Four new members have been accepted into the SYIN, bringing the total number of members to 11 in less than a year, and collectively employing over 400 people directly and many more indirectly. The addition of these companies is seen as an important endorsement of this economic sector, which has experienced a substantial increase over the years in its value-added contribution and multiplier effect on the local economy.

The industry has reacted very positively to the government’s recognition of yachting over the past year, especially its recent announcements that it intends to privatise the MMA marinas, add 1,000 new berths and privatise the yachting concerns of Malta Shipyards Ltd.

“The superyacht industry is all about clustering. All stakeholders rely on each other – from the provision of berths to the provision of repair facilities to the provision of services,” the network said.

“If Malta is to be seen as a centre of excellence in this lucrative area, then it is important to set standards and this is what the SYIN has done by establishing a comprehensive quality charter. We are very committed to quality and our membership is limited to businesses that share this commitment.

“The availability of new berths will enable new operators to create a balance between the addition of new berths for local boat owners and the creation of superyacht berths, which generate considerably more revenue and have a larger spill over on to other service providers. ”

Another very important announcement was the intention to privatise Manoel Island Yacht Yard and Malta Super Yacht Services.

“These two facilities have been instrumental in bringing to Malta many superyachts which have created work and jobs for all members of SYIN.

“Superyachts that come here for refits that involves drydocking tend to commit to a wider scope of works, which is where much of the value-added comes from.”

The members of SYIN would welcome a new lease of life for these facilities, which privatisation would imply. This would ensure that Malta remains the destination of choice for superyachts who seek out countries with the right mixture of physical infrastructure and professional skills to get jobs done.”