part of people’s daily lives; we are not a ‘one shop a month’ type outlet,” David emphasises. “Our aim is to have fast deliveries, click-and-collect options and exclusive deals.”
Crucially, this digital push enables hyperpersonalisation. The group can now send offers tailored to individual shopping habits – a feature David believes will deepen trust. “Looking ahead, we hope these developments will strengthen consumer trust and reward our loyal customers in a world that is becoming increasingly digital.”
Despite the digital focus, the physical expansion remains aggressive, with a target of 150 outlets by 2028. Yet, David is adamant that this is not a cookie-cutter operation. The selection of new locations is a rigorous process involving foot traffic analysis, demographic shifts and competitor monitoring. But the philosophy is what sets them apart.
“We try to prioritise locations where we can truly add value to an area, rather than cannibalise existing stores,” he says. “Our focus is entirely hyper-local, with a fully personalised approach.”
This extends to a novel branding initiative where each locality features a unique mascot. “We are still at the start of the process of explaining each mascot, which has a life of its own and is directly related to each and every locality,” David shares with visible excitement. It is a move designed to ensure that while the brand is national, the feeling is distinctly local. “Each new opening will reflect the village or town’s character, be it with the product assortment or the mascot.”
Looking back on his first year as CEO, David describes 2025 as transformative. After spending six years in Cyprus, stepping back into a “beloved institution” in Malta required a swift adjustment. His leadership philosophy is centred on empowerment, but with a distinct tempo.
“Instilling a sense of urgency in everything we do,” he says, when asked about his most critical decision over the last year. “I’m not used to slowpaced environments, so once we have a strategy, I like to implement it as swiftly as possible.”
He argues that this speed can only be achieved by empowering management and operations teams
I’m not used to slow-paced environments, so once we have a strategy, I like to implement it as swiftly as possible.
to take decisions at store level. It represents a shift from prioritising size to prioritising quality. “I’ve had to focus not just on growing as a company, but on ensuring we raise the bar at every touchpoint with consumers,” he notes.
In an industry plagued by high turnover and a talent crunch, David is clear that “talent is one of the biggest challenges in Malta.” His response? Investing heavily in making The Convenience Shop an employer of choice.
A significant initiative has been the creation of a proprietary app for staff, providing on-demand training
videos and instant support. “It is also engaging –rather than simply listening to instructions, staff actively interact with the content,” he explains. The system allows management to monitor staff engagement and comprehension from the backend, ensuring consistency across the network.
“My guiding philosophy has been that our people come first,” David asserts. “They are our greatest asset and without them, there is no way that we can succeed.” The goal is to drive retention and faster onboarding, ensuring that service standards remain consistent regardless of which outlet a customer visits.
Looking at the broader role of the company in society, David highlights a shift in how they approach corporate social responsibility (CSR). While the group has always been active, efforts were previously unstructured. This changed with the establishment of the Sandra Calleja Foundation, honouring the late wife of Founder, Ivan Calleja.
“We’re going to be channelling all our CSR efforts towards this foundation,” David explains. “Its purpose is to make real impact, but in a structured manner, going beyond the ad hoc donations that have been the practice over the last 16 years.”
For David, a business cannot exist in isolation. “We must create shared value,” he says. “We are present in every community and we will give back to each and every community.”
And as he looks towards the next chapter, the CEO anticipates a continued blurring of lines between the physical and digital realms. He believes the company is perfectly positioned to leverage its network to offer lower delivery costs and superior convenience.
Financial growth remains a priority, driven by the tech investments made in 2025, but the ultimate metric is brand sentiment. “We want to be the most loved brand on the island,” he states. “We’re strengthening our core operations with efficiencies gained by the investments we made in technology.”
When asked what excites him most about the future, David’s answer blends ambition with community. “We want to be the most trusted retail network in Malta. Not just in terms of financial growth and profitability, but also combining convenience with genuine community impact.”
His message to the wider business community for 2026 is one of collaboration and adaptation. “I think it would be beneficial if we all embraced change as a community,” he concludes. “In a small economy like ours, we need to create win-wins through local partnerships, innovation and a focus on the community.”
Quick-fire Questions…
How well do you sleep at night? (Rate from 1 to 10) That’s a nine. Sleep was never an issue for me.
On average, how many hours do you sleep?
What’s the first thing you do most mornings?
Coffee, check yesterday’s numbers, catch up with news headlines.
Are you more of an early bird or a night owl?
Do you usually work on weekends, or do you maintain a strict cut-off?
You never really stop, but weekends are mainly focused on family
If you weren’t in this industry or role, what career would you have chosen?
A career in the world of sport.
Do you prefer to invest in property, stocks and shares, or crypto? You need to create a balance. But mostly property and stocks.
On a scale of 1 to 10, how frequently do you use ChatGPT
Seven. I use both Grok and ChatGPT.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board?
All three. But probably mostly sounding board and research assistant.
What’s the perfect age to retire in your view? I can’t imagine retiring. I hope it will be just a transition into mentoring others.
What’s one important item on your bucket list?
Seeing my four children happy and successful. And also a family trip to Japan and China.
Which is your most important meal of the day –breakfast, lunch or dinner?
Dinner. The only meal I have.
Your favourite food and dish?
Sushi, and my wife’s lasagne.
Coffee or tea – or something else? Double espresso.
Which is your favourite restaurant in Malta?
Zen at Portomaso and Le Majoliche.
What’s one thing you never leave home without?
My shoes! I’ve forgotten every single other item, but shoes, no.
What’s your go-to way to switch off after a long day?
Catching up with family and what they’ve done all day, and then sofa time.
Claire Xuereb
DIRECTOR OF HOSPITALITY & CARE, AX GROUP
“LIFE HAS TAUGHT ME THAT PUSHING BOUNDARIES ALLOWS YOU TO EXPLORE NEW HORIZONS.”
CLAIRE XUEREB HAS LIVED AND BREATHED AX GROUP’S 50-YEAR STORY FOR MOST OF HER LIFE. NOW DIRECTOR OF HOSPITALITY AND CARE, SHE OVERSEES EIGHT HOTELS, 24 RESTAURANTS AND THE GROUP’S EXPANDING CARE DIVISION. WITH THE RECENT LAUNCH OF VERDALA WELLNESS HOTEL –MALTA’S FIRST INTEGRATED LUXURY WELLNESS DESTINATION – AND FURTHER PROJECTS IN THE PIPELINE FOR 2026, CLAIRE IS STEERING AX GROUP’S VISION FOR HOSPITALITY AND CARE IN MALTA TOWARDS ITS NEXT CHAPTER.
Born into the business just a year after her father, Angelo Xuereb, founded it in 1975, Claire Xuereb has witnessed every stage of AX Group’s evolution. The company’s 50th anniversary, celebrated in September 2025, carries deep significance. “I’ve grown up alongside AX Group,” she says. “This milestone is an important moment for the next 50 years – for which I share responsibility as Director with my sister. It’s up to us to continue the legacy and enable further growth over the next half century.”
Preparation for that responsibility has been a lifetime in the making. Claire’s career spans operational roles across the global tourism industry, building on her hospitality
and tourism management degrees from the University of Wales and Centre International de Glion in Switzerland. Her leadership journey intensified when she returned to head AX Group’s hospitality and care divisions, grounding her approach in intuition. “The vision for the brands I create comes from the gut,” she explains. “I rarely read books or use social media. I prefer ideas generated from within, based on observation and first-hand information.”
Complementing her instincts, Claire keeps her edge through constant development and reinvention. “Life has taught me that pushing boundaries allows you to explore new horizons,” she says. “So I keep challenging myself to
CEO INSIGHT
“What drives me is nurturing people’s growth – seeing individuals start in the business and grow, over time and with determination, into outstanding managers and industry leaders.”
Capacity doesn’t match demand, which means it’s much harder to find staff than clients in hospitality and care.
However, the industry’s labour shortage remains AX Group’s greatest constraint. “Human resources have been the main stumbling block for the last five years – and the vacuum in the sector is growing,” she explains. “Capacity doesn’t match demand, which means it’s much harder to find staff than clients in hospitality and care.”
look deeper and evaluate ideas based on their potential rather than precedent.”
That thirst for innovation has uncovered unexpected synergies between the worlds of hospitality and care – as well as a universal truth. “I’ve learnt that people want to be taken care of. It’s a need across all ages and sectors,” Claire asserts. “In hospitality, that may translate into something that offers tranquillity, comfort or fun. In care, this remit may be more medical. But fundamentally, it’s all about caring for people.”
AX Group’s people have indeed defined its 50 years – and counting – of success, with the anniversary celebrations acknowledging the contributions of teams, clients and suppliers across its journey. In keeping with this spirit, Claire credits her team as the driving force behind the exceptional performance of the hospitality and care divisions in 2025.
Administrative delays are adding further pressure. “The timeline for securing work permits and visas is becoming longer. In addition, the introduction of the Skills Pass – a Government process that verifies the skills of tourism and hospitality professionals – has added further steps, making the overall process more time-consuming and complex. Without careful management, this could begin to affect the long-term sustainability of some operations.”
The situation is contributing to a challenging cycle for the industry. “Existing teams are under increasing pressure as they work to cover staff shortages,” she notes. “As the Skills Pass requirements currently apply only to tourism and hospitality, some individuals may choose to explore opportunities in other sectors.”
Adapting to this reality requires strategic shifts, particularly in food and beverage operations. “Our Latino bar, Mamacita, centres on cocktails and dancing,” Claire explains. “It exemplifies why we should keep tilting towards beverages, which provide broader market access and require fewer people to operate. We won’t stop our food offering, but the dynamic between food and beverage needs to change.”
This approach will also inform future developments. “We are focusing on our current portfolio while adjusting our model to the market situation for upcoming investments. The next phase of AX ODYCY includes adding seven kitchens, so we will certainly keep this strategic balance in mind,” she adds. “This is one of a multitude of daily decisions I face to stay competitive and sustainable.”
The launch of Verdala Wellness Hotel in August 2025 was the product of thousands of such decisions – and a vision years in the making. “I first came up with the idea during the pandemic,” Claire recalls. “It didn’t exist in Malta yet, so it kept brewing and I kept refining it.” The project’s realisation proved particularly timely. “It’s clear we opened Verdala at the right time and in the right place,” she says. “The feedback has been extraordinary and overwhelming – and the potential is even greater.”
The Griffin Brasserie within Verdala, once a popular tearoom and later a renowned nightclub, anchors the hotel’s food and beverage offering. “When planning a product, I love to pay tribute to its past while writing the next chapter of its future,” Claire affirms, pointing to design elements that nod to The Griffin’s history.
Its contemporary incarnation also tackles a common stigma surrounding wellness dining. “We are challenging the misconception that wellness requires sacrifice,” she explains. “I don’t believe people should have to choose between joy and wellness. We want to offer our guests delicious, ingredient-driven food that is both pleasurable to eat and nourishing for the soul.”
As the hospitality sector evolves, Claire sees opportunity for those ready to adapt strategically. “We’re going through a time of change – the wind is strong, so drifting too far will put you at risk of sinking or running aground. Now is the moment to adjust our sails and follow demand to head to a new destination.”
She advocates for intentional planning at policy level. “Permits for new properties must be concept-driven, so that each one adds unique value to the island. Copy-paste at our peril.” In addition, environmental, social and governance (ESG) considerations are non-negotiable factors in the equation. “Sustainability is part of our DNA now. We take pride in acting sustainably in every decision we take.”
Alongside sustainability and strategic planning, digital transformation remains a priority in 2026, though Claire’s focus currently centres on the group’s near-term projects: the extensive refurbishment of AX The Palace, the consolidation of Verdala Wellness Hotel and the next phase of AX ODYCY Hotel – the successor to Sunny Coast, AX Group’s first hotel. “In phase two, we are developing AX ODYCY Residences,” she explains. “It serves the same market as the hotel but targets a younger, more family-oriented demographic.”
As AX Group enters its next chapter, Claire’s approach holds steady: push boundaries, challenge convention and create concepts that add genuine value, while extending AX Group’s 50-year-strong legacy in Malta. “As a nation, we must protect what we have to remain sustainable, innovative and globally competitive. Our authenticity is our finest asset,” she concludes.
what career would you have chosen?
Marketing – finding the right client for the right brand.
Do you prefer to invest in property, stocks and shares, or crypto?
A balance between property and stocks and shares.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Nine.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Research assistant and sounding board.
What’s the perfect age to retire in your view?
If you love your career, you’ll shift your contribution but not retire.
What’s one important item on your bucket list? To travel whenever I wish to.
Which is your most important meal of the day –breakfast, lunch or dinner? Lunch.
Your favourite food and dish? Anything non-European, like Asian or Mexican. Coffee or tea – or something else? Coffee and fresh juices.
Which is your favourite restaurant in Malta? Under Grain, TemptAsian, Minoa and The Griffin.
What’s one thing you never leave home without? My phone.
What’s your go-to way to switch off after a long day? A romcom or adventure movie.
Erald Ghoos
CEO, OKX EUROPE
“NO DAY IS EVER THE SAME.”
IN 2025, CRYPTOCURRENCY EXCHANGE OKX WAS GRANTED A MARKETS IN CRYPTO-ASSETS (MICA) LICENCE BY THE MFSA, POSITIONING IT AT THE FOREFRONT OF EUROPE’S DIGITAL FINANCIAL ECOSYSTEM. FOR CEO ERALD GHOOS, THE LICENCE REINFORCES HIS CONVICTION IN THE TRANSFORMATIONAL POTENTIAL OF BITCOIN, CRYPTOCURRENCIES AND DECENTRALISED FINANCIAL SYSTEMS – WHAT HE CALLS A FORCE “FOR THE GREATER GOOD OF THE WORLD”.
There is very little that keeps Erald Ghoos, CEO (Europe) of cryptocurrency exchange OKX, up at night – apart from his 18-month-old. The Belgian native, new father and company leader is fuelled by a passion to reshape the financial industry, convinced of the transformational potential of cryptocurrencies and blockchain technology.
“My background is in computer science, but I’ve spent my entire career in banking. The moment I moved into crypto, I felt, ‘this is it’. I no longer wanted to work in any other industry. I believe crypto is both a technology and an asset class that works for the greater good of the world, and that conviction keeps me sharp. It allows me to give the best of myself,” he smiles.
Erald’s professional experience – working across the globe for financial institutions and progressing into C-suite roles – has given him both specialised perspective and the broad insight required to run a company in the sector.
“Over the years, I transitioned from focusing intently on specific aspects of the industry to broadening my experience. As CEO of OKX in Europe – a digital currency operation – I cultivate knowledge across a wide array of areas from the group’s technical set-up to payroll, employment law, conflict management, and profitability, because one day I may be involved in product innovation and the next in marketing strategy. No day is ever the same. I cannot be an expert
CEO INSIGHT
“Educate yourself, stay on top of new developments and keep an open view to new technologies. When I was in traditional finance, I was sceptical about Bitcoin, for instance, but little did I know that I’d be the CEO of one of the largest global crypto exchanges just a few years later. Similarly, when AI was first launched, I didn’t fully understand machine learning, but technologies mature and their function becomes clear over time. Take the time to regularly learn about innovations.”
Malta has been very progressive, agile and proactive in establishing a solid regulatory framework for crypto and digital assets. With this in mind, we have centralised our European headquarters here.
in every area, of course, but as CEO, I must select the right people and build teams to support this executive function,” Erald explains.
Such a broad approach has been central to OKX Group’s development. Founded just over a decade ago, the group’s enduring goal is to provide financial access to anyone, anywhere. Erald attributes this drive to the limitations of traditional finance: “The industry has typically been archaic, slow, expensive, not necessarily transparent, and arguably influenced by political and geographical factors that are not manifest or clear to end consumers,” he asserts.
In contrast, he continues, blockchain and crypto offer a decentralised ledger that allows for greater visibility. “It is not under anyone’s control; it is accessible and immutable. It also allows people in some developing countries – the ‘unbanked’ – to access financial instruments, safeguard assets and accrue wealth. Companies like OKX make the financial system more inclusive,” he attests.
OKX now operates globally, except in jurisdictions under sanctions. The group’s inclusive strategy is reaping dividends: the price-tracking website CoinMarketCap lists OKX as having more than $2 billion in spot trading volume over a 24-hour period, with assets exceeding $17 billion.
For Erald, however, the focus remains on European operations and regulatory compliance. “Cryptocurrencies grew rapidly, and regulators had to step in to establish safeguards for consumers. My primary operating ground covers the EEA – almost 450 million people. We applied for licences to ensure customers have confidence in our services,” he says.
Malta has played a critical role. In 2025, OKX received a Markets in Crypto-Assets (MiCA) licence from the Malta Financial Services Authority (MFSA), authorising the group under the island’s Crypto-Asset Service
Provider (CASP) regime. This licence allows OKX to passport its services across the EU. “Malta has been very progressive, agile and proactive in establishing a solid regulatory framework for crypto and digital assets. With this in mind, we have centralised our European headquarters here,” he says.
Moreover, OKX also operates under a MiFID licence, in line with the EU’s Markets in Financial Instruments Directive. “In other words, we have MiCA for our crypto offering and MiFID for our more structured and speculative investment solutions, so we are well positioned to provide regulated products. This approach ensures full transparency for both the authorities and our customers,” he explains.
These developments have not been without challenges. In particular, OKX has had to navigate an interim pause before its MiCA licence came into effect. “While the MiCA framework offers a harmonised approach across the EU, there is a transitional period during which the licence does not come into effect instantaneously. In some countries, this can take up to a year. Meanwhile, some competitors may already be operating with the licence, and others may even be functioning outside the regulatory environment. This creates a temporary competitive disadvantage, as consumers can access a wider product offering with exchanges that are not compliant with MiCA,” Erald attests.
Yes, I am on 24/7.
In an unexpected development, European regulators are now pushing to rework MiCA and introduce more centralised governance of crypto – even before the licence has been fully implemented across the bloc’s jurisdictions, the CEO continues. “Essentially, there is a move to withdraw sovereign oversight of crypto from individual member states. This came as a surprise to me, since it is happening before there is evidence that any change is needed. They should first allow MiCA to operate and be evaluated over time, rather than creating instability and uncertainty within the sector,” he says.
Looking ahead, he predicts growth in Decentralised Finance (DeFi) – the financial system on which blockchain technology is built. He sees this trend being accelerated by global political instability. “I believe DeFi represents the future of financial technology, as it gives ownership to the end consumer. Over time, it will complement – and in some cases replace – centralised and traditional financial systems, because in DeFi, individuals control their own funds. I also expect a rise in people choosing to hold their own assets in custody, particularly if governments adopt more controlling policies,” he explains.
In the coming months, OKX’s European focus will remain on “translating our licences into vital user products, to drive growth and expand services for our consumers in Europe,” the CEO says. He adds: “People only have three fundamental financial needs in their lives: to pay and get paid; to accrue wealth through investments and savings; and, thirdly, to lend or borrow. Our goal is to build useful solutions and services across all these segments.”
For the foreseeable future, the island will remain the base for these endeavours. Erald is optimistic about the country’s potential: Malta is at the top of European rankings for GDP growth and is attracting a lot of talent. It’s a vibrant ecosystem, so we’re very buoyant about our future here,” he shares.
If you weren’t in this industry or role, what career would you have chosen? Anything to do with animal welfare.
Do you prefer to invest in property, stocks and shares, or crypto? Crypto every day of the week!
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Nine.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A bit of everything.
What’s the perfect age to retire in your view? When Bitcoin hits €250,000.
What’s one important item on your bucket list? Having as big a family as possible.
Which is your most important meal of the day –breakfast, lunch or dinner? Breakfast, definitely.
Your favourite food and dish? A freshly caught sea bass.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? Chez ‘my wife’.
What’s one thing you never leave home without? My phone to watch the crypto charts.
What’s your go-to way to switch off after a long day? Playing with my son.
CEO INSIGHT
“We are building artificial intelligence (AI) into the technologies that we offer clients, but it is important that we ensure we are building trustworthy AI. The nature of the data that Shireburn holds is sensitive, so achieving that in a trustworthy, reliable and ethical way is critical.”
Adrienne McCarthy
CEO, SHIREBURN SOFTWARE
“WE WANT TO CREATE AN ENVIRONMENT THAT ALLOWS PEOPLE TO BE EXTRAORDINARY.”
AS SHE STEPS INTO THE ROLE OF CEO AT SHIREBURN SOFTWARE, ADRIENNE MCCARTHY BRINGS A UNIQUE TRAJECTORY BLENDING THE HARD SKILLS OF COMPUTER PROGRAMMING WITH A NUANCED UNDERSTANDING OF ORGANISATIONAL PSYCHOLOGY. AS THE COMPANY PREPARES TO LAUNCH ITS COMPREHENSIVE INDIGO BUSINESS SUITE, SHE IS POISED TO LEAD A STRATEGY THAT LEVERAGES AI TO AUGMENT HUMAN POTENTIAL, RATHER THAN REPLACE IT. WITH A FOCUS ON INNOVATION AND EMPATHY, ADRIENNE AIMS TO POSITION SHIREBURN AS THE HOLISTIC PARTNER FOR MALTA’S EVOLVING BUSINESS LANDSCAPE IN 2026.
It is rare to find a technology leader whose career path sits so perfectly at the intersection of binary code and human behaviour. Yet for Adrienne McCarthy, the incoming CEO of Shireburn Software, this duality is the lens through which she views the entire business landscape.
“If I were to take a step back and talk about my passions, it has very much been a combination of technology and the people aspect,” Adrienne explains, reflecting on a career that spans over two decades, most recently within the global network of KPMG. “They are interconnected. Technology is only as good as people at the end of the
day, and technologies essentially enable people to do better things. But each is indispensable to the other.”
This philosophy is what drew her to Shireburn, a company with a 40-year legacy in the Maltese market, and which is now standing at a pivotal moment within its evolution. For Adrienne, the move represents the “perfect intersection” of her professional life – combining technology, people development and work psychology.
“I’m drawn to businesses that are innovative,” she says. “What we see with Shireburn is a business where innovation is core to what it does and fundamental to
Take away the noise and focus on what’s really important, because if you’re not looking at the competitive advantage you can gain, you risk losing out significantly.
its success. But it is also this blend of innovation and a human-centred philosophy that defines how they do business. It is rare to find a company in Malta that can emulate both of those.”
Adrienne joins Shireburn at a key moment, ahead of the launch of the cloud-based finance and operations platform, Indigo Business. Her perspective on this rollout is unique: she is not just an incoming executive; she has been a client. Working internationally across jurisdictions, she understands the friction of fragmented systems.
“I feel the pain of systems not talking to each other,” she admits candidly. “Typically, it is very rare to find a payroll system that will talk to an HR system, which in turn talks to a finance system, without incurring significant cost.”
She highlights the struggle of trying to adapt global giants like SAP to local requirements, contrasting it with Shireburn’s capability. “Suddenly, I come across Shireburn that can not only do the payroll, but can also do the HRIS system, the finance systems, point of sales and inventory. Having everything on one system makes it incredibly efficient.”
This ‘client-first’ empathy is central to her strategy for the coming months. “I can really appreciate – from a client’s point of view – the advantage that this can bring,” she notes. Her goal is to take the existing expertise within the Shireburn team – people she credits with building a system that works “really well already” – and bring it to market in a way that fundamentally changes how clients operate. “It takes away a lot of the noise or the admin of what we do, and makes work much more efficient.”
Today, no conversation about technology is complete without addressing artificial intelligence (AI), yet, Adrienne is quick to dismantle the narrative of fear often associated with automation. She champions a humancentred strategy where technology amplifies rather than replaces.
“There’s a big debate around AI and the fear factor around it that it’s there to replace people,” she acknowledges. “I think it’s a short-sighted approach to AI. I prefer to think of it in terms of the long game: using it as a tool to augment what we’re doing.”
She points to the intergenerational shifts in the workplace as a signal that leaders must adapt. “One of the HR issues coming up is people saying: ‘Listen, it takes me three hours to do my work. What do I do with the additional five hours? Do I tell my boss that I have an additional five hours on my hands, or say nothing and go watch Netflix?’”
For Adrienne, this dilemma presents a massive strategic opportunity. She cites IKEA as a ‘gold standard’ example,
where thousands of call centre workers were retrained as interior design advisors through the support of AI tools. “It’s a brilliant example of a complete win-win scenario,” she enthuses. “They haven’t replaced their people; instead they have strategically reshaped their jobs by using AI. Instead of concentrating on costcutting, they decided to use AI to offer an augmented service to their customers.”
This philosophy extends to how Shireburn addresses the increasingly complex regulatory landscape, such as the EU Pay Transparency Directive. Adrienne views the company’s role as one that removes the mechanical burden of compliance, freeing clients to focus on the broader cultural impact of regulatory changes.
“We’re at the heart of it,” she asserts regarding governance. “It’s reassuring to have a system you can rely on, knowing it will meet the local Maltese regulatory requirements. There’s peace of mind in that.”
By using AI to automate the reporting required by new directives, Shireburn allows business leaders to shift their gaze. “Instead of concentrating on the mechanics of how to implement new legislation, as a client, you’re able to focus on the actual broader cultural changes it will bring to your business.”
Internally, Adrienne’s leadership style is rooted in psychological safety and empowerment. She rejects micromanagement in favour of a culture where people are trusted to perform. “I start from a point of trust. I believe that people come to work to do a good job,” she says. “I believe that everybody has strengths and potential that they bring, and it’s really about creating the environment that allows them to do that.” Indeed, this environment is crucial for encouraging the fresh thinking required to keep a tech company at the cutting edge. “It goes back to the leadership style – giving people that trust; listening to them. We want to create an environment that allows people to be extraordinary.”
Looking towards the future, Adrienne sees Shireburn continuing its strong growth trajectory, moving along a continuum of innovation. Her vision is for the company to provide a “complete enterprisewide solution” that offers clients a competitive edge in a changing world. “The business environment is changing rapidly,” she warns. “A lot of that is going to be driven by AI. Whether we like it or not, it’s here. It’s changing people’s jobs and the way we work.”
Her priority for the coming year is to see clients embrace the full suite of Shireburn’s portfolio, moving beyond using isolated modules to leveraging the power of a fully connected ecosystem. “Because the sum of the parts is far greater than the individual parts,” she explains.
Ultimately, Adrienne’s message to the business community is one of partnership in the face of transformation. “Partnering with a company like Shireburn helps guide you through that change. Take away the noise and focus on what’s really important, because if you’re not looking at the competitive advantage you can gain, you risk losing out significantly.”
With a clear vision that honours the company’s 40-year heritage while actively pursuing the future of work, Shireburn’s new CEO looks set to lead the company into a new era – one where technology serves humanity, and where business efficiency paves the way for extraordinary human potential.
Quick-fire Questions… with Adrienne McCarthy
How well do you sleep at night? (Rate from 1 to 10) 10.
On average, how many hours do you sleep? Six to eight hours.
What’s the first thing you do most mornings? Cup of coffee by the sea.
Are you more of an early bird or a night owl? I love early mornings.
Do you usually work on weekends, or do you maintain a strict cut-off? I try to maintain a strict cut-off.
If you weren’t in this industry or role, what career would you have chosen? I would have chosen what I’m doing right now because I’m very passionate about it.
Do you prefer to invest in property, stocks and shares, or crypto? I think it’s important to have all three.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Every day. Eight.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? All three.
What’s the perfect age to retire in your view? Never.
What’s one important item on your bucket list? Explore new places with my kids.
Which is your most important meal of the day –breakfast, lunch or dinner? Breakfast.
Your favourite food and dish? Maltese cuisine. I love the blend of cultures.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? Ta’ Marija in Mosta.
What’s one thing you never leave home without? A podcast.
What’s your go-to way to switch off after a long day? Spending time with my kids.
CEO INSIGHT
“We underestimated the scepticism and the cultural shift required to move from 12 autonomous companies to a fully integrated group, but serious engagement and clarity of purpose turned doubters into believers. I’ve learnt that excellence today is less about doing something perfectly and more about making many things work seamlessly and harmoniously together.”
Edward Chetcuti
GROUP CEO, KDM GROUP
“WHILE GROWTH IS IMPORTANT, INTEGRATION IS CRITICAL.”
FOUNDED 30 YEARS AGO, KDM GROUP IS SHIFTING FROM A FRAGMENTED INVESTMENT PORTFOLIO TO A UNIFIED CORPORATE GROUP DELIVERING ESSENTIAL SERVICES ACROSS SECURITY, AVIATION, MOBILITY, AND TRAVEL. THE APPOINTMENT OF EDWARD CHETCUTI AS THE FIRST NONFAMILY GROUP CEO HERALDS A NEW, PERFORMANCE-DRIVEN CHAPTER FOCUSED ON STRATEGIC INTEGRATION AND SCALING THE BUSINESS TO MEET MALTA’S NATIONAL INFRASTRUCTURE NEEDS, POSITIONING KDM GROUP FOR AMBITIOUS, TECHNOLOGY-LED GROWTH IN 2026.
The challenges Edward Chetcuti has undertaken in his career – from transforming De La Rue’s manufacturing efficiency to building the nationwide Beverage Container Refund Scheme (BCRS) – all converge in his new role as Group CEO of KDM Group. The role marks a decisive move from single-sector focus to the orchestration of a large, diversified service conglomerate. His definition of operational excellence has had to evolve to match the breadth of the remit.
“Operational excellence used to mean precision and efficiency when it was about manufacturing,” Edward says. This concept later evolved into ‘public service excellence’ during his time at G4S, part of KDM Group. “My definition is no longer confined to one company or objective,” he affirms. “It’s now embedded in the
governance that we have across the group, our ability to adopt technology and our leadership alignment across 12 companies in multiple economic sectors. The biggest shift in leadership for me is to think less about control and more about orchestration.”
Adopting this unified leadership approach is vital as Edward simultaneously serves as a primary driver for the founding family’s transition to a consolidated group, working alongside Deputy Chairperson Steffi De Martino. He describes it as a stabilising force for the present while developing the future with KDM Group’s second-generation leaders. “Every decision we took from the first day had succession planning embedded within it,” he observes.
Services, some of which are critical, are the backbone of the economy. We take for granted that certain services will always be in place for the lifestyle that we are used to.
The foundation of KDM Group was laid over 30 years ago, and for decades it operated on a fragmented investment model, focused on acquiring and holding investments to varying levels of shareholding, predominantly as passive stakes. “However, if you scale without integration, this approach only creates complexity,” Edward notes, which led to the structural overhaul undertaken by the group.
Restructuring was driven by two key elements: focus and synergy. The move to organise the business around four defined pillars – security, aviation, mobility, and travel – created clarity both internally and externally.
“Many of our customers had no idea they were dealing with us multiple times through different companies in various sectors,” he recalls. That clarity now enables the company to scale sustainably.
To leverage synergies and prevent individual companies from operating as silos, KDM Group launched the KDM Management Hub. This central entity offers shared management services, standardising finance, treasury, HR and talent acquisition across the verticals. “The Hub provides the levers that make it possible for all the companies in the group to collaborate successfully,” Edward asserts.
Despite its ongoing structural success, KDM Group – like much of Malta’s business community – grapples with
severe external pressures, primarily talent scarcity. Edward notes that the challenge is compounded by the 24/7 nature of the company’s core services like security and ground handling. The current national average staff tenure rate of around two years is particularly disruptive. “There’s hardly enough time to get someone fully up to speed and fully trained before they move on, and then you’re starting again,” he explains.
Even so, the group’s response has been to tackle talent scarcity head-on through a dedicated Talent Acquisition and Development entity, alongside improving working conditions and revising collective agreements. The business also actively leads from the front, serving as a founding member of both the Malta Private Security Association and the Association for Temping Agencies to promote proper compliance and fair treatment of employees.
Edward remarks that an even greater challenge for him is the rising complexity of risk. “In the past, we simply used to carry out a SWOT analysis to identify any potential threats to the business,” he states, “but now we also need to battle cybersecurity issues, something many people still do not understand –not to mention the regulatory frameworks that shift constantly. So yes, the risk profile of running multiple businesses in different sectors has become so complex that it does give me the occasional sleepless night –despite the fact that I’m a very good sleeper!”
Responding to global trends, Edward stresses that digitalisation is no longer optional but existential. KDM Group is aggressively integrating technology, particularly artificial intelligence (AI), which he sees less as a decision-maker and more as a powerful
assistant. AI is being deployed in predictive rostering for the 2,600-strong workforce, smart surveillance and dynamic pricing models. Furthermore, sustainability and environmental, social and governance (ESG) considerations are viewed not as corporate social responsibility (CSR) but as a competitive advantage. This outlook drove KDM Group’s decision to turn regulatory compliance into an industry differentiator.
The philosophy is evident in major investments, including electrifying the aviation ground handling equipment ahead of the EU’s 2032 sustainability mandate, as well as the ambitious expansion of its mobility vertical from land to the sky. The impending introduction of electric drones to move secure documents and medical samples – reducing a two-hour drive to an 18-minute flight – illustrates the group’s ambition.
Closing its first full year in this new corporate structure, Edward reports that the group delivered a solid performance, driven by what he describes as the discipline of execution. “Security and aviation, in particular, are now in full gear following the postpandemic recovery. Strategic acquisitions, such as the full equity control of G4S Malta and mobility sector companies, have been crucial. We view mergers and acquisitions (M&A) as a tool, rather than a strategy, used to consolidate and create full control in sectors that are becoming very critical in Malta,” he says.
“For us, 2025 was more about building the structure and making key acquisitions,” he continues. “2026 starts with the new leadership and corporate structure in place and our strategic priority will shift from structure-building to consolidation and integration. While growth is important, integration is critical.” He adds that the group anticipates introducing a fifth vertical, most likely in tech-enabled services, by the end of the year.
Edward also hopes that, by then, KDM Group will have a fully operational management hub, a strong talent acquisition entity and a unified digital backbone, making the entire operation scalable. “Added to that is a pledge to continuously invest in our workforce so that they can deliver exceptional service that drives the economy, and we do so through discipline, innovation and integrity.”
Looking at the wider picture, Edward identifies electric mobility infrastructure as “the elephant in the room” – a significant opportunity that much of the business community is underestimating. He highlights the gap between the increase in electric vehicles and the scarcity of charging points. “In a country of 600,000 people, there are 300 electric chargers. It doesn’t add up!” he exclaims. His vision involves lobbying for public-private cooperation to combine on-street parking with metered electric charging – a proven model in other countries – to significantly scale the infrastructure from 300 to 10,000 chargers.
That said, Edward’s overall message to the business community is a call for commitment to essential services. “Services, some of which are critical, are the backbone of the economy. We take for granted that certain services will always be in place for the lifestyle that we are used to,” he cautions. “The ultimate goal should be for the private sector and the Government to collaborate on projects that improve our quality of life, not solely as commercial business enterprises. The next chapter, not only within KDM Group but in Malta’s economy in general, should be one of continuity and renewed ambition.”
How well do you sleep at night? (Rate from 1 to 10) 10.
On average, how many hours do you sleep? Six.
What’s the first thing you do most mornings? Prepare the kids for school.
Are you more of an early bird or a night owl? Eat the frog first! So early bird.
Do you usually work on weekends, or do you maintain a strict cut-off? I work, with no impact on family time.
If you weren’t in this industry or role, what career would you have chosen? Doesn’t matter what I do – as long as I do it well.
Do you prefer to invest in property, stocks and shares, or crypto? Sustainable property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Eight.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Research assistant.
What’s the perfect age to retire in your view? It happens when it happens.
What’s one important item on your bucket list? Learning how to sail.
Which is your most important meal of the day –breakfast, lunch or dinner? All, in the right balance.
Your favourite food and dish? Barbecued tomahawk.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? I don’t have one – I love change.
What’s one thing you never leave home without? Boringly, my mobile phone.
What’s your go-to way to switch off after a long day? The drive home.
Albert Alsina
FOUNDER & CEO, MEDITERRANIA CAPITAL PARTNERS
“YOU DON’T NEED TO SACRIFICE PURPOSE AND IMPACT FOR RETURNS – OR RETURNS FOR IMPACT AND PURPOSE.”
ALBERT ALSINA SET AN AMBITIOUS GOAL TO REACH €1 BILLION IN ASSETS UNDER MANAGEMENT, AND THEN SURPASSED IT, ESTABLISHING MEDITERRANIA CAPITAL PARTNERS AS A LEADER IN AFRICAN PRIVATE EQUITY. NOW AT THE HELM OF A MORE GEOGRAPHICALLY DIVERSE FIRM, HIS FOCUS FOR 2026 IS ON CONSOLIDATING GROWTH AND PROVING THAT A PURPOSE-DRIVEN INVESTMENT MODEL CAN DELIVER BOTH TOP-TIER RETURNS AND TRANSFORMATIVE SOCIAL IMPACT AMID GLOBAL VOLATILITY.
The past year has marked a fundamental transformation for Albert Alsina. Today, the Founder and CEO of Mediterrania Capital Partners heads a far more complex organisation than just a year ago, a shift that has reshaped his role. “My responsibilities cover a wider geographical scope,” Albert remarks. “We started with a few countries and now invest in over 30 across Africa, Southern Europe and the Middle East.”
Two key forces are driving this expansion: the deep integration of artificial intelligence (AI) and a strategic push to engage a broader investor base, stretching from Asia to the United States. “We have created a toolbox of AI applications that has allowed us to increase our assets under management without tremendously increasing our headcount,” he explains.
“We are as much as 10 times more efficient and productive. It’s not an exaggeration to say that AI is changing our lives.”
As the enterprise has scaled, Albert’s leadership philosophy of empowerment has only grown stronger. “When you treat people as the professionals you want them to become, they rise to that expectation,” he asserts. “We try to empower our people with the seniority and responsibility we see for them five years down the line, and it’s working extremely well.” Together with a greater emphasis on listening, this approach has cultivated a high-performance culture that keeps Mediterrania Capital Partners consistently ranked in the top quartile of emerging market private equity firms worldwide.
CEO INSIGHT
“We have a policy that Mondays are for meetings and the rest of the week is for execution. This simple operating rhythm protects our team’s focus and ensures that strategy discussions on Monday translate directly into tangible progress by Friday.”
With growth, however, comes challenges, particularly in talent management. “Malta offers a limited talent pool, and young professionals tend to move quickly,” he concedes, noting the lure of higher salaries in places like Dubai and Saudi Arabia. While targeted retention plans are in place, he admits it remains an ongoing concern.
For Albert, this pressure reinforces the need for a strong sense of purpose, the centre of Mediterrania Capital Partners’ ethos. “When you drive an organisation with a well-articulated purpose, everything else falls into place,” he stresses. “Our purpose remains the soul of our business.” That perspective is expressed in what he calls ‘the Four Es’: Energy, Energising, Execution, and Edge – a framework that ensures every new hire aligns with a culture built on making a tangible impact as well as generating returns.
One of the clearest demonstrations of this dual focus is Akdital, Morocco’s largest private healthcare group. Mediterrania Capital Partners’ investment transformed the mid-sized company into a publicly listed ‘social unicorn’. Albert often shares this case study and its key lessons with his students at the EADA Business School in Barcelona, where he lectures as an Associate Professor.
“The biggest takeaway from Akdital is the power of combining an ambitious entrepreneur, an unmistakable market need and a smart financial investor,” Albert explains. Over five years, Mediterrania Capital Partners’ backing enabled Akdital to expand from five hospitals
We touch the lives of 100 million Africans today; our ambition is to reach 200 million.
to over 45, increasing its capacity from 1,000 beds to nearly 4,000 and fundamentally changing North Africa’s healthcare landscape.
The financial results were equally striking. Revenues grew six-fold while profits rose twenty-fold, pushing the company’s valuation from €100 million to nearly €2 billion. A critical decision during the multi-stage divestment process was to separate hospital ownership from operations, a move that unlocked over €500 million from real estate investors, proving pivotal to value creation. As Albert notes, the success shows that “you don’t need to sacrifice purpose and impact for returns – or returns for impact and purpose.”
The Akdital exit, the largest in Mediterrania Capital Partners’ history, is definitive evidence of its proprietary eight-step Value Creation Model, which Albert details in his book Value Creation in Private Equity. Adaptable across sectors, the model moves from understanding the “guts of the business” to embedding a purpose-driven culture by mastering core strategic and HR processes, while tracking five key KPIs – profits, growth, cash, clients, and velocity – to enable rapid, data-driven adjustments.
Such results underpinned the firm’s fourth fund, MC IV, which closed in 2025 at a significantly oversubscribed €600 million. “It indicates that in a volatile global market, investors are looking for proven performance,” Albert observes. “But they are also increasingly pursuing ‘good returns’ – returns generated the right way. For instance, they feel proud to invest in the largest private hospital group in Africa.”
Mediterrania Capital Partners’ environmental, social and governance (ESG) strategy has likewise matured into a proactive ‘Theory of Change’. “Instead of investing and then seeing what Sustainable Development Goals (SDGs) we impact, we identify the SDGs we want to impact – like quality education or gender equality – and then seek investments that will achieve that goal,” Albert explains. The results speak for themselves: women now hold 40 per cent of management positions across the portfolio, and the organisation’s investments now touch the lives of an estimated 100 million Africans. “Another example is our implementation of software to centrally manage energy use across more than 500 supermarkets in Tunisia,” he adds.
Building on this momentum, Mediterrania Capital Partners recently launched the Africa Select Equity Fund (ASEF), a UCITS fund regulated by the Malta Financial Services Authority (MFSA). “The aim was to offer what our traditional private equity funds cannot: liquidity and accessibility,” Albert states. The fund, which accepts investments starting at €50,000, provides liquidity every 15 days and targets undervalued public companies where Mediterrania Capital Partners has deep insight. “Our strategy is to invest in 20 to 25 high-growth public companies where we know the management team well,” he says, highlighting the firm’s on-the-ground advantage. In its first year, the fund delivered a 47 per cent return.
