Yachting Malta PPP Sets Sail
Yatching Malta Ltd (YML) - a new public private partnership (PPP) between the government and the Royal Malta Yacht Club (RMYC) was formed with the aim of putting Malta on "the global yachting map".
Prime Minister Joseph Muscat launched YML at the club's headquarters in Ta Xbiex. The PPP will be headed by the club's commodore Godwin Zammit and has a two-year rolling business plan.
The RMYC-Yachting Malta Ltd (a joint venture) has a 49% stake in the long-term project while the government, through Malta Projects Ltd. has the majority shareholding - 51%.
Muscat emphasized the importance of yachting to local industry, not just simply as a pleasurable pursuit but as an asset to the maritime sector that aids economic growth and creates jobs.
"The main purpose of Yachting Malta is an increase in the yachting industry and for Malta to become a unique destination. In the next two years, Malta Yachting will focus on developing a business plan to attract more yachting activities, benefiting the economy of the country," Muscat said.
He said that 1.6 million euros will be injected into the economy as a result of a race currently under way - RC44 - which is being held for the first time in Malta. A number of foreign and local yachting enthusiasts are participating in the race.
Godwin Zammit, commodore of the Royal Malta Yacht Club, expressed his satisfaction in the confidence the government has in the club as the major partner in the Public Private Partnership.