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News • June 27 2004

 


Trade Fairs Corporation to buy Lm5 million land in Ta’ Qali

The Malta Trade Fairs Corporation’s (MTFC) move from the Naxxar grounds to Ta’ Qali will cost the corporation more than Lm5 million just to acquire a vast plot of land in Ta’ Qali. It is expected that the new Trade Fair grounds will cost over Lm3.5 million to construct.
Corporation President Ian Mizzi announced last Thursday that the MTFC had just signed a promise of sale agreement for the purchase of extensive land at Ta’ Qali, where the new trade fair grounds will be established after the Naxxar lease ends in 2007. However he did not divulge any details about the owners of the land, nor did he answer questions about the price involved.
MaltaToday has found out that the corporation signed an agreement for a vast stretch of land in Ta’ Qali for a price of more than Lm5 million.
When asked whether he would confirm the figure, Mizzi told MaltaToday he would “neither confirm nor deny” it.
The sum, which other corporation board members could not confirm, would mean increased fees for trade fair exhibitors, given that the government (a shareholder of the corporation) is banned by the EU from handing over any form of subsidies for such a capital investment.
Asked how he expected the Corporation to pay such an exorbitant sum just to buy the land, let alone for the construction of an international trade fair complex, Mizzi said that the corporation would have to “increase revenue schemes” by organising new fares, and that a strategic partner “might join in the venture.”
The only thing he expects from the government, Mizzi added, was to “speed up the processing of permits” by reducing red tape. The area in question is not covered by any permit.
The decision to relocate to Ta’ Qali was taken after months of failed negotiations with the Naxxar grounds owners – Scicluna Estates – to buy the land there.

 

 

 





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