Simultaneously, the team is advancing a ‘Spanish agenda’ in the agricultural sector, leveraging its deep experience in North Africa to capitalise on the interconnected cross-Mediterranean value chain. The move signals a broader strategic expansion, extending Mediterrania Capital Partners’ presence from Africa into the Middle East and Southern Europe.
Despite global uncertainty, 2025 was the most successful year in the business’ history. “We closed our flagship €600 million fund and have already committed 50 per cent of it, well ahead of schedule,” Albert reveals. Looking to 2026, the immediate focus is clear. “The word for the next six to nine months is consolidation,” he says. Beyond that, ambitions remain high: to grow towards €2 billion in assets under management and potentially add new products, such as a private debt fund.
What motivates Albert most, however, is the human dimension. “We currently employ 30,000 people, and by the end of the fund, we are aiming for 100,000. In addition, we touch the lives of 100 million Africans today; our ambition is to reach 200 million. That is what drives us.”
Thinking further ahead, Albert believes private equity is entering a golden era and that Malta is ideally placed to become a hub for the industry, thanks to its strong regulator, competitive service providers and strategic location. As a leader in the local financial sector, Albert supports Malta’s development through his role with the Malta Private Equity and Venture Capital Association (PEVCA) and by promoting the jurisdiction alongside entities like FinanceMalta.
Albert ends with a challenge to Malta’s business community: “Companies here need to think bigger, bolder and more ambitiously. The pending subject is for Maltese firms to expand abroad, conquer new regions and become truly international.”
Six to seven hours.
What’s the first thing you do most mornings? Go for an hour-long walk.
Are you more of an early bird or a night owl? Super early bird.
Do you usually work on weekends, or do you maintain a strict cut-off? I work weekends (but can easily switch off).
If you weren’t in this industry or role, what career would you have chosen? A doctor or teacher.
Do you prefer to invest in property, stocks and shares, or crypto? Stocks and shares.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? 10.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? All those roles and more.
What’s the perfect age to retire in your view? Never – if you love what you do.
What’s one important item on your bucket list? Spending more time with loved ones.
Which is your most important meal of the day –breakfast, lunch or dinner? In theory, breakfast; in practice, lunch.
Your favourite food and dish? Malta’s red gamberoni
Coffee or tea – or something else? Tea.
Which is your favourite restaurant in Malta? SA/MI/ZU at Marina Di Valletta.
What’s one thing you never leave home without? My phone.
What’s your go-to way to switch off after a long day? Cooking to classical music.
George Gregory
CEO, MALTA ENTERPRISE
“DIGITAL TRANSFORMATION AND INNOVATION ARE CENTRAL TO OUR STRATEGY.”
SINCE HIS APPOINTMENT AS CEO OF MALTA ENTERPRISE IN SEPTEMBER 2024, GEORGE GREGORY HAS DRAWN ON DECADES OF PRIVATE-SECTOR EXPERIENCE TO LEAD MALTA’S NATIONAL ECONOMIC DEVELOPMENT AGENCY. AFTER A MILESTONE-RICH FIRST YEAR, HE IS STEERING MALTA ENTERPRISE THROUGH DIGITAL TRANSFORMATION AND STARTUP ECOSYSTEM EXPANSION, WHILE ATTRACTING HIGH-VALUE ECONOMIC ACTIVITY THAT POSITIONS MALTA COMPETITIVELY IN LINE WITH MALTA VISION 2050.
For Malta Enterprise CEO George Gregory, stepping into the role of leading the national economic development agency tapped into a defining trait of effective leadership: a thirst to learn. “In every role, you are on a learning trajectory,” he says, reflecting on his transition from Managing Partner of RSM Malta to CEO of Malta Enterprise in September 2024. “Moving from the private to the public sector is a learning process in itself – let alone stepping into an entity that plays such an important role in Malta’s economy.”
George brought extensive experience in professional services, with a career encompassing high-profile acquisitions, restructuring assignments and strategic advisory roles across commercial and tax matters. Still, adapting to the responsibility of leading an agency
where every decision reverberates across the national economy demanded a wider lens. “The biggest adjustment was recognising the entire economic effect of decisions taken, rather than focusing on just one market,” he shares.
Known for his action-oriented leadership style, George quickly found common ground with his new team: “The Malta Enterprise team is driven and focused – so asking for action is second nature to them.” His approach to fostering innovation also draws on decades of leading professional teams, where listening was essential. “To encourage fresh ideas, you must create the right conditions for creative thinking,” he continues. “That means encouraging dialogue and participation and, above all, listening to everyone.”
CEO INSIGHT
“In Malta, we often overlook the transformative potential of deep tech and artificial intelligence (AI) in modernising enterprise operations. Investing in advanced technologies can drive highvalue job creation, attract international partnerships and firmly establish Malta as a hub for cutting-edge innovation.”
We want to ensure that every supported startup has the tools to generate sustainable, high-quality employment.
This open-door mindset supports the mission of Malta’s national economic development agency. Operating under the Ministry for the Economy, Enterprise and Strategic Projects, Malta Enterprise serves as both catalyst and coordinator for the country’s ambition to stand at the forefront of innovation-driven growth. To achieve this, the agency attracts foreign direct investment, launches business support schemes, develops the startup ecosystem, and drives strategic economic initiatives.
George’s first year delivered tangible results. “Malta Enterprise has seen strong growth across several important sectors,” he reports. “Our primary drivers have been strategic partnerships with local and international entrepreneurs, and a sharpened focus on nurturing high-potential startups.”
While he emphasises continuity, strategic shifts emerged through identifying where resources could deliver maximum impact. “We focused on aligning our efforts with areas showing the highest growth potential. That meant increased investment in digital transformation, strengthened support for startups in emerging technologies and enhanced international outreach to attract foreign direct investment,” George explains. “Collectively, these priorities ensure Malta Enterprise adapts to current market realities while anticipating future trends.”
One key decision stands out among the many that buoyed George’s inaugural year. “The recently launched Malta Semiconductor Competence Centre (MSCC) will play a vital role in further developing Malta’s already-strong ecosystem,” he underlines. A strategic initiative led by Malta Enterprise in collaboration with the University of Malta, MCAST, the Malta Digital Innovation Authority, and Silicon Catalyst EU Ltd, the MSCC
brings together academia, research and industry to build a supportive ecosystem that reinforces skills and capabilities for startups.
George has also refined the agency’s startup support process. “We identify startups with high growth potential and provide tailored support,” he explains. “Over the past year, we have integrated more data-driven assessments, streamlined application processes and introduced targeted programmes aligned with the needs of Malta’s labour market. We want to ensure that every supported startup has the tools to generate sustainable, high-quality employment.”
In February 2025, Malta’s progress received external validation when the country retained fourth place in Europe for innovative startups in the Startup Nations Standard (SNS) Report. Malta maintained its perfect scores in talent attraction and digital transformation, yet George views the ranking as a milestone rather than a destination. “Reaching the top three requires continued investment in highpotential startups, stronger collaborations and an enhanced talent pipeline,” he asserts. “Beyond funding, we must support an ecosystem that encourages risk-taking and global competitiveness.”
The decision-making framework for supporting startups combines art and science. “We look for startups with strong growth potential, innovative solutions and scalable business models,” George explains. “We consider qualitative factors such as founder vision and team capabilities alongside quantitative metrics like projected job creation, revenue potential and market impact. Success is measured not just by financial performance but also by the quality of jobs created and the startup’s contribution to Malta’s innovation ecosystem.”
Talent remains both a strength and pressure point, mirroring realities George is familiar with from the private sector. “Attracting and retaining talent is always a challenge, as it is across Europe and the private sector,” he acknowledges. “These dynamics reinforce the need for us to remain agile and responsive in a rapidly evolving environment.”
Malta’s housing and infrastructure constraints further complicate talent attraction, and George’s team is determined to address these factors. “We are investing in workforce development programmes, strengthening our links with universities and creating more flexible and appealing career pathways,” he says. “We are also advocating for ecosystem-wide solutions to make Malta an even more attractive destination for professionals.”
Digital transformation extends beyond the entities Malta Enterprise supports to the agency itself – and to the standard it wants to set for the wider business landscape. “Digital transformation and innovation are central to our strategy,” explains George. “Over the past year, we have implemented tools to streamline processes, improve decision-making and enhance the client experience. Embracing these technologies not only makes Malta Enterprise more efficient, it also sets an example for the broader business community on the value of innovation in driving growth.”
In 2026 and beyond, George anticipates ongoing evolution in Malta’s economic landscape. “We expect continued growth in technology-driven sectors, increased international investment and greater integration of sustainable practices,” he shares.
With Malta Vision 2050 shaping Malta’s long-term development, sustainability and competitiveness, George recognises the pivotal role Malta Enterprise plays in reaching national targets for sustainable growth, resilience and quality of life. “Malta Enterprise is enhancing our support for innovative startups, investing in workforce development and strengthening our international partnerships,” he reveals. “Our goal is to ensure Malta remains agile, competitive and ready to seize emerging opportunities, in line with Malta Vision 2050 and the strategic pillars that will guide the country’s focus.”
He also underscores Malta’s unique strengths on the global stage. “Malta’s competitive advantage lies in its strategic location, skilled and multilingual workforce, and flexible business environment,” he notes. “Our ecosystem benefits from strong collaboration between the Government, academia and the private sector.”
At the same time, Malta’s size presents both challenges and advantages. “Other jurisdictions may have more space for production sites, which is challenging for Malta given our size. Yet our size is also an advantage, allowing us to remain highly agile and responsive.”
As George prepares Malta Enterprise for its next chapter, he hopes the business community will lean into these national advantages with optimism and collaboration. “Malta’s business community has immense potential,” he adds. “By embracing innovation, sustainability and international partnerships, we can collectively drive economic growth and create meaningful opportunities. Together, we can ensure Malta remains competitive and resilient in a fast-changing global landscape.”
If you weren’t in this industry or role, what career would you have chosen? Consultant.
Do you prefer to invest in property, stocks and shares, or crypto? A mix of property, stocks and shares.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Five.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A research assistant.
What’s the perfect age to retire in your view? 60.
What’s one important item on your bucket list? To make sure I do all I can possibly do.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner at home.
Your favourite food and dish? Pizza.
Coffee or tea – or something else? Coffee in the morning, tea thereafter.
Which is your favourite restaurant in Malta? Ristorante La Vela.
What’s one thing you never leave home without? Mobile phone and house keys.
What’s your go-to way to switch off after a long day? Spending time with family.
CEO INSIGHT
“I dream of Malta having more open spaces by 2030. There needs to be a greater sense of satisfaction and pride when we build – that we are giving something back. We must change the mindset towards valuing the importance of open spaces for the benefit of the entire community.”
Denise Xuereb
CEO, AX REAL
ESTATE & DIRECTOR OF CONSTRUCTION AND DEVELOPMENT, AX GROUP
“I SEE OUR VALUES AS A COMPASS, NOT A CONSTRAINT.”
AS CEO OF AX REAL ESTATE AND DIRECTOR OF CONSTRUCTION AND DEVELOPMENT, DENISE XUEREB LEADS AX GROUP’S MANY LANDMARK PROJECTS FROM CONCEPT TO COMPLETION. FRESH FROM CELEBRATING THE GROUP’S 50TH ANNIVERSARY AND PROGRESS ON TWO MAJOR DEVELOPMENTS, SHE NOW TURNS HER FOCUS TO THE NEXT STAGE OF AX ODYCY HOTEL AND THE REFURBISHMENT OF AX THE PALACE HOTEL – THE PROPERTY THAT LAUNCHED HER CAREER IN 2008.
Denise Xuereb navigates two demanding leadership roles with deliberate intention. As CEO of AX Real Estate and Director of Construction and Development at AX Group, she operates across complementary, yet distinct, territories.
“AX Real Estate focuses on long-term value creation through assets, while the Construction and Development arm is about execution, precision and delivery,” she says. “There is synergy between the two, giving me a holistic view of projects from concept to completion. The real estate perspective encourages the construction arm to think beyond building, towards creating places that add value to communities – a key part of the AX Group ethos.”
This perspective shapes how Denise leads, though she is quick to acknowledge the complexity. “Dual roles
automatically mean discipline, clarity of priorities and delegation, while still keeping the strategic objectives in sight,” she explains. “You can’t manage such a role without trusting specialised teams. I love to join in the buzz of a project, but the difficulty is not to get sucked into the finer details.”
Her approach is grounded in training as well as experience. Building on her qualifications in project and programme management, the pivotal moment in Denise’s career came in 2008 when she oversaw the final stages of AX The Palace Hotel in Sliema – a baptism of fire that cemented her passion for the industry.
Today, Denise is one of the few women operating at the top of Malta’s construction and development sectors. She is pragmatic about what that reality means. “We need to
We need to normalise women in leadership roles, but it boils down to leading with focus, professionalism and integrity, not labels. Whoever it is, regardless of gender, leaders must be relevant within their industry and role.
people who have worked for, or been touched by, the group over the decades, that’s an immeasurable impact – and an enormous responsibility for us to continue the legacy, as the next generation.”
normalise women in leadership roles, but it boils down to leading with focus, professionalism and integrity, not labels. Whoever it is, regardless of gender, leaders must be relevant within their industry and role.”
Her leadership style centres on humility and continuous learning. “Lead through dialogue rather than dominance,” she advises. “As a leader, you must stay curious, open-minded and willing to listen to your team – and to learn from them. Leadership is an ongoing learning curve towards continuous improvement, not complacency.” She is equally clear about keeping processes purposeful rather than overcomplicating them. “Sometimes you have to stop and think: just because everyone else is doing this, do I need to? Does it really serve the purpose?”
This balance of principle and pragmatism also frames AX Group’s recent milestone. In September 2025, the group celebrated its 50th anniversary, bringing together the extended AX family – management, employees, partners, suppliers, bankers, and clients who have shared in the company’s journey. “Today, AX Group employs over 1,300 people – which means we support over 1,300 families,” Denise notes. “When you consider all the
The celebratory moment also underlined how far AX Group has come in half a century, evolving from a small construction business into a diversified organisation with a portfolio of landmark projects that have become destinations. “Expansion into hospitality, care, development, and real estate came through foresight, determination and the willingness to take calculated risks where others saw limitations,” shares Denise. “Those values transformed a one-man set-up into the AX Group of today.”
That founding mindset remains visible. Founder and Chairman Angelo Xuereb’s principles of determination, integrity and innovation are rooted across the group’s six divisions: construction, development, hospitality, healthcare, real estate, and renewable energy. “We’re known for being value-driven and not trend-driven, focusing on the long term rather than the short,” says Denise. “Our values ensure that our commercial objectives never override our long-term responsibility and goals. I see our values as a compass, not a constraint.”
As another generation steps forward, the question of continuity becomes more pressing. “We are committed to maintaining these values, even as the third generation becomes involved,” she asserts. “Our biggest strength is the ability to adapt without losing our integrity. The goal is not to replace these values, but to translate them into a modern context that is relevant.”
The evolution from Angelo Xuereb’s original vision has been both generational and strategic, with one lesson learnt through practice: stick to strengths. “My father delved into many ventures, from technology to fish farms and hospitals, but they were never our core business,” she explains. “He taught me to keep aiming higher, to act with integrity and to raise the bar in everything we do, with no half measures.”
Recent performance reflects that focus. Denise notes that strong results in hospitality and real estate supported momentum in 2025, particularly across flagship properties. The year also brought the launch of the luxury Verdala Wellness Hotel. At the same time, rising costs and labour shortages presented operational challenges.
Even so, the most critical decision Denise faced was deeply personal. “The past year was very much focused on my baby,” she reveals. “I returned to work just two weeks after giving birth, having made sure I had the right support system in place so our projects could proceed as planned.”
Meanwhile, people remain central to delivery. With competition for skilled professionals intensifying, talent retention remains a priority. “People want to have AX Group on their CV as a reference and in their career progression, but there is still competition for experts in construction and hospitality. We’ve responded by investing in professional development, career progression and workplace culture – building loyalty through trust and opportunities, as part of the family environment we are so proud of.”
I can’t imagine anything else!
Do you prefer to invest in property, stocks and shares, or crypto? Property, of course.
Two major projects dominate the 2026 agenda, both laden with emotional significance. The next phase of AX ODYCY Hotel represents the continuation of a master plan, years in the making. “We’re building on the transformation achieved so far,” says Denise. “It focuses on extending the guest experience through additional facilities and the new AX ODYCY Residences. The premise is that each addition must strengthen ODYCY’s character, rather than simply expanding it.”
The major refurbishment of AX The Palace Hotel, scheduled to begin in November 2026, brings Denise’s career full circle. “Sunny Coast – the former name of AX ODYCY Hotel – was the group’s first hotel property, which my father built before I was born. But AX The Palace was where I discovered my love for project management and this industry. Twenty years later, it’s an opportunity to reimagine the hotel to meet modern guest expectations.”
Digital transformation also features prominently in Denise’s consolidation strategy: “Instead of viewing it as a threat, we’re planning how to embrace it safely and securely. We created a task force and are investing in artificial intelligence (AI) and automation as tools to optimise operations – but always with a human-led approach that values expertise and judgement.”
In the end, the people piece threads together – humans are at the forefront of Denise’s vision as she prepares for another busy year at AX Group. “Amid the rush of new technology, leaders often forget that we deal with other humans, be they our teams, clients, suppliers or contractors. Everything comes down to the people. Malta’s communities, history, heritage, and future should always be our ‘why’. We must, as a business community, remain human.”
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Seven.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Research assistant and sounding board; we use bespoke AI on our platform.
What’s the perfect age to retire in your view? No fixed age – I believe in balance throughout life.
What’s one important item on your bucket list? I would love to visit Japan.
Which is your most important meal of the day –breakfast, lunch or dinner? Lunch.
Your favourite food and dish? Fish.
Coffee or tea – or something else? Caffé latte.
Which is your favourite restaurant in Malta? Any of AX Group’s.
What’s one thing you never leave home without? My work bag, just in case.
What’s your go-to way to switch off after a long day? On a bad day, time by the sea.
CEO INSIGHT
“I don’t like routine very much. What keeps me excited in business is facing new challenges and discovering new avenues. I love that my role allows me to be flexible and explore new opportunities, as opposed to a standard 8-to-5 where I’m always doing the same work.”
Fabio Muscat
CEO, OZO GROUP
“PROFITABILITY IS IMPORTANT, BUT IT HAS TO GO HAND-IN-HAND WITH PURPOSE.”
FABIO MUSCAT, CEO OF OZO GROUP, IS LEADING MALTA’S LARGEST PRIVATE EMPLOYER THROUGH A PERIOD OF INTENSE TRANSFORMATION. HAVING NAVIGATED POST-PANDEMIC RECOVERY AND NEW LEGISLATION, HE IS NOW FOCUSED ON STRATEGIC INTERNATIONAL EXPANSION INTO HUNGARY AND QATAR. FOR 2026, THE PRIORITY AT HOME IS CONSOLIDATION AND DEMONSTRATING THAT A PURPOSE-DRIVEN, ETHICAL EMPLOYMENT MODEL IS THE ONLY PATH TO SUSTAINABLE LONG-TERM GROWTH.
Taking charge of OZO Group during the COVID-19 pandemic was a “baptism of fire” for Fabio Muscat. As CEO of a human resources powerhouse servicing the hard-hit hospitality and manufacturing sectors, the crisis was a test of leadership and logistics. “That period strengthened my values and taught me that purpose is very important,” Fabio remarks.
His conviction now drives the group through an industry reshaped by licensing regimes, migration policies and artificial intelligence (AI). For Fabio, surviving – and thriving – in this environment demands two essentials: agility and relevance. “We’ve seen large, traditional companies go bust because they couldn’t adapt,” he notes. “For us, it’s vital to understand the context and always stay one step ahead.”
This forward momentum is balanced by the more personal pressure of family legacy. Fabio grew up in the business his father founded, instilling in him a “founder’s mentality” that sometimes blurs the line between professional and personal. “What my father left for me, I want to leave for my children,” he shares. “As a founder, you are the reflection of the company, and the company is a reflection of you.”
Preserving that legacy requires breaking old patterns. “The key is to surround yourself with loyal people who understand your vision, give honest feedback and help execute,” he explains. Fabio actively cultivates diverse thinking, bringing together different industries, backgrounds and ages. This is especially effective as a practical defence against stagnation, as seen in the
varying generational attitudes towards work-life balance and mental health awareness. “When everyone agrees with me, I know something’s wrong. Without different perspectives, there’s no challenge,” he points out.
This focus on people carries weight. “We employ 3,000 people. That’s 3,000 families depending on us. Our greatest asset is the human being, so I need to make sure that one small, bad move does not end up affecting livelihoods,” he asserts. The burden intensifies for the group’s large contingent of third-country nationals (TCNs). “For them, this is the European dream,” Fabio says, fully cognisant of their precarious social reality. “We need to be at the forefront of removing their vulnerability.”
OZO Group takes this responsibility seriously and has embedded the principle into its strategy. Unionised since 2016, the company joined the Slave Free Alliance three years ago. “I wanted external validation that we’re not part of modern slavery, directly or indirectly,” Fabio explains. This reflects his commitment to industry reform, which goes beyond his role at OZO, as Founding Member and President of the Association for Temping and Outsourcing Agencies (AFTA). “I didn’t want to assume that, just because we’ve been doing something for 30 years, it automatically means everything’s fine.”
The group initially lost market share while competitors cut corners, but the gamble paid off, with OZO’s ethical positioning creating competitive advantage. “Serious clients want ethical employers,” Fabio notes. “As a result, the market has improved – and end clients no longer abdicate responsibility. We knew that, in the long term, we would regain that market share, and we did. Profitability is important, but it has to go hand-in-hand with purpose. If you only look at short-term profits, you will not make it through.”
Maintaining standards requires constant vigilance. The group implemented structural changes following a gap analysis, including systems to identify vulnerabilities in the markets they recruit from. “This is not a static document; it’s a living framework,” Fabio stresses. “The moment you close one window, exploiters open another. Our process is constantly changing to close doors to anyone who wants to exploit our system.”
That system has been under immense pressure. Post-pandemic recovery, combined with new outsourcing laws and migration policies, created a chaotic landscape. “There was a huge demand for personnel but no supply, which created a vacuum for ‘rogue operators’,” he recalls. “We were competing against operators with no principles, not on level terms.” Despite personally lobbying for licensing reform, implementation remains
challenging. Still, OZO has returned to preCOVID-19 levels of growth, validating its purposeled strategy.
Technology presents another challenge and, as a company built on people, OZO Group’s stance on AI remains measured: “Certain jobs, especially in hospitality, still depend heavily on humans.” While Fabio foresees robotics shifting manufacturing roles, “the human element will always remain.” He The moment you close one window, exploiters open another. Our process is constantly changing to close doors to anyone who wants to exploit our system.
encourages his own back-office teams to use AI tools, but not to rely on them. “AI can help us be more professional and agile,” he asserts, “but the human touch cannot be replaced. I want people at my table, not robots. A tool can help me think, but it cannot stand in for human judgement.”
To adapt to these new realities, OZO is planting flags beyond Malta’s shores. “We strongly believe in internationalisation,” Fabio shares, explaining that the group is running pilot projects in Budapest and Doha. “The cultural differences there are huge. The formula we use here does not necessarily work in other countries.”
He explains that, while Qatar is accustomed to TCNs, the Hungarian market for TCN recruitment is still in its infancy and the constant legislative changes caught the group off guard. “We spent months recruiting employees from a list of specific countries. As soon as we had the documentation ready, the Government changed the policy and those countries were no longer allowed. That changes the whole ball game and puts you back three months. Those are three months that you absolutely don’t have to spare when dealing with a hotel.” The hard-learnt lesson for Fabio has been to “seek out local partners for market insight, rather than going in blind.”
As for Malta’s recent regulatory overhaul, Fabio’s view is optimistic. “Challenges create opportunities,” he insists. “Right now, the industry is going through a necessary cleanup phase, eliminating the rogue entities. This is the opportunity. We are going to have a stronger industry, shown in a much better light,” he says. “Competition will increase, but now it will be based on standards.”
For 2026, Fabio links Malta’s economic health to human capital strategy. “Understanding the nation’s needs for the next couple of years will make or break the economy,” he emphasises. Pushing back on simplistic arguments about overpopulation, he points to the structural realities of “a low fertility rate, an ageing population and near-zero unemployment” that necessitate foreign workers.
Fabio proposes a three-part solution for a sustainable workforce: “First, ensuring that employers are not exploiting third-country nationals. Second, understanding what the country needs and aligning with it. Third, helping TCNs adapt to our culture while removing their vulnerability.”
This includes educating TCNs before they arrive, outlining the dos and don’ts for seamless integration and making sure they know their rights. “People are exploited because they don’t know their rights,” Fabio says. “We need to teach them what unions stand for and how the Whistleblower Act works. By giving them the right education, they will be less susceptible to exploitation.”
This reasoning extends to Fabio’s view of Malta’s wider business landscape: “Locally, we have proven that we are very resilient, but gone are the days of only looking out for the cheapest price. Longterm success requires ethical foundations too.”
For OZO Group, the goals for the year ahead are clear. “We are focusing first on local consolidation, as there is still market share that we need to get back,” Fabio affirms. This will be paired with diversification within the outsourcing sector and identifying new international jurisdictions. “By this time next year, we will hopefully have another addition to our portfolio of international offices.”
Quick-fire Questions… with Fabio Muscat
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep? Six to seven hours.
What’s the first thing you do most mornings? Have coffee and prepare the kids for school.
Are you more of an early bird or a night owl? Early bird.
Do you usually work on weekends, or do you maintain a strict cut-off? It’s impossible to have a strict cut-off.
If you weren’t in this industry or role, what career would you have chosen? Criminal law.
Do you prefer to invest in property, stocks and shares, or crypto? Property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Seven.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Sounding board.
What’s the perfect age to retire in your view? Mid-sixties.
What’s one important item on your bucket list? Attending the World Cup.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Asian fusion.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? Le Majoliche.
What’s one thing you never leave home without? My phone (and watch).
What’s your go-to way to switch off after a long day? Cooking.
Paul Mifsud
MANAGING DIRECTOR, SPARKASSE BANK MALTA
“WE FOCUS ON A SELECT NUMBER OF RISKS THAT WE ARE WILLING TO TAKE, RATHER THAN SPREADING OURSELVES TOO THIN.”
SPARKASSE BANK MALTA IS CELEBRATING ITS 25TH ANNIVERSARY OF DOING BUSINESS ON THE MALTESE ISLANDS. SINCE ITS FIRST DAY, THE ORGANISATION HAS ACHIEVED STEADY GROWTH, AND WHAT BEGAN AS A TEAM OF SIX NOW NUMBERS WELL OVER 100. AT THE HELM IS MANAGING DIRECTOR PAUL MIFSUD, WHO SHARES HIS JOURNEY, HIS LEADERSHIP PHILOSOPHY AND HIS STRATEGY FOR INCREASING THE BANK’S ASSETS AND EXPANDING ITS CLIENT BASE.
Sparkasse Bank is celebrating 25 years in Malta this year, and Managing Director Paul Mifsud is clear: the past few years have been highly rewarding, and the future looks equally promising.
“It has certainly been a period of growth for us,” he says. “We have continued to perform strongly with the onboarding of new customers, while our crossborder activity has also increased.”
As a custody bank, Sparkasse’s business model differs markedly from that of a traditional bank. Its
clients are typically large, regulated entities that require access to funds at short notice. “We maintain high levels of liquidity, and our investments are focused on High-Quality Liquid Assets,” Paul explains.
The bank’s consistently positive performance is also supported by its five operating licences, generating revenues across multiple streams, including foreign exchange, buy and sell transactions, and forward contracts. Sparkasse is also recognised as Malta’s leading custodian bank for clients wishing to hold securities.
CEO INSIGHT
“One of the qualities I have learnt to value most is patience – listening to and respecting the input of others, while also providing clear guidance. This is what leadership requires.”
The biggest transformation over the next five years will be the growth of digital funds, faster payments, new asset classes, and greater reliance on IT.
“I’ve been with Sparkasse for 20 years, and have witnessed significant progress during that time,” Paul reflects. “This success is due both to our team’s competence and to the strength of the local economy. While the economy has faced plateaux and crises, its activity has never come to a halt.”
The growth of the Maltese team is testament to this evolution: from just six employees at the start to 135 today. Paul attributes this expansion to the bank’s agility. “We are fortunate to be nimble. Our approach is to focus on a select number of risks that we are willing to take, rather than spreading ourselves too thin. We have a strong, capable team, and when we identify an opportunity, we discuss it openly. If the feedback is positive, we act immediately,” he elaborates.
Banks are often viewed as cautious rather than agile. How does Sparkasse balance governance with agility? “We have a clear internal governance policy to avoid excessive bureaucracy. Ideas are discussed in a dedicated forum, and decisions are made quickly: it’s either yes or no. That
discipline allows us to implement effectively, but only when there is alignment across the team,” Paul explains.
He emphasises the importance of unity: “If the team isn’t on board, progress stalls. It would be like going into battle without an army behind you. That’s why it’s important to communicate clearly, build support and move forward only when risks are manageable and the rationale is sound.”
The introduction of ‘project owners’ has further reinforced accountability. “If there is no owner, no accountability and no leader, there’s no project. That principle has become embedded in the culture of the bank. Each initiative always circles back to its designated owner, who is responsible for driving it forward,” he explains.
Equally important is maintaining focus: “When opportunities arise, it is important to act decisively – but always in line with who you are as an organisation. Chasing too many directions only leads to distraction. Success comes from concentrating on what you do best, and ensuring the market recognises that strength.”
This philosophy guided the decision to establish a fullyfledged, in-house IT team. “IT is our expertise, and is now inseparable from banking. We recognised the need to invest heavily in our specialists, and today the team plays a central role in supporting growth,” he notes.
A similarly strategic move was the opening of a branch in Dublin, considered bold at the time. “It extended our footprint into a country where we previously had no presence. It can also be viewed as a natural progression, but it required a full process and significant coordination.”
What lessons did he draw from such undertakings? “The support and cohesion of the team are critical. Without people working well together, you cannot succeed. It goes back to building alignment and reinforcing a culture of trust and collaboration.”
Looking ahead, the bank continues to review its licences, exploring opportunities to expand its suite of services and introduce new business lines. “We are in the process of obtaining and developing additional licences, which will form important milestones in our future growth,” he adds.
He returns to the role of technology, highlighting it as a central challenge for the global financial sector. “The biggest transformation over the next five years will be the growth of digital funds, faster payments, new asset classes, and greater reliance on IT. But this also introduces vulnerabilities. The pace of change is rapid, and banks must keep up,” the Managing Director asserts.
Paul is confident that the in-house team positions the bank to meet these challenges. “Banks will continue to serve their essential function – holding cash, transferring funds and providing stability. But the interface between the customer and the bank is changing, as is the interface with the regulator. The regulator is a key stakeholder, constantly requiring new information. Unless banks can meet evolving demands, they risk their licences being compromised,” he elaborates.
Talent acquisition and retention represent another major challenge. “The labour force in Malta has changed dramatically in its demographics. If I compare the bank’s workforce today with that of 10 years ago, the difference is striking. Expectations around employment have also shifted. Reversing the hybrid/remote working model is simply impossible, and the ‘work away’ model is gaining traction. Employers need to adapt if they want to retain valued staff.”
He acknowledges this has added complexity for employers. “If an employee is valuable, you have to find ways to accommodate them while maintaining fairness across the company,” he says.
For the year ahead, Paul’s focus is clear: growing the balance sheet and introducing additional services. “I want to see at least two additional licences secured, further growth in assets and continued commitment from my leadership team –matched by the same positivity and energy that drives me.”
Quick-fire Questions…
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings?
Are you more of an early bird or a night owl?
Do you usually work on weekends, or do you maintain a strict cut-off? Work, while maintaining balance.
If you weren’t in this industry or role, what career would you have chosen?
Do you prefer to invest in property, stocks and shares, or crypto? Property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Four.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A wingman.
What’s the perfect age to retire in your view? Only when you’re tired.
What’s one important item on your bucket list? More travel.
Which is your most important meal of the day –breakfast, lunch or dinner? I only eat dinner.
Your favourite food and dish? Calf’s liver alla Veneziana.
Coffee or tea – or something else? Tea.
Which is your favourite restaurant in Malta? Too many to choose.
What’s one thing you never leave home without? My phone.
What’s your go-to way to switch off after a long day? Music and a glass of wine.
Angelle Falzon
CEO, ST THOMAS
HOSPITAL
“THE FUTURE OF HEALTHCARE DEPENDS ON INTEGRATION, AGILITY AND INNOVATION – QUALITIES THAT TURN CRISES INTO OPPORTUNITIES.”
ANGELLE FALZON’S CAREER HAS BEEN SHAPED BY A FAMILY LEGACY OF PATIENT CARE, WHICH SHE BUILT ON TO ESTABLISH ONE OF MALTA’S LEADING PRIVATE HEALTHCARE INSTITUTIONS. AS CEO OF ST THOMAS HOSPITAL, SHE LEADS A FACILITY THAT COMBINES CLINICAL EXCELLENCE WITH PERSONALISED, TRANSPARENT CARE. LOOKING TO 2026 AND BEYOND, ANGELLE IS STEERING THE ORGANISATION THROUGH IMMENSE CHANGE, FROM DIGITAL HEALTH EVOLUTION TO A MORE PROACTIVE MODEL OF PATIENT CARE.
For Angelle Falzon, a career in healthcare was never a matter of chance but a calling inspired by her father, Dr Louis Buhagiar, who served Malta’s healthcare system for more than 45 years. “He showed me the profound difference that dedication and compassion can make in people’s lives,” she recalls. “His example set me on my own path.”
That journey began in 2001 when she was part of the team who helped open Malta’s first family-owned nursing home, followed by a second in 2014, with an even stronger focus on dignity and quality. These experiences laid the foundation for the defining chapter in her career so far: establishing St Thomas Hospital.
“The project was never about opening just another facility. It was about creating a place Malta genuinely needed – a hospital founded on trust, warmth and care,” she reflects. Those values have remained Angelle’s north star as her role evolved. “Early in my career, I was very hands-on, but over time, I learnt that effective leadership is empowering my team, focusing on trust, clarity and removing obstacles, creating the conditions for others to thrive.”
The ethos of St Thomas Hospital is rooted in precision and depth. Angelle’s father, a nephrologist, established Malta’s first kidney transplant unit – a pioneering spirit that still guides the hospital. “It set a benchmark for excellence in highly specialised medicine that continues to shape
CEO INSIGHT
“Looking back on my leadership journey, I realise it has evolved from carrying everything on my shoulders to empowering my team – giving them ownership, which ultimately enabled them to deliver more than I ever could alone.”
us today,” she shares. “Even as we have expanded into broader fields, that legacy remains a constant reminder that St Thomas must stand for more than general care – it must stand for leadership in specialised services, the courage to push boundaries, and a relentless commitment to advancing medical knowledge for the benefit and comfort of our patients.”
This philosophy comes to life in the hospital’s approach to personalised care, which Angelle describes as a mindset woven into every patient encounter. “We see each individual as more than a diagnosis, and we measure success by the quality of their experience as much as their outcome,” she states. Training, mentorship and a culture that prizes empathy as highly as technical skill embed this philosophy throughout the organisation.
Financial transparency is another key feature for St Thomas. “Transparency is one of the greatest enablers of trust in healthcare,” Angelle asserts. “Strategically, it positions St Thomas as a hospital where clarity and integrity are just as important as medical results.”
In such a fast-evolving sector, Angelle stresses that progress means leading the pace of change and not merely keeping up. For this reason, St Thomas has expanded into new areas of care while strengthening its existing core services. “Part of this strategy has involved developing more outpatient models, where patients can receive treatment or procedures and return home the same day. It makes care more accessible and reduces the burden of long hospital stays,” she says.
One of the most testing periods of Angelle’s tenure so far was the COVID-19 pandemic. “It was a period that demanded rapid decisions and constant adaptation, but it also proved that healthcare is strongest when it functions as an integrated system. Despite the challenge, the pandemic showed that the future of healthcare depends on integration, agility and innovation – qualities that turn crises into opportunities.”
For St Thomas, the past year continued to bring both progress and pressure. “In such a challenging environment, maintaining stability was an achievement in itself,” Angelle reflects. At the same time, rising patient demand and transparent pricing fuelled growth, but workforce shortages and increasing costs created headwinds.
“We navigated these obstacles by keeping decisionmaking disciplined and quality non-negotiable. Even under strain, standards must never be compromised,” Angelle emphasises. “Malta’s health system is on the cusp of transformation,” she continues. “An ageing population, rising demand for specialist care and persistent workforce shortages require new thinking.” Angelle’s team is responding with forward-looking agility, expanding specialised pathways, strengthening outpatient services, and embracing digital health to enhance efficiency. The real shift ahead will be moving beyond treating illness to proactively managing health, prevention and patient experience.
We view collaboration not as competition, but as a publicprivate partnership that helps alleviate bottlenecks in acute services, reduce waiting times and improve patient flow across the system.
St Thomas Hospital has been one of the private hospitals participating in the Government’s emergency healthcare services initiative – a programme that has already demonstrated how the private sector can play a vital complementary role in supporting Malta’s public system.
“We view collaboration not as competition, but as a public–private partnership that helps alleviate bottlenecks in acute services, reduce waiting times and improve patient flow across the system,” Angelle explains. “By diverting loweracuity cases to private facilities, the initiative has freed up bed capacity at Mater Dei, enabling clinicians there to focus on the most complex and urgent cases.”
Collaboration also underpins one of Angelle’s most critical recent decisions: to launch a partnership with a leading European tissue bank to address Malta’s shortage of corneal donations. “This has given patients access to treatment that previously often required long waiting periods or travelling abroad,” she explains. St Thomas now offers the full spectrum of corneal transplantation, from advanced keyhole procedures to complete transplants. For Angelle, it exemplifies healthcare’s true purpose: “To step in where needs are greatest, bridging gaps in the system and ensuring that patients receive timely and life-changing care.”
This perspective continues to inform the hospital’s strategy. Angelle views preventive care as Malta’s greatest untapped opportunity – and a core part of the environmental, social and governance (ESG) agenda. She explains that prevention not only keeps people healthier but also makes healthcare more sustainable by reducing waste and resource use. “By promoting active lifestyles, greener spaces and early detection, we can ease the system’s burden while improving wellbeing,” she says. “Our health is shaped as much by our environment and daily choices as by medicine itself.”
Technology is a vital enabler of this shift. Angelle sees it not as a replacement for human expertise but as a tool that allows clinicians to focus on patients. “Artificial intelligence (AI) can enhance diagnostics, accelerate decision-making and streamline logistics,” she maintains. “Given its size and strong network, Malta could become a leader in digital health, delivering care that is not only faster and more precise, but also more equitable.” The key, she adds, is to ensure digital innovation remains responsible and truly patient-centred.
By the end of 2026, Angelle hopes to see expanded specialist services, measurable improvements in patient experience and significant strides in digital health at St Thomas – with financial sustainability remaining a core priority. “Growth is not measured by numbers alone, but by the ability to expand while safeguarding the highest quality of care,” she affirms.
This steady approach, coupled with a constant commitment to collaboration, is the cornerstone of Angelle’s outlook. Her closing message to Malta’s business community captures that conviction: “As a small country, our strength lies not in scale, but in the ability to act quickly, work together and drive innovation – collectively and sustainably.”
Quick-fire Questions… with Angelle Falzon
How well do you sleep at night? (Rate from 1 to 10) 10.
On average, how many hours do you sleep? Six.
What’s the first thing you do most mornings? Coffee and read the headlines.
Are you more of an early bird or a night owl? Definitely an early bird.
Do you usually work on weekends, or do you maintain a strict cut-off? I make time to recharge.
If you weren’t in this industry or role, what career would you have chosen? Interior design.
Do you prefer to invest in property, stocks and shares, or crypto? Property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Over five.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? All three.
What’s the perfect age to retire in your view? I don’t see myself ever retiring completely.
What’s one important item on your bucket list? I’d like to get a pilot’s licence.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner – when I connect with my family.
Your favourite food and dish? Mezes. I love the variety.
Coffee or tea – or something else? Coffee – it fuels both focus and conversation.
Which is your favourite restaurant in Malta? BoThai in Gozo.
What’s one thing you never leave home without? My mobile phone.
What’s your go-to way to switch off after a long day? Quality time with my family.
CEO INSIGHT
“You need to embrace innovation because it is what drives growth and prosperity, both personal and collective. Some people fear or shy away from it, but consider the three professors who won last year’s Nobel Prize in Physics: they are inspirational, and learning about work like theirs might have encouraged my younger self to recognise the potential of innovation earlier in my career.”
Jean-Claude Maher
CEO, MEDIRECT GROUP
“THIS IS A HIGH-IMPACT ORGANISATION, AND THAT MOTIVATES ME.”
SINCE TAKING THE HELM OF THE RETAIL AND CORPORATE DIGITAL BANK MEDIRECT IN FEBRUARY 2025, CEO JEAN-CLAUDE MAHER HAS STEERED THE SYSTEMIC INSTITUTION THROUGH AN ACQUISITION BY BANKA CREDITAS AND POSITIONED IT TO FURTHER EMBRACE INNOVATION, BOLSTER ITS ROBUSTNESS AND STRENGTHEN ITS FOUNDATIONS FOR INCREASED GROWTH AND LONGEVITY.
