Prime Minister Lawrence Gonzi was yesterday present for the inauguration of The Point, Malta’s largest shopping complex, in Tigné, Sliema.
Works on The Point first started towards the end of 2007, with an estimated 150 employees working on the project on a full-time basis at the time. Once works were completed earlier this year, tenants who have taken possession of their respective space have employed some 400 employees.
The Point is spread over a footprint of 28,000 square metres, 14,000 of which is rentable space occupied by 49 retail units, many of which are flagship stores of well-known global brands already established locally, at the same time hosting some new names making their debut in Malta.
“Today’s event symbolises the transformation of Tigné Point from a neglected and derelict site to a prime urban environment. However, the ceremony extends well beyond the official inauguration of The Point.
“It marks the revival and regeneration of the harbour area which is set to become once again a prime economic hub for Malta in years to come,” said Dr Gonzi.
The Prime Minister stated that apart from the Sliema area, Valletta is set to undergo a thorough transformation in the near future.
“With the City Gate project about to start, we are about to witness a new renaissance era for our Capital City. Together with a number of restoration projects already underway, the government is set to restore dignity to Valletta while at the same time providing a stimulus for the economy by means of additional investment and employment creation,” said Dr Gonzi.
Alec Mizzi, chairman of Tigné Mall Ltd, addressing the inauguration on behalf of MIDI plc (Manoel Island and Tigné Point Development) said that the company was committed to producing an original development for The Point, which now hosts a mixture of residential and commercial spaces, together with hospitality and retail spaces.
Dr Mizzi said that the land on which The Point was constructed formed part of an old British Barracks, with restoration and construction taking place under the watchful eye of Fondazzjoni Wirt Artna.
“Although Malta has various other retail offerings, the concept of a mall is the prime one and intended not only to service the needs of our discerning residents, but to create a living and commercially sustainable retail centre, in line with best international standards and practice.
“MIDI will be building and operating other non-residential units including offices in the near future, besides going ahead with plans on a new health centre and yacht marina. Besides all this, MIDI is also on the verge of completing restoration works on Fort Manoel and Fort Tigné,” concluded Dr Mizzi.