The Royal Malta Yacht Club and Yachting Malta Ltd has partnered up with the government - through Projects Malta Ltd – with the aim of enhancing the yachting industry.

This was announced today by Prime Minister Joseph Muscat during a signing ceremony held at the RMYC premises in Ta’ Xbiex, in the presence of a number of yachtsmen and ministers Konrad Mizzi, Edward Zammit Lewis and Joe Mizzi and Parliamentary Secretary Chris Agius.

The RMYC-Yachting Malta Ltd (a joint venture) has a 49% stake in the long-term project while the government has the majority shareholding - 51%.

The project, Dr Muscat said, came about after talks were held between the government, Projects Malta Ltd and the yacht club. “We came to an agreement which is a win-win for all – tourism, yachting enthusiasts, among others", he 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.

Dr Muscat said Public Private Partnerships are not only about health and the elderly but also about sport.

The project will look to identify and attract to Malta high-profile yachting events, including boat shows, regattas and conferences.

 

RMYC will appoint a chairman of YML for the first two years ending in December 2016. PML will then appoint a chairman in the second two-year term, starting in January 2017.