“I think I can call myself an old dog of the banking industry,” laughs Jean-Claude Maher, CEO of the retail and corporate digital bank, MeDirect. Indeed, his decades of hard graft in the international banking sector have seen him work across geographies and roles.
Jean-Claude, “the product of a French father and a German mother”, and an economist by education, spent 29 years at banking behemoth Deutsche Bank and joined MeDirect in 2023 before moving to Malta to take the helm of the MeDirect Group in February of last year. He describes the role as a chance to “make things happen”, noting that the company’s relatively small size belies its potential. “This is a high-impact organisation, and that motivates me,” he attests, since any new development quickly impacts clients, staff and the regulatory framework the systemic bank is
operating in. His dedication is such that, as a married father of two, finding time to explore more of the island has proved difficult.
Building on this dedication, the CEO has come to the islands keen to introduce new products and strategic directions for MeDirect. He maintains his edge by engaging with people directly, listening to their perspectives and adapting the organisation to meet real, on-the-ground needs. “Ivory-tower thinking is important when devising new ideas, but when it comes to launching new initiatives, you have to engage with others all the time. It’s the only way to avoid losing your ‘feel’ for the real implications of your ideas. It’s essential to constantly draw on the collective wisdom gathered from customers, employees and the wider community, and nurture that knowledge to stay up to speed with changes in the market,” he states.
Our technology stack gives us a real edge over our competitors. Its inherent agility means we can bring products to market at a much faster pace. Our open architecture also enables us to offer our clients the best investment opportunities from the world’s leading fund managers and markets with ease.
who could help us really exploit the potential of the platform we have built,” Jean-Claude explains.
Jean-Claude credits the increasingly fast pace of the banking industry for keeping his approach grounded.
“Engaging in a CEO role for a group that is a systemic banking institution adds to the complexity that inevitably comes with managing more interdependencies between multiple variables on a day-to-day basis. These are still the early days of my leadership, and it is up to others to judge, but I have dealt with complexity all my life and I find the ability to learn extremely nurturing. The moment you stop learning is the moment you stop being able to lead effectively,” he asserts.
This perspective has no doubt been crucial during the tail-end of MeDirect’s recent acquisition by the Czech bank Banka CREDITAS – an 18-month process that was completed and approved by the European Central Bank in August 2025. Indeed, last year was marked by both opportunities and challenges arising from the history and strategy of MeDirect, as well as its leadership’s aspirations for the future.
“The group had reinvented itself, if I may put it that way, in the aftermath of the COVID-19 crisis. Pre-pandemic, our business model was primarily geared towards providing international leveraged corporate finance. Since then, management has done an excellent job in steering the transformation of MeDirect into a fully-fledged digital retail and corporate bank of renown. It’s been an impressive turnaround, but we also realised that we needed a partner
The acquisition by Banka CREDITAS “is injecting fresh capital into the company; putting fuel into the engine, so to speak. They’ve come on board as a committed shareholder, sharing our DNA and our appetite for challenging the larger, more established players within the banking sector. Having a shareholder who has deep knowledge of running a challenger bank in its own markets creates a level of understanding and the powerful synergies we were looking for. In the short term, this acquisition does not imply any change in our operations or strategy, but we are now set for growth. We now have the capacity, and in 2026 we’ll see the first translation of that into our financial figures,” the CEO asserts.
Concomitant with the acquisition, MeDirect continued to further refine its business model, completing the exit from its legacy international leveraged corporate finance business. On top of that, MeDirect has further bolstered the robustness of its technology stack. “Robustness is vital for our organisation to ensure our technology stack (running the front and backend of the bank’s offering) is futureproof and capable of supporting incoming growth. In other words, we not only want our systems to be available 24/7, but, specifically, to be secure. My personal view is that our infrastructure is among the most secure and agile in Malta. We have a robust, highly advanced platform achieving industry-leading uptime. Being able to boast of such a platform is no accident but the result of continuous investment and nurturing. It’s clear that we are positioning ourselves as innovators who are completely committed to using technology to provide the best possible experience to our customers,” Jean-Claude explains.
“Our technology stack gives us a real edge over our competitors. Its inherent agility means we can bring products to market at a much faster pace. Our open
architecture also enables us to offer our clients the best investment opportunities from the world’s leading fund managers and markets with ease,” adds Jean-Claude.
“Thanks to our platform, MeDirect can source the best products available on the market and make them available to Maltese investors, bringing choice and quality without the need to reinvent the wheel. The culture of seeking the best options for customers is also reflected in MeDirect’s approach to other partnerships, including a new collaboration with MAPFRE MSV Life as a tied intermediary.
“Through our dedicated Corporate Services platform, that we continuously enrich with features geared towards the specific needs of Corporate Treasurers and Finance Directors, and the further development of our lending offering, we are also providing a cutting-edge service to Maltese corporates. This is further evidence of MeDirect’s commitment to Malta and its economy. From a customer experience perspective, MeDirect is therefore perfectly placed to offer customers a broad and diversified selection of investment, personal and corporate banking products and services,” says Jean-Claude.
Looking ahead, he sees the potential for this platform to make the most of the next wave of innovation in the banking sector and the broader financial industry. “If we look back at the opportunities which opened up with the development of Exchange Traded Funds (ETFs), which in just 10 years have transformed the investment landscape, we can imagine that the same might happen with digital assets and the associated investment products that are being developed. We believe that MeDirect has a clear advantage when compared to traditional banking institutions in already having the technology platform in place to make these products available as soon as the time is right,” he explains.
Artificial intelligence (AI) is another key topic for Jean-Claude. AI is revolutionising the banking landscape although the MeDirect Group CEO is keen to emphasise that the bank is very aware of the risks that stem from this technology. “We are using AI as a strategic partner within our technology roadmap, with a clear AI strategy that is now coming to life in both our customer-facing solutions and internal operations. For example, AI capabilities are being embedded into products such as MeManaged, and are supporting our dayto-day activities, including assisted code reviews and other agentic workflows that are currently being explored.
“Given our role in banking and financial services, we’re introducing AI in a careful and controlled way. We focus on appropriate use cases, protect customer and bank data, and ensure there is always human oversight in how AI is applied, both in our products and in our internal tools,” he states.
Jean-Claude shares what inspires him as MeDirect prepares for its journey in 2026. “The future of the bank excites me. With the newly invested capital from Banka CREDITAS, coupled with the excellent platform the bank has created for retail and corporate customers, I know we are very well-positioned for success. Given we have all the ingredients to hand, the goal is for MeDirect to be recognised as a banking group that is in Malta to serve, to stay and to strive,” he affirms.
Quick-fire Questions… with Jean-Claude Maher
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings?
Are you more of an early bird or a night owl?
Do you usually work on weekends, or do you maintain a strict cut-off? Yes, I do work on weekends.
If you weren’t in this industry or role, what career would you have chosen? Academia.
Do you prefer to invest in property, stocks and shares, or crypto? All of the above.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Eight.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? All of the above.
What’s the perfect age to retire in your view? Age is just a number.
What’s one important item on your bucket list? Carnival in Rio.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Any meat dish.
Coffee or tea – or something else? Coffee – lots of it!
Which is your favourite restaurant in Malta? Minoa in St Paul’s Bay.
What’s one thing you never leave home without? My phones.
What’s your go-to way to switch off after a long day? Go for a swim.
CEO INSIGHT
“The pace of change in insurance is both exciting and challenging – it keeps you alert. As a leader, you must stay one step ahead, embracing innovation while remaining close to your customers. True leadership lies in maintaining that balance between progress and empathy.”
Angela Tabone
MANAGING DIRECTOR & CEO, CITADEL INSURANCE PLC
“OUR DRIVERS ARE TRUST AND LOYALTY.”
CITADEL INSURANCE PLC HAS FIRMLY ESTABLISHED ITS REPUTATION AS A TRUSTED AND INFLUENTIAL FORCE WITHIN THE INSURANCE SERVICES
SECTOR. WHAT BEGAN IN 1989 AS A STRATEGIC PARTNERSHIP BETWEEN
MAJOR ITALIAN INSURER ASSITALIA SPA AND CITADEL INSURANCE SERVICES LTD EVOLVED INTO A MILESTONE FOR THE MALTESE INSURANCE INDUSTRY. IN 1997, THE COLLABORATION GAVE RISE TO CITADEL INSURANCE PLC, MARKING THE COUNTRY’S FIRST EVER TRANSITION OF AN INSURANCE AGENCY INTO AN ESTABLISHED COMPOSITE INSURANCE COMPANY. UNDER THE LEADERSHIP OF MANAGING DIRECTOR AND CEO ANGELA TABONE, THE COMPANY HAS ACHIEVED STEADY GROWTH AMID A HIGHLY COMPETITIVE LANDSCAPE, NAVIGATING REGULATORY DEVELOPMENTS AND EVOLVING CLIENT EXPECTATIONS WITH NOTABLE AGILITY.
After entering what was already a saturated insurance market, Citadel Insurance plc continues to distinguish itself through consistent and diversified sustainable growth. The company has evolved in step with Malta’s dynamic financial landscape while maintaining a clear focus on customer service, trust and integrity.
At the helm is Managing Director and CEO Angela Tabone, who has overseen the company’s expansion and adaptation to constant regulatory change,
remaining steadfast in its founding values. She has positioned Citadel for a future shaped by digital transformation, enduring client relationships and forward-looking sustainable products, ensuring the company continues to play a defining role in Malta’s insurance market. “Insurance is a very particular industry,” she begins. “You have to evaluate risk and opportunities alongside the challenge of regulatory developments and the economic environment at large.”
Having
a highly motivated team with
years of experience and an excellent board that understands the business is crucial.
Today Citadel continues to offer customers a onestop shop for life and all general classes of business, including health and motor insurance. “Our strategy was never about continuous growth for its own sake,” Angela explains. “We focus on excellent customer service, whilst nurturing talent, which ensures our growth remains sustainable.”
For Angela, the company’s greatest strengths lie in its people and its long-standing customer relationships. “Our drivers are trust and loyalty. Over the years we have made significant progress growing our customer base, serving more needs and transforming customer experience expectations. Our retention remains exceptionally strong because we value our customers – they are at the forefront of everything we do. Our deeply loyal client base of over two decades is no small achievement in this industry.”
To keep pace with market expectations, Angela places innovation and digital transformation at the centre of Citadel’s strategy and strengths. “Innovation is constant, and digitalisation keeps you competitive and enables you to serve customers more effectively,” she says.
Her commitment to technology is both strategic and holistic. “We’ve had an in-house IT department since the company’s inception, and it’s always been one of Citadel’s core teams,” she notes. “As consumers
increasingly demand fast, online solutions, we continue to evolve and strengthen our digital journey to reinforce our relationships with our customers.”
On emerging technologies such as artificial intelligence (AI), Angela takes a measured approach. “We need to ensure that any AI-driven innovations deliver their intended value. We have been working on digital transformation experiences to drive our customer engagement and better support our business growth for both personal and corporate clients, as well as our intermediaries.”
Reflecting on her leadership journey, Angela shares that growth has been a consistent theme. “Continuous and innovative development is essential. The industry presents opportunities for advancement across a wide range of areas, and I am motivated by challenges. When development is approached with this mindset, growth follows naturally.”
Adaptability and teamwork are equally central to her leadership ethos. “I continuously evolve my leadership style in line with industry and regulatory changes. Having a highly motivated team with years of experience and an excellent board that understands the business is crucial.”
This collaborative culture defines her management style. “I describe myself as a people person and believe in shaping experiences and visions into strategies that can drive efficiency, create innovative solutions and deliver growth,” she shares.
Asked about the most critical decisions she has made over the past year, Angela smiles: “Every decision is critical. Within the insurance industry, if you make the wrong decision, the consequences can certainly be critical. Operating in a highly regulated environment means every decision counts.”
She describes the insurance sector – both locally and internationally – as interesting and challenging. “Products are developed in line with a rapidly evolving
market and customer trends. We are unique in the market as we are licensed to offer insurance covers throughout one’s journey in life. We were the first insurance company to introduce savings plans with additional life protection in 1998 and friendly products to align with emerging environmental priorities. We continue to develop our specialty products to better service our customers.”
Talent acquisition and retention, she adds, are global challenges. “When I speak to associates and stakeholders both locally and outside Malta, whether in the UK, Germany, or elsewhere, attracting and retaining talent is one of the top concerns,” she says. “The younger generations have changed their approach to work. Opportunities have increased and, post-COVID-19, the landscape shifted again.”
Despite this, Citadel has managed to retain a strong workforce. “We attract and retain people by offering significant opportunities for growth. We offer continuous training, beginning with a three-month onboarding period, followed by opportunities to grow or move laterally. We embrace diversity, equity and inclusivity. We are committed to providing equal opportunities to all, fostering a workplace where every individual, regardless of background, culture or identity, is treated with respect and fairness,” she affirms. “It is this dedication to creating a diverse and inclusive environment which drives innovation and ensures everyone has an equal chance to thrive.”
With a wide range of departments – from technical insurance and finance to IT, compliance, data science, and general operations –combined with overseas collaborations with service providers and reinsurers, the company offers flexible career paths. “This is one of the reasons for choosing to enter this diverse and dynamic industry,” she observes.
Among the challenges she has faced, Angela points to the pandemic as one of the most significant and most unexpected. “COVID-19 showed us that everyone is vulnerable,” she reflects. “But if you manage that vulnerability diligently, you can overcome it. We didn’t shift entirely to remote work. Our people still wanted to come to the office. We discovered new ways to operate our business model safely. We worked together as a team and ensured everyone had what they needed.”
Looking ahead, Citadel’s strategy centres on diversification, sustainability and efficiency. “We are planning to launch new products this year,” Angela confirms. “We also intend to become leaner in our operations, less paper, more digitisation and greater overall efficiency.”
She believes that locally, several opportunities remain underexplored. “Health insurance is still underestimated. People haven’t fully realised its importance. Home insurance is equally vital, especially in Malta where many people own their homes. Savings and pensions will gain further traction, and cyber risk insurance is becoming critical for businesses. Everyone is vulnerable to cyber risk, and it’s a growing area,” Angela notes.
“And if we were to speak again a year from now,” she adds, “I hope to see our new products launched successfully and our growth continuing in its forward-looking momentum. Nearly 37 years ago, Citadel was founded as an agency, and nine years after its establishment, it became the first organisation to be licensed as both an insurance company and a composite, marking a significant milestone in its development. We will continue to evolve in line with the industry we operate in. The focus remains on building upon our legacy which is guided by a long-standing commitment to integrity, service and clear, sustainable growth.”
Quick-fire Questions… with Angela Tabone
How well do you sleep at night?
On average, how many hours do you sleep?
What’s the first thing you do most mornings? I step outside to watch the sunrise.
Are you more of an early bird or a night owl?
Do you usually work on weekends, or do you maintain a strict cut-off? I do work sometimes.
If you weren’t in this industry or role, what career would you have chosen? A profession that allows creativity.
Do you prefer to invest in property, stocks and shares, or crypto? It depends on one’s financial goals at the time.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Four – you need your creativity.
What’s the perfect age to retire in your view? No perfect age.
What’s one important item on your bucket list? More travel.
Which is your most important meal of the day – breakfast, lunch or dinner? Breakfast.
Your favourite food and dish? Shellfish.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? There are many.
What’s one thing you never leave home without?
My car.
What’s your go-to way to switch off after a long day? A tasty dinner.
Carl Attard
MANAGING DIRECTOR, ATTARD BROS GROUP
“OUR GOAL IS TO KEEP RAISING THE BAR – FOR OUR CLIENTS, FOR OUR PEOPLE AND FOR OUR INDUSTRY.”
AS ATTARD BROS GROUP APPROACHES ITS 50TH YEAR, MANAGING DIRECTOR CARL ATTARD IS STEERING ONE OF MALTA’S MOST ESTABLISHED CONSTRUCTION COMPANIES THROUGH A STRATEGIC REPOSITIONING. FOLLOWING A COMPREHENSIVE BRAND REFRESH AND RESTRUCTURE INTO THREE SPECIALISED UNITS – ATTARD MATERIALS, ATTARD PROJECTS AND ATTARD PROPERTIES – THE GROUP AIMS TO KEEP LIFTING STANDARDS IN QUALITY, SAFETY AND SUSTAINABILITY, UNDERPINNED BY STRATEGY 2030 AND A COMMITMENT TO CREATING BETTER SPACES ACROSS MALTA’S BUILT ENVIRONMENT.
Carl Attard’s journey in construction began at a young age, when he joined the family business founded by his father Michael and uncle in 1977. In those early years, he worked across every unit of the group, gaining hands-on experience.
“I was brought up in a business environment,” Carl says. “Starting from the ground up gave me a first-hand understanding of our operations and the people who make them work.”
That foundation proved invaluable. In 2011, Carl was appointed Managing Director, joining the group’s leadership team in guiding its workforce of almost 400 across multiple divisions, with a passion for both
business and construction that has driven him since those early days on the plant floor.
Beyond his role at Attard Bros, Carl is a member of the Young Presidents Organisation (YPO), leveraging the network to further his personal development. He also led the group through the achievement of ISO 45001 certification for Occupational Health and Safety, and ISO 14001 environmental certification. This progress has also been recognised, with the group winning multiple awards at the 2025 Excellence in Construction Awards.
Under Carl’s joint leadership, the group has formalised its vision for the future through Strategy 2030 – a roadmap that guided a business repositioning and brand refresh
CEO INSIGHT
“Our sector will continue to change and evolve. The integration of higher-quality building materials, improved site efficiency and standards, and new digital tools will play a key role in that transformation. Those who move early will lead the market.”
The next chapter isn’t just about doing more; it’s about doing it better. Delivering projects and products that last, that respect the environment and that set the standard for quality and safety.
built around focus, clarity and long-term value. The strategy led to the creation of three specialised business units: Attard Materials, Attard Projects and Attard Properties, each with distinct leadership and objectives but unified by shared standards.
The strategy is driven by three core drivers: operational excellence, customer growth and financial strength, ensuring the business is resilient, competitive and futureready. “Behind every strategic goal,” Carl says, “lies the capability to deliver it. At Attard Bros Group, this is enabled through continued investment in people, digitalisation, our brands, strategic partnerships, sustainability, and internationally recognised standards.”
“This restructure – or as we prefer to describe it, ‘a strategic business repositioning’ – was a step forward,” he shares. “It’s not a change in who we are, but a clearer expression of what we’ve become. By defining each business unit as distinct yet connected, we’ve given every part of the organisation the focus it deserves while keeping the strength of one unified group.”
The repositioning reflects the group’s broader mission: to “create better spaces for people to work, live and socialise, which improve their quality of life and respect the planet,” explains Carl. It’s a mission that, throughout the group’s almost 50-year history, has guided decision-making across all three units and underpins its commitment to quality, safety, sustainability, and continuous improvement.
The impact of this has been transformative, with each business unit now afforded its own leadership, objectives and accountability, supported by group-wide standards and systems. “The new structure has brought clarity and direction, allowing us to be sharper, faster and more consistent in delivering value to our clients,” he continues. “Each unit has measurable goals and the autonomy to innovate, while at group level we’re more aligned. ISO
certifications in health and safety, quality and environment have reinforced that alignment and it’s showing in our performance, from operations to client experience.”
Meanwhile, the group’s streamlined and tailored approach has sharpened efficiency and strengthens its commitment to quality and enhanced client service. For clients, the benefits are tangible. “Clients can rely on us for contracting through Attard Projects, sourcing superior quality materials from Attard Materials, or partnering with Attard Properties to bring new developments to life,” Carl says. “The benefit is continuity: one trusted partner with three centres of expertise and the assurance that every stage is delivered to the same high standards.”
Attard Materials produces concrete, masonry blocks, steel reinforcement, and precast elements, all tested and manufactured to international standards. “We’re expanding our offering to the professional construction industry,” Carl explains. “Beyond our own manufactured products, we’re bringing globally trusted brands and solutions to Malta. It’s about combining global quality with local expertise, ensuring builders and developers have access to the best materials, backed by the Attard Bros guarantee.”
In terms of sustainability and environmental responsibility, Carl continues, “we are actively driving transformation through a series of new initiatives. These include the development and introduction of new products, investments in new and improved equipment, and enhanced processes focused on waste reduction. While this transformation will be gradual, embedding it into our strategy and supporting it with dedicated resources gives us confidence that we will deliver meaningful and lasting improvements.”
Meanwhile, the group channels its technical expertise through Attard Projects, with a holistic offering that ranges from high-spec commercial and hospitality developments
to operationally sensitive environments. “We perform at our best when working hand in hand with our customers to achieve shared, challenging goals,’’ says Carl. “We handle everything from structural works to bespoke joinery and finishing. That integration ensures seamless coordination and full accountability from foundation to finish.”
Attard Properties is the final piece of the puzzle. “We focus on developing high-quality homes in sought-after locations, from modern apartments to premium villas, built using trusted materials and proven methods,” he explains. “Beyond our own developments, we partner with landowners and investors, offering a fully managed delivery model from feasibility and design to construction and sale. Every decision is made to add long-term value.”
While the group’s structure and identity have evolved, its core values remain unchanged, Carl asserts. “Safety, quality, and customer focus are not just words to us. They are core principles that guide our day-to-day operations, from the boardroom to the ground. We were the first local construction company to achieve ISO 45001 for Occupational Health and Safety, reinforcing our belief that everyone should work safely and go home safe. That same dedication drives our ISO 9001 (Quality) and ISO 14001 (Environment) standards, forming the backbone of our promise: peace of mind through reliability.”
It depends on ongoing projects, but I prioritise family time.
With a workforce of over 300 professionals from 25 nationalities – with women representing around 15 per cent of employees –Attard Bros Group champions diversity uncommon in the modern construction sector. Indeed, as Malta’s construction sector faces challenges familiar across most industries today – such as labour shortages, material cost volatility and land scarcity – Carl underlines the value of the group’s team.
“Our people are our foundation,” he emphasises. “We invest heavily in training, leadership development and engagement because culture drives consistency. When people understand the vision, they take ownership of it.”
That culture is built on values of safety, quality, honesty, and respect established by the company’s founders – the same values that have carried the group through some of Malta’s most infrastructuredefining major projects including Malta International Airport, Mater Dei Hospital, Fort St Angelo, and Smart City. Beyond Malta, the group has also contributed to the delivery of the Corinthia Bab Africa Hotel in Tripoli, with over 1,000 employees on site.
As Attard Bros Group prepares for its 50th anniversary, its momentum continues to build throughout 2026. “We have a strong foundation, clear direction and a team that believes in what we’re doing,” shares Carl. “Our goal is to keep raising the bar – for our clients, for our people and for our industry. If there’s one thing that defines Attard Bros, it’s our drive to keep improving, to keep creating better spaces and aiming for higher standards.”
His vision of sustainable growth extends to the country, where Carl views the group’s legacy as both a privilege and a responsibility. “We’ve been part of Malta’s landscape for half a century. Now, our focus is on shaping its future responsibly. We’re investing in innovation, sustainability and people. The next chapter isn’t just about doing more; it’s about doing it better. Delivering projects and products that last, that respect the environment and that set the standard for quality and safety,” he concludes.
If you weren’t in this industry or role, what career would you have chosen? I’d combine my career with my passion for sports.
Do you prefer to invest in property, stocks and shares, or crypto? Property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Seven.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Research assistant.
What’s the perfect age to retire in your view? I believe in living a balanced life, rather than waiting for retirement.
What’s one important item on your bucket list? Volunteer on projects across Africa, working with children and local communities.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner – I enjoy spending that time with my family.
Your favourite food and dish? I especially enjoy Asian food.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? I like to try different places and have various favourites.
What’s one thing you never leave home without? My mobile phone.
What’s your go-to way to switch off after a long day? Spending time with family.
Janice Fenech
GENERAL MANAGER, STORTON FUND MANAGEMENT
“WE’RE EXCITED ABOUT WHAT THE FUTURE HOLDS FOR OUR INVESTORS.”
A
CULTURE OF COMMUNICATION, TRUST AND TRANSPARENCY –THESE ARE THE THREE VALUES THAT HAVE SET JANICE FENECH, GENERAL MANAGER AT STORTON FUND MANAGEMENT, IN GOOD STEAD FOR THE PAST FEW YEARS. NOW, WITH THE ORGANISATION SET TO SCALE UP OPERATIONS GLOBALLY, SHE SHARES HER LEADERSHIP JOURNEY AND LOOKS FORWARD TO WHAT’S NEXT.
It’s been a particularly successful year at Storton Fund Management, characterised by sustained growth in its assets under management and a strategy centred on residential rental properties, which have delivered long-term capital appreciation for the company’s investors. And an even more exciting 2026 is shaping up, as the company has embarked on a process to expand its operations on a global level.
At the heart of this growth is General Manager Janice Fenech, who has remained firmly committed to the safe and solid approach that has already served the organisation well.
“We have welcomed new investors, and we’ve also seen growing interest in the residential rental
market,” she says. “With housing demand rising in many European capitals, rental properties are becoming the go-to option for millennials. We’re excited about what the future holds for our investors,” she says.
Of course, this level of success doesn’t just happen. Rather, it is the result of intentional decisions that have reinforced the funds’ core strategy of investing in residential rental properties in Ireland and the UK.
“This will continue to be our priority for the foreseeable future,’ she says. “We remain highly confident in our chosen segment and believe that both the macro and micro dynamics in these locations favour supply, with demand outpacing
CEO INSIGHT
“Conformity is easy; courage is rare. In a world that often rewards conformity, true impact comes from daring to be different. Dare to think differently, act boldly and stay true to your values. It’s those who challenge the norm who create lasting change and leave a mark that matters.”
it considerably. Part of our model involves using technology to ensure that we can be agile when reacting to changes in regulations and market conditions. This is possible because we’re totally focused on long-term real estate investments, which gives us the ability to plan ahead with conviction,” Janice explains.
It’s a strategy that she has successfully implemented since she took over the role at Storton Fund Management, helping grow the business from its infancy. She describes her leadership journey as one of continuous learning, both personally and professionally.
“One of the most important lessons I’ve learnt is the value of staying authentic, particularly when working in a space that’s traditionally male-dominated. I have come to embrace my own management style, to be adaptable, and to find common ground with others, regardless of our different approaches.
“Over the years, I’ve had the privilege of gaining visibility across all areas of fund management, from compliance and anti-money laundering (AML) to risk and portfolio management. I make it a point to work closely with senior management and authorities, and I manage relationships with various service providers. This practice has broadened my perspective, helping me lead with more clarity and purpose,” she elaborates.
Of course, the journey has not been without its challenges. But it’s the rewards that are first to spring to mind.
“I have deepened my expertise and strengthened my outlook, which has enabled me to become a more strategic, inclusive and confident leader,” she says.
These strengths are all invaluable for such a highpressure role in a complex industry. With the financial services sector set for significant shifts, increased regulatory oversight and a growing focus on digital transformation, the upcoming year looks to be an exciting one for the company.
“We’re seeing a trend towards greater governance and compliance. To adapt, we’ve been concentrating on enhancing our internal operations with artificial intelligence (AI), strengthening compliance with new regulatory standards and diversifying our investor base. These initiatives help us stay competitive and responsive to the changing environment,” she acknowledges.
Part of staying competitive also involves attracting –and retaining – top talent. With many EU countries complaining of a brain drain, how is Storton Fund Management faring?
“I’m not going to lie – sourcing and keeping the right talent has certainly become more challenging, both here in Malta and globally. My strategy revolves around building authentic relationships based on empathy
We’re totally focused on longterm real estate investments, which gives us the ability to plan ahead with conviction.
and being flexible to the different needs of each team member. This really helps the retention part. The reality is that people want to feel valued and understood, no matter what generation they are.”
But she is also pragmatic about human nature, adding that “work is work, and people will move on when the right opportunity comes along – and that’s perfectly okay.”
The key, she adds, is to ensure there are strong systems in place to keep driving the company goals forward, no matter what.
Meanwhile, Janice is quick to flag the importance of technology. She notes that AI, in particular, is often
underestimated, as is data-driven decision-making. “The ability to analyse vast amounts of financial data in real-time is transforming how we assess risk, optimise portfolios and forecast market trends. Companies that invest in building robust data analytics capabilities are undoubtedly ahead of the curve,” she asserts.
There have been unexpected challenges too – such as the implementation of DORA, a European Union regulation that required financial entities to improve their digital operational resilience. Ensuring compliance with this regulation was a demanding undertaking, particularly given the need to maintain smooth day-to-day operations.
“The implementation certainly created pressure and stretched resources, but it also reinforced a vital lesson: organisation is key, with clearly defined roles, tasks and deadlines. Regular catch-ups ensured the team remained aligned and on track, meeting all deadlines without compromising other priorities,” Janice explains.
And it’s not only EU regulations that can throw a curveball. Malta’s own regulatory framework has evolved significantly in recent years. Navigating the balance between regulatory compliance and entrepreneurial agility must surely create a few occasional hiccups in a boutique fund management environment?
“Absolutely. Keeping up with constant regulatory updates, circulars and new regulations is a real challenge for a specialised firm like ours. The evolving framework requires considerable attention and resources to ensure compliance while maintaining agility. We must remain fully abreast of these changes without losing sight of the entrepreneurial flexibility that drives our business. Once again, it’s all about clear organisation, effective prioritisation and a team that’s ready to adapt quickly,” she elaborates.
The secret weapon in her arsenal? Not being afraid to bring in expert consultants.
“Sometimes engaging external specialists is a more effective approach, particularly for new or complex areas in financial services. It’s a more strategic use of resources and ensures the work is handled with precision,” she says. “Ultimately, it’s all about communication, trust and transparency.”
These are three values that she applies even with investors, and this methodology has enabled the company to scale up while preserving the high-touch, specialised expertise that institutional investors increasingly demand.
“Maintaining strong relationships with institutional investors is a top priority for us. We invest heavily in building and maintaining these connections, and we take them very seriously.”
What does Janice expect the company to achieve in the next year?
“Looking ahead, I hope to see our operations expand globally, marking a significant milestone in the company’s growth. It’s an exciting opportunity to enter new markets while further strengthening our presence in Europe. On a personal level, I aim to continue developing as a leader and inspiring others, all while balancing the commitments that give my life purpose – including spending quality time with my son and supporting him as he grows into a strong, values-driven young man.”
Quick-fire Questions…
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings?
Are you more of an early bird or a night owl? I’m a mid-morning momentum-maker.
Do you usually work on weekends, or do you maintain a strict cut-off?
If you weren’t in this industry or role, what career would you have chosen?
Child psychology.
Do you prefer to invest in property, stocks and shares, or crypto? Property and stocks.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Eight.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Primarily a research assistant.
What’s the perfect age to retire in your view? I prefer slowing down.
What’s one important item on your bucket list? Write a book someday.
Which is your most important meal of the day –breakfast, lunch or dinner? Lunch.
Your favourite food and dish? Seafood.
Coffee or tea – or something else? A good coffee!
Which is your favourite restaurant in Malta? The Fork and Cork.
What’s one thing you never leave home without? My phone.
What’s your go-to way to switch off after a long day? Son, book and beach.
Przemyslaw Koger
COUNTRY EXECUTIVE & CEO, ALTER DOMUS
MALTA
“A CEO IS LIKE A FOOTBALL COACH: YOUR TEAM HAS A FEW SUPERSTARS, AN ESSENTIAL GOALKEEPER AND SOME ROOKIE PLAYERS – YOUR JOB IS TO FORGE THEM INTO ONE TEAM.”
BUILDING ON OVER A DECADE OF GROWTH AT ALTER DOMUS MALTA, PRZEMYSLAW KOGER, KNOWN AS PK, CHAMPIONS A LEADERSHIP PHILOSOPHY ROOTED IN EMPOWERMENT AND TRUST. AS THE COMPANY NAVIGATES INCREASING AUTOMATION AND REGULATORY COMPLEXITY IN PROFESSIONAL SERVICES, PRZEMYSLAW FOCUSES ON GIVING HIS TEAMS MEANINGFUL WORK WHILE POSITIONING MALTA AS A KEY PLAYER IN ALTER DOMUS’ INTERNATIONAL EXPANSION.
When Przemyslaw Koger moved from his role at Alter Domus London to Alter Domus Malta eight years ago, he was not parachuted into leadership. Instead, he grew into the role steadily, building relationships and learning the business from the ground up. Today, as Country Executive and CEO overseeing 200 employees, he frames his role by drawing a parallel with football: “A CEO is like a coach: your team has a few superstars, an essential goalkeeper and some rookie players – your job is to forge them into one team.”
The analogy reveals much about Przemyslaw’s approach to leadership. Having transitioned from a commercial client relationship role to CEO around three years ago, he understands that success requires more than technical expertise. “Being a CEO obviously entails the financial element of running the business and ensuring we generate revenues and profits,” he explains, “but operations and human resources are also crucial. The human element underpins it all – you must recruit the right people and empower them to make certain decisions.”
CEO INSIGHT
“Invest in technology and automation – and equally in your people. Empower them to make decisions. You’re rarely the smartest person in the room; your role is to bring smart voices together. Malta’s traditionally hierarchical family businesses need to evolve towards increased collaboration. Share ideas openly and shape solutions that reflect today’s market and the latest trends.”
Growth needs to make sense from a risk and compliance point of view.
The choice to relocate from London to Malta was equally purposeful. “If I don’t move now, I will stay in London and might never try a new country,” Przemyslaw recalls thinking at the time. “I like being challenged, and I was ready for the next chapter.” The move proved strategic: about a third of Alter Domus Malta’s work originates from the UK, and his London networks have been instrumental in channelling business to the island. Under his watch, the office in Malta has grown significantly, now reaching over 200 employees.
The company’s growth is anchored in a leadership style centred on trust and empowerment – a marked shift from top-down models of the past. “The world has evolved. Now it’s about giving people opportunities, involving them
and setting clear KPIs,” Przemyslaw says. Putting theory into practice, he often opens priority meetings by handing the floor to his senior team: “We begin with a blank page and I ask, ‘What do you think? What would you do?’”
From that cultural base, the business story follows. Alter Domus Malta has come a long way since its establishment in 2010. The company was among the first professional services providers in Malta to position itself as an Alternative Investment Fund Managers Directive (AIFMD)compliant depositary following the directive’s implementation in July 2013. Today, it serves some of the largest alternative-asset clients in Malta, providing specialised co-sourcing and depositary services.
“The Malta office was always a prominent one in our network,” Przemyslaw notes, and the client base has evolved accordingly. “We’ve increasingly been onboarding high-profile, international and sophisticated clients that value quality,” he shares. These clients appreciate watertight processes, comprehensive insurance cover and the ability to work across multiple jurisdictions. “We’re like an extension of their team,” he adds.
The quality-over-quantity shift is deliberate. Alter Domus now focuses on clients who view the firm as a partner rather than merely a services provider. “We want good-quality clients who work with us as a true collaborator. They need to be people we can grow with – who fit well with our premium brand,” he emphasises. This selective approach has paid off, attracting a more international clientele that values things being done properly.
Investments in technology and automation have reinforced that positioning. “Our clients are very interested in live data,” Przemyslaw remarks. “A few years ago, an investor would have a PDF statement of their fund. Now we’re moving to dashboards and interactive data sharing with our clients.” This evolution mirrors broader industry trends in which instant access to information has become the expectation rather than the exception.
On the challenges side, Przemyslaw points to twin pressures in the alternative investment sector: talent retention and regulatory burden. “Getting qualified individuals in the door is a challenge,” he admits. “The new generation is very mobile; they’re not so attached to the brand, particularly because there are more global opportunities for them.”
In response, Alter Domus Malta has invested heavily in creating an attractive workplace. “We are committed to Malta, and we’re making our
office an inviting place to be,” he says, adding that there needs to be something that draws people in and makes it appealing to work there. Beyond perks, the company offers structured career progression, continuous mentoring and opportunities for international mobility across the group’s 40-plus offices.
Regulation presents another significant challenge. “The EU has become heavily regulated,” Przemyslaw acknowledges. “Sometimes it takes time to move forward or onboard clients quickly.” For non-EU clients in particular, compliance requirements can be bewildering. “When explaining to a US client that they need to share passport details for compliance reasons, their first response is often, ‘Why do you need that?’”
Despite these pressures, Alter Domus maintains its position through robust controls and a conservative risk appetite. “As one of the largest providers on the island, we are closely monitored by the Regulator and must maintain strict compliance,” he reveals. To this end, the company’s systems and workflows require multiple reviews with clear authority levels, forming an infrastructure that ensures minimal risk of error.
On the technology front, artificial intelligence (AI) and automation are transforming the industry. “AI helps with data analysis. You can extract data very quickly,” Przemyslaw notes. “The basics can be done by robots, but the human element is still crucial in making trickier decisions.” He predicts that within five years most of the accounting and investor reporting tasks will be automated, with people focusing on final reviews and finding new strategies and solutions for clients.
Looking ahead, Przemyslaw expects steady growth rather than explosive expansion for Alter Domus Malta. “We are no longer a startup like 10 years ago when every client counted,” he reflects. “Now our name is known and we already have a large market share.” For Malta specifically, he anticipates continued recruitment, aiming to reach 250 employees. “Growth, however, will be selective,” he emphasises. “It needs to make sense from a risk and compliance point of view.”
In addition, the appointment of Charlotte Hogg as Global CEO signals a new phase for the group. Coming from Visa, she brings a vision of increased automation and global connectivity. “The idea is to become more global and more automated,” Przemyslaw highlights. “We want our service delivery to be seamless and instant.”
Meanwhile, global tax harmonisation is reshaping the competitive landscape. “In the past, clients would set up internationally to get the best tax outcome. That trend is gone,” Przemyslaw says. The focus has shifted to quality of work, speed and robust IT solutions. “Clients want security through the best systems that protect against fraud and phishing. That is how they will be making their decisions.”
Alter Domus’ focus remains on balancing technological advancement with human empowerment. “Succeed at Speed” and “Adapt with Authority” are not just corporate values; they are the principles guiding Alter Domus Malta through an industry in transformation.
Quick-fire Questions… with Przemyslaw Koger
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings?
Are you more of an early bird or a night owl?
Do you usually work on weekends, or do you maintain a strict cut-off? I’d rather work longer on weekdays
If you weren’t in this industry or role, what career would you have chosen? A pilot.
Do you prefer to invest in property, stocks and shares, or crypto? A mix.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Six.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Research assistant.
What’s the perfect age to retire in your view? 65.
What’s one important item on your bucket list? Visit Komodo Island.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Sushi.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? An Asian fusion spot.
What’s one thing you never leave home without? My mobile phone.
What’s your go-to way to switch off after a long day? I usually browse the news on my phone in the evening.
CEO INSIGHT
“I see business as a fast-moving train. It constantly keeps you on your toes, so you need to remain receptive and alert to any opportunity that comes your way. It’s also vital to maintain a positive outlook and be proactive. Positivity is contagious – it helps you and everyone around you.”
Victor Chetcuti
CEO, COMPLETE SUPPLIES
“THERE’S NEVER A STILL MOMENT.”
AS COMPANIES INCREASINGLY AUTOMATE AND DIGITISE THEIR PROCESSES, COMPLETE SUPPLIES – A LEADING PROVIDER OF OFFICE SOLUTIONS FOR B2B CUSTOMERS – STANDS FIRM IN ITS 30-YEAR LEGACY. IN 2026, CEO VICTOR CHETCUTI FOCUSES ON GROWTH AND CONSOLIDATION, AFFIRMING THAT TRUE PROGRESS HINGES ON CREATING HEALTH-CONSCIOUS WORK ENVIRONMENTS THAT ENHANCE EFFICIENCY, STRENGTHEN PRODUCTIVITY AND SUPPORT EMPLOYEE WELLBEING.
Despite rapid digitisation, traditional stationery retains a certain allure – not only the nostalgia it evokes, but also the satisfaction of the physical act of putting pen to paper. Yet shifting working environments and modernised processes have reduced the demand for these products. For Victor Chetcuti, CEO of Complete Supplies, these changes signal opportunity rather than decline. “I see every day as the start of something new, and every financial year as an ever-changing artboard where you can create something that pushes you beyond your comfort zone. In this sector, there’s never a still moment,” he smiles.
Victor’s forward-looking mindset is driven by a deep intellectual curiosity and a commitment to exploring new territory. “Learning never ends – it’s lifelong. I spend time reading industry reports, analysing global trends and networking with peers to stay sharp and ensure the business remains current,” he explains. Internally, he has cultivated a culture of openness, where ideas are discussed, challenged and collectively refined. “It’s essential to listen to the perspectives of every team member – after all, creativity thrives on diversity,” he says.
Many businesses focus primarily on technology and automation. These are important, but we must put the human factor first. We need to address mental health, productive workspaces and overall wellness at work.
This constructive approach has strengthened the company’s resilience. “After more than 30 years in the market, we have perfected our formula and can ride the wave of whatever comes next,” Victor says. He acknowledges that 2025 was “a very challenging year”, marked by inflation, supply-chain disruptions and broader economic uncertainty, all of which dampened demand for some products. Yet the company simultaneously achieved “double-digit growth in new categories”. He adds, “we kept improving our workflows and fine-tuned our service levels, and this supported our profitability. Ultimately, the situation pushed us to think outside the box and stay ahead of the game.”
