The Minister for Tourism Edward Zammit Lewis announced an investment worth of approximately €15 million by Hilton Malta that planned to embark on an extensive refurbishment project. This investment is aimed at ensuring that the facilities provided by Hilton Malta, which today employs around 450 full-time employees, will continue to meet the highest expectations and standards expected by its guests and clients.
'Significantly, this development also comes hot on the heels of another investment of €6 million announced by the Tumas Group for the Hilton Malta last April, which focused on the refurbishment of 300 bedrooms. The hotel also has plans to enhance the amenities of its property, with a project worth €4 million and which is aimed for completion by April 2016' stated the Tourism Minister.
The Minister for Tourism said that it is with a huge sense of optimism that the government looks towards the future of Malta's tourism industry, encouraged by the trust which the private investor is continuously showing in the economy by announcing such projects.
Credit rating agencies and international fora positively affirm that the Maltese economy is on the right track. In its latest report Standard & Poor's Credit rating agency revised its outlook on Malta to positive from stable. S&P's believes that Malta's economy will continue to outperform the Eurozone as a whole.
The same report positively acknowledges the tourism industry in Malta. S&P's expects that the tourism sector will continue to perform well. According to the latest cumulative data published by the National Statistics Office, inbound tourists increased by nearly 6%, whilst tourism expenditure increased by more than 7% during the first 5 months of this year when compared with same period of 2014, explained Dr Zammit Lewis.
The minister reiterated that government has also been keeping to its commitments. 'In accordance with our electoral pledges, we have ensured that Malta's economic sectors, including tourism, have started to benefit from more cost-effective energy tariffs. The reductions in tariffs alone introduced by this government to the tune of 25 per cent in electricity bills and a five per cent reduction in water bills - are expected to amount to around €50 million per year in savings that can be directed to fund new projects and investments'.