Issue link: https://maltatoday.uberflip.com/i/385963
10 Business Today maltatoday, WEDNESDAY, 24 SEPTEMBER 2014 Grand Harbour gets ready to host five cruise liners In 2012, turnover and employment of Maltese-owned foreign affiliates grew by 12.3 and 8.7 per cent respectively. Maltese-owned foreign affiliates generated €305.4 million in 2012, up by 12.3 per cent over the previous year. Turnover in the manufacturing and construction sectors decreased by 4.1 per cent to €3.5 million, while turnover in the services sector grew by 12.5 per cent to €301.9 million. Accommodation and food services activities (+8.8 per cent) and Education (+50.5 per cent) were the dominant sectors with a combined share of 77.3 per cent of the total services sector. In 2012, Maltese-owned enterprises abroad employed just over 5,500 persons in foreign affiliates, an increase of 8.7 per cent over 2011. By share of employment, the services sector dominated with 4,974 employees (+8.0 per cent) or 90.0 per cent of total employment. Accommodation and food service activities accounted for 4,048 employees (+2.0 per cent), followed by employment in Education with 463 employees (+13.2 per cent). These two sectors combined made up 90.7 per cent of employment in the services sector in 2012. Turnover of Maltese-owned foreign affiliates was mainly generated in Europe, with a total of €241.3 million, or 79.0 per cent of total turnover. Turnover generated in Europe grew by 5.8 per cent when compared to 2011. Additionally, employment of Maltese-owned foreign affiliates was predominant in Europe with 3,838 employees, or 69.4 per cent of total employment. However, employment in Europe declined by 0.3 per cent over the previous year. On the other hand, employment in America increased to 503 persons (+108.7 per cent) over 2011. Valletta's Pinto Wharf is preparing to host a total of five cruise lin- ers all belonging to the Aida Line. The cruise liners will be berthing alongside each other, bringing with them a total of 7,000 guests for a three- day event marking 40 years of the line. All Pinto Wharf shops have been closed for the events, which feature a huge light show, and a special stage built over water at the marina by Pinto quay. This is said to be the biggest ever such event to be held in Malta. Malta-owned foreign business grows by 12% in turnover in 2012 Chamber signs agreement with Dubai counterpart Minister for the Economy, investment and small business, Chris Cardona pre- sided over the signing of an agreement between the Malta Chamber of Com- merce, Enterprise and Industry and the Chamber of Commerce of Dubai. The strategic agreement spans the maritime and logistical, IT, communication technology, tourism and financial services sectors and is hoped to result in more business opportunities, jobs and economic growth for Malta. In his address to the chamber, Cardona emphasised that Malta should look for opportunities beyond European shores. Making reference to the Smart City project and the government's commitment to its success, he said that this project could be a catalyst to increase collaboration and investment opportunities between the two countries. Paying tribute to the important role played by the Malta Chamber of Commerce, Enterprise and Industry in the economic development of the country, Cardona expressed his satisfaction that the chamber had become "more proactive" with the setting up of the Middle East Business Council.