One of the company’s most strategic moves was diversifying its product offering. “Hybrid working has reduced demand for certain office products, but it has also heightened awareness of employee wellbeing, productivity and sustainable work environments,” Victor observes. Employers, he says, are increasingly concerned with talent retention, efficiency and minimising longterm health-related costs.
In response, Complete Supplies, through a long-standing exclusive agreement with a leading office ergonomics brand and a partnership with an office seating supplier, can now offer a more holistic solution to all its customers. “Employers want to understand their working environment and determine how to improve it. With this in mind, we also collaborated with a certified office posture consultant to deliver educational seminars on ergonomics and posture awareness. It’s still a pilot project, but the response has been overwhelming,” he says. “These were bold moves requiring resources reallocation, but they have positioned us ahead of the curve.”
Such initiatives reflect Victor’s human-centric philosophy. “Many businesses focus primarily on technology and automation. These are important, but we must put
the human factor first. We need to address mental health, productive workspaces and overall wellness at work,” he suggests.
His leadership perspective is rooted in decades of experience. Victor started his career in retail and wholesale 33 years ago, initially working within his family’s company before branching out into the B2B space and acquiring Complete Supplies in 2018. His leadership style has evolved substantially over the years. “Early on, my focus was mainly on figures and the bottom line. Over time, as I refined my team, I shifted toward a more people-centric approach. I have become a better listener, more collaborative, and now I prioritise employee development and satisfaction,” he explains. The result, he notes, is “a team that is more driven, innovative, resilient, and engaged.”
Such adaptability is essential in a sector undergoing continuous transformation. Victor points to the increasing regulation surrounding paper waste and the growing emphasis on sustainability – factors he describes as “nonnegotiable”.
Looking to the next 12 months, his focus is on growth and consolidation. “The company has been operating for 30 years, so we’re committed to strengthening our core operations while identifying opportunities that complement our processes. We are aiming for organic growth and working towards clear projections,” he explains. Investment in technology, efficiency, talent, and client retention remains a priority. “We also ensure that every part of the business contributes value to the bottom line. Diversification has always been part of our culture, but we are now more selective. Maintaining strong liquidity allows us to seize the right opportunities when they arise.”
By the end of 2026, Victor hopes to see continued team growth – not necessarily in numbers, but in capability and confidence. “I want our team to feel proud of our achievements, deepen their relationships with our partners and strengthen ties with our clients. This will help ensure we remain resilient and agile,” he explains. “Hopefully, we’ll have ticked most of the boxes over the coming months,” he adds with a smile.
The pace of his role demands energy – often beyond office hours. “I tend to work late into the evening, and my mind keeps generating new ideas – usually the daring ones keep me up at night. No matter the hour, I take note of them and then try to switch off,” he laughs. He views each moment in the business cycle as exciting: “We’re at a turning point where the traditional office set-up is evolving. The workplace is becoming a blend of technology, wellbeing and sustainability. Challenges will come, but that’s what makes this role rewarding.”
One of the most valuable lessons Victor has learnt is the importance of vigilance. “You always need to keep your ear to the ground. There’s more competition, and clients are more demanding. You have to stay alert,” he says. Yet he maintains that these challenges are opportunities – particularly in Malta’s small but dynamic market. “Our size is a unique advantage. We can react quickly, test ideas and implement faster than many European counterparts. This agility is a strength that shouldn’t be underestimated,” he concludes.
Quick-fire Questions… with Victor Chetcuti
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings?
Are you more of an early bird or a night owl? I am not a morning person.
Do you usually work on weekends, or do you maintain a strict cut-off?
If you weren’t in this industry or role, what career would you have chosen? Something aviation-related.
Do you prefer to invest in property, stocks and shares, or crypto? Property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Three.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A combination of the three.
What’s the perfect age to retire in your view? It depends on the circumstances.
What’s one important item on your bucket list? To find time to practice flying.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Asian fusion.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? I prioritise good food and pleasant conversation.
What’s one thing you never leave home without? A positive outlook.
What’s your go-to way to switch off after a long day? Having dinner with my loved ones.
Kurt Abela
MANAGING DIRECTOR, PROJECT TECHNIK & KA HOLDINGS
“STAYING ADAPTABLE IS A PRIORITY.”
IN 2025, AFTER 15 YEARS AS A SUPPLIER OF TURNKEY SOLUTIONS AND BUILDING MATERIALS, PROJECT TECHNIK SHIFTED FOCUS TO THE COMMERCIAL MARKET, WITH MANAGING DIRECTOR KURT ABELA REDEFINING THE COMPANY’S FOCUS TO CATER SPECIFICALLY TO LARGER CLIENTS AND THE INSTALLATION OF NON-STRUCTURAL COMPONENTS. THE NEED TO ADAPT TO EVOLVING MARKET REALITIES IS CENTRAL TO THE FIRM’S LONGEVITY, KURT SAYS, EMPHASISING THE IMPORTANCE OF INNOVATION IN METHODS, MATERIALS AND OPERATIONAL PROCESSES WITHIN THE CONSTRUCTION INDUSTRY.
As a young man, Kurt Abela aspired to become an architect. The building industry ran in his blood, shaped in part by the family business that was already involved in this sector years earlier. Though architecture is no longer his path, Kurt – now Managing Director of Project Technik, a firm that imports and resells building materials – is trusted with the contracting of big commercial projects and, through a sister company, KA Holdings Ltd, invests in property development. Kurt remains passionate about shaping and finishing the spaces where people live and work.
“I continue to be inspired by this sector,” Kurt says. “Watching a project evolve is immensely satisfying. A
plan on paper is like a skeleton; we work hard to see it completed and come alive, observing people enjoying the space we helped create.”
He is equally captivated by the industry’s continuous evolution. “The construction sector is always changing, which means there is constant room for improvement and innovation,” he says.
Project Technik began as Kurt’s sole-trader venture. “I started working in my family’s contracting business and, in 2006, decided to set up on my own,” he recalls. By 2010, he established the company, initially focusing on materials supply and turnkey projects. Following a
CEO INSIGHT
“I started my own business early, and one key lesson is to be careful in choosing your strategy and in choosing partners. Mistakes are part of the learning curve, and it is important that we all learn from them and that we do not repeat them. Avoiding errors entirely is impossible, but being selective in your work is crucial.”
You must delegate efficiently so that your focus can be on the company’s strategy rather than simply its operations. It’s so easy to get lost in the everyday minutiae of the job, but for a business to grow, its leader needs to keep sight of the overall picture.
shift in strategy in 2023, the firm now primarily services larger commercial clients, such as hotels, shopping centres and schools, providing distribution and installation of non-structural components, including flooring and partitions, with all material directly imported through its trusted suppliers.
The company’s most significant recent decision has been to streamline operations and focus on the commercial market. “We are also more selective in our choice of materials, aligning ourselves with strategic local and foreign suppliers, and partnering with local clients to whom we aim to provide high-quality service and products,” Kurt continues. “We have a clear strategy for what we want to achieve and with whom we want to work.” This approach contributed to a very strong 2025, “marked by repeat business, high-value projects and an enhanced reputation in the market,” he says.
Kurt attributes this growth to Project Technik’s commitment to quality, transparency and responsibility, particularly in a sector that has often been criticised for lacking these qualities. “We focus on what we do best – using highquality materials and providing clients with peace of mind that all materials we supply are certified to their requirements. When I first started in this industry, the norm was to use the cheapest components. Internationally, however, the industry is moving towards stricter regulations and environmentally conscious practices,” he says.
Building on this commitment, “we must also reduce our projects’ carbon footprint, adopt modular construction and perform more work
off-site, with installation on-site occurring later. We stay abreast of EU regulations – and locally, we work to ensure our final products meet these criteria,” he explains.
Innovation is also central to adapting to market changes. Kurt observes that construction is “one of the least digitally adaptable sectors,” due to its reliance on manual processes. “This must change. Companies that transform their operations will gain a significant market advantage,” he asserts. He identifies opportunities in “smart technologies”, combining digital, data-driven methods with hardware and software applications to make buildings energy-efficient and future-proof.
Efficiency is critical, he stresses, because success in the construction industry is “all about time”. Material supply, particularly imported goods, often causes delays. “This is where innovation, including artificial intelligence (AI), can streamline coordination, particularly when multiple firms are involved on the same site,” he notes.
To prepare for such shifts in the industry, Kurt has recently expanded the firm’s investment in staff training and new equipment, ensuring that the team has both the knowledge and the tools required to deliver work at a higher level of precision. He explains that the company will soon be investing in new premises to allow for further expansion. This, he notes, is part of a broader effort to consolidate the business while maintaining sustainable long-term growth.
“While we take pride in the present staff retention, this development will also aim to ease recruitment difficulties and create a better work environment – challenges that our company, like many others in the construction sector and beyond, has encountered,” he says. “There is a shortage of labour. This is an increasingly pressing issue and it’s getting worse; it affects all roles, whether in management or in skilled positions.”
He explains that the situation is even more acute with respect to tradespeople, noting that “skilled labourers are scarce”. This, he says, has pushed the Maltese construction sector towards an over-reliance on foreign workers – a model that can create vulnerabilities. “I understand that such foreign employees leave their family in their home country and if there is an opportunity for them to return home and find work there, they will take it. If a worker wants to leave, you cannot stop them. On the other hand, the company would have invested heavily in training and will depend on their contribution, so the resulting shortage is not easy to fill.”
Despite these challenges, Kurt emphasises the importance of creating an environment where people feel valued. “We want every employee to feel part of the team, not just a number. Ultimately, they should feel a genuine sense of belonging within the company,” he says.
Kurt’s understanding of the team’s needs stems from his commitment to remaining closely connected to the day-to-day operations of the company. “I like to stay close to the action, to understand what’s happening in the company, on site and in the wider market,” he says. This, however, does not translate into micro-management. Instead, he believes that empowering people is essential for the company’s development. “When you first launch a business, you tend to resist delegation. But as you grow, you learn that you must delegate efficiently so that your focus can be on the company’s strategy rather than simply its operations. It’s so easy to get lost in the everyday minutiae of the job, but for a business to grow, its leader needs to keep sight of the overall picture.”
Ultimately, “staying adaptable is a priority. Coupled with rigorous quality control and ethical business practices, it ensures we remain sustainable and competitive. We do not cut corners,” he insists. “We must stay ethical and invest in sustainability – as a company and as a country in order to remain competitive.
Quick-fire Questions…
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep? Typically, seven hours a night.
What’s the first thing you do most mornings? I check the weather forecast.
Are you more of an early bird or a night owl?
Do you usually work on weekends, or do you maintain a strict cut-off?
If you weren’t in this industry or role, what career would you have chosen? Undoubtedly finance and strategic management.
Do you prefer to invest in property, stocks and shares, or crypto? Property, complemented by stocks.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Seven.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? PA and research assistant.
What’s the perfect age to retire in your view? By the age of 73.
What’s one important item on your bucket list? To travel as much as possible.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner, since it’s family time.
Your favourite food and dish? A good steak.
Coffee or tea – or something else? Coffee, all the way.
Which is your favourite restaurant in Malta? I have a few favourites.
What’s one thing you never leave home without? My phone.
What’s your go-to way to switch off after a long day?
A good run.
CEO INSIGHT
“We want to be a flagship entity, showing other companies what’s possible with green projects and green financing, and encouraging them to do the same.”
Karl Cilia
CEO,
WATER SERVICES CORPORATION
“WE’VE REDUCED LOSSES AND ENERGY CONSUMPTION WHILE IMPROVING THE QUALITY AND TASTE OF OUR WATER.”
MOMENTUM HAS CONTINUED TO GROW AT THE WATER SERVICES CORPORATION (WSC) OVER THE PAST YEAR, AS AN ONGOING TRANSFORMATION UNDER CEO KARL CILIA’S LEADERSHIP KEEPS DELIVERING RECORD RESULTS – FROM IMPROVED EFFICIENCIES AND BETTER FINANCIAL PERFORMANCE TO STRONGER WATER QUALITY AND INNOVATIVE GREEN INVESTMENT, ALL OF WHICH IS EARNING INTERNATIONAL APPROVAL. FOR THE CEO, THIS IS ONLY THE BEGINNING OF WHAT HE INTENDS TO ACHIEVE AT WSC.
When Karl Cilia joined the Water Services Corporation (WSC) as CEO in 2022, he saw it as an opportunity to do more than simply keep the taps running. He wanted to rethink how one of Malta’s most essential and most takenfor-granted services could leave a greater impact. As he reflects: “When I stepped into this role, I was determined to be a leader that took WSC to another level, beyond the core business of producing and delivering water.”
Backed by a career rooted in utilities, including a significant stint with Enemalta, Karl had gained a deep understanding of how complex infrastructure systems function, and how small efficiencies across all levels can lead to meaningful gains. At WSC, he has brought that perspective to an organisation responsible for the entire life cycle of water, which collects, treats, polishes, and redistributes water
across Malta and Gozo, and is supported by a workforce of over 1,200 people, including structural engineers, architects, chemists, technicians, and tunnel crews, all of whom play their part in keeping our water system running.
“To achieve the results we have, you need good people around you,” he says. “I rely on a very strong top management team. In fact, every morning, with my coffee in hand, I go around their offices to stay on top of things and give them the support they need to get on with their duties with as few obstacles as possible.”
This focus on collaboration has helped deliver what Karl describes as a “perfect cycle” for the organisation. “We are now producing water with record efficiency, with the reverse osmosis (RO) plant in Ħondoq ir-Rummien, Gozo,
Malta is considered one of the best countries in the world when it comes to water management.
winning the Energy Globe Award as the most energyefficient plant in the world. Moreover, we’ve reduced network losses to record EU levels, which means we’re reducing our energy footprint,” he explains. “That allows us to bill more, bring in more revenue, and reinvest it into the system.”
The bedrock of this new and improved cycle is arguably the significant reduction in water losses. Through sustained investment in leak detection, smart metering and artificial intelligence (AI)-driven analysis, WSC can now pinpoint leaks faster and with remarkable accuracy. “We are able to inform people of leakages behind the meter,” Karl says. “The team is so accurate that we can tell whether a leak is coming from a ball valve in a tank or from a toilet flushing.”
The result is less water lost in transit and less energy wasted producing water that never reaches a tap. The impact has meant that Malta’s Infrastructure Leakage Index now stands at 1.7, placing it among the bestperforming water utilities in the EU.
The corporation has also transformed how water is produced and treated. RO plants and treatment processes have been upgraded to reduce energy use across the board. The Ħondoq ir-Rummien plant in Gozo uses just 2.8 kilowatt hours to produce one cubic metre of water, a figure that compares favourably with the three to seven kilowatt hours typically required by similar plants internationally.
Similar energy-recovery technologies are now being rolled out across Malta’s other RO plants in Pembroke, Ċirkewwa and Għar Lapsi, further cutting consumption at source. “Malta is considered one of the best countries in the world when it comes to water management,” the CEO shares with pride.
Additionally, 2025 saw WSC open Malta’s first net-zero carbon warehouse in Bulebel. The facility, which was inaugurated by the Prime Minister, is equipped with over 500 photovoltaic (PV) panels that generate up to 450,000 kWh of clean energy annually – enough to power around 100 homes and fully offset the building’s operational energy consumption. “This is a major stride in our mission to become the pioneering entity in Malta when it comes to sustainability,” Karl says.
These efficiencies have also strengthened cash flow and created more room for reinvestment. “In the past year, we achieved 14 per cent financial growth and a record net profit of €21 million,” Karl states, explaining that the corporation also fully disbursed over €50 million in capital investment, which was channelled into network upgrades, quality improvements and sustainability initiatives.
“We’re not here to make money. We’re here to offer the best quality of service possible,” he says. “But by generating more revenue through better efficiency, we can reinvest where it matters without putting the burden of additional tariffs on people.”
Beyond these measurable operational gains, the past year has seen WSC’s Iftaħ u Ixrob campaign take on a long-standing negative perception of tap water in Malta. As Karl points out, Malta’s water has always been safe to drink, meeting World Health Organisation guidelines and in line with the EU Drinking Water Directive. However, Malta’s geography – featuring no rivers or mountains and being entirely surrounded by sea – has long influenced the taste of its water.
To address this, WSC adjusted its blending strategy, increasing the proportion of reverse osmosis water by 10 per cent and reducing groundwater abstraction by the same amount, lowering salinity and improving taste. The
corporation has also introduced better water harmonisation, blending water centrally at Ta’ Qali and Qrendi before distribution, ensuring the same quality of water is delivered to people wherever they are located.
Karl says this approach is beginning to show results, with more restaurants and hotels increasingly offering tap water, and more households relying on it. “This is a cultural change that will take time,” he says, “but we’re getting there.”
Another major win for WSC in 2025 was the successful negotiation of a collective agreement with the General Workers’ Union, covering around 900 technical employees and representing an investment of over €36 million in improved salaries, job stability and skills development.
Faced with a workforce landscape where manual and technical roles are increasingly hard to fill and retain, WSC is using these agreements to ring-fence essential technical grades and strengthen career progression and training opportunities. Moreover, WSC is taking a proactive approach by engaging early with schools, MCAST and universities to attract new talent.
Looking ahead, Karl is clear that the biggest test facing Malta’s water system will be climate change. He notes that seawater rise is causing ingress into the wastewater network, affecting both the volume and quality of the effluent. Increased salinity, in turn, raises the energy required for treatment at sewage treatment plant level. Hotter summers are also driving higher demand, placing further pressure on production and distribution.
Do you prefer to invest in property, stocks and shares, or crypto? Property.
With this in mind, WSC has mapped out a €370 million National Investment Plan for upgrades across the network over the next decade, supported by forecasting that identifies where reinforcements are most urgently needed. An additional €86 million EU grant is expected to further accelerate these efforts.
This long-term approach also underpinned the issuance of the WSC Green Bonds in 2024 on the Malta Stock Exchange – the first of their kind in Malta. As Karl explains, the decision followed an independent external review, which confirmed the strength of the corporation’s existing environmental initiatives and highlighted the importance of structuring and communicating these efforts through a formal green finance framework. By structuring the WSC’s core projects within a green finance framework, the corporation was able to make that impact open to public participation, turning essential infrastructure upgrades into a shared investment in Malta’s future. The response was a great success, with the €25 million bond fully subscribed within hours.
Karl’s hope for all these projects, investments and initiatives is that WSC can show that it is more than a utility services provider, but a direct force for change in Malta – introducing impactful innovations, actively demonstrating what a corporation can achieve and encouraging the public to share responsibility for creating a more sustainable Malta.
“Water is one of our most precious resources,” he says. “We’ve reduced losses and energy consumption while improving the quality and taste of our water. If we prepare properly today and work collaboratively, we’ll be far better equipped for whatever the future brings.”
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Around five.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A sounding board.
What’s the perfect age to retire in your view? 60.
What’s one important item on your bucket list? To see my daughter grow up.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Steak.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? Too many to mention.
What’s one thing you never leave home without? My phone.
What’s your go-to way to switch off after a long day? Spending time with my daughter.
CEO INSIGHT
“In life, be adventurous. I still have a huge bucket list. When it comes to business, I would say don’t overthink things. I am deeply analytical and always think ahead, considering the ‘what if’ scenarios, because I genuinely care about the brands we manage and our team, and see this company as an extended family. But prioritise what truly matters, grab the bull by the horns and go for it.”
Jonathan Dalli
FOUNDER & CEO, CONCEPT STADIUM
“WE AIM TO REMAIN HUMAN-LED, BUT AI-FED.”
IN RECENT MONTHS, CONCEPT STADIUM HAS SUCCESSFULLY COMPLETED A REBRANDING EXERCISE, BOLSTERED ITS POSITION IN THE MARKET AND EXPANDED ITS PRODUCT OFFERING TO INCLUDE MARKETING ADVISORY SERVICES, SPECIALISING IN PERSONAL BRANDING, FRACTIONAL CMO SUPPORT AND BUSINESS STRATEGY. YET, SAYS FOUNDER AND CEO
JONATHAN DALLI, ITS PEOPLE-CENTRIC APPROACH AND BLUE-SKY PERSPECTIVE REMAIN UNCHANGED.
You could call Jonathan Dalli a dreamer – and that’s not solely because he still believes his beloved Tottenham Hotspur has a chance of winning the Champions League. Rather, it is because the Founder and CEO of Concept Stadium is galvanised by the vibrancy of optimistic energy. “I am genuinely driven by the power of positivity – and, yes, my support of Tottenham has taught me to believe that a brighter day will come,” he laughs.
Over the years and since its foundation, Jonathan has built and shaped the creative agency and marketing advisory hub by instilling a proactive attitude and culture motivated by compassion. “Empathy and kindness, as powerful figures like Jacinda Ardern, have taught us, remain a priority, as does the hope of being able to make a mark and inspire change, whether that’s small or more substantial,” he says.
This perspective is strengthened by the fact that, while Jonathan understands that he is “the face of Concept Stadium”, he is adamant “it is certainly not all about me”. He prefers to be referred to as the Founder of the organisation, rather than its CEO, saying that the former term emphasises legacy-building. To this end, he is motivated to mentor, guide and have an impact on those around him. “I enjoy seeing people do well, seeing them thrive and seeing them get out of their comfort zone to challenge themselves. We love the term ‘human capital’ – ‘capital’ is an asset on a balance sheet, and that’s how we see our people: as assets. We are also fortunate to have executive leadership within this organisation that genuinely cares and prioritises mentorship and coaching.”
Crucially, at the heart of the company’s approach is what Jonathan calls “blue-sky thinking”. This is “when
What we have realised is that marketing in a silobased environment remains a functional area, but marketing as part of an overall business strategy becomes a key driver for business.
brand value as a specific line on the balance sheet. We need to start assigning a tangible financial value to it, as it can keep an organisation on its toes.” He sees this as one of the opportunities companies across sectors fail to appreciate. “The asset value of a brand is crucial when shareholders exit a business or when it comes to selling. It sits at the heart of any organisation’s success.”
Three key words have also motivated the company over the past few months, he continues: fresher, bolder and stronger. “We’re 15 years fresh,” he smiles, adding that the organisation still operates with a startup mentality. “We are also prioritising boldness in terms of confidence – not in being presumptuous or rude, but in establishing a matter-of-fact tone of voice. We’ve also built strength through the togetherness of our team, as well as through our approach to work and quality management.”
Jonathan says this approach is underpinned by the axiom ‘you ask but do not expect’: “There are many misconceptions in business that arise when people simply expect things from one another. I believe business can be more linear and enjoyable when you simply ask a question – without necessarily assuming anything in return – as this behaviour shows interest and engagement.” This mindset is encouraged at Concept Stadium, he underlines, as it is “how we want to drive impact and outcomes.”
These values will become even more essential moving forward as the world prepares for the much-touted artificial intelligence (AI) revolution, Jonathan says. “We believe in digital transformation, and this Pandora’s box of what lies ahead excites me. Society will go through a revolution, and our creative agency is firmly in favour of the responsible use of AI. We aim to remain human-led, but AI-fed. We will use AI to streamline our processes, so that we can continue to focus on blue-sky thinking.”
Adding further context, he explains that he recently posed a question to the agency’s leadership team: “Are we a B2B or a B2C business? The truth is that we are neither. We are an H2H business – human to human – although we continuously appreciate and value technology. Ultimately, it is thinking with people that delivers true value.”
As a result, Concept Stadium cultivates relationships with Brand Managers and C-level executives. “We’re happy to work with brands, but we’re even happier to work with the people and drivers behind them,” he says.
Looking ahead, the creative agency’s priorities over the coming months will continue to centre on diversification, the Founder asserts. “We will keep doing what we do well – engaging in partnerships with those who do things better than us – while also exploring new territories, products and ways of operating. Of course, raising shareholder value remains vital, as that is why we exist, but it is not at the expense of improving quality.”
By the end of the year, Jonathan hopes to have taken “another step towards a future-proofed business driven by legacy.” He also hopes the company continues to be motivated “by a genuine love for people and for brands”, while “seeing more individuals step into leadership positions within our organisation.” And, no doubt, he also hopes to see Tottenham finally win the league title.
Quick-fire Questions… with Jonathan Dalli
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep? I’m something of a known insomniac.
What’s the first thing you do most mornings?
Are you more of an early bird or a night owl? An early bird.
Do you usually work on weekends, or do you maintain a strict cut-off? Typically I cut off; that’s family time.
If you weren’t in this industry or role, what career would you have chosen? Something in the hospitality sector.
Do you prefer to invest in property, stocks and shares, or crypto? Property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Six.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A research assistant.
What’s the perfect age to retire in your view? I’ll work as long as I’m smiling.
What’s one important item on your bucket list? To climb a mountain peak.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? An Italian classic cacio e pepe
Coffee or tea – or something else? Coffee; lots of it!
Which is your favourite restaurant in Malta? Too many to mention!
What’s one thing you never leave home without? My phone and Apple Watch.
What’s your go-to way to switch off after a long day? Music and footie.
CEO INSIGHT
“Growth brings both opportunity and storms. I like to describe the CEO’s role as that of an explorer. Like the early pioneers who first travelled into the unknown, we are always pushing boundaries, even regulatory ones, because growth requires us to venture into uncharted waters. Over the years, I’ve learnt to stay calmer, listen more carefully and act with clearer intention rather than speed. This doesn’t mean I avoid risks, but I take more time before making decisions.”
Morgan Parnis
CEO & CHANCELLOR, KNIGHTS COLLEGE
“WE MUST STAY HUNGRY. AMBITION SHOULD BE ENCOURAGED, NOT FEARED.”
FOUNDED IN 2013 AS THE CENTRAL MEDITERRANEAN BUSINESS SCHOOL, KNIGHTS COLLEGE TODAY IS DRIVEN BY THE OPPORTUNITIES CREATED BY SHIFTS IN DIGITAL TECHNOLOGY TO TRAIN AND MENTOR BUSINESS STUDENTS
SEEKING A MORE PRAGMATIC EDUCATION, SAYS ITS CEO AND CHANCELLOR, MORGAN PARNIS. LOOKING AHEAD, THE COLLEGE IS NOW POISED TO CONSOLIDATE THE OPPORTUNITIES THAT THIS APPROACH AFFORDS.
There is little doubt that the coming years will transform the education sector, with educators having to contend with the possibilities – and demands – created by artificial intelligence (AI) and its increasing influence on learning, training and instruction. For Morgan Parnis, CEO and Founder of Knights College – formerly the Central Mediterranean Business School (CMBS) – these shifts present an unparalleled opportunity for the future of education.
“The sector is changing rapidly, and we’re not waiting for those changes. We are preparing for them now,” he asserts, adding that educators must, above all, “stop thinking linearly.” There is a growing need, he explains, to prepare students for jobs that do not yet exist and to retrain adults to be able to maintain their competitive
position within the marketplace. This is where he sees Knights College – an institution that focuses on the skill sets required by the business community – adding real value. “Industry relevance, workplace learning and a student-first approach have always defined us, and they continue to shape everything we are building,” he explains.
To this end, Knights College has already invested heavily in its digital transformation. “AI is changing how students learn and how institutions operate. The challenge is not to resist it, but to integrate it responsibly. That’s why we are investing significantly in AI mentors and digital learning tools, so that our students benefit from personalised, high-quality support. We don’t use AI for the sake of AI – it’s simply another tool,” he says.
The balance for the coming year is clear: consolidate, stay focused and invest wisely where opportunities genuinely strengthen the ecosystem.
other words, education was too academic and there was a clear need for a more industry-focused offering.”
Elaborating further, he explains that the college – which offers qualifications ranging from business diplomas through to doctoral-level degrees – has designed its own AI mentors: Socrates, Athena and Hermes. These have not been introduced “as gimmicks, but as tools that support critical thinking and personalised learning. This is central to our 2030 strategy and positions us ahead of a market that is still adapting to AI. We’re not referring to off-the-shelf generative tools, but to AI designed around individual learning styles,” he explains.
Each mentor serves a distinct function. “Socrates helps students learn and understand how to arrive at answers; Athena supports our faculty in creating content; and Hermes gathers what the student has learnt and assesses whether it aligns with the course’s learning outcomes,” he elaborates. Moreover, students will this year experience interactive talks and video lectures designed to complement classroom learning.
Such a proactive, market-attuned approach is characteristic of Knights College. Established in 2013, the institution evolved from Business Leaders Malta, a company that organises an annual conference for company directors and C-level executives. “During these events, attendees consistently expressed frustration that new recruits often held degrees but lacked practical skills, requiring extensive retraining,” Morgan recalls. “In
In this respect, he believes academic institutions continue to miss a critical opportunity. “Many still underestimate the real potential of applied and workbased learning when it is done properly. Too often, providers place students in industry and hope for the best. We don’t operate that way. We work closely with employers to ensure the workplace experience is fully aligned with the programme, the learning outcomes and the skills students are meant to acquire,” he notes.
Today, the college operates as part of a broader ecosystem designed to address this gap. “Knights College sits within a group that spans research, HR advisory, training, and community care. This keeps us extremely close to industry realities. Our programmes, teaching and strategy are shaped by what employers actually need, not by what’s easiest to deliver,” Morgan explains.
Beyond that, last year, the college continued to evolve, strengthening its academic structures, diversifying its markets and bolstering organisational capacity through recruitment. It also completed a rebranding from CMBS to Knights. “Over time, our academic offer, international presence and long-term ambitions grew far beyond the original CMBS framework. We needed an identity that could accommodate that growth. Knights College reflects what we are becoming, not just what we were,” he says.
The choice of the name ‘Knights’ was intentional, he continues. “The knight chess piece moves in non-linear ways, and we were drawn to that strategy component.
It mirrors how modern education should function – allowing people to break rigid structures, think differently and take strategic leaps that aren’t always predictable or linear,” he explains. “Looking back, the decision to rebrand laid the foundation for the next decade of Knights. It aligned our purpose, our people and our systems with the institution we aspire to become, rather than the one we used to be.”
In 2025, the college also reworked its entire academic and quality framework and obtained an ISO 9001 to support scale. “This required new systems, new leadership roles and stronger internal structures, ensuring that growth never compromises rigour,” he says.
“We have also expanded strategically into new regions, particularly Africa and the Middle East, alongside exploratory partnerships in countries such as Canada and Australia. This reduces dependency on any single market and reflects where global demand for applied learning is strongest. These shifts were not reactive; they were intentional steps to build a more resilient, future-ready institution aligned with industry, technology and global demand,” he explains.
The college was also accepted as a full member of the European Association for the Applied Sciences in Higher Education (EURASHE). “Our academic identity is rooted in applied, industry-relevant education, and EURASHE represents exactly that space in Europe. Joining was about aligning, not badge-collecting. And this is just one of several memberships we are pursuing with the same mindset. Every organisation we engage with is chosen deliberately, with the intention of being an active contributor rather than a passive member,” he explains.
The next few months will prioritise the consolidation of this progress. “We have grown quickly, restructured and internationalised, and now our priority is to strengthen the foundations and ensure our systems, teams and finances are aligned and scalable. When growth is rapid, the base must be stable. And, of course, financial discipline remains central, so the balance for the coming year is clear: consolidate, stay focused and invest wisely where opportunities genuinely strengthen the ecosystem,” he says.
Yet, as an entrepreneur, Morgan is always keen to keep his ear to the ground for any opportunities that fit the college’s broader ecosystem. “But never at the expense of focus,” he insists. “I often remind my team of Aesop’s fable about the dog that loses its bone while reaching for its reflection. If you chase everything, you risk losing what you already have. We won’t make that mistake.”
His message to Malta’s business community is to innovate and be ambitious. “Malta’s next chapter will reward courage, collaboration and long-term thinking. We are a small country with a strong economy, but the future will not be built by doing more of the same. It will be shaped by leaders who invest in people, embrace innovation and hold themselves to higher standards. We must stay hungry. Ambition should be encouraged, not feared. The economy grows when people are willing to sail into uncharted waters, take responsible risks and build organisations that outlive their founders,” he concludes.
How well do you sleep at night? (Rate from 1 to 10)
Wake up early for deep work.
Are you more of an early bird or a night owl? Definitely an early bird.
Do you usually work on weekends, or do you maintain a strict cut-off? I maintain a strict cut-off.
If you weren’t in this industry or role, what career would you have chosen? An architect.
Do you prefer to invest in property, stocks and shares, or crypto? Property for stability, stocks for growth, crypto cautiously.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? 10.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Mostly a sounding board.
What’s the perfect age to retire in your view? When purpose fades.
What’s one important item on your bucket list? To live in a way my family feels supported and proud.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Whenever I sit with my family.
Coffee or tea – or something else? Coffee, but good quality!
Which is your favourite restaurant in Malta? I prefer variety.
What’s one thing you never leave home without? A growth mindset.
What’s your go-to way to switch off after a long day? A run or cycle with an audiobook.
Mary Grace Pisani
CEO, CESSANI
“A CUSTOM-MADE DRESS IS NOT JUST A GARMENT, BUT AN EXPERIENCE.”
AS CEO OF FASHION HOUSE CESSANI, MARY GRACE PISANI HAS GROWN THE BUSINESS FROM TEXTILES AND CURTAIN-MAKING TO HAUTE COUTURE AND BEYOND. WITH PLANS FOR 2026 INCLUDING A WIDENED RETAIL PRESENCE AND REALISING HER AMBITION TO EXPAND CESSANI ABROAD, MARY GRACE CONTINUES TO BUILD A DISTINCTLY MALTESE BRAND, WHILE CONFRONTING THE INDUSTRY’S MOST PRESSING CHALLENGE: PRESERVING BESPOKE CRAFTSMANSHIP IN AN AGE OF FAST FASHION.
From sewing wedding-dress hems for her aunt at the age of four to becoming one of Malta’s best-known haute couture designers, Mary Grace Pisani’s journey to founding Cessani was shaped by discipline, artistic talent and resilience.
Although she describes sewing as being “of utmost importance at home”, young Mary Grace adored another art form: “I painted faces and flowers, and loved colour.” She credits her artistic impulse to her father, a pastry chef who worked with Queen Elizabeth II and served Frank Sinatra. “My passion for art came from him.”
The path to fashion design emerged behind the scenes. Working as a private secretary to three prominent lawyers, Mary Grace pursued her ambition to study
law. “I never thought I’d become a fashion designer,” she admits. “I wanted to be a lawyer, but I also sewed curtains.”
When a client insisted she make her a suit, Mary Grace’s career took an unexpected turn. “I told her I only made curtains, but she pushed me to try.” The first fitting brought terror. “My heart was in my mouth,” Mary Grace remembers. Yet the client’s joyful reaction to the suit was immediate, and she gave a fateful prophecy: “Marthese told me, ‘One day, you’ll become one of the most important fashion designers.’ I was only 19, but she gave me the push I needed, and she’s still a client today.”
Mary Grace’s journey towards fashion design crystallised years later, as she pored over the pages of one of the
CEO INSIGHT
“Malta’s mindset around fashion is still limited. As a fashion designer, you have to put yourself out there to earn people’s trust with their appearance, emotions and money. That responsibility makes the quality of materials, service and skill even more important.”
Tourists visit Paris to shop at Chanel – so what would make shopping in Malta truly distinctive? What can visitors find here that they can’t find anywhere else?
many fashion magazines she had collected. “A television broadcast announced that Gianni Versace had died, and I burst out crying. It was as if a member of my family had passed away,” she recalls. “Something clicked. I knew then that fashion was what I wanted to do.”
Building on the sewing aplomb she had acquired as a child, Mary Grace developed both technical skills and a keen understanding of the role a tailored garment can play in a woman’s life. “My aunt and mother taught me the technical details that make an outfit fit perfectly. That’s art, not sewing,” she says. “It’s also hugely important to fit the garment to both the woman’s body and her personality. I transfer that detail into the garment’s design to empower women with the confidence only a bespoke outfit can bring.”
Mary Grace applies this philosophy across Cessani – her haute couture house whose name is derived from her own. She describes 2025 as an especially transformative year for the business. “I had wanted to expand into Gozo for some time, and last year we achieved that. We also focused more on the manufacturing side and moved our atelier to Mosta, which was also one of my dreams.”
The relocation brought new consultations and design opportunities, transforming the atelier into “a new, beautiful ambience in Mosta,” as Mary Grace describes.
At the same time, the Cessani team grew from eight to 14 employees within a year, including seamstresses, painting artists, salespeople, and a manager. “When I launched Cessani, I worked hard to sustain my two young children,” she adds. “Now, I’m a mother of three, with the responsibility as CEO of a large team. We’ve had rapid growth, and financially it’s not always been easy, but with the help and trust of our clients and team, 2025 proved another stepping stone towards success.”
Strategic investments have diversified revenue streams. “We invested heavily in the brand’s jewellery collection, which has widened Cessani’s reach further,” notes Mary Grace. “We currently have a store in the PAMA Shopping Mall and another in Arkadia, Gozo – and in 2026, we will open one more.” The jewellery expansion proved easier to scale than couture and gave an extra brand boost since pieces were both designed and made in-house, she shares. Scarves and bags have since followed with the same bespoke ethos.
Critical decisions have accompanied Cessani’s growth, including the closure of the brand’s home in Naxxar. “The Naxxar shop was one of my ‘babies’, but it was too small for the pace at which Cessani was growing,” Mary Grace admits. “We needed larger premises, so I made the difficult yet necessary decision to close it.”
Building a sustainable business in Malta’s fashion industry requires countless similarly pragmatic decisions around pricing and diversification, she continues. “In Malta, prices can’t rise too high, yet haute couture demands time, expertise and highquality materials, all of which come at a cost. People still don’t fully realise the hours, patience and sacrifices required to create even a single pair of trousers when it isn’t mass-produced.”
Operating in an era dominated by fast fashion has a significant impact on the sustainability of haute couture as a business, particularly when it comes to finding and keeping skilled expertise. “It is the hardest part of the industry. Labour is expensive because you need extremely skilled seamstresses,” Mary Grace confides. As a result, she is focused on encouraging more young people to consider careers in the field. “Cessani has invested in teaching sewing and design to 21 young people aged between seven and 15, helping to inspire the next generation of fashion professionals in Malta.”
Convincing clients to move away from fast fashion and invest in custom pieces requires reframing the value proposition. “No two haute couture pieces from Cessani are the same. A custommade dress is not just a garment, but an experience,” Mary Grace explains. “Many clients have collections of custom-made dresses of their own. This is the beauty of having a personal wardrobe: each piece captures how you felt on that day or evokes memories of the meeting, event, interview, or special occasion where you wore it. Clothes speak – without words, they tell people who you really are.”
or do you maintain a strict cut-off? Sundays are a strict cut-off.
If you weren’t in this industry or role, what career would you have chosen? Lawyer.
Do you prefer to invest in property, stocks and shares, or crypto? Property.
That first moment when a client wears their bespoke piece is irreplaceable. “Seeing people happy – standing in front of the mirror with a big smile and tears in their eyes – never fails to give me goosebumps.”
Mary Grace holds true to that spirit as she focuses on creating an enhanced couture offering in 2026. “This year we’re adding more personalised embroideries to our couture, with each designed, painted and finished in-house.” Meanwhile, she aims to set a record with Cessani’s prêt-à-porter collection – ready-to-wear clothing that still reflects the brand’s unwavering standards. “We’ve only ever showcased the collection once per year, but in 2026 we aim to stage our capsule collection four times.”
Other firsts are on the agenda for the year ahead. Cessani collections have previously featured at Paris and New York Fashion Weeks, and Mary Grace’s sights are now set on further expansion abroad.
Closer to home, however, she remains determined that the skills unique to Maltese culture endure. “We must concentrate on our talents as much as the sea and sun to attract tourists to the island,” Mary Grace asserts. Her vision for Malta’s fashion future within that equation is specific. “Tourists visit Paris to shop at Chanel – so what would make shopping in Malta truly distinctive? What can visitors find here that they can’t find anywhere else? I dream that one day the authorities will designate a street for local fashion designers, where each of us has a space. It would become a tourist destination in its own right. Competition is healthy, and we must work together to promote and carry forward the legacy of Maltese craftsmanship,” Cessani’s CEO concludes.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Eight.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Research assistant.
What’s the perfect age to retire in your view? There is no age – I’ll never retire!
What’s one important item on your bucket list? To see Cessani available internationally.
Which is your most important meal of the day –breakfast, lunch or dinner? Lunch.
Your favourite food and dish? I don’t have one.
Coffee or tea – or something else? Chamomile or herbal tea.
Which is your favourite restaurant in Malta? Cheese & Cuts.
What’s one thing you never leave home without? My glasses.
What’s your go-to way to switch off after a long day?
Watching football – my favourite team is Barcelona!
George Vella CHAIRMAN, FINANCEMALTA
“WE NEED TO GET OUT OF OUR COMFORT ZONE AND SHOW THE WORLD WHAT MALTA CAN DO.”
AS CHAIRMAN OF FINANCEMALTA, GEORGE VELLA IS AT THE HELM OF PROMOTING THE NATION’S FINANCIAL SERVICES SECTOR ON THE GLOBAL STAGE. LOOKING AHEAD TO 2026, HIS STRATEGY IS ANCHORED IN A HIGHLY COLLABORATIVE ECOSYSTEM AND A DECISIVE SHIFT TOWARDS A TARGETED INTERNATIONAL APPROACH. IT ALSO FOCUSES ON LEVERAGING MALTA’S UNIQUE JURISDICTIONAL STRENGTHS IN WEALTH MANAGEMENT AND FINTECH TO NAVIGATE A LANDSCAPE OF UNPRECEDENTED TECHNOLOGICAL CHANGE AND GLOBAL UNCERTAINTY.
Shining a light on the recent performance of FinanceMalta, Chairman George Vella is quick to frame its success not as a singular effort, but as the result of a deeply interconnected national strategy.
