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9 EDITORIAL BusinessToday is published every Thursday. The newspaper is a MediaToday publication and is distributed to all leading stationers, business and financial institutions and banks. MANAGING EDITOR: SAVIOUR BALZAN EDITOR: PAUL COCKS BusinessToday, MediaToday, Vjal ir-Rihan, San Gwann SGN9016, Malta Newsroom email: bt@mediatoday.com.mt Advertising: afarrugia@mediatoday.com.mt Telephone: 00356 21 382741 V alletta is the most recognised Maltese brand globally, accord- ing to one of the directors of the VBL Group, a property investment com- pany focussed specifically on the capital. His assessment is obvious as much as it is very often overlooked when Malta is marketed abroad as an attraction. Valletta is a walled city that has histo- ry oozing from every square metre of it, above and below ground. But it is also a city that has regained vibrancy over the past decade that makes it a go-to place for work, dining and entertainment. Unfortunately, Valletta has lost its re- tail supremacy over the years with shops closing down, moving out or changing into food and beverage outlets. e shopping experience in Valletta today lacks diversity and may not be catering to the changed demographic that moves into the city in the evening for enter- tainment purposes. e time may have come to consider having shops open at 10am and close at 10pm. VBL is now promising a luxury shop- ping complex in Zachary Street that will be developed over the next three years and positing this as a chance to kick- start a rejuvenation of the retail sector in the capital. If the project does deliver what it is promising, it could lead other retail out- lets in Valletta to up their game, reno- vate and diversify. VBL's belief in Valletta's potential as an investment opportunity is positive and is part of the massive investment, both private and public, that has been pour- ing into Valletta's infrastructure and economy. Other private companies like Iniala and the Hili Group have also in- vested big in the city. However, this has also exposed the reality of disparate development within the city and the need to have social reju- venation happening alongside commer- cial and high-end investment. Within this context, the government must consider the realities of ordinary people who live in the capital with no fi- nancial resources to invest in improving their own properties or life situation. Government has embarked on an am- bitious investment worth more than €20 million to address the imbalance be- tween the lower and higher Valletta are- as. e investment is targeting the Mar- samxett area, which is home to a large native population but also an area that has not benefitted much over the years from private investment. e government's objective is to im- prove the quality of life and instilling a sense of well-being in residents. It also aims to protect the built environment and sustain a vibrant economy in this part of Valletta. In doing so, government must guard against gentrification that pushes Vallet- ta residents out because their surround- ings become too expensive to live in. ere is a delicate balance to be achieved between attracting wealthy, young pro- fessionals to live in the city and retain- ing existing residents who must not be made to feel like a fish out of the water. Government must consider schemes that encourage private investors to in- clude a percentage of affordable hous- ing units within their largescale projects that could be offered to existing Valletta residents or those who want to return to the capital but cannot afford current market prices. In this way, the social character of the city is not lost. At the same time, the development process must also include social and ed- ucational investment that helps families with problems that transcend financial issues. It is encouraging that Valletta is getting the attention it deserves from private investors and the government. e cap- ital today is unrecognisable from what it was up to a decade ago when it served as a shopping hub during the day with no life in the evening. e private and public investment is helping transform the city in a positive way and this momentum must not be lost, while attention is given to locals and the cultural traditions that make up the complex Valletta tapestry. Investing in Valletta's complex tapestry 19.5.2022

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