This week, MIDI plc opened its much awaited €60 million retail project The Point, Malta’s largest shopping mall and part of the Tigné Point development.

The Point was officially opened by Prime Minister Dr Lawrence Gonzi in the presence of Dr Alec Mizzi, chairman of Tigné Mall Ltd, Mr Albert Mizzi, chairman of Midi plc and their respective boards of directors, as well as all the retail tenants and their respective guests.

The Point is spread over an area 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, and a host of new names making their debut in Malta.

Work on The Point started towards the end of 2007 and had over 150 employees working on the project on a full-time basis. Over the past few months, as tenants took possession of their respective spaces, another 400 employees were engaged by the tenants to oversee and finish the work on all the outlets.

Addressing guests on behalf of the Board of Directors of Tigné Mall Ltd, Dr Mizzi explained how Midi plc, in its bid to develop Tigné Point and Manoel Island, had been committed to produce a mixed use development, including residential and commercial spaces – the latter in turn sub-divided into offices, hospitality and retail spaces.

“Although Malta has various other retail offerings,” he observed, “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. In so doing, we also managed to retain the existent old British barracks, each stone of which was painstakingly dismantled, stored and rebuilt under the guidance and supervision of Fondazzjoni Wirt Artna.

“Given the costs involved, our rents are obviously not exactly cheap, so it is a credit to all the tenants who had the confidence in Malta’s economy, and in our project, to have taken this substantial leap of faith. It is gratifying to see that no expense has been spared and that all the outlets are of a very high standard. We worked to a template of a precise retail mix to ensure a balanced and well-rounded experience for shoppers. I must here thank The Point’s general manager, Edwin Borg, who negotiated most of the leases and dealt with all major tenant-related issues – no mean task, and one for which our Board is truly grateful.”

Thanking the Midi Board of Directors for its confidence and support, Dr Mizzi announced: “Midi will be building and operating other non-residential units, including offices, a hospitality offering, health centre and a yacht marina. This in addition to its extensive restoration of Fort Manoel, Fort Tigné and the Lazzaretto, and its partnership with Siemens in forming SIS, which offers building services and communication services to Midi residents and commercial operators, and beyond. It is this vision of a managed resort that sets this development apart. We sought to create a vibrant community rather than a sterile enclave, hence the various cafes, restaurants, shops and this beautiful piazza at the heart of it all.”

Reiterating Midi’s position regarding traffic flow in Sliema, Dr Mizzi stressed: “We are not in favour of the rerouting of

traffic from Bisazza Street and/or of part of Tower Road, in order to shift it towards Tigné Point, in the hope of hijacking cars into our mall. Of course this is not our decision, but we must dispel the false impression that we are pushing for such a

solution.

“We are confident that the faith showed in this project by all those involved, which we conservatively estimate at a combined investment of at least €90 million which includes Tigné Mall’s €60 million investment and the tenants’ collective investment of over €30 million – will prove rewarding. We feel we can offer an unparalleled shopping experience. The Mall has ample parking with around 1,000 spaces, wide circulation areas and all the facilities one would associate with a planned mall. We look forward to the government linking the Qui-si-Sana road to the underground tunnel Midi constructed, thereby facilitating the flow of traffic.”