He begins by looking back a few years, to the establishment of the Malta Financial Services Advisory Council (MFSAC), which he deems a critical turning point. “Whereas FinanceMalta has been set up for more than 15 years, it never truly had a strategy-setting body which it could liaise very strongly with,” he posits. “The recent successes of FinanceMalta cannot be decoupled from the success that this organisation –the MFSAC – is actually bringing to the table.”
This collaborative spirit is the bedrock of his approach. The council, tasked with gathering “the best brains in Malta to decide where to take this sector,” provides the strategic roadmap for FinanceMalta to follow –and this synergy is paying dividends. “Last year was a record year in terms of sponsorships; we managed to raise close to 50 per cent of what we receive in Government funding,” he reveals, adding that membership has also grown significantly. “That to us is a clear indication that our members are seeing value in what we are trying to do.”
Malta’s financial services sector has certainly navigated turbulent waters, from the FATF greylisting to the
CEO INSIGHT
“I only hope to give something back out of all the things that were given to me. I will endeavour to leave a better legacy than what was left to me and my peers. And those are very large shoes to fill.”
The
versatility of our jurisdictional framework is second-to-none. We are keeping it secret, and we shouldn’t be.
global pandemic. For George, maintaining focus during such times comes down to a core principle: “Going back to fundamentals,” he states. “These kinds of challenges give you the option to stop and think. What have I learnt in the past that has stood by me in times like this?” Today, the Chairman firmly believes the sector has emerged from these trials stronger and more resilient, though he is quick to compliment those who came before him. “I wasn’t part of FinanceMalta during these difficult times, so I won’t take credit for what has happened in the country; though I do think it has been very well managed.”
This reflective nature extends to his own leadership philosophy, which has been shaped over a long career. One formative piece of advice he shares is to “always spend time with people who you believe are better than
you, because that is the most effective way to learn.” It’s a principle he holds dear. “I have always tried to surround myself with people who, in my assessment, are much better than I am, as doing so drives excellence.”
Moreover, George’s management style is built on trust and empowerment rather than control. “When you treat people as adults, you responsibilise them,” he asserts. “I believe in inspiring rather than micromanaging, and that, in many situations, the team’s judgment will – in all probability – be better than mine.”
This humility comes to the fore when asked about the most critical decision he’s made in the past year. “I cannot take credit for any particular decision that has been taken just by myself,” he responds immediately. “There were many good decisions, but they weren’t mine. They were collective.”
Looking forward, the key strategic pivot for FinanceMalta is a move towards a more focused international outreach. “The organisation has to slowly move on from, or complement, its mass marketing approach to a more targeted one,” he explains. This involves a deep-dive analysis of specific markets to find
synergistic partners. “It’s about studying the market very closely and identifying players who, if they come to Malta, might act as strategic partners that will help the island grow in that particular area.”
He goes on to identify four key pillars for growth. Fintech, he argues, is a natural fit. “We enjoy a modern economy within Europe and, therefore, it is natural for fintech to find Malta as a home.” Beyond fintech, he candidly describes sustainable finance and capital markets as “hopefuls” – areas of aspiration where Malta must build its credentials.
The fourth pillar, wealth management and family offices, is where he sees a powerful, under-leveraged strength. “The versatility of our jurisdictional framework is second-to-none,” he states, citing feedback from international operators. The issue, he believes, is one of communication. “We are keeping it secret and we shouldn’t be. We should be talking about this much more.” He broadens the definition beyond billionaires, noting that middle-class professionals across Europe with retirement pots of over €2 million fall within this target market, a segment for which Malta’s flexible structures are ideal.
However, on the broader topic of ESG, George is unflinching in his assessment. “This is our Achilles’ heel as a country. We’re not doing enough,” he admits. He feels a profound sense of responsibility for FinanceMalta to lead the charge. “It is incumbent on organisations like ours to identify areas where we’re not achieving our full potential and push harder. Am I happy with the progress? Not at all. Is it increasing my resolve to try harder? Yes.”
This drive is fuelled by what excites him most about the future: a period of profound transformation. “We’re going through a very interesting phase,” he says, pointing to the disruptive force of artificial intelligence (AI) and consolidation in the professional services world. “The business models that have seen us well up till now are no longer fit for purpose, and we need to change.” He also foresees a “democratisation of power”, where ownership in major firms will become more widespread among employees.
Simultaneously, global instability, while regrettable, presents an opportunity for Malta. “The uncertain times that we are living in are creating an opening for us as a strong, safe haven for people to store their wealth,” he maintains.
The FinanceMalta Chairman’s message to Malta’s business community is a rousing call to action; a warning against complacency. “I think we’re growing too comfortable. We are becoming, as Pink Floyd would say, comfortably numb,” he cautions. “We need to show our hunger a little bit more. We should be punching a little bit more. We need to get out of our comfort zone and show the world what Malta can do.”
Quick-fire Questions… with George Vella
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings? I try to walk for at least an hour.
Are you more of an early bird or a night owl?
Do you usually work on weekends, or do you maintain a strict cut-off? I used to work more during weekends, and now less so.
If you weren’t in this industry or role, what career would you have chosen?
Do you prefer to invest in property, stocks and shares, or crypto? Just property – but that’s wrong.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools?
I am still at a three, but I’m surrounded by people who are already at seven or eight.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A research assistant.
What’s the perfect age to retire in your view? Never.
What’s one important item on your bucket list? I hope to be able to give the opportunities that were given to me to many other people.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner is the only one I get.
Your favourite food and dish? Tagliata.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? Lore & Fitch.
What’s one thing you never leave home without? My mobile phone.
What’s your go-to way to switch off after a long day? Go to the seaside.
CEO INSIGHT
“Three lessons from colleagues in the Vassallo Group have shaped my leadership. From Founder Nazzareno Vassallo: never stand still – in business, you’re either progressing or declining. From Chairperson Natalie Briffa Farrugia: be people-centric and focus on the person in front of you. From CEO Pio Vassallo: lead by example and be present when your team needs you.”
Charlo Bonnici
CEO, MEDITERRANEAN
COLLEGE OF SPORT
“BY INTEGRATING AI, WE CAN PREDICT A STUDENT ATHLETE’S POTENTIAL USING THE DATA WE COLLECT DAILY.”
CHARLO BONNICI, CEO OF THE MEDITERRANEAN COLLEGE OF SPORT (MCS), IS AT THE HELM OF MALTA’S BIGGEST PRIVATE SPORTS INVESTMENT TO DATE. THROUGH INNOVATION AND STRATEGIC COLLABORATION, MCS COMBINES TRADITIONAL EDUCATION WITH AI-POWERED PERFORMANCE ANALYSIS ACROSS FACILITIES THAT OPERATE FROM 5AM TO 11PM DAILY –OFFERING BOTH A PATHWAY TO ATHLETIC EXCELLENCE AND A PRIVATESECTOR TEMPLATE FOR TACKLING SOCIETAL HEALTH CHALLENGES.
Charlo Bonnici believes the solution to Malta’s growing inactivity crisis starts with fostering a love of sport from an early age and removing barriers to participation. With adult physical inactivity projected to reach 35 per cent by 2030 – a trend that threatens to strain Malta’s healthcare system through increased rates of obesity, diabetes, cardiovascular disease, and mental health issues – his approach at the Mediterranean College of Sport (MCS) is comprehensive, spanning both education and community access.
Since opening in 2024, MCS has run for 18 hours a day – with school programmes during daylight hours and external operators managing the pool, padel courts, fitness centre, and performance science centre in the evenings. “Our shareholders invested millions in
setting up MCS,” Charlo explains. “Now we’re constantly thinking about how to maximise utilisation and create opportunities for the wider community.”
Charlo speaks to the operators daily about usage numbers, and the proof of his conviction is visible. “At any time of the day and up to late at night, you’ll see hundreds of children and athletes using the facilities,” he says. “I think we’ve created something that will outlast all of us.”
That sense of legacy resonates personally with Charlo. At 59, the former politician and HR director has found renewed energy in building something from scratch. “When we opened our doors to the first students in September 2024, their energy and enthusiasm gave me a completely new lease on life,” he says. The experience has
also evolved his leadership approach. “Everyone wants to leave a mark, and obviously I want to leave mine, but I’ve learnt to be present rather than omnipresent – you need to trust your team, especially when you have capable managers in place.”
Charlo’s political and corporate background continues to shape his leadership style. Years spent in politics taught him how to balance competing priorities and navigate national policy – skills he now applies in steering projects in Malta’s education, health and sports sectors. “In both politics and business, you realise quickly that success depends on people. At MCS, we’ve created an environment where staff, coaches and students can all thrive,” he reflects.
This was not his first time building an educational institution. Charlo honed these leadership principles through his other venture, Learning Works, which he created in 2009 and has since grown to serve hundreds of international students in healthcare, management and hospitality programmes. That foundational experience provided the blueprint for tackling the more ambitious MCS project.
Charlo has also undergone a physical transformation that mirrors his professional mission. His journey from someone who “never took physical activity too seriously” to becoming a daily runner has reinforced his conviction about addressing Malta’s declining fitness levels – and shown him how exercise creates positive ripple effects. “What happens is you start paying attention to your diet, adopting better eating habits and controlling alcohol consumption,” he explains. “You get all these benefits –each step leads to something new and better.”
Yet despite the advantages of exercise being well documented, Charlo sees Malta making decisions that run contrary to promoting sport. He believes Government-level policies that encourage sport, such as expanding the scheme to provide free gym access for young people, could make all the difference. “When you’re involved in sport, there are unavoidable costs – if you run, for example, you need to replace expensive shoes regularly. If you’re new to weightlifting, you need a trainer. Tax incentives would encourage more people to participate,” Charlo insists.
His focus on systemic change is not limited to sports policy. He also sees untapped potential in attracting foreign students to the island’s educational programmes. “The sector has great potential, but it’s hampered by bureaucratic red tape,” he says. It is a frustration for someone who recognises Malta’s broader appeal. MCS already has accommodation for 100 students and the college’s Performance Science Centre is one of the largest in Southern Europe. Building on this infrastructure, Charlo has forged strategic partnerships to enhance the college’s offerings.
“We’ve signed an agreement with SL Benfica, one of Portugal’s leading football clubs, renowned for its
I’ve learnt to be present rather than omnipresent –you need to trust your team, especially when you have capable managers in place.
youth development programme,” he notes. The alliance extends beyond MCS to after-school programmes reaching children from age three onwards. “Hundreds of students joined the Benfica Football School in the first year, and some of them are prospective MCS students as well,” he enthuses.
These partnerships also pave the way for innovation – most notably the use of artificial intelligence (AI) to measure and predict student-athlete performance. The Performance Science Centre at MCS generates vast amounts of data. “We assess every student who joins us at the beginning of the year, then monitor their progress
throughout,” he shares. The data encompasses everything from nutrition and training to strength and conditioning sessions and sporting performance. “By integrating AI, we can predict a student athlete’s potential using the data we collect daily,” he adds. “We are ready to work with other entities such as the University of Malta Artificial Intelligence department to explore these possibilities further.”
The implications are not confined to sport. Charlo believes similar predictive models could one day be used to inform wider national health strategies, helping policy-makers understand how lifestyle changes influence outcomes such as obesity rates or cardiovascular health. “If we can show how investment in youth sport reduces long-term healthcare costs, it becomes a compelling argument for reform,” he says.
That belief in long-term impact is already reflected in the results. Demand has exceeded even Charlo’s expectations, prompting MCS to introduce its primary school initiative three years ahead of schedule in 2025. The primary programme focuses on fundamental movement skills rather than sport specialisation. “Participants gain basic skills, and after a few years they’ll start showing their preference for a particular sport,” he explains. Even if students choose not to pursue competitive sport, the approach ensures physical activity becomes an ingrained part of their daily lives.
MCS emphasises dual career pathways, combining academic excellence with sporting achievement. “We focus on these two aspects even when recruiting students. They need to have succeeded or shown potential in both academic subjects and their sport,” Charlo continues. Supporting that dual focus requires specific skills training. The college’s Performance Lifestyle course addresses skills like time management, pressure handling and public speaking. “This year, we’re emphasising public speaking because if these students succeed in their sports, they’ll likely be interviewed in the media, so they need to have solid communication skills too.”
shares, or crypto?
A mix of property and stocks and shares.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Seven.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A mix of all three.
With this foundation in place, Charlo has clear targets for the near future. “Within three years, we’ll have a complete primary school, with one class per year level, totalling six classes,” he says. “Ultimately, there won’t be more than 500 students on campus when we reach maximum capacity –that was part of our plan from the beginning.” The controlled growth reflects his conviction that each student requires individual attention.
Charlo’s longer-term vision stretches beyond the walls of MCS. He hopes Malta will have shifted from being one of the EU’s less active populations to one where sport is embedded in daily life. “It’s ambitious, but I believe MCS can be a catalyst. If we get more children moving and convince more people to pursue healthier lifestyles, the whole country benefits,” he says.
That vision for Malta’s future frames his closing thought: “If we speak again in a year, I hope we’ll have fulfilled our targets, especially in student recruitment. And if we speak again in five years, I hope Malta will be healthier, fitter and prouder of its young athletes.”
What’s the perfect age to retire in your view? If I’m healthy and can still contribute, I’ll keep working.
What’s one important item on your bucket list? To run the London Marathon.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Rabbit.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? Rebekah’s in Mellieħa.
What’s one thing you never leave home without? My phone.
What’s your go-to way to switch off after a long day? Reading and listening to music.
Patrick Tabone
MANAGING DIRECTOR, SIGMA COATINGS MALTA
“WE ARE ALL MUCH TOUGHER THAN WE THINK.”
AS A LEADING PLAYER IN MALTA’S ARCHITECTURAL, INDUSTRIAL AND MARINE PAINTS SECTOR, SIGMA COATINGS MALTA HAS A DEEP-ROOTED PRESENCE IN THE LOCAL MARKET. FOR DECADES, IT HAS NAVIGATED EVOLVING MARKET TRENDS AND CONSUMER DEMANDS WHILE UPHOLDING A RIGOROUS COMMITMENT TO QUALITY. TODAY, UNDER THE LEADERSHIP OF MANAGING DIRECTOR PATRICK TABONE, THE COMPANY IS HARNESSING OPPORTUNITIES IN SUSTAINABILITY AND INNOVATION, ENSURING IT CONTINUES TO LEAD ITS SECTOR AS IT LOOKS AHEAD TO 2026.
“In a previous life, I was fortunate to be part of the team negotiating Malta’s accession to the EU,” says Managing Director Patrick Tabone, reflecting on a diverse career path that has taken him from diplomacy to education, ultimately leading him to Sigma Coatings Malta. “The experience gave me valuable insights into many different policy areas and sectors across the economy, both within the EU and in Malta.”
This broad perspective was later balanced by a more granular focus during his time as a College Principal. “Education is about relationships and
getting things right – not just on average, but for every single student you’re responsible for.” For Patrick, this combination of strategic planning and meticulous attention to detail has provided important lessons that remain with him today.
His leadership style has also been shaped by a personal passion of his that demands immense discipline and perseverance: ultrarunning.
“Discipline and resilience are the keystones of ultrarunning, but they’re also integral to running a business,” he notes. The sport, he says, teaches you that no matter how tough things get, if you can
CEO INSIGHT
“Some challenges seem impossible to tackle until you break them down into manageable chunks. Sometimes you need to build momentum with small wins, which can eventually carry your team through to the bigger goal.”
keep on moving in the right direction, you will get there in the end. “It’s also taught me that we are all much tougher than we think.”
This resilience was recently tested when the company was targeted by a financial scam – an unexpected challenge for Patrick and his team. “It really bothered me,” admits Patrick. “We thought we were far too streetwise for something like that to happen to us – but it did. Since then I’ve heard of so many others it’s happened to – if you haven’t done so already, please check your security systems and other defences, and tighten them up.”
A tight-knit organisation, Sigma Coatings Malta is part of a global legacy stretching back a scarcely credible 300 years, when a Pieter Schoen started grinding pigments for local painters in Westzaan, in
I’m sensing a backlash against the ‘get very rich, very quickly, at all costs’ mindset. Many people are seeing that there is so much more to improving our quality of life.
the Netherlands. The local company’s roots lie in the marine sector, establishing itself as early as the 1960s as a key supplier to the Malta Drydocks. Supplying ships, Patrick explains, requires rigour and precision: “We have to ensure they get exactly what they need in the very short time they are in port.”
That customer-first philosophy became a core principle that now underpins the entire operation of Sigma Coatings Malta. Today, while marine and industrial paints remain a very significant part of its operation, the company’s largest division is architectural paints. Sigma Coatings supplies its products to over 150 hardware stores across Malta and Gozo, and has also greatly expanded its network of in-store tinting machines, allowing customers to get paint mixed to the exact shade they want on the spot.
The business works in collaboration with PPG, a huge multinational that is the owner of the global Sigma Coatings brand. “This partnership is very valuable to us, and one that we are proud of,” affirms Patrick. “It gives us access to a massive research and development (R&D) capability and an unwavering focus on innovation.” The company uses only the best, approved, raw materials and suppliers to manufacture
its products – a principle that remained non-negotiable during the supply chain crises of recent years, and one that is central to the company’s strong local reputation for quality and consistency. “The moment a competitor switches to substandard materials, the market picks it up,” he emphasises.
Despite global turbulence and what Patrick describes as “a more cautious local mood”, 2025 shaped up to be a record year for the company. Strong tourism numbers have helped Malta’s economy grow overall, but Patrick also credits “a growing love affair with colour” as another key driver of Sigma Coatings’ success. “People want to bring more colour into their homes and businesses as a way of sparking joy, and obviously we’re very well equipped to help them do that,” he smiles.
Nevertheless, challenges remain, notably in terms of the labour market and recruitment. Globally, ongoing geopolitical instability continues to affect trade and supply lines, which Patrick notes can directly affect the company. While the worst of the price increases experienced between 2020 and 2023 appear to have eased, uncertainty around fluctuating trade tariffs persists. Patrick also remarks that while the paint and coatings sector evolves at a measured pace, “key trends are clear: I expect to see a continued increase in demand for specialised coatings, greener products and water-based coating solutions where possible,” he elaborates.
While some businesses may view the green transition with trepidation, Patrick sees it as a great opportunity, especially given Sigma Coatings’ collaboration with PPG. “PPG is committed to developing the next generation of paints,” he explains. “Our collaboration means we are perfectly placed to support our customers through this transition. There is constant research to make sure that our products have the lowest carbon footprint possible while staying well ahead of regulatory requirements.”
Quick-fire Questions… with Patrick Tabone
Closer to home, Patrick is quietly encouraged by a positive shift in consumer behaviour, with consumers preferring to invest in quality products when they can. “People are increasingly recognising that the longer lifespan of a premium paint is ultimately much more cost-effective,” he says. Research shows that the Sigma Coatings brand continues to be the one most used by Maltese families – a point of pride as he looks to 2026 with cautious optimism.
“I predict a year of growth and consolidation, but we are ready for anything. There should be some excitement around the soft launch of Sigma Expert Semi-Matt, a best-in-class, nextgeneration, ecolabel interior paint,” he discloses, “and we’ll continue to improve and extend our colour services. More broadly we will also deepen our strategic collaboration with PPG and extend it to new products and services.”
It is an approach that mirrors Patrick’s wider philosophy – that progress should be steady, purposeful and built to last, a belief he reinforces with a hopeful remark on the wider business community: “I’m sensing a backlash against the ‘get very rich, very quickly, at all costs’ mindset. Many people are seeing that there is so much more to improving our quality of life, and I see more businesses embracing the path of responsible, sustainable growth that will benefit Malta’s economy and society at large.”
Do you prefer to invest in property, stocks and shares, or crypto? Property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Eight.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Research assistant.
What’s the perfect age to retire in your view? 60 to 62.
What’s one important item on your bucket list? A back-to-basics backpacking trip, somewhere remote.
Which is your most important meal of the day –breakfast, lunch or dinner? Lunch.
Your favourite food and dish? Simple Italian antipasti.
Coffee or tea – or something else? Both have their moments.
Which is your favourite restaurant in Malta? A bar in Birgu that makes perfect ravjul
What’s one thing you never leave home without? Regrettably, my phone.
What’s your go-to way to switch off after a long day? A walk with my dog, Milo.
Noel Zammit
CEO, HERITAGE MALTA
“EVERYTHING CENTRES ON INTEGRITY, CURIOSITY AND PURPOSE.”
IN HIS EIGHT YEARS AS CEO, NOEL ZAMMIT HAS STEERED HERITAGE MALTA THROUGH SEVERAL MAJOR PROJECTS, MOST RECENTLY THE €40 MILLION RESTORATION OF THE GRAND MASTER’S PALACE IN VALLETTA. AS THE AGENCY ENTERS A NEW PHASE OF MODERNISATION, NOEL SPEARHEADS ITS TRANSFORMATION, REDEFINING HOW THE ISLAND CONNECTS WITH ITS PAST AND HOW CULTURE CAN POWER MALTA’S FUTURE – ACROSS IDENTITY, EDUCATION, TOURISM, AND DIPLOMACY.
Rather than a leap, Noel Zammit frames his career shift from technology to heritage as a logical next step. “My move from the digital and corporate world into heritage was a natural progression,” he recalls. “Throughout my career in information technology (IT) and business development, I wanted to use innovation and strategic alignment to make things more efficient and meaningful. When the opportunity arose to apply that mindset to Malta’s cultural heritage, it felt like a calling rather than a career move.”
Noel’s appointment as CEO of Heritage Malta in 2017 marked both the start of a new era for the agency and an opportunity for him to keep the national story relevant in a fast-changing world. He channels decades of cross-disciplinary experience in software engineering, finance, marketing, and business development to drive his purpose-led approach.
“Each discipline taught me to think in systems – how strategy, people and technology must align to achieve sustainable growth,” he explains. “From IT, I developed an appreciation for data-driven decision-making; finance grounded me in accountability; marketing taught me the importance of building meaningful connections; and business development sharpened my focus on opportunity and collaboration.”
Three words fuel Noel’s work ethos as CEO: “Everything centres on integrity, curiosity and purpose. Integrity has always been my compass – it builds trust within a team and with the public. Curiosity reminds me there’s always something new to learn. And purpose underpins everything, as it’s what turns effort into impact.”
Empowerment and listening then follow. “Our best asset at Heritage Malta is our people,” Noel contends. “My role
CEO INSIGHT
“Malta has immense potential when innovation aligns with identity. Our heritage, creativity and resilience are among our greatest assets – and they can inspire how we do business, how we collaborate and how we project Malta to the world.”
Innovation shouldn’t be an occasional project but part and parcel of what we do.
is to create an environment where the team feels free to experiment, bring fresh ideas to the table, learn, research, and grow. It’s important that we learn from others and align with international best practice. Innovation shouldn’t be an occasional project but part and parcel of what we do.”
Noel’s forward-thinking approach mirrors Heritage Malta’s mission. As the national agency for museums, conservation and cultural heritage, it manages over 90 museums and sites – including seven UNESCO World Heritage Sites –which welcomed more than 1.9 million paying visitors in 2025 – a record number of admissions for Heritage Malta since its inception.
“Our work goes beyond conservation,” Noel clarifies. “We are reimagining cultural heritage as a strategic national asset that shapes identity, strengthens the economy, supports education, and advances international diplomacy. On average, we hold one event every three days, and they are usually fully booked.”
An internal culture shift has driven additional growth. “Our rebrand gave us a renewed sense of purpose: to engage visitors and show we’re not just a museum network but a vital part of Malta’s identity.” The restoration of the Grand Master’s Palace in Valletta – Heritage Malta’s largest-ever project – epitomises that evolution. Co-financed through EU and national funds with an investment of around €40 million, the project opened the historic seat of power to all as a distinctly Maltese cultural destination.
The project also inspired an unexpected wave of public donations of artefacts. “It shows that when people feel that they are part of our heritage, they contribute to it.”
The project’s success speaks for itself. In 2023, it won a Public Vote award at the Malta Architecture and Spatial Awards (MASP), and the Best Visitor Attraction 2024 award at the first-ever Malta Tourism Awards. In 2025, the site attracted record-breaking footfall and international interest with 260,000 visitors, signalling strong public interest in the palace and its restoration.
Heritage Malta’s reach extends through cultural diplomacy, broadening Malta’s international profile ever further. In 2025, three sets of Japanese Samurai armour, originally gifted to Malta in 1862 as part of a diplomatic mission, were meticulously restored and reassembled by expert conservators in Japan – thanks to a collaborative initiative between Heritage Malta, the Ministry for Foreign Affairs and Tourism, and the Embassy of Malta in Japan. One of the restored Samurai armours – along with a historically significant suit of armour of the Order of St John – was on display at the Malta Pavilion at Expo 2025 Osaka Kansai. All three Samurai armours were later exhibited together for the first time in Japan, at the iconic Himeji Castle, a UNESCO World Heritage Site. “Heritage is a powerful tool of diplomacy,” underlines Noel. “Projects like this show Malta as a bridge between cultures and a steward of shared human history.”
The island also solidified its position at the heart of Europe’s digital cultural ecosystem when in 2025 Heritage Malta was officially certified as Europeana’s 44th Aggregator and Malta’s National Aggregator for Cultural Heritage, allowing Maltese collections to be viewed on Europeana, the European Union’s main cultural heritage platform.
The milestone supports Heritage Malta’s broader modernisation and digital transformation agenda. “Modernisation helps us reach new audiences, especially
the younger generations who are Malta’s heritage future,” Noel says. “Digital transformation is key, but for us it’s more than technology. We want to effect culture change, both to improve our operations and enhance how the public engages with heritage.”
Two initiatives anchor Noel’s digital vision – one outward-facing, the other internal. “The eMuseum platform is Heritage Malta’s digital solution that provides public online access to Malta’s national collection of cultural heritage,” he explains, adding that the platform allows users to explore and learn about exhibits from the comfort of their home. “It promotes discovery and sparks curiosity about Malta’s cultural heritage – which can inspire physical, on-site visits. The eMuseum platform is a promise that we will continue to preserve, share and promote our cultural heritage in an inclusive, innovative and sustainable way. This forms part of a larger chain of initiatives, including the Memory Twin concept, a more advanced method of digitising than the Digital Twin, being developed in unison with the UNESCO Chair for Digital Cultural Heritage, which ensures that what we digitally collect represents our cultural heritage fully, not only its visual form.”
Behind the scenes, a new Enterprise Resource Planning (ERP) system will transform how the agency operates. “It will replace outdated manual processes with automation and integration, providing realtime data for faster decision-making while eliminating silos between departments. It will keep us efficient and sustainable so our people can focus on what matters most – our visitors and heritage.”
or do you maintain a strict cut-off? I work most of the time.
If you weren’t in this industry or role, what career would you have chosen? Marine biologist.
This holistic outlook is a core aspect of achieving Malta Vision 2050: the country’s long-term strategy. “Malta is one of the few countries in Europe to embed cultural heritage into its national development strategy,” Noel shares, also pointing towards another key factor in realising the national vision. “Sustainability is nothing new for us, but the approach is now more structured. For example, sustainable tourism must be about quality over quantity – we’d rather welcome fewer visitors who engage and contribute meaningfully while still balancing financial viability with cultural integrity.”
Looking ahead, Noel sees Heritage Malta moving from custodianship to leadership. “Our mission is to safeguard the past and ensure it continues to inspire the present and shape the future,” he says. “This is why we’re organising the Malta Biennale 2026, which will bring contemporary art into historic spaces. This is where history meets modern creativity.”
Within this context, talent retention remains a critical factor in safeguarding Malta’s cultural future. “Finding the right people has been a challenge for years,” Noel admits. “We employ conservators, IT engineers, carpenters, electricians, marketing professionals, and more. Whatever the role, specialists are scarce. To address this, we’ve partnered with MCAST to reinstate the conservation degree course and offer paid study schemes that guarantee full-time jobs on completion. We’re also developing a cultural heritage informatics course to attract engineers to this field.”
As Malta’s heritage and cultural sector enters another era of reinvention with Heritage Malta at its helm, Noel’s focus for 2026 centres, as ever, on people. “For me, success is not just about projects completed,” he says. “It is the momentum we created in how people experience and value Malta’s heritage. If more Maltese families feel proud of what we have, and more young people see it as part of their identity, we will have succeeded.”
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Seven.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? It’s a tool that helps us do more with less.
What’s the perfect age to retire in your view? No idea!
What’s one important item on your bucket list?
Swimming with whale sharks.
Which is your most important meal of the day – breakfast, lunch or dinner?
Dinner during the week, lunch on weekends.
Your favourite food and dish?
Seafood – from fresh fish to grilled squid.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? Enchanté in Senglea.
What’s one thing you never leave home without? My keys.
What’s your go-to way to switch off after a long day?
Single malt whisky and a cigar.
Miroslav Halicka
CEO, FCM BANK LTD
“THE HUMAN APPROACH WILL DEFINE THE NEXT ERA OF FINANCIAL SERVICES.”
SINCE BECOMING CEO IN 2023, MIROSLAV HALIČKA HAS STEERED FCM BANK LTD TOWARDS RECORD PERFORMANCE, DOUBLING PROFITABILITY AND TRIPLING ITS MALTESE CUSTOMER BASE. DRAWING ON 25 YEARS OF BANKING EXPERIENCE IN THE CZECH REPUBLIC, HIS FOCUS FOR 2026 CENTRES ON SUSTAINABLE GROWTH: EXPANDING FCM BANK’S PHYSICAL FOOTPRINT WHILE INVESTING IN CUSTOMER-CENTRED INNOVATION.
Miroslav Halička’s arrival in Malta from the Czech Republic – and his journey to becoming CEO at FCM Bank Ltd – was unexpected. “Paradoxically, the pandemic and lockdown set things in motion, since we were stuck at home so much,” he recalls. “When the offer came to move to Malta, my wife and I thought, ‘Why not?’” The decision was made easier by his longstanding respect for Radomír Lapčík, Founder of TRINITY Banking Group and FCM Bank’s majority shareholder.
Joining FCM Bank as Chief Risk Officer in July 2020, Miroslav brought over 25 years of banking experience to the role, having served as Director of Risk Management at Credium – Financial Service Provider, the Czech subsidiary of Crédit Agricole.
His background spans different banking cultures. “In the Czech Republic, people are flexible, practical and
seek efficient solutions – often thinking outside the box,” Miroslav explains. “The general banking environment, however, follows a strict hierarchy. Decisions involve long discussions and multiple approval levels. Sometimes, by the time we received the green light, the solution was already outdated, or the original goal had changed.”
By contrast, Malta offers a more balanced approach. “People in Malta discuss things thoroughly, but they’re not afraid to take responsibility and make a decision. It’s a healthy balance between structure and flexibility.”
Miroslav’s promotion to CEO in 2023 felt like a natural next step. “I already knew the environment and people at FCM Bank well, which smoothened the transition and allowed me to step naturally into responsibility for the bank’s performance.”
CEO INSIGHT
“As a leader, it’s important to enjoy what you do and stay optimistic. Almost every problem has a solution –you just need to look for it actively and collaborate with others to bring it to fruition.”
We’re proud of how far we’ve come, but even more excited about what’s ahead.
As CEO, Miroslav’s leadership rests on clear values. “I believe in consistency, integrity, ownership, and commitment. Leadership starts with being consistent in your principles and actions, taking full ownership of your responsibilities and staying committed to your team and goals. Real leadership means accountability – both to your team and to yourself. Success in this industry doesn’t come from quick wins, but from steady decisions, teamwork and long-term trust.”
Trust also underpins FCM Bank’s rise as one of Malta’s fastest-growing corporate banks. Established in 2010 and acquired by SAB Financial Group in 2017, the bank is part of the European banking portfolio of entrepreneur Radomír Lapčík, the Founder of the successful TRINITY Banking Group. It focuses on corporate lending and competitive deposits for personal and corporate clients. Real estate lending is also important, but not exclusive, Miroslav clarifies. “There is strong demand in Malta for real estate financing, but we also offer investment loans, project financing, working capital facilities, and balance sheet lending,” he says.
Miroslav’s first full year as CEO delivered record results. “Our 2024 performance was the outcome of solid growth in previous years. In 2022 and 2023, we significantly expanded our loan portfolio, which translated into higher profitability in 2024. Strengthening our treasury operations added a layer of income, and we maintained cost discipline. Sometimes that has meant making tough decisions, but it keeps us lean, competitive and ready for further growth.”
The bank’s most striking result concerned its Maltese customer base, which grew by over 200 per cent – a direct outcome of initiatives under Miroslav’s direction. “We offer highly competitive interest rates compared to larger Maltese banks. We also invested in marketing, enhanced
our client spaces, introduced new products, and expanded our team.”
Miroslav’s approach as CEO is one of targeted adaptation rather than wholesale change. “The board approves the bank’s long-term strategy,” he highlights. “My responsibility as CEO lies in its execution and the adjustments required by market realities.”
Fine-tuning has paid off. “A stronger focus on the Maltese deposit market brought substantial growth and improved the structure of our funding base,” he says. “We also identified opportunities abroad. Alongside deposits from the Czech Republic and Germany, we have sourced funds from the Netherlands. We continuously monitor other markets and act quickly whenever new opportunities arise.”
For FCM Bank, growth in lending is measured. “We’ve been expanding the areas we finance, always in an organic and controlled manner,” Miroslav shares. “To keep the banking industry stable, we should avoid sharp turns and steer consistently towards long-term goals.”
Technology investment is continuous, with digital transformation a core pillar of the bank’s strategy. “Bolstering our IT infrastructure and digital systems has allowed us to enhance our client experience, optimise processes and prepare the bank for the next phase of growth.” FCM Bank’s team is equally central to its ongoing success, Miroslav underscores. “Our employees are the bank’s true value. Any decision affecting them – from development to motivation – shapes our long-term success.”
Yet, rapid growth brings its own challenges, notably finding talent. “As our business grows, we must attract skilled employees to keep delivering the highest quality of service
to our clients,” Miroslav says. “This is demanding in Malta’s highly competitive market and sets high expectations for our team – but our culture of openness, stability and professional growth helps us retain colleagues who want to develop their skills and grow together with the bank.”
Competition for skilled employees in Malta remains fierce and extends beyond banking. “We compete not only with other banks, but also with fintech, iGaming and advisory firms. Malta’s advantage is its international outlook and the fact that English is an official language, which attracts professionals from across and beyond Europe.”
Meanwhile, customer retention is just as critical. “Finding new clients is never easy – but keeping them is even harder,” Miroslav admits, highlighting a recent customer-focused decision that may seem counterintuitive in an increasingly digital world: the opening of a new Premium Banking branch in September 2025.
“We believe in balance. Digital channels are essential for convenience and efficiency, while physical branches remain crucial for building relationships, trust and delivering personalised service, particularly in the premium segment,” he asserts. “Many Maltese clients prefer in-person banking. The new branch is for those who value human connection and tailored advice – a space where technology and personal interaction complement each other.”
One of FCM Bank’s latest customer-centred products, launched in July 2025, caters for younger clients starting their saving journey. “TOP Saver PRO has three interest-rate tiers, with the overall rate calculated as a weighted average based on the balance in each tier,” he explains. “Whenever a customer’s account balance changes, the interest is automatically recalculated.”
In the coming years, Miroslav expects new players to enter the Maltese banking sector and potentially improve overall service quality for customers. Nevertheless, he believes the sector will remain “efficient, stable and appropriately regulated by both Maltese and European authorities,” and that technological advances will reshape the landscape. “We will see greater use of digital channels, online platforms and technologies supported by artificial intelligence (AI), which will significantly influence all areas of life, much like the internet did decades ago.”
Even so, Miroslav cautions against losing the human touch. “The financial industry is shifting towards a more transparent and relationship-driven model – and that’s where I see the greatest potential,” he shares. “Many banks talk about personalisation, but few truly deliver it. With the right data insights and technology, there’s a huge opportunity to create banking experiences that feel tailored to each client’s needs, behaviours and aspirations. The human approach will define the next era of financial services.”
That outlook anchors FCM Bank’s plans, which focus on people and on steady growth built upon the foundations of its values. “Our journey is still unfolding,” Miroslav adds. “We’re proud of how far we’ve come, but even more excited about what’s ahead. Through trust, transparency and innovation, we aim to make banking better for everyone we serve, with a bank that our clients and our people are proud to be part of.”
Quick-fire Questions… with Miroslav Halicka
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings? Work out and greet my wife.
Are you more of an early bird or a night owl?
Do you usually work on weekends, or do you maintain a strict cut-off?
If you weren’t in this industry or role, what career would you have chosen? The chemical industry.
Do you prefer to invest in property, stocks and shares, or crypto? Property and shares.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? 10.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? I’m still testing all its abilities.
What’s the perfect age to retire in your view? I don’t have time to think about retirement!
What’s one important item on your bucket list? No bucket list – I live for today, not tomorrow.
Which is your most important meal of the day –breakfast, lunch or dinner? Brunch, at the weekend.
Your favourite food and dish? Seafood in Malta and pasta carbonara in Rome.
Coffee or tea – or something else? Czech beer.
Which is your favourite restaurant in Malta? Cleland & Souchet Café.
What’s one thing you never leave home without? A good mood.
What’s your go-to way to switch off after a long day? Dinner and a glass of wine with my wife.
Alistair Mangion
CEO, COMPUTIME
“EMPLOYEE ENGAGEMENT IS A KEY INDICATOR OF FUTURE SUCCESS.”
ALISTAIR MANGION, CEO OF COMPUTIME, PROMOTES A PEOPLE-FIRST CULTURE THAT KEEPS STAFF TURNOVER BELOW 10 PER CENT IN MALTA’S COMPETITIVE TECH SECTOR. WITH SIX CONSECUTIVE YEARS OF RECORD PROFITS, A RECENT IPO AND AN AVERAGE EMPLOYEE TENURE OF SEVEN YEARS, ALISTAIR DEMONSTRATES THAT TRUST, FLEXIBILITY AND SHARED SUCCESS ARE NOT JUST ETHICAL IMPERATIVES BUT POWERFUL DRIVERS OF BUSINESS PERFORMANCE IN AN INDUSTRY WHERE TALENT IS THE SCARCEST RESOURCE.
For Alistair Mangion, CEO of Computime, sustainable performance starts with values – above all, trust. Long before COVID-19, the company adopted a remotefirst approach that gives employees the freedom to work how and where they are most productive. “It’s all about respecting and trusting them,” Alistair says. “You can’t constantly question whether people are actually putting in their hours when they’re working from home. If you take that approach, the concept doesn’t work.”
With around 110 employees, almost everyone at Computime has their own working model. “We manage by objectives and I insist managers do the same,” Alistair explains. The results speak for themselves: staff turnover sits below 10 per cent –
impressive in Malta’s competitive tech sector – and the average employee tenure stands at seven years.
Retention matters in a market where talent is scarce. Information technology (IT) courses at Maltese tertiary education institutions produce few graduates – some programmes yield just 10 qualified candidates annually – in an industry with dozens of competing employers. “Demand far exceeds supply,” Alistair observes. Computime has responded by investing in university programmes and building its employer brand with students years before they graduate.
Transparency is taken seriously, too. Computime publishes employee engagement scores in its annual report – something Alistair wishes more companies
CEO INSIGHT
“I’ve been fortunate to work with experienced board members who’ve taught me a great deal. The biggest change in my leadership style has been learning to consult more. I take more time to make decisions now, but I consult people extensively, and the end results are almost always better.”
would do. “Employee engagement is a key indicator of future success,” he points out. “Imagine two companies with identical financial results. One invests in their people and keeps them engaged. The other has high turnover. The difference will become apparent in their future performance.”
Even so, flexibility alone is not enough. “I think about success as something shared,” he says. “If the company is doing well but employees aren’t happy, that’s not real achievement. I want employees sharing financially as well. As we grow, we give more flexibility, more money and we make them shareholders. Seeing them participate is very important.”
Alistair believes in a culture where failure is part of learning. “Mistakes, bad decisions, wrong judgement calls – that’s all very natural,” he asserts. “As I tell my team, especially the junior members: mistakes happen, just make sure you learn from them.” In technology, where experimentation often precedes breakthroughs, that mindset matters. “Every failure is an opportunity to make an adjustment that improves your chances going forward.”
This philosophy delivers results. Computime’s six consecutive years of record profits reflect both the strength of this people-first approach and accumulated expertise. Founded in 1979, the company has spent 46 years building deep capability in enterprise IT, serving Malta’s major banks, Government departments and large corporations with everything from network infrastructure and cybersecurity to custom software applications.
A leader has to create space for strategic thinking; it doesn’t just come naturally.
The leadership team’s longevity at the top reinforces this stability. “Our current executive team has been with the company for more than 20 years. We know the business very well,” Alistair says. “We make better decisions and better investments now.” Yet success cannot breed complacency. “Our target is always to beat the previous year by a certain percentage. Matching last year’s performance, even though it was strong, wouldn’t be good enough.”
Long-term thinking sits at the core of Alistair’s leadership. “A leader has to create space for strategic thinking; it doesn’t just come naturally,” he explains. “People are always focused on this week or the next. You have to carve out dedicated time for them to think about innovation.” Alistair’s role, as he sees it, is to be “an organiser and facilitator, making sure the team is aligned and moving ahead united behind our objectives.” A ‘meet-the-CEO’ programme, where Alistair sits down with up to five employees each week, keeps him connected across all levels. “I want to know what’s happening from people on all fronts, not only managers or executives,” he says.
The company ring-fences dedicated resources for research and development, balancing its commitment to core operations with ongoing investment in future growth. “Today we’re building what we’re going to sell in two years’ time,” Alistair reveals, explaining that customer feedback heavily shapes the innovation process. “It’s about understanding what clients are going through and adapting our products to meet their future needs.”
Computime also tracks what major global tech companies are developing. For some products, it competes internationally by focusing on carefully selected niche markets; in others, being first to market locally captures significant opportunity. The approach requires investment – people working full-time on building products that will not generate immediate revenue but are essential for sustained growth.
Among the opportunities ahead, artificial intelligence (AI) stands out. “Compared to big economies like the US or the UK, AI adoption in Malta is still in its infancy,” highlights Alistair. “I’m expecting significant growth in the local tech sector over the next five to 10 years, driven mainly by AI, cybersecurity and robotics.”
He views the emergence of AI as a once-in-a-lifetime transformation. “These sorts of transformations don’t happen every day. They happen every 50 years, and they open up a lot of opportunities,” he remarks. But capitalising on AI requires the right mindset. “It’s not about replacing people; it’s about helping businesses grow faster.”
or do you maintain a strict cut-off? I often work on weekends, but within limits.
If you weren’t in this industry or role, what career would you have chosen? Design and architecture – or a chef.
Business and political leaders, he urges, should think about AI’s impact in 10 or 20 years’ time and start adapting now. “The world is going to change, there’s no doubt. We can’t just focus on the money and growth potential,” he warns. “It’s up to us to set parameters and guidelines now, while we’re still in control. AI has the potential to impact political and social systems. People could lose their livelihoods.”
Computime has a dedicated business line building AI agents and applications, yet Alistair remains steady about the pace of change. “I believe in constant and disciplined evolution, not revolution. By making improvements gradually, we can always course-correct. With revolutionary change, mistakes become problems. With incremental change, they’re easy to fix.”
Following Computime’s IPO last year – Malta’s only equity IPO in the past three years – Alistair is focused on delivering value to the company’s new shareholder base. Looking to 2026 and beyond, he sees international expansion as essential to maintaining double-digit growth. “Malta offers solid opportunities, but sustained growth and strong investor returns require international success,” he says. For Maltese equity investors, the company offers a diversified IT portfolio spanning 11 business lines across software, cybersecurity, AI, enterprise resource planning, and IT infrastructure. “Buying shares in Computime is like buying a share in a tech fund.”
Nevertheless, delivering returns to investors is only part of the picture. “It’s not only about money,” he stresses. “If you’re growing at the expense of the environment or people’s standard of living, it’s not fair.” True achievement, in Alistair’s view, means sharing the gains. “We must make sure that, first of all, we’re respecting the environment,” he urges fellow leaders, “then the rewards need to be shared with customers, investors and employees.”
Do you prefer to invest in property, stocks and shares, or crypto? Stocks and shares.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? 10.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? All of them.
What’s the perfect age to retire in your view? Perhaps we shouldn’t fully retire; just slow down.
What’s one important item on your bucket list? More travelling.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? A good steak.
Coffee or tea – or something else? Coffee in the morning; tea later.
Which is your favourite restaurant in Malta? Too many to choose.
What’s one thing you never leave home without? Keys and smartphone.
What’s your go-to way to switch off after a long day? Reading, movies, family time.
CEO INSIGHT
“Juggling health issues has taught me the importance of taking time for yourself and being with your family. All the money in the world can’t replace quality time with loved ones or good health. They are the most precious things.”
David Abela
CEO & MANAGING DIRECTOR,
EUROBRIDGE
“MALTA COULD BE AN IMPORTANT LOGISTICS HUB IN EUROPE.”
TAKING THE HELM AT EUROBRIDGE AGED JUST 22, DAVID ABELA BECAME ONE OF MALTA’S YOUNGEST MANAGING DIRECTORS. TWENTY-FIVE YEARS LATER, HE LEADS A LOGISTICS OPERATION THAT EMPLOYS MORE THAN 50 PEOPLE AND HAS EXPANDED INTERNATIONALLY. IN 2026, DAVID IS PREPARING TO LAUNCH A GROUNDBREAKING CUSTOMS FACILITY, LEVERAGE THE COMPANY’S NEW CUSTOM-BUILT HEADQUARTERS AND CONTINUE A DIGITAL TRANSFORMATION POISED TO MAKE EUROBRIDGE THE FIRST FULLY DIGITALISED COMPANY IN THE SECTOR.
Over two decades ago, David Abela thought he would take the shipping world by storm. Fresh from acquiring a major stake in EuroBridge at 22, he was armed with youthful confidence and minimal business experience, but reality delivered a swift education. “I was young, immature, inexperienced, and arrogant for my age,” he admits. “Reality soon put me in my place.”
The first three years were brutal, David recalls. “It was a steep learning curve, but that’s when you learn the most.” The unofficial mentors he met along the way proved pivotal. “I was open about my difficulties, so there were people ready to guide me. I listened and grew. The older I got, the humbler I became about my capabilities.
I realised that I’m not good at everything and need help.”
Humility arrived through hard lessons, including a physical breakdown. “I used to work up to 14 hours a day, which isn’t sustainable,” he says. “We might manage it for a couple of days or weeks, but after a few years of doing that, my body gave way.”
The experience reshaped his definition of leadership. “I learnt the hard way that leadership is about inspiring those around you and mentoring them to perform better, rather than constantly pushing. You learn to take the focus off yourself and realise that your ability to delegate is critical.”
Efficiency is key. It’s what makes or breaks a company.
With delegation such a central part of David’s ethos, having an exceptional team is paramount. “You must employ the right people, then keep up with them. Let them be free to do their work, while supporting them with a clear company vision, purpose and culture,” he explains. “Through regular meetings, we can innovate and push industry boundaries together.” This passion for the work helps David keep his edge in “an industry that is constantly changing. There are always new opportunities.”
David’s aptitude for change and eye for innovation are key assets as he leads EuroBridge through Malta’s dynamic logistics sector. Established in 1995 as a freight forwarder focused on Italy-Malta routes, the company has evolved into a comprehensive logistics provider moving cargo globally.
Unusual in modern logistics, EuroBridge’s defining characteristic is its asset-heavy model, with more than 60 trailers and its own warehousing – a strategy born of necessity. “The asset-light model is barely used in Malta, as most larger companies like ours must remain asset-heavy to sustain growth,” David explains. “EuroBridge grew six- or sevenfold over the
past decade, but suppliers couldn’t keep up with us. I found myself pushing suppliers or trying to find new ones to maintain our customer service levels. I invested in assets and in my people to guarantee service quality and maintain control. We’re not at the mercy of external suppliers.”
Strategic selectivity helps him manage these assets. “We subcontract everything abroad,” he shares. “Malta is a small country with few providers, so it makes more sense to invest in assets here. Overseas, if a supplier can’t deliver, we can easily find an alternative.”
Over the past five years, David has become accustomed to restructuring operations to meet the company’s changing needs. Recognising EuroBridge’s exponential growth – expanding by 20 to 30 per cent annually for more than a decade – he appointed another CEO to help manage the 50-strong team. However, the arrangement did not work as planned, so David resumed the CEO role alongside his position as Managing Director.
EuroBridge’s first international expansion brought similar adjustments. “We opened a branch in Italy, so I appointed a Head of Operations to oversee operations in both Malta and Milan,” David explains. “It proved too large a remit for one person, so in the second quarter of 2025 we split the responsibilities between overseas and domestic. It’s working well.”
To support his role as CEO, David also appointed a new four-member C-suite to function as a board. As they settle into their roles, he says, he has greater capacity for strategic thinking. “While I’m available to mentor and inspire them, delegating day-to-day tasks gives me more time to focus on business development.”
He has retained firm control over certain areas, including EuroBridge’s financial operations. “I know where we’re competitive and understand what the business needs, so I’m best placed to make the company’s financial decisions.”
The growing team also prompted further consolidation in 2025, with a move into new, custom-built headquarters in Qormi from EuroBridge’s former base in Ħal Far. The facility houses administration and long-term warehousing, while fast-moving cargo is handled at a state-of-the-art facility just 500 metres away.
Cloud-based services enable real-time integration across sites, including the Milan operation. “Thanks to advances in technology, it’s like working under one roof, with communication and updates happening in real time,” he notes. The new headquarters has also strengthened company culture through greater recognition of individual roles. “We organise regular ‘a day in each other’s shoes’ days, when warehouse staff spend time in the office and vice versa, to better understand each other’s roles and perspectives.”
The numbers reflect sustained momentum. “We rose from €10.8 million in turnover to almost €12.5 million by the end of 2025 –a 16 per cent increase. In 2026, we aim to maintain that pace, targeting €14.5 million by year-end.”
Supporting this ambition is a breakthrough David has pursued for nearly a decade. Through its Authorised Economic Operator (AEO) certification, EuroBridge will become a trusted EU customs partner and the first company in Malta able to unload goods from non-EU states directly into its own warehouse, rather than via a customs-controlled area.
The implications extend beyond EuroBridge. “The customs control area is in Ħal Far, but processing customs through our new central location means we can be extremely efficient in deliveries and workflow.” The development also supports sustainability – another priority for David, exemplified by his recent purchase of four new electric forklifts for the Qormi warehouse. “If other companies follow suit and become AEOcertified, it would reduce traffic and pollution on our roads. It could be game-changing for both the industry and Malta.”
Another milestone in 2026 will help realise David’s long-term goal of digital transformation for EuroBridge. “Although we’ve been paperless for years, we’re currently investing in a new IT system that will enable automation and give customers full visibility of their shipments. We want to be the first fully digitalised company in our sector. Above all, digitalisation will ensure we stay efficient. Efficiency is key. It’s what makes or breaks a company.”
Local investment in efficiency, David believes, could elevate Malta’s logistics sector internationally. “Malta could be an important logistics hub in Europe, but many don’t recognise its potential. Investing in better systems and efficiency is a hugely underestimated opportunity.”
His advice to the national business community is unequivocal. “Be braver – less of a businessperson and more of an entrepreneur. Invest in something beyond property that can make a difference to your company, your life, your family, and your community. With bravery, collaboration and efficiency, anything is possible.”
Quick-fire Questions… with David Abela
How well do you sleep at night? (Rate from 1 to 10) When not suffering from hay fever – eight. On average, how many hours do you sleep?
What’s the first thing you do most mornings? Have coffee made by my beautiful wife.
Are you more of an early bird or a night owl?
Do you usually work on weekends, or do you maintain a strict cut-off?
A strict cut-off – my mental health is important.
If you weren’t in this industry or role, what career would you have chosen? Something in tourism or finance.
Do you prefer to invest in property, stocks and shares, or crypto? I invest in myself!
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Six.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? PA or sounding board.
What’s the perfect age to retire in your view? When your body tells you to.
What’s one important item on your bucket list? There’s nothing on my bucket list but living a full life.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner with my family.
Your favourite food and dish? My wife’s tuna and spinach pie.
Coffee or tea – or something else? Coffee, always.
Which is your favourite restaurant in Malta? Da Luigi in Rabat.
What’s one thing you never leave home without? My wallet and mobile.
What’s your go-to way to switch off after a long day? A shot of single malt Scotch whisky.
Aurelia Ferreira
CEO, THEORIA CONTRACTORS LTD
“I WANT TO LEAD WITH LOVE.”
The experience forced a period of negotiation and rebuilding but, by 2023, the tide had begun to turn. Today, the company is on much firmer ground, a WITH A CAREER FORGED IN THE DEMANDING WORLD OF TURNKEY CONTRACTING, AURELIA FERREIRA HAS NAVIGATED THEORIA CONTRACTORS THROUGH CHALLENGING FINANCIAL HEADWINDS INTO A NEW ERA OF STABILITY AND PURPOSE. NOW, EXPANDING HER ROLE FROM CONTRACTOR TO PASSIONATE HOUSING ADVOCATE, SHE IS POSITIONING THE COMPANY TO CONFRONT ONE OF MALTA’S MOST PRESSING ISSUES: HOUSING AFFORDABILITY. FOR 2026, HER FOCUS IS DIVERSIFICATION, DRIVEN BY A VISION TO BUILD NOT JUST PROPERTIES, BUT THRIVING, SUSTAINABLE COMMUNITIES.
For Aurelia Ferreira, the last few years have been a story of resilience, evolution and rediscovered purpose. Looking back, the CEO of Theoria Contractors Ltd is candid about the challenges that shaped her company and her leadership. While her team was fortunate to have secured major contracts – such as the 500-room InterContinental project –which insulated them from the immediate shock of the COVID-19 pandemic, the aftermath delivered a sobering lesson in financial reality.
“The post-COVID-19 years were tougher than the pandemic year itself,” Aurelia explains, revealing, “many of our individual clients were really struggling to pay.” This created a dangerous ripple effect. “We struggled financially and it hit us quite hard in 2022,” she recalls. “It triggered a chain reaction.”
CEO INSIGHT
“I’ve never had an issue with retaining talent. If you treat people well, listen, and help them to grow and realise their dream, they stay with you.”
Malta is behind when it comes to affordable housing. Most people today earn between €20,000 and €35,000 per year, and they cannot afford property. They cannot rent. They are forced into shared flats with multiple roommates – and that’s deeply worrying.
shift Aurelia attributes to a more stable economic environment and a crucial strategic pivot towards the corporate sector. The most significant move was signing an exclusivity deal with luxury hospitality brand Iniala at the beginning of 2025. “It has given us stability for the coming years and the opportunity to work for an excellent client,” she notes.
This decision was part of a wider strategic shift. For years, Aurelia had operated primarily as a contractor but, facing persistent difficulties in finding good labourers, she decided to take a leap she had long resisted. “Clients had asked me for years to take on project management, which I had always declined,” she admits. “I had my own team and was hesitant to oversee other teams, given the continued labour challenges we were already facing.”
The partnership with Iniala marked the moment she finally took the leap. It was, she says, the most critical decision she made last year. “It was daunting because I had to put all my eggs in one basket,” she confides. “But today, I don’t regret it. Iniala has a highly capable team, and their forthcoming projects are particularly promising. The brand is aligned with our vision and leadership approach.”
This leap of faith also reflects a profound personal evolution. Having started her entrepreneurial journey at just 21 years old, Aurelia is, in her own words, “a totally different person” today. She speaks with striking openness about her early
leadership style, shaped by the example of her father, whose business she took over.
“In the beginning, I was more reactive and authoritarian,” she says. “It was the old way of doing things, where you’re the boss and people have to follow. But while this approach delivered results, it came at a personal cost. The ‘no pity’ attitude clashed with my true nature, leaving me emotionally depleted.”
The physical and emotional toll became undeniable, Aurelia reflects. “I felt it physically, like my heart could explode.” This breaking point prompted a fundamental change.
“I decided to take better care of myself and that reflected on the outside too. Nowadays I have a different management style where everyone is equal – they have the same voice. I lead more with love, and I want to carry on leading with love,” she smiles, stating that it’s a philosophy she’s happy she didn’t give up on, despite the sceptics.
“Years ago, people would tell me it won’t work: love and business. But it’s working. The team is totally different. We laugh on site. We listen, and we are close.”
This people-first philosophy now underpins her ambitious new mission: to address Malta’s affordable housing crisis. It’s a subject she speaks about with urgency and passion.
“I’m worried,” she begins. “We really need to wake up and do something for our community. Malta is behind when it comes to affordable housing. Most people today earn between €20,000 and €35,000 per year, and they cannot afford property. They cannot rent. They are forced into shared flats with multiple roommates,” an arrangement, she argues, that is unsustainable.
She believes the entire industry has a collective responsibility to act before the social gap becomes insurmountable. Her vision extends beyond construction to community building. The next step in her journey, she reveals, is to become a property developer herself, with a radically different approach. “I think we need to work hand-in-hand with our towns and villages,” she asserts. “For example, if I decide to build in Birkirkara, I need to be close to the community – to speak to the citizens and the mayor and ask, ‘What do you need?’”
She envisions collaborating with architects and NGOs to create buildings that serve young people, families and the elderly, fostering true communities. “It’s a totally different approach. We have to think differently to save our towns and our people.”
When asked what this vision for a new Malta would look like in the next decade, her answer is simple: “Far greener,” she says. Aurelia imagines towns that respect open areas and natural light, with better waste management and a harmonious blend of heritage and modernity. “In the Netherlands, for instance, modern structures are integrated thoughtfully within historic cityscapes, while preserving green spaces. If they can do it, so can we,” she states, championing the prioritisation of Malta’s traditional stone building restoration over new builds – a challenge she embraces. “We have to be creative,” she insists.
Central to her approach is the integration of vision and action. This strategy does not entail abandoning her contracting work, she underlines, but rather directing it toward projects with lasting impact.
Finally, her message to Malta’s business community is an extension of her own forward-looking vision. It is concise and clear: “Think long term” – a mantra Aurelia preaches and actively builds on.
Quick-fire Questions… with Aurelia Ferreira
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings? Sports and meditation.
Are you more of an early bird or a night owl? Early bird.
Do you usually work on weekends, or do you maintain a strict cut-off? I do work on weekends.
If you weren’t in this industry or role, what career would you have chosen? Race car driver.
Do you prefer to invest in property, stocks and shares, or crypto? I invest in all three.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Eight.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? As a research tool and to help ensure my emails are clear, as English isn’t my first language.
What’s the perfect age to retire in your view? I’ll keep working for as long as I can.
What’s one important item on your bucket list? Racing cars. I want a Porsche 911 Turbo S and to learn to race it on a track.
Which is your most important meal of the day –breakfast, lunch or dinner? I love breakfast, but I only have time for it on weekends.
Your favourite food and dish? Thai food, specifically a red curry.
Coffee or tea – or something else? Herbal tea.
Which is your favourite restaurant in Malta? TemptAsian at AX The Palace.
What’s one thing you never leave home without? Jewellery. I choose a piece given to me by someone I want to feel close to that day – my son, my father, a friend.
What’s your go-to way to switch off after a long day? I meditate before sleeping.
CEO INSIGHT
“I have built extensive experience across multiple areas of practice. I consider myself a pragmatic professional with a broad perspective. I have a strong professional network, which allows me to draw on collective expertise when clients face complex or unfamiliar issues. It is about applying the right knowledge at the right time. That is power.”
Dr Adrian Sciberras
CEO, SCIBERRAS ADVOCATES
“IT’S NOT ABOUT MAKING MONEY – I WANT TO BUILD A LEGACY.”
TRANSITIONING FROM A SUCCESSFUL CAREER IN ACCOUNTANCY TO ESTABLISHING ONE OF MALTA’S FASTEST-GROWING BOUTIQUE LAW FIRMS, DR ADRIAN SCIBERRAS APPROACHES THE LEGAL PROFESSION WITH A DISTINCT, MULTIDISCIPLINARY PERSPECTIVE. AS CEO OF SCIBERRAS ADVOCATES, HE IS CHALLENGING TRADITIONAL MODELS BY PRIORITISING PRACTICAL RESOLUTION AND RESPONSIVENESS, POSITIONING THE FIRM TO SERVICE OVERLOOKED MARKET SEGMENTS WHILE FOSTERING A CULTURE OF OWNERSHIP AND CONTINUOUS GROWTH.
“We still consider ourselves a startup,” asserts Dr Adrian Sciberras, reflecting on the rapid ascent of Sciberras Advocates. It is a modest assessment for a practice that has seen its staff complement grow by 50 per cent and its billing double in the past year alone, but it speaks to the agility and ambition that define his leadership.
“I started engaging people in July 2023, just over two years ago. Now we have a staff complement of nine, which, for me personally, is a big success,” he smiles.
This growth, Adrian explains, stems from a growing reputation for delivering practical outcomes. “We are getting noticed,” he says. “When we have success stories, referrals follow.” Yet, for Dr Sciberras, success is not synonymous with scorched-earth victories in the courtroom; rather it is measured by a client’s peace of mind.
“It is not always about winning,” he explains, outlining a philosophy that prioritises resolution over prolonged conflict. “We try to resolve our cases. Sometimes it is more practical to seek a
Going to a lawyer is like going to a doctor – you go because something is wrong. If the doctor does not respond, you will keep looking until you find one who does.
resolution than to pursue a win, because a purely adversarial approach is not always in the client’s best interests.”
He is also acutely aware of the human cost of legal disputes. “At the end of the day, it is not just about billing and money; it is also about the wellbeing of our clients. Some clients lose sleep because they are so worried about a case. We aim to find the best solution. While we do engage in litigation, we remain practical and, where possible, seek compromise.”
Adrian’s pragmatic outlook is perhaps shaped by his unconventional route into the legal profession. Before taking the oath, he had already built a successful accounting practice, growing it to 25 employees. It was during this period that the foundations of his legal career were laid.
“When I had my own accounting practice, many clients became friends and would confide in me about personal financial issues or problems with creditors,” he recalls. He would often offer informal advice, explaining what he would do in their position. “They would later come back and say, ‘I went to a lawyer, and he told me exactly the same thing you did’.”
Despite the pressures of family life and running a business, Adrian enrolled at University as a mature student, relying on his
management team to keep the accounting firm thriving while he studied. By 2021, the transition was complete, and he orchestrated a management buyout of the accounting practice to focus entirely on law. “I don’t regret it at all,” he says. “I have a new challenge.”
This dual professional background has proven invaluable. “Coming from a numbers-driven environment gives me an advantage in structuring
things. Accountants are trained to organise, plan and map processes. That discipline helped me build the firm effectively. I made mistakes in my previous business because I didn’t have guidance. This time, as we grow, I make fewer mistakes.”
Building a firm for the second time has also allowed the CEO to refine his leadership style, particularly when it comes to delegation. “One thing I learnt from my previous practice was not to become a bottleneck,” he admits. “I give the lawyers who work with me a fairly loose rein – the freedom to engage and take ownership.”
He also encourages a culture in which both successes and setbacks are shared collectively. “We are developing an incentive-based reward system,” he notes. “When we win a case, we celebrate it together. When we lose, we share that too, so we can learn from it. We don’t reprimand anyone. If we gave it our best, we focus on what we can improve next time.”
Looking at the market landscape for 2026, Adrian has positioned the firm to address gaps in the market, most notably in immigration law – an area he believes many traditional firms overlook. “If 30 per cent of the population consists of immigrants, you have to serve them,” he says. “They are human beings with real challenges. They should be treated on the same footing as Maltese citizens because their needs and demands are the same.”
By servicing this demographic with the same rigour applied to commercial clients, the firm has secured a ‘first-mover advantage’ in a bustling market. The firm has also successfully expanded into areas such as arbitration and financial services tribunals, often taking on cases that initially lay outside its core expertise at the direct request of clients. “Clients trust us,” he says. “I am always honest and tell them if we have not handled a particular type of case before, but if they believe in me, I will take it on for them.”
This trust is reinforced through a strict commitment to responsiveness. “When you receive a lead or referral, you must respond within 48 hours,” he continues. “Going to a lawyer is like going to a doctor – you go because something is wrong. If the doctor does not respond, you will keep looking until you find one who does. The same applies in law. People want reassurance; they want someone to listen.”
Beyond the firm, Adrian is approaching 2026 with a broader outlook, having recently been appointed Non-Resident Ambassador of Malta to Indonesia. He views the role as public service rather than a career milestone. “My diplomatic appointment is about giving back to society,” he explains. “If I can help increase trade, tourism and cultural exchange, that would be the greatest reward.”
Ultimately, Adrian’s vision for Sciberras Advocates is rooted in sustainability and legacy. “My goal is for the firm to grow and become an established player in the market,” he concludes. “It’s not about making money – I want to build something that endures as a legacy.”
Quick-fire Questions… with Dr Adrian Sciberras
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep? On average, I try to sleep at least six hours.
What’s the first thing you do most mornings? Have an espresso.
Are you more of an early bird or a night owl? Can I be both? Because I don’t really sleep.
Do you usually work on weekends, or do you maintain a strict cut-off? I work 24/7, unfortunately. I am a workaholic.
If you weren’t in this industry or role, what career would you have chosen? Professional tennis player.
Do you prefer to invest in property, stocks and shares, or crypto? I like a bit of everything. The safest is property, but I love crypto because it’s volatile.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Eight.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? I use it all the time, in various ways.
What’s the perfect age to retire in your view? As long as I am healthy, I won’t retire.
What’s one important item on your bucket list? Volunteering. To give something back to the community.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Meat. Florentine steak or chicken.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? For meat, Sciacca. For fish, Porticello.
What’s one thing you never leave home without? My mobile phone.
What’s your go-to way to switch off after a long day? Play tennis.
Marika Tonna
CEO, BUSINESS FIRST
“WITHOUT THE RIGHT PEOPLE, YOU CAN’T DO ANYTHING.”
AS CEO OF BUSINESS FIRST, MARIKA TONNA IS AT THE EPICENTRE OF MALTA’S ENTREPRENEURIAL ECOSYSTEM, GUIDING THE ONE-STOP SHOP FOR BUSINESSES THROUGH A PERIOD OF SIGNIFICANT DIGITAL AND COLLABORATIVE EVOLUTION. WITH AN UNWAVERING FOCUS ON THE HUMAN ELEMENT OF BOTH LEADERSHIP AND CUSTOMER SERVICE, MARIKA IS STEERING THE ORGANISATION TO EMPOWER MALTA’S BURGEONING BUSINESS COMMUNITY, STRENGTHENING ITS FOUNDATIONS FOR 2026 AND BEYOND.
In business support, a decline in physical walk-ins might typically signal a problem. For Marika Tonna, CEO of Business First, however, it is a welcome sign of progress.
The shift, she explains, has directly resulted from a successful digital transition towards e-Government services, freeing up her team to handle more complex queries. This, balanced by a surge in new queries – particularly regarding the Government’s popular property acquisition scheme for businesses – is a clear indicator of a vibrant, active business community looking to grow.
Marika’s own leadership style mirrors this evolution. While she previously described herself as the captain
of a ship, she now places even greater emphasis on her team. “The captain is very important, but without the right people, you can’t do anything,” she asserts. “The more time passes, the more I realise how important people are, especially in an organisation like ours that is centred on customer care.”
In fact, her approach is highly collaborative, empowering the team on the front lines. “They are on the floor, so they often spot certain problems that I don’t see. In the beginning, I used to give the instructions. Now, it is they who come to me with ideas and solutions,” she smiles.
Navigating the complexities of a multi-generational workforce has been a significant aspect of this change.
CEO INSIGHT
“If somebody has enough faith in you to offer you a job, an opportunity, a promotion – grab it. We all have doubts, but don’t be so hard on yourself. If your boss thinks you can do it, then you can do it.”
“Managing across generations is not easy,” Marika concedes. “But it is we as leaders who must adapt; I can’t expect those in Gen Z to adapt to my way of thinking. They bring a freshness and a new cohort of ideas to the organisation. They are a breath of fresh air.” Marika balances this with the invaluable experience of women returning to the workforce. “They bring a lot to the organisation,” she adds. “It’s about creating a culture where everyone has a role and feels important, from the front-desk staff to the cleaners.”
Looking at Malta’s wider entrepreneurial ecosystem, Marika sees continued dynamism. “The demand for startups is still very strong,” she confirms. “And we’re seeing more and more foreigners setting up a business in Malta – not just Europeans but also third-country nationals (TCNs). We are working closely with Jobsplus and Identità to see how we can better assist these clients, as long as they have a valid business proposition.”
This proactive, collaborative approach has become a cornerstone of Marika’s strategy for 2026. Recognising that Business First cannot operate in a vacuum, she has spearheaded several crucial partnerships, including a particularly inspiring collaboration with the Malta Crafts Foundation. “The more I work with these craftspeople, the more I realise the quality of Maltese talent,” she shares. “The perception of crafts is changing. Together with Malta Enterprise, we are working to see how we can assist these talented artisans in continuing to develop, grow and eventually even export.”
The spirit of partnership extends to Gozo, where Business First held its first joint conference with several Government entities. “It was very well attended, and we want to keep the momentum going,” she says, adding that a key goal for 2026 is establishing a permanent Business First office on the sister island. Further MoUs with organisations such as servizz.gov aim to streamline services for citizens and businesses alike.
“The strategy is to expand our services, not just at the desk, but by networking more with other entities that have similar clients. We want to give the client a holistic view of what’s available out there,” the CEO maintains.
At the heart of these initiatives is an unrelenting focus on customer experience – a core value that is rigorously tested and upheld. “It’s very, very important to us,” Marika insists.
I remain excited about Business First after all these years and enjoy what I do every day.
“We were the first to get the Quality Mark for a public service and we are monitored constantly. The Office of the Prime Minister sends us mystery shoppers regularly and we receive a thorough report, which we dissect and act upon.”
The firm commitment to the customer is also embedded in the team’s operations. “If there’s a queue at the front desk, the system flags it and our back-office staff will come out to help. Everyone is trained to handle almost all tasks. It’s about being efficient and responsive,” Marika shares.
When asked about the most critical decision she’s made in the past year, the CEO eschews a single moment, pointing instead to a philosophy of continuous, gradual improvement – a ‘Kaizen’ approach. The period has also been marked by working closely with Malta Enterprise’s CEO, George Gregory. “It has been very interesting,” she notes. “We come from a similar background in consultancy, so we tend to see things in the same manner. I understand what he’d like to do, and I’m excited about the changes he wants to bring.”
While excitement for the future drives her, Marika is pragmatic about the possibility of market volatility or competitive pressures, reflecting that navigating significant personal challenges throughout her life has shifted her perspective. “I don’t tend to worry about certain things that I used to worry about before. Life has taught me what’s truly important. What worries me now is the wellbeing of my staff. If I know someone is demotivated or unhappy, I worry about that, because I feel it’s my role to motivate them.”
Her greatest professional satisfaction comes from the work itself, she continues: “I remain excited about Business First after all these years and enjoy what I do every day.”
Looking towards the next chapter, Marika’s message to Malta’s business community is simple and direct. “We encourage anyone with questions, particularly startups, to contact us. We’re here to help.”
The CEO’s closing message is clear: challenge and change outdated perceptions. “We would very much like to change the perception that Government entities don’t offer a good service,” she shares. “Today, entities like ours offer a service that is as good as, if not better than, the private sector. If we can help change that perception, I would be very happy.”
Do you prefer to invest in property, stocks and shares, or crypto? At my age, in banks.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Three.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A research assistant, mainly.
What’s the perfect age to retire in your view? There is no perfect age. The older you get, the more you need flexibility, but I don’t imagine myself retiring completely.
What’s one important item on your bucket list? To travel to faraway places, like India.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? I love pasta, especially pasta with seafood.
Coffee or tea – or something else?
Coffee, definitely. I don’t drink tea.
Which is your favourite restaurant in Malta? It depends very much on my mood.
What’s one thing you never leave home without? My mobile.
What’s your go-to way to switch off after a long day? I like a good mystery, so either reading a book or watching a murder mystery series.
Sue Pisani
CEO, STUDIOSEVEN CO LTD
“I DON’T SEE OUR COMPETITION AS A THREAT, BUT AS A COLLABORATOR TO GROW THE INDUSTRY ON THE ISLAND.”
AS THE SECOND-GENERATION LEADER OF A 47-YEAR-OLD FAMILY BUSINESS, SUE PISANI IS NAVIGATING A RAPIDLY EVOLVING EVENTS AND AV INDUSTRY. AMID GLOBAL UNCERTAINTY AND TECHNOLOGICAL DISRUPTION, SHE CHAMPIONS A PEOPLE-FIRST APPROACH, FOCUSING ON TEAM RETENTION AND STRATEGIC INVESTMENT TO UPHOLD A LEGACY OF ETHICAL BUSINESS, POSITIONING STUDIOSEVEN FOR A SUSTAINABLE AND COLLABORATIVE FUTURE.
For Sue Pisani, 2025 was a year of navigating a “new reality”. As CEO of Studioseven – a stalwart in Malta’s audiovisual and events industry – she faces a landscape reshaped by global instability and shifting client behaviour.
“2025 was particularly challenging, as our industry continued to evolve,” Sue begins. “International circumstances didn’t help, as companies worldwide tightened budgets, creating uncertainty that discouraged them from choosing new destinations for their trade shows and events.”
This climate has fostered a culture of extreme lastminute planning – a significant departure from pre-
COVID-19 norms. “Foreign companies that normally organise events in Malta are leaving it to the very last minute,” she explains, adding that these compressed timelines put immense pressure on her team. “We’ve had to step up our planning of everything. Things in our world happen so fast.”
Sue recounts a recent request to organise a procurement-led event in less than seven days with incredulity – noting that, while turning down business is always painful, it has become a necessary reality. “Our team is constantly busy. It’s a good problem to have, but it does hurt when key customers decide they want to organise something on a date when you are already at full capacity,” she admits.
CEO INSIGHT
“One of the most important decisions is knowing when to say ‘thank you, but no thank you’. If an opportunity doesn’t make financial sense, or too many warning bells are ringing, then we let it go, whether we like it or not.”
AI is taking us into an entirely different level of uncertainty in my opinion. It’s very helpful, but the human touch is still going to be needed when you offer a service.
In response to these market realities, Studioseven’s most significant strategic investment has been in its team. “In 2025, our biggest investment was definitely in people,” Sue states unequivocally. While 2024 focused on leveraging grants for equipment, the current challenge is attracting and retaining talent in an era where bouncing between companies for a higher salary has become the trend.
This involves more than just technical skill; it requires finding people who fit the team’s dynamic and can adapt to the company’s fast-paced, Mediterranean work culture. “It’s not just the skill set. We go beyond that into making sure that the team blends and manages to work together well.”
Taking the helm of a family business as a secondgeneration leader, Sue has brought a different, more
operational perspective compared to her father, who she describes as “a complete visionary”.
“He would paint something in his brain, envisage it, and then find a way to create it. I am more of a practical person,” she reflects. “Throughout my journey here, I’ve always been the one to figure out how to sort this and how to better that department, and who needs more help and why.”
This hands-on approach has seen her navigate every department – from media production to human resources – to create efficient processes and support her teams. It’s a balancing act she constantly strives to perfect.
A pivotal decision in her leadership journey was professionalising succession by establishing a board with non-executive directors. For a family business run by two siblings, this was a strategic move to ensure continuity and bring in external perspective. Comprising a financial expert and a strategist, the board provides vital support, Sue maintains. “It’s a valuable sounding board, especially since this role offers no one to report back to. When I’m uncertain about key decisions, the board helps validate and support them,” she explains.
This blend of gut feeling and external validation is vital in a sector where forecasting has become almost
impossible. When asked about the most critical decision of the past year, Sue points to two key areas: taking calculated risks on long-term client commitments in an uncertain future, and having the conviction to walk away from opportunities that don’t feel right.
Looking ahead, on the other hand, Sue is cautiously navigating the rise of AI. While she acknowledges its utility for internal and administrative tasks, she remains a firm believer in the irreplaceable value of the human touch. “AI is taking us into an entirely different level of uncertainty in my opinion,” she says. “It’s very helpful, but the human touch is still going to be needed when you offer a service.”
Sharing a powerful example from one of Studioseven’s key services – simultaneous interpretation, where AI has been touted as a replacement – Sue explains: “The concern was that our equipment would become obsolete if AI replaced human interpreters. Yet, nearly five years on, the technology continues to fall short: it struggles to provide the right expressions and terminology in every situation. As a result, conversations can end up going completely off track.”
To address a more immediate, local challenge – the lack of formal AV education in Malta – the management team has led the launch of Studioseven’s own audiovisual academy. The idea, born during COVID-19, aims to tackle a persistent skills gap. “This problem existed even before the pandemic, with a grey area caused by the absence of a proper educational system for the AV industry in Malta. It was only getting worse,” she explains. “So we said, why not try and look for our own future employees and help our industry in general at the same time?”
As a result, the academy offers customised, hands-on training for a diverse audience – from 13-year-old “geeks who love technology” to mature students up to 60 years old seeking a new career.
Beyond developing local talent, Sue is passionate about elevating Malta’s standing in the business tourism sector, though she laments the persistent political focus on quantity over quality. “What is frustrating is that the political agenda has always prioritised numbers over the quality of tourism,” she states. Meanwhile, poor connectivity also remains a major hurdle in the CEO’s view.
As she looks towards 2026, her main priority is not aggressive growth, but consolidation. Her vision for Studioseven’s role is not one of dominance, but of collaboration to raise the entire industry’s standards. “Good service can only be delivered when you uphold high standards, particularly in terms of human capital,” she says.
This philosophy underpins her ethical approach to business, a legacy inherited from her father. “I don’t see our competition as a threat, but as a collaborator to grow the industry on the island. Our future lies in fostering a culture where other companies view us as collaborators, not just competitors,” she concludes. “We’ve been around for so many years, and I’m always happy to hear collaborators say that we can be trusted, while others cannot. To me, that is the most important referral.”
Generally it’s between seven and eight.
On average, how many hours do you sleep? About eight.
What’s the first thing you do most mornings? Grab my phone to check messages.
Are you more of an early bird or a night owl? Early bird.
Do you usually work on weekends, or do you maintain a strict cut-off? I try to maintain a strict cut-off.
If you weren’t in this industry or role, what career would you have chosen? Something in the hospitality sector.
Do you prefer to invest in property, stocks and shares, or crypto? Property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? About a four.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Assistant.
What’s the perfect age to retire in your view? Late 50s.
What’s one important item on your bucket list? A girls’ trip for my 50th birthday.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner, because it’s when I sit down with my family.
Your favourite food and dish? Pasta. Any pasta dish to be honest.
Coffee or tea – or something else? Hot chocolate.
Which is your favourite restaurant in Malta? Buffalo Bill.
What’s one thing you never leave home without? My phone.
What’s your go-to way to switch off after a long day? Listening to my favourite music.
CEO INSIGHT
“According to a Malta Business Aviation Association (MBAA) study, a business aviation passenger typically stays on the island for just one and a half days but spends 50 to 100 times more than the average tourist. We can’t double the size of the island, but we can elevate its tourism product for business visitors by providing quality over quantity.”
Stanley Bugeja
MANAGING DIRECTOR, DC AVIATION MALTA
“IF YOUR WORK IS FUN, YOU’RE DOING THE RIGHT THING.”
FOR OVER TWO DECADES, STANLEY BUGEJA HAS PLAYED A KEY ROLE IN MALTA’S CORPORATE AVIATION SECTOR. AS MANAGING DIRECTOR OF DC AVIATION MALTA – A MEMBER OF ONE OF EUROPE’S LEADING AIRCRAFT MANAGEMENT NETWORKS – AND A PROMINENT VOICE IN THE INDUSTRY’S DECISION-MAKING BODIES, STANLEY’S INFLUENCE STRETCHES WELL BEYOND HIS OWN BUSINESS. TODAY, HE CONTINUES TO INVEST IN PEOPLE, STRATEGY AND INNOVATION AS HE PREPARES DC AVIATION MALTA FOR GLOBAL EXPANSION.
Stanley Bugeja’s career has been marked by perseverance and purpose. From his first entrepreneurial venture in 2002 to his current role at the helm of one of Malta’s most advanced business aviation operations, these qualities have remained his compass.
“Perseverance is key,” he affirms. “I’m not a quitter. It’s important to always keep the business goal in front of you, which in aviation means taking someone from point A to point B reliably, sustainably and safely. Everything else is secondary.” For Stanley, his hard work is inseparable from enjoyment. “I’m often told I work too much, but I love what I do. If your work is fun, you’re doing the right thing.”
As Managing Director of DC Aviation Malta, Stanley views leadership as an evolution shaped by experience. “Leadership isn’t innate, it’s something you grow into.
You learn through mistakes and by listening to others, strengthening the business in the process.”
This collaborative mindset also drives his work beyond the runway. “Everything in life is a give and take,” he shares. “Collaboration brings a better outcome for everyone, and showcasing Malta as a working jurisdiction for aviation benefits the entire sector.”
Since 1990, Stanley has helped develop aviation in Malta and beyond, holding positions with both local and European bodies. He has served on the Board of Governors of the European Business Aviation Association (EBAA), co-founded the Malta Business Aviation Association (MBAA) in 2009 – where he remains President – and co-founded the Malta Aviation Conference and Expo (MACE) in 2019. Most recently, he was appointed Business Aviation Advisor to HydroPlane in the USA.
We must all be more conscious of our environmental footprint. We owe it to ourselves and to those who come after us.
Keeping pace with an industry that never sleeps demands continual learning. Stanley maintains his edge through a blend of experience and openness to change. “Aviation is a 24-hour, 365-day business that’s innovative and constantly evolving,” he explains. “I read, listen and network, surrounding myself with smart people and using my experience to get the most out of new ideas. That’s how you stay sharp.”
DC Aviation Malta was established in 2008, after Stanley sold his company to the Germanheadquartered DC Aviation Group – originally DaimlerChrysler Aviation, a subsidiary of DaimlerChrysler AG. Today, the company operates one of the largest and most diverse business aviation fleets in Europe, with offices in Germany, Dubai, France, and Malta, serving clients across Europe, the Middle East, India, Pakistan, and Africa.
Since then, Stanley has steered the company into becoming a trusted operator offering aircraft management, charter, handling and maintenance services, and achieving several major milestones, such as adding a Global 7500 aircraft to its Air Operator Certificate (AOC) and becoming Malta’s first business
jet handler to earn International Standard for Business Aircraft Handling (IS-BAH) accreditation. “We aim to be first movers where possible, because that opens more opportunities. Achieving IS-BAH accreditation shows we meet – and often exceed – industry standards in our business aircraft handling processes. That’s a real value-add for our customers,” he explains. Despite the rapid progress, Stanley’s approach remains measured, characteristically steady and strategic. “We’re a relatively young AOC, certified in 2018. We don’t have the largest fleet, but we’ve built a critical mass of knowledge, particularly from a local perspective, and now see the opportunity to scale faster than we have over the past six years.”
Preparing for growth has meant investing in both infrastructure and people. Guided by its motto of ‘passion for quality’, DC Aviation Malta has refurbished its client lounge and doubled its core workforce in just over a year. “Our biggest investment is our people,” he asserts. “As the company grew, the team had to follow suit. It’s not a one-man show, but a collaborative effort. We built up our management team and strengthened internal capabilities to manage, charter and handle checks. It’s made us more self-sufficient and better equipped to plan and execute strategy.”
The expanding team also prompted a move to larger offices at SmartCity. “We outgrew our space at Malta International Airport and needed premises that matched the company’s size, while allowing room for further growth. SmartCity provides the best environment for our employees, who can now work together in one place, which translates into a better customer experience.”
Still, growth brings its challenges. As the company expands its aircraft management, charters and handling services, talent retention is an issue weighing heavily in aviation. “We’re profitable and our fleet and customer base are growing, but finding people who share our way of working is tough. If it’s just another job, they won’t last. We want people who share our passion for aviation, but like elsewhere in Europe, the shortage of pilots is a real constraint.”
Environmental sustainability is another priority. With 40 per cent of DC Aviation’s fleet now fully electric or hybrid in line with the company’s goals, Stanley views sustainability as non-negotiable and is determined to push further: “In any business, not just aviation, we must all be more conscious of our environmental footprint. We owe it to ourselves and to those who come after us. I believe in leading by example – even without an immediate competitive advantage.”
That commitment to a greener tomorrow permeates DC Aviation Malta’s operations, from reducing energy consumption and improving workplace safety to offsetting emissions –despite Sustainable Aviation Fuel (SAF) remaining unavailable in Malta. Since 2021, the company has voluntarily offset fuel emissions for some customers, working with partners such as Carbon Trade Exchange (CTX) and AEG Fuels to back credible and impactful projects. It has also sought to inspire the international community to embrace sustainability by hosting carbon-neutral events.
Technology also plays a major role in future-proofing operations, as does team training. “We continue to invest in technology – not to replace people, but to give them tools that help them focus on service, not spreadsheets,” highlights Stanley. “Ironically, most of us use only about 10 per cent of the systems we pay for, leaving significant untapped potential in our existing tech. Digitisation can deliver huge efficiencies, but you must avoid overwhelming staff by trying to do too much at once. That’s why we’re investing in training our people to use the systems we already have to their full potential.”
Looking to 2026, Stanley expects a pivotal year for DC Aviation Malta and the broader sector. He foresees continued growth in business aviation traffic in Malta and Europe, while warning that wider economic and geopolitical uncertainties could influence performance. “We can’t change the European economy or global circumstances, but we can focus on retention, employee wellbeing and expanding beyond our jurisdiction,” he says.
Those expansion plans include developing aircraft maintenance as a standalone profit centre in Malta and exploring partnerships in regions such as Africa and the Far East. “In the past year, from an aircraft management perspective, we’ve gained more charter customers and handled more business jets out of Malta. We’re now looking at increasing our footprint and exporting our expertise. We started collaborations in 2025 that should bear fruit in 2026. A fixed-base operator (FBO) in Asia or maintenance hub in Africa could be the next step.”
For Stanley, the priorities for DC Aviation Malta are clear: build the team, grow responsibly and stay focused on the goal. “As always, approach challenges with an open mind, listen to your team and never lose sight of your purpose,” he concludes.
Quick-fire Questions… with Stanley Bugeja
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep? Six hours.
What’s the first thing you do most mornings? I check my phone.
Are you more of an early bird or a night owl? Neither and both – I’m on 24/7!
Do you usually work on weekends, or do you maintain a strict cut-off? I usually work on weekends.
If you weren’t in this industry or role, what career would you have chosen? A fruit and vegetable vendor.
Do you prefer to invest in property, stocks and shares, or crypto? A balance of all.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Five.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A research assistant.
What’s the perfect age to retire in your view? Never!
What’s one important item on your bucket list? Travel as much as possible.
Which is your most important meal of the day –breakfast, lunch or dinner? Lunch.
Your favourite food and dish? Fish, of all kinds.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? SA/MI/ZU.
What’s one thing you never leave home without? My mobile phone.
What’s your go-to way to switch off after a long day? I only switch off when I sleep.
CEO INSIGHT
“Something I’ve learnt along the way is to always give clarity to people. If you’re not clear with yourself – with your own objectives, your vision and where you want to arrive – then your people cannot join you on the journey. Giving clarity in every task, in every deliverable you assign, is truly important. Without it, people feel lost and eventually they’ll let you go.”
Ing. Abigail Cutajar
CEO, CLIMATE ACTION AUTHORITY
“THE
CLIMATE
ACTION AUTHORITY ALONE IS NOT THE ANSWER, BUT IT CAN BE A CATALYST FOR CHANGE.”
AS CEO OF EUROPE’S FIRST CLIMATE ACTION AUTHORITY, ING. ABIGAIL CUTAJAR IS LEADING MALTA’S RESPONSE TO CLIMATE CHANGE. LEVERAGING HER TECHNICAL BACKGROUND AND STRONG FOCUS ON TEAM EMPOWERMENT, SHE HAS LAID THE GROUNDWORK TO ESTABLISH GOVERNANCE AND COORDINATION STRUCTURES ACROSS THE PUBLIC SECTOR. AS MALTA FACES INCREASING CLIMATE VULNERABILITY, THE AUTHORITY’S 2026 AGENDA CENTRES ON STREAMLINING PROCESSES AND INCENTIVISING BUSINESSES TO ACCELERATE THEIR DECARBONISATION EFFORTS, WHILE FURTHER DEVELOPING THE ISLAND’S CLIMATE GOVERNANCE FRAMEWORK.
Xummiemu shaped an entire generation of Maltese children’s environmental awareness, including that of Ing. Abigail Cutajar. “I was always interested in the environment – though sustainability wasn’t really a widely used term back in the day,” she says. “I remember asking my mum how to separate waste and reduce water and electricity consumption.” That early awareness evolved into a deliberate choice to study mechanical engineering before specialising in sustainability and green building certification abroad.
Returning to Malta 15 years ago, Abigail found herself uniquely positioned but initially isolated. The timing
was particularly challenging. A construction boom was under way, yet sustainable practices were neither mandatory nor widely understood. “Sustainability, or the concept of opting for green buildings, wasn’t even being discussed,” she admits.
Public consciousness began to shift a few years ago. “We started to truly understand climate change when extreme heatwaves hit home,” she reflects. “Of course, we’d hear about wildfires in Australia or Greece, droughts, flooding, coastal erosion – to which we’re very susceptible – but it didn’t register until we felt a definitive shift in seasonality ourselves.”
The aim is not to punish operators, but to encourage them to adopt less carbonintensive practices. This is the principle behind the Emissions Trading Scheme and the Carbon Border Adjustment Mechanism. If companies continue operating as before, penalties alone will achieve nothing.
Now, just over a year into operation, the Climate Action Authority (CAA) represents a new chapter in Malta’s climate response. As the first institution of its kind in Europe, it is already drawing international attention by assisting the UAE to establish its own climate action authority and by participating in the International Climate Change Councils Network, where efforts and ideas are shared globally.
Building the CAA from nine people at its predecessor, the Malta Resources Authority, to over 30 professionals today was, Abigail says, the straightforward part. She deliberately structured the team with clear hierarchies rather than flat structures, ensuring visible pathways for progression. “It’s essential to value people for what they do – you should seek talent and elevate it,” she asserts. This approach, combined with her open-door policy, has attracted and retained a young, enthusiastic team whose ideas and energy she credits as vital to the CAA’s rapid progress. Central to her leadership is a simple principle: “You are only as good as the people around you. I honestly believe this,” she says. “Involving your team is essential. Listen to what they have to say, amend policies when necessary and be willing to shift the way you operate.”
The CAA’s relationship with the Government required equal attention. “The governance framework was carefully designed with accountability built in,” Abigail explains. “Climate action coordinators were established across all departments in the Government – the Permanent Secretaries themselves – creating direct
lines of coordination.” Whenever action is needed for a particular sector, Abigail’s team goes directly to the National Climate Action Coordinator and works with them to create solutions. She adds that the CAA must be consulted whenever any policy, legislation or strategy impacts the climate – not only at the public consultation stage but from the initial phases too.
Crucially, there is also a National Climate Action Council of academic experts and specialists who provide advisory oversight to both the Government and the CAA. “If we’re veering off course, they steer us back to where we need to be,” Abigail notes. “That independent check matters.”
Projects in the CAA’s first year included photovoltaics in schools through collaboration with the Ministry for Education, solar carports designed by university students for underutilised tarmac spaces and trickle chargers integrated with lampposts, which Abigail says had never been implemented in Malta despite numerous attempts.
The Authority’s regulatory function has been equally significant, with industries that contribute to carbon emissions, including aviation, maritime, construction, and transport, falling under its remit. In 2025, the CAA achieved a 99 per cent conformance rate across hundreds of operators. Abigail attributes this to the Authority’s deliberately supportive rather than punitive approach, recognising the complexity of new obligations similar to environmental, social and governance (ESG) conformance and Corporate Sustainability Reporting Directive (CSRD) requirements.
“We’re one of the few countries that gives consultancy advice as a competent Authority for free. We’re here to explain what businesses must do, how they can open accounts and how they need to be verified,” Abigail points out. “The aim is not to punish operators, but to encourage them to adopt less carbon-intensive practices. This is the principle behind the Emissions Trading Scheme and the Carbon Border Adjustment Mechanism. If companies continue operating as before, penalties alone will achieve nothing.”
The pivot to private-sector engagement defines 2026. “There’s a lot already happening, with keen CEOs who are ahead of the curve on sustainable operations. But businesses that are genuinely shifting their patterns should be incentivised more,” Abigail insists. “We need to push further than energy and operational efficiency. If we can reward companies that build and operate better, we should capitalise on that.”
The biggest challenge, Abigail says, lies in overcoming shortterm thinking. “The immediate concern for many CEOs is their profit margin. And, of course, I believe there will be profit, but we need to give it time,” she says. Meanwhile, the risk of inaction is already materialising. “Banks are increasing risk percentages on companies unprepared for the transition, and this trend will intensify, particularly with insurance providers.”
As a vulnerable island dependent on imports and exposed to coastal erosion, Abigail argues that Malta must prioritise both mitigation and adaptation. “Livelihoods are at risk, and we are susceptible to an increase in diseases, health issues and food scarcity,” she warns. The National Adaptation Plan, a major focus for 2026 and beyond, is designed to strengthen Malta’s resilience to climate impacts before effects become more severe and costly to address. With input from social partners through the Malta Council for Economic and Social Development (MCESD), the plan takes a pragmatic approach. “Every proposal has been reviewed holistically, because understanding the cost of not doing something is just as important as the cost of moving forward.”
Her message to Malta’s business community is direct: “I have faith in the companies that have not wavered in this transition, despite setbacks and geopolitical uncertainty. Ultimately, it is paying off and will continue to pay off. They will be ahead of the curve in the coming years.”
Abigail highlights that results are already visible. Maritime operators report 30 to 40 per cent savings by converting from conventional fuel to hybrid systems. “These aren’t just my claims,” Abigail stresses. “The technology supports this, and cleaner alternatives increasingly outperform conventional options.”
Abigail is energised by the work that still lies ahead. Malta is developing adaptation frameworks before the EU has set requirements, yet sectors such as transport and construction, as well as pollution control, require sustained effort. For her, the commitment remains deeply personal. “What keeps me up at night is thinking about how and what I can do to really contribute to this transition. This is a collective effort, and it’s important to understand that the Climate Action Authority alone is not the answer, but it can be a catalyst for change. Our door is always open to any business ready to be part of the solution.”
Quick-fire Questions… with Ing. Abigail Cutajar
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings? Make my bed.
Are you more of an early bird or a night owl?
Do you usually work on weekends, or do you maintain a strict cut-off? I work weekends, which I’m not proud of!
If you weren’t in this industry or role, what career would you have chosen? I’d still choose engineering.
Do you prefer to invest in property, stocks and shares, or crypto? Stocks and shares.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Four.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Sounding board.
What’s the perfect age to retire in your view? 55.
What’s one important item on your bucket list? To be a good person.
Which is your most important meal of the day –breakfast, lunch or dinner? Breakfast.
Your favourite food and dish? I love fish.
Coffee or tea – or something else? Wine!
Which is your favourite restaurant in Malta? The Golden Fork in Rabat.
What’s one thing you never leave home without? My keys!
What’s your go-to way to switch off after a long day? I practise mindfulness.
Raphael Scerri
NATIONAL COORDINATOR & CEO, EUROPEAN UNION PROGRAMMES AGENCY (EUPA)
“WE MEASURE IMPACT, NOT PROFIT.”
WITH A CAREER BUILT ENTIRELY IN PUBLIC SERVICE, RAPHAEL SCERRI BRINGS A DISTINCT PERSPECTIVE TO THE CEO’S CHAIR. LEADING THE EUROPEAN UNION PROGRAMMES AGENCY (EUPA), HE IS REPOSITIONING ERASMUS+ FROM A PURELY ACADEMIC INITIATIVE INTO A VITAL TOOL FOR NATIONAL WORKFORCE DEVELOPMENT. HIS FOCUS FOR 2026 IS TO EXPAND THE PROGRAMME’S REACH AND PREPARE MALTA TO ABSORB A SIGNIFICANT INCREASE IN EU INVESTMENT IN YEARS TO COME.
Raphael Scerri has never measured the bottom line by profit. For more than two decades, his professional life has centred on a different return on investment: human potential. He began his career assisting the unemployed and individuals in special circumstances at Malta’s public employment service – then the Employment and Training Corporation (ETC), now Jobsplus.
“That experience shaped my character and reinforced my commitment to supporting the social element in everything we do,” Raphael recalls. “My strength has always been assisting people in need – unemployed or employed people seeking to improve their lives – and witnessing the positive change that results.”
This philosophy now shapes his leadership at the European Union Programmes Agency (EUPA), the national body responsible for managing the Erasmus+
and European Solidarity Corps programmes in Malta. His mission is clear: to dismantle the misconception that these opportunities are reserved for a select few.
“There’s a common belief that Erasmus+ is only for university students or teachers, but it’s there for everyone – whether employed or unemployed, as well as NGOs and voluntary organisations such as band clubs,” he says. “My background drives me to promote the programme to all cohorts of society. The objective remains the same as it was at Jobsplus: the upskilling and reskilling of our society in line with national strategies.”
This vision places EUPA at the heart of the European Commission’s ‘Union of Skills’ framework, designed to equip the EU’s workforce for a modern, green and digital economy. Raphael’s role is less that of a conventional CEO and more a steward of public
CEO INSIGHT
“There is a perception that because we are a public entity without profit priorities, we work at ease. The reality is we have other deadlines and different pressures. Our priority is to provide the best service to current beneficiaries while attracting new applicants, ensuring Malta does not forfeit EU funds. This responsibility carries its own pressure.”
Please come forward. The private sector is eligible too. Erasmus+ funds are there to help you improve your profits as an employer by investing in your workforce.
investment, translating European policy into tangible, life-changing experiences. His leadership reflects his public service roots, emphasising accessibility and support over hierarchy.
“Whether you are managing people or EU funds, or supporting vulnerable individuals, the key elements are prioritisation and focus,” he explains. “My approach is built on being available and providing assistance. My door – both physical and virtual – is always open.”
This hands-on mindset is critical for an agency that manages an annual budget of around €17 million, reaching approximately 5,000 beneficiaries each year. Success, he stresses, is not defined by the figures alone, but by their real-world consequences.
“We measure impact, not profit,” Raphael asserts. “The Erasmus+ programme hinges on four key targets: inclusion, participation, digital transformation, and sustainable development. We measure success through these outcomes: reducing inequalities, assisting persons with disabilities, addressing environmental goals, and providing digital skills to our society.”
The impact is tangible, and it keeps him motivated. He recounts how a group of unemployed individuals from the Cottonera area, interested in the film
industry, were given the chance to visit the BBC in the UK for three weeks through an Erasmus+ project he once managed. “They returned with guaranteed employment at local television and radio stations. That is what Erasmus+ is all about,” he states proudly. Such results keep the agency’s purpose in sharp focus, even amid the pressures of EU deadlines, multi-layered audits and a 500-page programme guide.
Despite such inspiring outcomes, Raphael is clear-eyed about the operational challenges that remain – chief among them, recruitment. “Being a small organisation, a single resignation has a significant impact,” he admits. “Finding the right people with the right attitude – one of helpfulness, efficiency and responsiveness –remains a struggle.”
This focus on people extends to the diverse groups EUPA serves, where a uniform approach would be ineffective. “The youth sector is our largest cohort, but it’s also the most vulnerable, often dealing with informal groups or NGOs that require significant handholding,” he notes. “Schools, on the other hand, are more structured but grapple with different obstacles. It is already challenging for a principal to manage a school, so imagine asking them to submit a funding application on top of everything else on their agenda.”
Private businesses face their own pressures, such as maintaining business continuity. “If you take a factory, for example, the team is under great pressure to meet mass production deadlines, making it difficult to release staff for training abroad,” he explains. “Each sector calls for a flexible approach in our outreach. We have to understand the specific problems and priorities at play.”
To bridge these gaps, a key achievement in 2025 was the establishment of a stakeholders’ forum with representatives from employers’ associations, educational institutions and civil society groups. “We meet regularly, which helps us promote the value of the programme, opens a channel to understand stakeholders’ issues and allows us to learn their goals as part of our annual planning,” Raphael shares. “These stakeholders have become our ambassadors.”
The agency’s funds for 2025 were already fully committed ahead of the final call for applications, evidence of both high demand and effective outreach. This success has prompted a bold decision to overcommit using national funds. “We decided to do this to signal to the European Commission that Erasmus+ is a priority for Malta and, just as importantly, to start attracting new beneficiaries,” Raphael reveals.
This is part of a wider strategy. With the Erasmus+ budget projected to increase from 2028, Raphael is proactively expanding Malta’s capacity to absorb the additional investment. “We need to build our pool of applicants now. Otherwise, when 2028 arrives, Malta risks losing funds. All our outreach efforts in 2025 were aimed at preparing for this.”
His primary goal for 2026 is to ensure all funds are fully disbursed, a process he sees as intrinsically linked to communication. “You cannot have one without the other,” he insists. “To achieve 100 per cent disbursement, you need to have an open channel with everyone – current beneficiaries, potential beneficiaries, stakeholders, Government departments, and the private sector.”
To prepare for the next EU programming period, the agency has also set up four internal ambassador committees aligned with its priorities, inviting key national stakeholders to help shape how Erasmus+ funds can address their needs. “I tell them, ‘You have your strategy and wish list. We are here to help you achieve them by providing funds,’” he says. “Collaborating closely is the trick, and it will deliver significant results in the future.”
Ultimately, what drives Raphael is the lasting impact of the programmes he manages. He finds inspiration not in spreadsheets but in people’s progress. He recalls with pride how a small informal group of youths, ‘Green Crew’, secured funding through the European Solidarity Corps Programme to restore old furniture and donate it to vulnerable people. “Initiatives like that are deeply motivating,” he reflects. “And when an unemployed person secures work after a job-shadowing placement abroad, it makes all the long hours worthwhile.”
It is this dedication to human development that shapes Raphael’s message to Malta’s business community. He notes that the adult education sector is not yet absorbing all available Erasmus funding opportunities, representing a significant untapped opportunity.
“Please come forward. The private sector is eligible too,” he urges. “Erasmus+ funds are there to help you improve your profits as an employer by investing in your workforce. We can fund formal training courses and informal job shadowing, send staff abroad or even host experts locally.”
The takeaway is that Malta must invest in its adult workforce to nurture an efficient and competitive economy.
Quick-fire Questions… with Raphael Scerri
How well do you sleep at night? (Rate from 1 to 10) Three or four.
On average, how many hours do you sleep? Five to six hours.
What’s the first thing you do most mornings? Read my emails.
Are you more of an early bird or a night owl? Night owl.
Do you usually work on weekends, or do you maintain a strict cut-off? I work on weekends to meet deadlines.
If you weren’t in this industry or role, what career would you have chosen? A career in hospitality.
Do you prefer to invest in property, stocks and shares, or crypto? None.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Two or three.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Mainly a research assistant or sounding board.
What’s the perfect age to retire in your view? Ideally 60 (though not realistic).
What’s one important item on your bucket list? To leave my mark on the EUPA.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner (my only meal every day).
Your favourite food and dish? Lasagne and all pasta dishes.
Coffee or tea – or something else? Neither – water.
Which is your favourite restaurant in Malta? No particular favourite.
What’s one thing you never leave home without? My phone.
What’s your go-to way to switch off after a long day? Volunteering at the band club (Għaqda Mużikali Immakulata Kunċizzjoni Ħamrun)
CEO INSIGHT
“The biggest problems crop up when companies either underestimate or fail to understand new technologies. Never rely blindly on technology without proper study or analysis. Bring in the experts.”
Keith Cutajar
CEO, CY4
“BE ADAPTABLE; DO NOT FEAR NEW TECHNOLOGIES. IF YOU’RE AFRAID OF TECHNOLOGY, YOU’LL BECOME ITS VICTIM.”
KEITH CUTAJAR IS ONE OF MALTA’S MOST EXPERIENCED CYBERSECURITY AND DIGITAL FORENSICS SPECIALISTS. AS CEO OF CY4, WHICH OFFERS A COMPREHENSIVE SUITE OF CYBERSECURITY TOOLS AND TIER 3 DIGITAL FORENSIC AND INCIDENT RESPONSE (DFIR) SERVICES, HE FOCUSES ON STRENGTHENING MALTA’S DEFENCES AGAINST INCREASINGLY SOPHISTICATED CYBER THREATS. NOW DRIVING CY4’S INTERNATIONAL GROWTH WHILE CONSOLIDATING ITS POSITION IN THE MALTESE MARKET, KEITH IS INTENT ON SAFEGUARDING CRITICAL DATA FOR BUSINESSES NATIONWIDE.
Keith Cutajar’s road to founding a highly specialised cybersecurity firm began with a blend of information technology (IT) security and investigation. He earnt a Master of Science in cybercrime, cyber terrorism and forensics, a field he was drawn to after a deeply personal experience.
“My sister died in a car crash, and that was my first encounter with the investigative and forensic procedures in Malta,” he explains. “It clicked that forensics fundamentally reverse-engineers a problem. Rather than thinking about a product from inception to delivery, in forensics you work backwards from the problem to understand how it
started. I knew that approach would be extremely useful in cybersecurity, so it became my niche.”
Since establishing CY4, Keith has shifted his focus from the hands-on technical work he loves to the operational demands of leadership. “As CEO, I gravitate more towards the administrative, organisational and business development sides of the business, which I still enjoy,” he admits.
Nevertheless, he remains closely involved on the technical side, drawing on his experience as a court expert. “I have worked on a number of court cases, which continue to help me hone my analytical and
You need automated detection mechanisms because software operates at millisecond speed, so our countermeasures must match that pace to catch fast-moving cyber threats.
problem-solving skills,” he adds. This forensic mindset also directly informs his leadership: “It has taught me how to troubleshoot and react quickly when faced with a problem in the company and, where possible, prevent issues altogether.”
Operating in such a delicate sector brings pressure. As CEO, Keith confides there are a few things that keep him up at night, primarily “ensuring CY4 delivers topquality service from submission to delivery, and one that stays ahead of cyber threats, which evolve by the millisecond, not days or months.” He also maintains focus on the challenges of managing a team within the heavily regulated environments in which CY4 operates.
The work still energises him, not least because of the constant change inherent in the sector. “Cyber forensics is a fascinating area. It’s never the same for too long,” he shares. “Even when investigating threats and incidents that may seem similar, we still find something new.”
Keith founded CY4 in January 2023 to formalise his work and experience within a dedicated entity. The company has rapidly positioned itself as a leader in Malta by offering a highly tailored, technical suite of services. “The vast majority of CY4’s business is custom-built for individual clients; reselling third-party products is a small portion of what we do,” he says.
Since its inception, CY4’s steady sales growth has been matched by team expansion, enabling the company to consistently offer high-quality services. Key drivers include a significant investment in employee skills and training, and a rigorous approach to compliance. The regulatory environment, including adherence to NIS-2 (the EU’s updated cybersecurity directive) and maintaining ISO (International Organization for Standardization) and DORA (Digital Operational Resilience Act) standards, underpins CY4’s strategy. “Fortunately, regulations exist; without them, many would neglect security,” he notes. “These regulations drive awareness, which is sorely needed, and encourage companies to invest in protecting their data.”
Alongside top-line growth and a broader services mix, CY4 has diversified its client base to reduce client concentration risk. “We must avoid over-reliance on a single customer,” Keith remarks. “We’ve been able to broaden our list of clients in no small part due to our strong reputation, which we’re building mostly via word of mouth.”
One major obstacle faced by CY4 is the high expense of maintaining Tier 3 DFIR services, particularly the licensing of highly security-cleared tools. “The problem is that we license these products for a number of clients in Malta, and given the country’s small market size, cost-sharing is difficult,” Keith explains. To scale efficiently, CY4 is expanding its international operations. “We’re increasingly outsourcing our Tier 3 expertise to foreign entities. The overseas market is there – in Europe, there are only about 20 to 30 Tier 3 set-ups like ours.”
Locally, the market still presents hurdles. “In terms of cybersecurity, we’re lagging behind as a market, as a country,” Keith states, clarifying that too many business and industry professionals assume they will never be targeted and therefore undervalue information security. “It’s like having your home and belongings fully insured, but then leaving the front door open. Anyone can get in, whenever they want.”
This gap creates opportunities for CY4, especially among small and medium-sized enterprises (SMEs). “While many companies believe they will never be on a hacker’s radar and that information security is only for ‘big’ players, it’s really not the case. We have clients with budgets from €500 through to €100,000plus,” he reveals.
Keith stresses that everyone is vulnerable to cybercrime –technology can fail, and the human element remains a critical risk. “Staff awareness of the dangers of cyber threats is still lacking,” he notes. “We often investigate incidents triggered by someone clicking a link or opening an attachment.” The danger is augmented by increasingly sophisticated attacks enabled by artificial intelligence (AI).
Somewhere in between.
With AI reshaping both cyberattacks and defences, Keith believes the response must be equally adaptive. To counter this emerging threat, he advocates “fighting fire with fire”, stressing the importance of using tools with AI modules that can detect malicious payloads. “Having people stare at dashboards, watching logs, will not reliably surface threats,” he says. “You need automated detection mechanisms because software operates at millisecond speed, so our countermeasures must match that pace to catch fast-moving cyber threats.”
To address the cyber forensics needs of the local market, CY4 is launching two new initiatives: a Cyber-Threat Intelligence (CTI) subscription service and a new Security Operations Centre (SOC) offering. “CTI will help anticipate and detect incidents before they happen by gathering and customising intelligence from threat actors on darknet forums,” he explains. The SOC partnership will provide a Malta-to-Malta DFIR capability across Tiers 1, 2 and 3. This new Malta-based offering is crucial because international providers often charge double or triple local rates and, equally importantly, using a local SOC ensures that data remains in Malta.
Looking to 2026, Keith aims for growth with greater stability. “I hope to encounter fewer ups and downs,” he says. Rather than diversifying, he intends to “deepen focus on CY4’s core offerings, maintain service quality and partner with overseas companies to expand international presence.” In addition, CY4 is positioning itself for the future by consistently anticipating challenges and adapting in line with technological change. “As long as we evolve at the same pace as technology, CY4 will remain relevant,” he remarks.
Ultimately, Keith urges greater vigilance and readiness by investing in information security. He sounds a note of caution: “Be adaptable; do not fear new technologies. If you’re afraid of technology, you’ll become its victim,” he warns. “I prefer to provide proactive services rather than reactive ones. Responding too late to a cyberattack can mean loss of data and, in some cases, ruin – companies being liquidated and people losing their jobs. That outcome is disastrous – both financially and reputationally.”
Do you usually work on weekends, or do you maintain a strict cut-off? I tend to work.
If you weren’t in this industry or role, what career would you have chosen? Medicine.
Do you prefer to invest in property, stocks and shares, or crypto? Property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Eight.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Research assistant.
What’s the perfect age to retire in your view? 50.
What’s one important item on your bucket list? Winemaking or agriculture.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Meat.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? Root 81.
What’s one thing you never leave home without? My phone. And common sense.
What’s your go-to way to switch off after a long day? A motorcycle ride.
CEO INSIGHT
“If a team member moves on from Xace, I want them to carry our name on their CV with pride. Because Xace is a recognised mark of quality – a credential that counts.”
Megan Easey
CEO, XACE
“THE CUSTOMERS DO KNOW BEST – AND THEY WANT THINGS NOW.”
MEGAN EASEY LEADS XACE, A REGULATED BUSINESS-ACCOUNT PROVIDER CARVING OUT A NICHE IN GLOBAL IGAMING AND FINTECH. HER LEADERSHIP BLENDS URGENCY WITH ENTREPRENEURSHIP TO TACKLE PERSISTENT ONBOARDING AND PAYMENTS PAIN POINTS IN THE INDUSTRY. WITH XACE SET TO UTILISE ITS MALTA LICENCE FOR A 2026 LAUNCH, MEGAN PLANS TO MAKE THE ISLAND A KEY EU HUB, POSITIONING THE COMPANY AS A BESPOKE, PREMIUM ALTERNATIVE TO TRADITIONAL BANKING FOR HIGH-VOLUME CLIENTS.
Megan Easey’s career is one of evolution driven by necessity, a journey shaped by front-line realities. With over two decades on the business-to-consumer (B2C) side of gaming, Megan’s operational lens revealed a persistent weak link in the gaming industry: businessto-business transactions, particularly those needing multicurrency solutions and multiple banking rails.
That insight propelled Megan into fintech in the three years before taking the helm at Xace and sharpened her twin-pillar work ethos, “built on regulatory compliance and commercial growth,” she explains – a combination that she believes is essential
for developing solutions that make life easier for customers. Malta has long been part of her story. “I’ve been in Malta on and off since 2007. I also love to work in this country, a place I call home.”
Megan’s leadership style at Xace is encapsulated in a single prompt: ‘Let’s go’. “At Xace – and certainly in this role – ‘let’s go’ is pre-emptive. We do go – and we go fast,” she affirms, explaining that this pace is only possible due to a cohesive team. “I have such a great team that we’ve all adopted that ethos. So, every day, it’s ‘Good morning, let’s go!’” Understandably, the business operates on more than just this philosophy
alone. Trust and interaction make it work. “Everything we do is driven by collaboration. There are no silos.”
Balancing external and internal customers is the priority. “What keeps me up is how we can do better for our customers. And, at the same time, what we can improve for our internal customers – our team members. To me, those things are a symbiotic relationship,” Megan remarks.
To maintain her edge and stay close to the market, Megan turns to her customerfacing team members – her greatest source of practical innovation. “I like to ask for ideas from the people who speak to our customers directly,” she shares. “The customers do know best – and they want things now. There are no two ways about it, whether it is in gaming or fintech and payments.”
Xace itself was born from frustration and foresight: amid “some 17 payment options” at a major industry event, the founders saw few addressing the sector’s most persistent problems. The initial challenge, Megan adds, was that Xace could only offer British pound payments in the UK, which “is what everybody could do”. The mission quickly became to move past legacy system constraints by building multiple banking rails across countries, with multicurrency wallets and broader coverage, enabling Xace to offer regulated business accounts for the gaming sector internationally.
Today, Xace’s value proposition is clear. “We provide a payment infrastructure tailored to international iGaming – an alternative to IBAN-only solutions,” Megan explains. Xace is not chasing small transfers or balances; it deliberately positions itself as a toptier service. “We are a premium financial service.’’
To better serve its high-net-worth clients, Xace re-engineered its model over the past year by combining its customer support and payments operations.
“We decided to combine tasks under one point of contact,” Megan continues. “Our payment operations and customer service are effectively a team of VIP managers, because every customer is a VIP for us. The focus is not only speed of response but also
Everything we do is driven by collaboration.
quality of response.” The outcome is continuity and trust, and the positive feedback has been immediate, with customers highlighting the specific individuals who look after them.
While this is a win for the company, Megan does not believe in taking it ‘eas(e)y’. The fintech sector faces constant pressures, but Xace has moved past the hurdle preoccupying many competitors. “Our biggest challenge is not doing what fintechs are doing right now, which is
looking for more funding. We are past that point,” she contends. The battle now is execution at pace.
“Our challenge is to balance tech resources to stay ahead of the game,” she observes, outlining the need for constant refinement of product functionality and ease of use. Even so, technology cannot eclipse experience. “If you focus purely on tech, you lose sight of the customer’s experience with the existing product,” Megan warns.
This principle shaped the overhaul of Xace’s operational model – and the people strategy behind it. “We had to change the skill set in the business, and then change onboarding of new team members,” she says. Training for existing staff was extensive. “Our focus is on multi-skilling individuals so that there is a seamless experience between customer service and payment operations.”
Hiring remains a global issue, especially given Xace’s unique cross-functional role requirements. “It’s not easy to find people who want to be everything to one customer,” Megan admits. The decision to combine payment operations, over-the-counter (OTC) trading and customer service meant significant internal movement and retraining. The rigour of Xace’s processes is nonnegotiable. Payments undergo multiple checks – “we ensure that we have two sets of eyes, and finally a third for approvals on payments. Our teams are fully committed to maintaining high standards and consist of individuals with rigorous attention to detail and substantial experience in regulated payment processing.”
Externally, regulation and jurisdiction are shifting. Xace is doubling down on Malta as a key hub for its European operations, driven by a strategic move to localise its EU licence, “by using our existing licence in Malta,” Megan adds. “This will allow us more freedom across the EU and reduces past dependency on institutions located outside of Malta.”
For 2026, Xace’s vision is to leverage its new infrastructure to gain market share across Europe and beyond by building an integrated ecosystem. “Payments alone aren’t the future, and standalone payment institutions, especially in the EU, simply can’t differentiate,” Megan notes. “The winners will be those building ecosystems on best-in-class infrastructure and technology. That’s where we’re taking Xace – connecting payments, software as a service (SaaS) and treasury in one platform to help our clients scale.”
This focus now translates into immediate, tactical steps. “From a business perspective, let’s keep it simple. It’s about getting our Malta licence established and our SEPA solution up and running,” Megan states. The licence is not just a regulatory milestone but a business accelerator, heightening the urgency of this next phase.
The relaunch of Xace Malta gives the company greater operational and commercial flexibility. “This move is about taking control of its jurisdiction and staying closer to the target market. The goal,” Megan concludes, “is simple but ambitious: to bolster Xace’s reputation and secure a lasting foothold on the island. I’d like to have cemented Xace’s reputation as a strong brand in Malta – one that everybody wants to be associated with.”
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings? Drink water and make a pot of Cyprus coffee.
Are you more of an early bird or a night owl? Night owl.
Do you usually work on weekends, or do you maintain a strict cut-off? I’m happy to work if it’s important.
If you weren’t in this industry or role, what career would you have chosen? Inspirational leadership facilitator.
Do you prefer to invest in property, stocks and shares, or crypto? Stocks.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Three.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A research assistant.
What’s the perfect age to retire in your view? When there’s no passion anymore.
What’s one important item on your bucket list? Diving with great whites and tiger sharks – without a cage!
Which is your most important meal of the day –breakfast, lunch or dinner? Breakfast.
Your favourite food and dish? Greek yoghurt with peaches and nuts.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? AYU in Gżira.
What’s one thing you never leave home without? My charger.
What’s your go-to way to switch off after a long day? A padel game.
CEO INSIGHT
“Malta has reached a point where numerous niches are simply oversaturated. The real challenge now is to build on solid foundations and pursue growth that’s sustainable, not just growth for the sake of it.”
Chris Schinas
CEO, MALTA UNIVERSITY HOLDING COMPANY
“NOT EVERYTHING CAN BE TAUGHT THROUGH TEXTBOOKS. YOU NEED TO DEVELOP YOUR INSTINCTS ON THE JOB.”
AS CEO OF MALTA UNIVERSITY HOLDING COMPANY (MUHC) SINCE 2023, CHRIS SCHINAS IS STEADILY RESHAPING THIS COMMERCIAL ARM OF THE UNIVERSITY OF MALTA. DRAWING ON 16 YEARS WITHIN THE ORGANISATION, HE HAS EXPANDED EDUCATIONAL OFFERINGS, BUILT A TRUSTED CONSULTANCY FUNCTION, GROWN THE STUDENT ACCOMMODATION PORTFOLIO, AND REVITALISED THE CAMPUS 103.7 RADIO STATION. IN 2026, CHRIS CONTINUES TO POSITION MUHC AS A FOCUSED, COMMERCIALLY AGILE ENTITY – WHILE STAYING FIRMLY ROOTED IN THE UNIVERSITY’S ACADEMIC MISSION.
Chris Schinas holds a role that is uniquely layered, even by most CEO standards. At the helm of Malta University Holding Company (MUHC), he runs a private company that operates within the framework of a public institution. It requires him to manage commercial realities with academic values – two worlds that don’t always move in the same direction.
“We carry the challenges of a public entity and the pressures of a private one, and we must excel at both,” Chris notes. “Juggling the two can sometimes be difficult.” This balancing act has become a key part of his leadership approach – and one that is bearing fruit. Under his watch, MUHC has delivered considerable growth over the last three years.
“I see my role as using the university’s name, its facilities and its resources to build a successful commercial arm,” he explains. “The university, being a public entity, cannot make money directly from commercial activities, so we must find creative and innovative ways to fit such activities within the board’s vision.”
Well-placed to bridge that middle ground, Chris spent 16 years at MUHC, having joined in 2009 as Manager of the Malta University Residence in Lija. From there, he moved through a series of roles that gave him a wide perspective across different corners of the group’s operations. When asked to run the then-newly opened Hotel Kappara in San Ġwann, he gained first-hand experience of the hospitality and accommodation side of the business. By 2017, he was
We carry the challenges of a public entity and the pressures of a private one, and we must excel at both.
milestone that has served as a transformative shift for the organisation. Previously, MUHC’s 50-strong employees were scattered across different locations, outside university grounds – but having everyone now operating under one roof offers key advantages.
appointed Group Chief Operations Officer at MUHC – and in 2023, he stepped into the CEO role following his predecessor’s departure.
“The promotion came naturally,” he reflects, “because I already had experience across most of the sectors in which the business was involved. Being a group of companies, there’s always a lot to learn – and that, for me, is the fun part.”
As his responsibilities evolved, his leadership style matured in parallel. “Not everything can be taught through textbooks,” he notes. “You need to develop your instincts on the job. Since I’ve experienced several different scenarios and challenges, I don’t panic easily. I take my time to think things through before responding.”
Leaning into this level-headed approach to leadership, Chris guided MUHC through its relocation to Campus Hub – a significant
“Moving to Campus Hub has made an enormous difference. It makes collaboration smoother and communication quicker across the team,” Chris explains, highlighting that the move brought him physically closer to university board members, allowing for more efficient discussions and faster alignment when needed. “Being on university grounds has also made us more accessible to students and more visible as a brand. It’s been very beneficial for us.”
Meanwhile, one of MUHC’s standout successes has been the rise in popularity of the Malta University Language School, with Chris and his team working to expand its reach, particularly across Asian markets. He credits much of that momentum to the school’s direct affiliation with the University of Malta, a significant differentiator in an industry largely dominated by TEFL and FELTOM-aligned schools.
“Students coming from abroad recognise us as having a higher standard of education since we’re part of the university,” he says. The school’s move to
Campus Hub has strengthened that proposition, too, placing students close to a modern shopping mall, food court and other convenient amenities. “It gives them the full lifestyle package, not just the educational aspect,” Chris notes.
Another key growth driver has been MUHC’s expanding range of short courses, which epitomise how Chris’ team leverages university expertise commercially without overlapping with academic programmes. “Our short courses aren’t in competition with the university. They’re filling a gap, since they cater for subjects that are often not taught there,” he explains.
The courses cover practical, real-life skills, from how to complete tax forms and navigate the intricacies of GDPR, to how to care for loved ones living with dementia or following a stroke. “Our approach is to understand people’s growing needs and offer something genuinely useful,” Chris says. “Our courses are designed to easily fit around their jobs and their lives.”
The consultancy arm has also tapped directly into the university’s academic expertise, engaging lecturers and specialists as consultants and giving clients access to niche subject knowledge. Projects have ranged from Government contracts and technical studies on traffic flow, green areas and waterworks, to assignments with private companies, including boutique hotel developments. Under Chris’ tenure, MUHC undertook a comprehensive overhaul of its radio station, rebranding Campus FM to Campus 103.7 and completing a full studio refurbishment. The aim, Chris highlights, was to “move away from a niche academic approach to something that could draw an extended audience.”
The shift is already paying off. With well-known talent such as DJ Colin Fitz taking over the prime drive-time slot, the station is attracting a younger audience and delivering on a broader purpose. “It’s also become a powerful outreach channel, helping MUHC promote courses, share updates and engage not only with students and academics, but with the wider local community,” he shares.
Drawing on his long history in MUHC’s accommodation arm, hospitality remains an area Chris is particularly passionate about – and a key pillar of his strategy for the coming years. Now one of MUHC’s most valuable assets, Hotel Kappara is in the early stages of applying to build two additional floors. “This move would increase capacity and strengthen MUHC’s offering for students and long-stay guests,” he reveals.
Also on his strategic radar, Chris shares that he and his team are considering acquiring a property in Valletta, which would serve as a boutique-style hotel close to the university’s Valletta campus. “It would create a base for visiting academics and guest speakers, as well as travellers wanting to stay in the capital,” he explains. While still in its early stages, the project signals the kind of measured, strategically grounded expansion Chris believes in, as he leads MUHC into its next phase of transformation.
“We’re always looking to expand,” he says, “but we don’t want to change anything that’s tried and tested. I’m a huge fan of sustainability – which is why I prefer to build on what we already have, as we did with Campus 103.7 and our educational offerings. Our goal is to innovate, explore and make the most of commercial opportunities, while staying sustainable and always in alignment with the university’s long-term vision,” the CEO concludes.
Quick-fire Questions… with Chris Schinas
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep? Six to seven hours.
What’s the first thing you do most mornings? Take a shower and eat breakfast.
Are you more of an early bird or a night owl? I was a night owl; nowadays I’m an early bird.
Do you usually work on weekends, or do you maintain a strict cut-off?
A strict cut-off, unless it’s urgent.
If you weren’t in this industry or role, what career would you have chosen? Architecture.
Do you prefer to invest in property, stocks and shares, or crypto? Crypto.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Three.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? For quick, consolidated information.
What’s the perfect age to retire in your view? 60.
What’s one important item on your bucket list? Travel as much as possible.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Fillet or pasta.
Coffee or tea – or something else? Both coffee and tea.
Which is your favourite restaurant in Malta? I don’t have any!
What’s one thing you never leave home without? My mobile.
What’s your go-to way to switch off after a long day? Gym and fitness.
Jorge Perez
CEO, ELECTROGAS
“WE ARE COMMITTED TO TRANSPARENCY, ENVIRONMENTAL RESPONSIBILITY AND ACTIVE COLLABORATION WITH THE COMMUNITY.”
AS CEO OF ELECTROGAS, JORGE PEREZ CARRIES THE WEIGHT OF OUR NATION’S ENERGY SECURITY ON HIS SHOULDERS. WITH A RECORDBREAKING INVESTMENT BUDGET APPROVED FOR 2026, JORGE IS STEERING THE COMPANY TOWARDS A FUTURE DEFINED BY RELIABILITY AND DIGITAL INNOVATION. AMID GLOBAL VOLATILITY, HIS FOCUS REMAINS STEADFAST: CONSOLIDATING ELECTROGAS AS A CRITICAL, DEPENDABLE PARTNER IN MALTA’S EVOLVING ENERGY LANDSCAPE WHILE CHAMPIONING A CULTURE OF SAFETY AND COMMUNITY ENGAGEMENT.
As strong winds sweep across the Maltese Islands on a winter afternoon, CEO Jorge Perez speaks from his office at ElectroGas. While the weather disrupts daily routines for many, essential services continue uninterrupted – a reality that underpins the responsibility carried by ElectroGas.
“Securing the energy and electricity we provide to the country is one of our biggest goals as a company,” Jorge begins, his tone reflecting the gravity of this responsibility. “We see ourselves as a reliable partner for Malta in terms of securing our supply of electricity.”
At the start of the year, ElectroGas finds itself in a strong position. Jorge notes that the company finished 2025 with “record availability”, a key performance indicator in an industry where downtime is simply not an option. However, the CEO is not one to rest on the laurels of past performance. His eyes are firmly fixed on the future, with 2026 being a year he describes as pivotal for the company’s infrastructure.
“Our budget for this year is one of the biggest for investment in our assets since the start of this project,” he says, pointing out that this investment looks
CEO INSIGHT
“On a stormy day, people are safe at home or work, using heaters or air conditioners, and in hospitals, they can continue to operate because of the work that we do. We are very proud of that. We now want to go beyond and extend this hard work into other areas within the community.”
beyond maintaining the status quo, forming part of a comprehensive strategy designed to future-proof Malta’s energy generation.
“We are not only investing in capital expenditure (CapEx) to enable our facility to produce the best electricity possible – clean, environmentally sustainable and reliable – but we are also investing in preventive, corrective and predictive maintenance,” Jorge explains, “to ensure that we will have secure electricity production in the years to come.”
This focus on security brings the conversation inevitably to the broader energy landscape. As Europe and the world grapple with the transition towards renewable energy, the role of gas has often been debated. For Jorge, the path forward is not about choosing one technology over another, but about finding the perfect equilibrium.
“In my view, energy mix is essential to securing power supply,” he asserts. “Obviously, renewables have a role to play and are needed. But other technologies should also be included. It is a mistake to rely on only one source of power production.”
Jorge positions liquefied natural gas (LNG) as a clean, high-capacity cornerstone of this mix. “LNG is one of the cleanest technologies that we can use to produce massive and reliable electricity,” he states. “In my opinion, these kinds of power plants are very efficient, very reliable and environmentally friendly.”
This pragmatic approach extends to the infrastructure itself, specifically the Floating Storage Unit (FSU) in Delimara. Amid geopolitical volatility in global energy markets, the strategic value of independent LNG import capability has come into sharp focus. When pressed on whether the FSU should now be viewed as a permanent strategic asset rather than a temporary measure, Jorge is unequivocal regarding its importance.
“LNG storage is essential, as are the rest of the assets,” he says. “It is an asset that, together with the rest of our facilities, secures the power supply. So certainly, it should be considered strategic.”
While the hardware – turbines, storage and pipelines – forms the backbone of ElectroGas, Jorge is acutely aware that the software, both literal and metaphorical, dictates success. “In this regard, 2026 will mark the beginning of a significant digital transformation for the company,” he shares.
2026 will mark the beginning of a significant digital transformation for the company.
“We are on this wave of artificial intelligence (AI),” Jorge notes with enthusiasm. “We have a plan for 2026 to develop and implement a digital innovation path that stretches over three years, and it all begins now.” This roadmap includes the implementation of drone supervision and AI integration, not only within the technical operations of the power plant but extending into administrative departments like finance.
However, the most sophisticated technology is redundant without a skilled workforce to manage it. In a tight labour market, talent attraction and retention remain a challenge. Jorge’s response to this is a leadership philosophy deeply rooted in culture rather than just compensation.
“The package is not the most important thing; it is more about what the culture is like,” he observes. “People leave mainly because the culture fit is wrong.”
To foster retention, Jorge relies on a ‘tone at the top’ methodology, prioritising health, safety, environment, and compliance. “We cannot force people; we need to inspire them to do the right thing,” he explains. “If we establish the right tone, people are going to feel that this is the goal of the company. They are going to take it as a personal goal to accomplish.”
A night owl.
Do you usually work on weekends, or do you maintain a strict cut-off?
I do work on Saturdays.
This internal culture of excellence is paired with an external commitment to the community. Jorge is keen to shift the perception of ElectroGas from a mere utility provider to an integrated community partner. For instance, he highlights the company’s corporate social responsibility (CSR) initiatives, including support for the Red Cross, Inspire, Puttinu Cares, and assistance for Ukrainian refugees in Malta.
“We are committed to transparency, environmental responsibility and active collaboration with the community,” he emphasises. “This transparency is part of a broader environmental, social and governance (ESG) strategy where we go beyond our legal requirements to be recognised for excellence in governance and sustainability.”
Looking ahead to the financial priorities for the coming year, Jorge describes a focus on stability over aggressive expansion. “Consolidation,” he says firmly of his primary financial goal. “Our main objective is to be a reliable partner to society. Financial repercussions are a by-product of our good job. We are not focusing on growing, but on continuing to consolidate our excellent job and partnership with society.”
The message resonates as a vision of steadiness in a world of uncertainty. Whether it is through the exploration of future technologies or simply ensuring the lights stay on during a storm, the focus remains on reliability.
“Decisions have to be made by Government entities,” Jorge concludes, reflecting on the sector’s opportunities, “but I think Malta is on the right path to establish the energy mix that is needed – the interconnector, the high photovoltaic production and our plant in Delimara. We are supporting the energy mix, and I think we are on the right path.”
If you weren’t in this industry or role, what career would you have chosen? Maybe a journalist, or serving in the military.
Do you prefer to invest in property, stocks and shares, or crypto?
I am more of a stocks guy.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Eight.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Mainly a tool for brainstorming.
What’s the perfect age to retire in your view? Never. People who are active cannot retire.
What’s one important item on your bucket list? To write a book.
Which is your most important meal of the day –breakfast, lunch or dinner? Lunch.
Your favourite food and dish? I love a good cut of Argentinean steak.
Coffee or tea – or something else?
Coffee. I am a coffee lover.
Which is your favourite restaurant in Malta? Root 81.
What’s one thing you never leave home without? I have a charm – an amulet – that is always in my wallet.
What’s your go-to way to switch off after a long day? Going for a walk. It helps me to meditate.
CEO INSIGHT
“Always be humble, never forget where you started. Always be positive and quick to adapt. Never forget numbers because numbers make or break a business, no matter how shiny things might look! And always think ahead and remember that you’re not a one-person show – there’s a team behind you.”
Adrian Buttigieg MANAGING
DIRECTOR, HR PLUS
“RETENTION IS THE NEW RECRUITMENT, AND MOST PEOPLE DON’T INVEST ENOUGH IN IT.”
FROM AWARD-WINNING CHEF TO CEO OF HR PLUS, ADRIAN BUTTIGIEG IS REDEFINING WHAT IT MEANS TO BUILD AND RETAIN AN EFFECTIVE WORKFORCE IN MALTA AND BEYOND. IN AN INCREASINGLY DIGITAL WORLD, HE IS EMBEDDING A CULTURE WHERE PEOPLE ARE THE GREATEST ASSET. HIS 2026 OUTLOOK CENTRES ON SKILLS-FIRST RECRUITMENT, STAFF RETENTION AND INTERNATIONAL GROWTH.
Adrian Buttigieg’s journey to the helm of HR Plus began in the high-pressure environment of commercial kitchens. “In hospitality, you learn leadership on the floor, not from a desk. You learn it from Saturday double shifts, staff calling in sick, and from making things happen with what you’ve got. Starting from the ground up teaches you to value every team player,” Adrian explains. Working his way up through the ranks to become Head Chef at a five-star hotel taught him that leadership fundamentals are rooted in humility, curiosity and active listening. Those are the tenets he lives by.
This foundation now shapes his management philosophy at HR Plus, a human resources (HR) and recruitment solutions company which today employs almost 300 people. “At the end of the day, it isn’t rocket science. Everyone is a human being, and respect is
key in any position, whether you’re at the bottom or top of the organisation chart.” Yet, the transition from hospitality to recruitment leadership required him to adapt his approach. “I used to spend a lot of time firefighting. Now, it’s about creating direction, setting culture and removing obstacles so the people around me can perform at their best,” he adds.
Adrian credits much of the company’s success to his partnership with Co-Founder Gilbert Xuereb and their balanced leadership dynamic. “We trust each other, and we share the same vision for the company,” he reflects. “We both bring hospitality experience, and what makes our partnership work is that we have the same drive but different characters. I’m the one who jumps in and wants to act, and Gilbert is the gentleman who holds the reins – this balance helps me pause, think and evaluate.”
Employers are asking what candidates can actually do, not just what certificates they have. When choosing between a university graduate and someone with five years’ experience, the shift is moving towards experience.
losing talent,” he says. “Fair pay, respect and structure – these are our three pillars, and business leaders should embrace them naturally. There shouldn’t need to be laws or drama around them, as they should be fundamental practices. Simply put, this is how you should operate.”
Their shared mindset also informs the HR Plus business model, which differentiates itself from the competition through comprehensive service delivery that extends far beyond traditional recruitment. “HR Plus is not just a CV pusher,” Adrian asserts, positioning the company as a strategic partner across the full hiring journey. “We don’t deal in basic job descriptions; we sit down with clients to understand both the technical and cultural profile they’re looking for. We’re there throughout the process – for the interviews, onboarding, housing, integration, and ongoing HR compliance.”
Adrian’s broader belief is that true recruitment success goes far beyond skills-matching alone. “My mantra – though this may not apply to every position – is that attitude is very important. Sometimes it matters more than the technical aspect. Why? Because almost anyone can learn technical skills. But attitude, cultural approach, integration – that’s character, and you can’t teach that.”
This attitude-first approach stems from Adrian’s deeper business convictions and underpins the entire HR Plus ethos. “We always tell our clients the truth. We focus on retention, progression and culture as currency. If you’re not investing in culture, you’re
Adrian’s philosophy has served HR Plus well and proven resilient in a business landscape undergoing seismic shifts. In particular, labour policy reforms in Malta have brought both opportunities and obstacles. “We were among the first seven companies to receive our licence, which we’re proud of, but the company’s rapid scale-up during the introduction of the Malta Labour Migration Policy has been our biggest challenge,” Adrian admits. “I agree with the adjustments because the market and its people were being exploited, but the pace of change has been intense. Sometimes, policies change week to week, and we’ve had to adapt at breakneck speed.”
In addition, labour shortages and bureaucracy remain persistent issues. “Bureaucracy, unfortunately, is never-ending in Malta,” Adrian observes. “Yet, while there’s ongoing debate around population growth and foreign workers, the demand is undeniable. My phone never stops ringing with clients seeking new employees. The business is there; the economy is doing well. Despite regulatory pressures, market demand remains strong – that’s the reality.”
Media perception, however, often paints a different picture, particularly around foreign worker integration. “There’s an unfair image attached to honest people who come to Malta to support our economy and families. These are good people
keeping essential services running, especially in sectors like care, hospitality and public transport. Without them, many of these areas simply wouldn’t function,” Adrian emphasises.
For him, the future lies in skills-first hiring. “Employers are asking what candidates can actually do, not just what certificates they have. When choosing between a university graduate and someone with five years’ experience, the shift is moving towards experience,” he notes. “HR conferences globally confirm this. Certificates aren’t irrelevant, but experience leads.”
Perhaps Adrian’s most significant insight for Malta’s business community centres on staff retention as the ultimate competitive advantage, addressing a fundamental challenge facing Maltese businesses. “People don’t work for companies, they work for people… And they leave because of people. Finding new hires and starting over is a headache. It’s also expensive,” Adrian highlights.
His message to companies in Malta is clear: “Retention is the new recruitment, and most people don’t invest enough in it. There should be more partnering with training institutions. Drive your employees – they are key. Invest in your team, retain your team.” Adrian’s prescription involves giving employees clear development paths. “People hop from job to job because they have no goals, no objectives. Give them career plans rather than just placements. Help them grow into valued members of your team,” he advises.
HR Plus aims to maintain its human-centric approach in 2026 while exploring technology and capability enhancement. “We’re investing in digital tools, optimisations, applicant tracking systems, artificial intelligence (AI) and internal upskilling,” Adrian reveals. Nevertheless, while technology is an integral part of recruitment’s changing landscape, Adrian draws clear boundaries around AI and how it should be used.
“AI isn’t replacing HR; it’s elevating it,” he continues. “The real winners combine tech with a human-first approach. But I will never accept AI doing interviews because we cannot lose that human element. You don’t experience the attitude, culture or character from AI – it can’t read between the lines.” Having said that, Adrian champions AI as a productivity tool. “I use AI, absolutely. It’s like a chef getting a beautiful new knife. We use it for procedures, anything that improves our work. And I encourage my team to embrace it because it’s not replacing anyone. It’s enhancing what we already do well.”
So, what’s the next chapter in HR Plus’s evolution? “Malta’s market is quite saturated, so we’re always looking beyond our borders and seeking to open up to other markets around the world,” Adrian declares. HR Plus is already active beyond Malta’s shores, laying the groundwork for a stronger international presence. By the same token, while strengthening international expansion and building on HR Plus’s foundation of comprehensive service delivery and authentic relationships, Adrian maintains a positive outlook on Malta’s direction.
“Sure, we face challenges like any country – infrastructure constraints, cultural integration and market saturation. But Malta’s economy remains robust. Rather than dwelling on problems, we adapt and find ways forward. Negativity is contagious, so I choose optimism.”
Quick-fire Questions… with Adrian Buttigieg
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings? Emails, WhatsApp and coffee.
Are you more of an early bird or a night owl? Night owl by nature, early bird by business.
Do you usually work on weekends, or do you maintain a strict cut-off?
If you weren’t in this industry or role, what career would you have chosen? I’m a people person, so probably a sales role.
Do you prefer to invest in property, stocks and shares, or crypto? Property – I like tangible results.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Six.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A smart assistant.
What’s the perfect age to retire in your view? 50 – when I’m still young enough to enjoy it!
What’s one important item on your bucket list? Taking my family on a month-long trip to Asia.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Everything! I’m a foodie.
Coffee or tea – or something else? Coffee – espresso.
Which is your favourite restaurant in Malta? With so many industry friends, I’ll be diplomatic – my own kitchen.
What’s one thing you never leave home without? Positivity, and my phone.
What’s your go-to way to switch off after a long day? Spending time with my kids.
Samuel Barrett
CEO, PAYTENTLY
“WE WANT TO BE THE REVOLUT OF B2B PAYMENTS.”
ONLY A COUPLE OF YEARS OLD, PAYTENTLY HAS RAPIDLY EMERGED AS ONE OF MALTA’S MOST DYNAMIC FINTECH COMPANIES. LED BY CEO AND CO-FOUNDER SAMUEL BARRETT, THE COMPANY FOCUSES ON PAYMENT ORCHESTRATION FOR REGULATED INDUSTRIES AND OBTAINED ITS PAYMENT INSTITUTION LICENCE FROM THE MALTA FINANCIAL SERVICES AUTHORITY (MFSA). BACKED BY MAJOR PARTNERSHIPS WITH MASTERCARD AND REVOLUT, AND STRENGTHENED BY A NEW CHIEF PRODUCT OFFICER, SAMUEL’S VISION IS TO SCALE FURTHER IN 2026 AND BEYOND.
Paytently CEO Samuel Barrett’s career has been defined by spotting opportunities early and executing with pace. Moving from London to Malta in 2016 to establish a presence in the gaming sector for open banking pioneer Trustly, he still recognises the impact of that decision today.
“Building out Trustly’s gaming arm was a huge career milestone,” Samuel recalls. “In six years, I helped grow the company from 30 employees to over a thousand, reaching a €9 billion valuation. That business became the market leader in open banking within the gaming sector. It taught me the power of execution in fast-moving, highly regulated industries, and of transforming a startup into a unicorn.”
Samuel channelled these lessons when launching Paytently in December 2022. “I started the business in my bedroom by telling my wife I was going to start a payments company,” he laughs. Within three years, Paytently has scaled to 35 employees across Malta, Belgium, London, and Portugal, raised €6 million in funding and, in October 2025, secured a Payment Institution licence from the Malta Financial Services Authority (MFSA). “Paytently has proved that the payment orchestration model works at scale. Taking the company from a software payments startup with no licence to a regulated payments institution is one of the biggest achievements of my career – and quite a story for a fintech organisation in the Maltese jurisdiction.”
CEO INSIGHT
“You’ve got to build where the market is going and not where it is today. If not, you won’t be able to innovate and compete, because you’re never going to know what your competitors are doing in real time. In fintech, speed matters – but foresight matters more.”
Encouraging people to bring their ideas to the table creates healthy debate, which takes us further.
As the company’s progress has accelerated, Samuel’s leadership has evolved to meet the demands of Paytently’s rapid trajectory, particularly as CEO of an ever-expanding team. “My previous roles were purely growthdriven,” he says. “Now I’m equally focused on governance, compliance, long-term sustainability, and strategy. As a CEO, your job is no longer just to win deals but to build an organisation that can thrive without you in the room.”
Central to Samuel’s leadership is hiring well and empowering the team – an approach that also keeps him sharp in a dynamic sector. “Paytently has a culture where everybody can share their views without ridicule. They don’t need to hold a senior position to be heard. Encouraging people to bring their ideas to the table creates healthy debate, which takes us further. I value empathetic leadership, giving people the chance to step up and build a strong proposition together,” he adds.
That collaborative culture underpins Paytently’s rapid ascent in the payments orchestration space. The platform connects e-commerce merchants to a global network of acquiring banks and payment service providers (PSPs) through a single integration. “We’ve aggregated a broad network of acquiring banks and alternative payment methods that enable merchants to reach new markets and scale globally as e-commerce sites,” Samuel explains.
Technology is at the heart of this. “Our artificial intelligence (AI) routing engine orchestrates payments in virtually real time, sending transactions to the most suitable acquirer based on acceptance rate, commercial cost or fraud mitigation tools. Customers only pay for successful transactions.”
Paytently’s mission is powered by the combined payments and fintech expertise
of its three founders: Samuel alongside Laurent Reysbosch, Chief Business Development Officer, and Nick Tucker, Chief Commercial Officer. “Nick was my right hand at Trustly, while Laurent was once my competitor,” Samuel says. “Over the years, we remained close and became specialists in our fields. By pooling our knowledge, we’ve united behind one vision: to simplify and supercharge payments for global merchants.”
Partnerships with international enterprises already underline this ambition. “Double-digit revenue growth was our biggest performance metric last year, but more importantly, we secured two major strategic partners,” Samuel notes. “One is Mastercard, which chose Paytently as its open banking provider for the iGaming sector. The other is Revolut Pay, Revolut’s new payment method, for which we are the exclusive iGaming distributor. For a small player to be trusted by two global financial institutions to represent their brands and distribute their propositions to the iGaming sector is a huge win.”
In August 2025, Paytently also welcomed Lawrence Koo as Chief Product Officer. “Lawrence is one of the most respected product leaders in open banking. I had the privilege of working with him at Trustly, and his deep expertise in the payments sector will be invaluable to Paytently,” Samuel says. “His ability to drive growth and spark innovation is unparalleled.”
Another milestone in 2025 came with securing the MFSA licence – a pivotal foundation for future growth. “It unlocks new services, markets and segments,” Samuel explains. “Before scaling commercially, we needed that licence. It was probably the most critical decision of the year and it was a tough journey. We had to pause other priorities and focus, while still balancing client demand and our product roadmap. But we now have the rocksolid foundation to take the business to the next level.”
Malta’s position as an international iGaming hub gives Paytently a natural springboard. “Malta makes it simple for a gaming payments business to operate, so it’s an obvious choice,” Samuel highlights. “But our offering also targets other sectors, including financial services, travel, digital goods, retail, and e-commerce.”
Even so, operating in Malta brings challenges, particularly around talent. “Fintech expertise is in high demand. You’re competing with strong employers in gaming who offer great packages and appealing work environments. We’ve been lucky to attract talent, but for positions in areas like software development we’ve had to hire in London, where salaries are higher. You get what you pay for, and building the right proposition is critical.”
Technological innovation continues to set Paytently apart in a competitive landscape. “AI is at the core of our product,” Samuel clarifies. “It drives our routing engine, fraud tools, and real-time and predictive analytics. It’s the number one differentiator between us and other full-stack PSPs – and what will take payments orchestration into the future.”
And the future remains firmly in Samuel’s sights, as he focuses on turning Paytently into Europe’s leading payments orchestration platform, with new product lines, new verticals and profitable operations. While he expects convergence across payments, fintech and embedded finance in the coming years, Paytently’s priority is profitable growth and expansion into new regulated markets. “Globally, orchestration will become standard in business payment stacks, and we’ll see more resilience within payment departments as they adopt orchestration,” he predicts. “But we’re also preparing to enter the US – that’s probably our biggest internal discussion right now.”
Beyond that, Samuel sees another lucrative, yet untapped, opportunity on the horizon. “The B2B payments space is ripe for disruption. Many companies focus on consumers, but they’re missing how transformative B2B payments can be within today’s payments infrastructure. We want to be the Revolut of B2B payments.”
Sustainability is also shaping decisions at Paytently. “We’re embedding environmental, social and governance concerns into product development, building greener transactions and working with inclusive financial services businesses – governance is already embedded through the MFSA licence. Ultimately, it’s about working with the right partners.”
Indeed, to continue nurturing a successful fintech space, Samuel’s message to the island’s business community is clear: “Collaboration is Malta’s superpower,” he concludes. “By working collectively, fintech companies can punch far above their weight globally. Together, we have the potential to make a much bigger splash within the global fintech scene.”
Quick-fire Questions… with Samuel Barrett
How well do you sleep at night? (Rate from 1 to 10) Seven.
On average, how many hours do you sleep? Six to seven hours.
What’s the first thing you do most mornings? Have a Nespresso coffee – ristretto is my poison.
Are you more of an early bird or a night owl? Early bird.
Do you usually work on weekends, or do you maintain a strict cut-off? I work when needed, but guard personal time.
If you weren’t in this industry or role, what career would you have chosen? Batman! I’d possibly work in music or film.
Do you prefer to invest in property, stocks and shares, or crypto? A balance of stocks, shares and property.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Eight.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Research assistant and sounding board.
What’s the perfect age to retire in your view? As soon as possible. Realistically, 50.
What’s one important item on your bucket list? To compete in the Ironman triathlon.
Which is your most important meal of the day –breakfast, lunch or dinner? Lunch.
Your favourite food and dish? Grilled rib-eye steak.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? Tartarun in Marsaxlokk.
What’s one thing you never leave home without? My phone.
What’s your go-to way to switch off after a long day? Gym or meditation.
CEO INSIGHT
“As a CEO, you must invest in your wellbeing. I wake up early every day and go for a long walk – that’s where I find energy and new ideas. But your personal wellness is only part of it. Your presence at work is crucial because it gives teams security. Show up and teams thrive. Stay absent and toxicity spreads.”
Brian Vella
CEO, MALTA FOOD AGENCY
“WE OFTEN FOCUS ON EXPORTING WHEN WE SHOULD BE SERVING THE LOCAL MARKET FIRST –THE DEMAND IS ALREADY HERE.”
BRIAN VELLA LEADS THE MALTA FOOD AGENCY AT A PIVOTAL MOMENT FOR THE ISLAND’S FOOD SECTOR. WITH A €10 MILLION INVESTMENT IN THE MODERNISED PITKALIJA FRUIT AND VEGETABLE MARKET AND A FURTHER €10 MILLION INVESTMENT IN A FOOD INNOVATION HUB, HE IS POSITIONING LOCAL FOOD SYSTEMS FOR SUSTAINABLE GROWTH ALIGNED WITH MALTA VISION 2050, THE NATIONAL INITIATIVE SHAPING MALTA’S LONG-TERM DEVELOPMENT. BRIAN’S FOCUS EXTENDS BEYOND AGRICULTURE TO ENCOMPASS TOURISM, HERITAGE AND ECONOMIC RESILIENCE THROUGH LOCAL PRODUCE.
“Leadership is as much about understanding people as it is about performance,” says Brian Vella, CEO of the Malta Food Agency. “I’ve found that the more I listen and empower my team, the more they find purpose and deliver results.” This philosophy underpins Brian’s approach to balancing strategic vision with operational pragmatism. It guides him in advancing Malta’s food agenda, navigating regulatory complexity and the diverse ecosystem of farmers, customers and businesses that define Malta’s food sector.
At the heart of Brian’s people-centred strategy is a commitment to bridging generations. “Successful transformation requires genuine engagement with all parties involved,” he asserts. “Fresh thinking within the organisation comes from a deliberate choice to build a multigenerational team, which matters in agriculture’s traditionally conservative environment. The older generation speaks with passion and nostalgia about how things used to be done, but young people bring fresh ideas,” Brian notes. “We must give them space because change requires courage, and our markets are evolving.”
We cannot afford for tourists to come here and find we don’t produce our own food. We’d be a country with no oxygen, no heart.
mindset. “Today, the Pitkalija operates on zero waste. Remaining produce that’s fit for consumption goes to charities. What isn’t fit goes to WasteServ and is turned into compost, which we then give to farmers free of charge. The compost enriches the land, providing essential nutrients to the soil.”
Managing resistance to change was one of Brian’s main challenges in 2025, particularly while implementing reforms at the Pitkalija – Malta’s national fruit and vegetable market. “Transformation requires vision, patience and, most importantly, communication,” he emphasises. A robust communication strategy has been essential given what is at stake: with an annual turnover of €30 million, the Pitkalija is a vital link between producers and the hotel, restaurant and catering (HORECA) sector. “We often say we don’t have enough farmers, yet the market is flourishing,” Brian maintains.
Technology has become a powerful tool in accelerating this effort, transforming how the agency connects with farmers. “We implemented traceability through technology projects, such as developing apps where farmers can track their sales and prices online,” Brian explains. “By strengthening traceability, we’ve built trust with stakeholders. In the old days, farmers brought their produce to market, but no one updated them until month-end. Now they have real-time systems.”
Alongside digital upgrades, food waste reduction has become a cornerstone initiative through the tarmix.gov.mt platform. “Over 40 tonnes of food have been redirected to social causes so far, and there’s strong potential to scale this model regionally,” Brian reveals. The approach reflects a circular-economy
The initiative tackles a broader national problem. “Malta has one of the highest food waste issues in Europe. We’re not the worst performers, but other countries fare much better,” Brian acknowledges. Historically, food waste was often left to policy-makers to solve; now, the Malta Food Agency has chosen to step in. “We said, ‘We promote food; we push food forward – so let’s do something about food waste ourselves.’”
From tackling waste to embracing digital solutions, the agency’s innovation journey now builds towards the Food Innovation Hub in 2026 – a €10 million investment designed to foster entrepreneurship and product development. “It will serve as a launchpad for agri-tech startups and be the centre for research, development and training,” Brian explains. The agency is collaborating with local universities and EU innovator networks on Malta’s first facility of this kind.
“There will be three state-of-the-art kitchens: one for fish products, one for fruit and vegetables, and one for dairy,” Brian adds. “Farmers can develop products from their produce – jam from strawberries, sauce from tomatoes, even dairy products from livestock.” The initiative addresses the real entrepreneurial challenges Brian has witnessed firsthand: “I met a student who wrote his dissertation around a fish cake he developed.
He had a great recipe but was limited to his home kitchen. The hub will give people like him the professional facilities to turn their great ideas into real products.”
Complementing this, the upcoming new Farmers Market in Ta’ Qali promises to revolutionise direct-to-consumer sales. “We’re creating Malta’s first proper Farmers Market in a modernised location,” Brian says. “It will extend the existing park by adding expansive open spaces and minimal construction, as we want to avoid overdevelopment with concrete.”
The market prioritises direct producer-consumer relationships and a wholesome family experience. “Direct consumer sales mean better margins for farmers and fresh, seasonal produce for families,” he highlights. The agency has joined the Farmers Market Federation of Europe to learn from successful models in Italy, Germany and Poland. “This is a way to sustain local agriculture. We’re encouraging all local producers to participate – and we believe it will be a game changer for the sector.”
Yet infrastructure alone is not enough. Talent remains a priority, but attracting it is a persistent challenge across Malta’s agricultural sector. “Farming is not an easy field for young people to enter,” Brian acknowledges. Even so, he is optimistic: “I envision having fewer farmers, but more productive ones. We’ll keep finding people who want to connect with nature and work outdoors.”
Brian’s optimism is grounded in market creation rather than subsidies alone. “Having a product, a processing plant and funds for a new farm is all well and good, but you must create markets,” he clarifies. That market opportunity is closer than many realise. “We attract huge numbers of tourists, and they’re all looking to eat local produce. Are we giving them what they’re asking for? I’m quite sceptical,” he shares. “We often focus on exporting when we should be serving the local market first – the demand is already here. We cannot afford for tourists to come here and find we don’t produce our own food. We’d be a country with no oxygen, no heart.”
For Brian, food sits at the intersection of Malta’s economy, culture and national identity. “Food and agriculture are part of our soul. We can’t promote tourism without agriculture,” he stresses. “Yes, we have our temples and cathedrals, but food is an integral part of our heritage.” This philosophy also shapes how the agency promotes Malta’s produce. “We don’t only promote the product – we promote its history too, because behind that product is a person with a real story,” Brian points out. “Customers want to connect with the story behind the food they’re eating at home.”
This market-focused stance aligns with the Government’s Malta Vision 2050 framework, which sets the country’s long-term development goals. “We believe that one of the pillars of Malta Vision 2050 is food and sustainability,” he notes. “So we can’t ignore this. We’re working with governmental entities to align our goals and future-proof our food systems.”
Ultimately, Brian frames the Malta Food Agency’s mission as transcending traditional agricultural support. “Our food keeps our whole ecosystem in place. With Malta’s limited greenery and many buildings, we need to maximise the natural spaces we have. The bottom line is food sustains our economy and social life –people must have access to healthy, affordable food, and we plan to ensure that they get it.”
Quick-fire Questions… with Brian Vella
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings? Walk my dog – it’s energising.
Are you more of an early bird or a night owl?
Do you usually work on weekends, or do you maintain a strict cut-off? I work some weekends but also take short breaks.
If you weren’t in this industry or role, what career would you have chosen? A role in the social sector.
Do you prefer to invest in property, stocks and shares, or crypto? They all have merits.
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Seven.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? A research assistant.
What’s the perfect age to retire in your view? I don’t think about retiring.
What’s one important item on your bucket list? To see the agency’s strategic projects succeed.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner.
Your favourite food and dish? Fish.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? Too many to choose from!
What’s one thing you never leave home without? My mobile phone.
What’s your go-to way to switch off after a long day? A walk in winter or a swim in summer.
Wolfgang Tweraser
CEO, TW CONSULTING & TRADE LTD
“MANY CONSULTING BUSINESSES CAN TELL YOU WHAT THE PROBLEM IS, BUT OUR STRENGTH LIES IN IDENTIFYING BOTH THE CHALLENGE AND THE SOLUTION.”
A SEASONED ENTREPRENEUR WITH NEARLY FOUR DECADES OF INTERNATIONAL EXPERIENCE, WOLFGANG TWERASER LEADS TW CONSULTING & TRADE LTD, A MALTA-BASED FIRM AT THE FOREFRONT OF SUSTAINABLE INNOVATION. AS THE COMPANY EXCEEDED ITS FIRST-YEAR REVENUE GOAL BY 15 PER CENT, WOLFGANG’S FOCUS FOR THE YEAR AHEAD IS A BALANCE OF GROWTH AND CONSOLIDATION, GUIDED BY A PHILOSOPHY OF PROACTIVE ENGAGEMENT AND A BELIEF IN THE POWER OF MEANINGFUL, PERSONAL CONNECTIONS.
Wolfgang Tweraser’s journey to becoming a business leader is one defined by foresight, adaptability and an unrelenting drive to deliver solutions. When he began his career 40 years ago, sustainability was barely a consideration in corporate strategy. Most businesses were focused on profit and growth alone, but Wolfgang was already exploring how efficiency and environmental care could go hand in hand.
“From day one, we were thinking about how we could use our products to be more efficient and environmentally friendly,” he remarks. That forward-
thinking mindset remains a core tenet of his leadership, which he believes is essential for any CEO. “You have to be one step ahead to see what’s coming next and understand what the market needs.”
He distils the company’s ethos into a simple but powerful philosophy: “We believe in finding solutions. Many consulting businesses can tell you what the problem is, but our strength lies in identifying both the challenge and the solution.” This outlook has carried Wolfgang through a diverse career. After more than two decades in the United States, where
CEO INSIGHT
“Within my team, my first rule is: we do not take ‘no’ for an answer. Strange as it sounds, it’s because people often say no at first, but when you show them the advantages of what you offer, they start to listen. It’s better to spend 10 minutes listening than to miss an opportunity by saying no right away.”
Greed kills businesses more than anything else.
his firm advised cities on restructuring parking systems and where he served on President George W. Bush’s business advisory board, Wolfgang made the deliberate decision to relocate both his home and company to Malta in 2024, a country he had first visited and lived in for six months over 40 years earlier.
Despite the positive outcome, relocating to Malta was not without its obstacles. “The biggest challenge wasn’t even business-related – it was the overwhelming bureaucracy around setting up the company on the island. I had never filled out so many forms for minor things,” he recalls. Yet, he views overcoming those hurdles as a valuable lesson in patience and persistence. Once the initial barriers were cleared, momentum came quickly, and with a lean but highly effective team, TW Consulting & Trade Ltd built strong connections and soon became a supplier to the Armed Forces of Malta.
For Wolfgang, success is not defined by business objectives or revenue alone. “My daily motivation is to do something for the community – the business community, my friends, my neighbours,” he explains. His professional philosophy mirrors his personal one: “Help wherever you can and make improvements wherever you can, in both your personal and business life.”
This alignment between personal values and professional goals gives Wolfgang’s work enduring purpose – a commitment clearly reflected in the curated portfolio of sustainable products represented by his company, offering direct solutions to some of Malta’s most pressing challenges. Among them are
Candela’s electric hydrofoiling ferries, Robotic Parking’s automated parking garages and SmartFlower’s solar energy systems, alongside other renewable energy technologies, electric vehicles (EVs) and eco-friendly consumer goods.
At the heart of the company’s model is its ‘ambassador’ approach, positioning TW Consulting & Trade Ltd as a bridge to the market for innovative brands. The company provides an end-to-end service covering everything from market research and logistics to contract execution and legal compliance. Central to this approach is relationship-building – something Wolfgang insists can never be replaced by technology. “Video calls and emails are great, but there is nothing better than a face-to-face meeting,” he asserts. “It shows people that you take them and the business seriously. You have to understand different cultures and be willing to put in the time and effort to build relationships, not just sell a product.”
This personal, hands-on way of working has already yielded results. The firm won a tender in Gozo, installing a SmartFlower solar system – the largest of its kind in the manufacturer’s nearly 20-year history. It is also in the running to build Malta’s first robotic parking garage and has introduced a line of biodegradable products, including edible takeaway utensils made from tapioca root and rice. “Such items help the environment, and they’re easily adoptable – but people need to embrace them,” Wolfgang stresses.
The company’s focus on sustainable solutions directly addresses some of Malta’s most significant growth
challenges: parking shortages, traffic congestion and land use. Robotic parking garages, for instance, require only half the space of conventional facilities while integrating EV charging stations – solving two problems at once. “We’ve also proposed an electric ferry from a Swedish company to improve transport between Malta and Gozo. It’s quieter and far more environmentally friendly.”
Yet progress is often hampered by misaligned policies, stemming from a lack of communication between governmental entities. Wolfgang points to a new law requiring taxis to be electric without providing adequate charging infrastructure as an example of poor coordination. “There’s a disconnect between the vision and practical reality,” he says. Such gaps between policy and practice highlight the need for innovation. Ultimately, technology remains a crucial driver of that change, and Wolfgang views artificial intelligence (AI) as a powerful tool to improve efficiency – though he warns of unintended consequences. “I recently saw a company dismiss 50 people because one software replaced them all,” he shares. He acknowledges that AI has the potential to streamline processes and cut costs dramatically, but he insists that such gains must never come at the expense of people. “I don’t want to introduce a technology to our organisation and then lay people off because the tool saves money. Greed kills businesses more than anything else.”
That same people-first outlook shapes his views on another issue: talent. While Wolfgang has been able to assemble a small, capable team, he sees wider challenges in Malta’s labour market. The system for attracting qualified workers needs improvement, he argues, citing inefficiencies in recruitment agencies like Jobsplus and the financial hurdles that make job mobility difficult, deterring skilled professionals. “If you want the right people, you have to make it attractive for them,” he notes, flagging rising rents and unnecessary fees as key barriers.
As a leader, Wolfgang is not one to be kept awake by such challenges. Instead, he is energised by a strong sense of purpose. “I am excited to continue leading TW Consulting & Trade Ltd towards new opportunities in international trade and innovation,” he says. What motivates him daily is simple: “To do good for the community and provide a solid foundation for my employees – that’s what keeps me going every day.”
Looking ahead, Wolfgang believes Malta’s adoption of sustainable technologies will depend on the community’s willingness to embrace change. New solutions may carry higher upfront costs, but he insists they deliver long-term value and environmental gains. He also highlights a lack of Government support schemes for larger corporations – the biggest energy consumers – as counterproductive to the national energy transition. With better collaboration and longterm planning, he believes Malta could realise its full potential as a hub of sustainable innovation.
His message to Malta’s business community is both pragmatic and passionate: “The answer to many of Malta’s problems is communication. Why don’t we all sit together and talk? It’s not that complicated.” Reflecting on his return to the island, Wolfgang shares a personal pledge: to help improve Malta by at least 0.01 per cent. “This country has so much to offer. It could be like a little Monaco if the right decisions were made.”
Quick-fire Questions… with Wolfgang Tweraser
How well do you sleep at night? (Rate from 1 to 10)
On average, how many hours do you sleep?
What’s the first thing you do most mornings? A healthy drink (water, lime juice and ginger),
Are you more of an early bird or a night owl?
Do you usually work on weekends, or do you maintain a strict cut-off? I work weekends (but I enjoy it).
If you weren’t in this industry or role, what career would you have chosen? I couldn’t choose anything else.
Do you prefer to invest in property,
On a scale of 1 to 10, how frequently do you use ChatGPT or similar AI tools? Three.
If you use ChatGPT, do you see it more as a PA, a research assistant or a sounding board? Research assistant.
What’s the perfect age to retire in your view? For me, never.
What’s one important item on your bucket list? Nothing – I’ve always done everything I wanted.
Which is your most important meal of the day –breakfast, lunch or dinner? Dinner is my only meal.
Your favourite food and dish? Maltese rabbit and Caribbean curry.
Coffee or tea – or something else? Coffee.
Which is your favourite restaurant in Malta? There are many!
What’s one thing you never leave home without? My laptop.
What’s your go-to way to switch off after a long day? Reading a good book.
