Public concession of ‘is-Suq tal-Belt’ to change hands

Just a few years after a multi-million-euro refurbishment and its re-opening as a food court in the capital’s centre, the Valletta Market, better known as ‘is-Suq tal-Belt’, will be changing hands through the sale of a public concession.

The Shift is informed that a preliminary agreement has been reached, allowing the remaining part of the 65-year public concession to be transferred to Tum Invest Group – an entity controlled by Ninu Fenech and his sons, who are primarily involved in car importation and real estate development.

It is unclear why Arkadia Marketing Ltd, a subsidiary of the Mizzi Organisation, is choosing to relinquish its concession less than a decade after it began, especially since there are still 55 years remaining on the agreement. Sources indicate that the investment made in 2016 has proven challenging in terms of profitability, leading the Mizzi Organisation to decide to sell to recoup its investment.

While the transfer of this concession requires government consent, it is still unclear how much Tum Invest will pay the Mizzi Organisation for the public concession.

Tum Invest  has been involved in many dealings with the government in the past decade. The latest controversial acquisition is the one made, together with other contractors, of the Fort Chambray public concession from Michael Caruana, known as il-Billi.

Sources also indicated that Tum Invest has already reached a deal with the owners of Greens supermarket chain to open a supermarket as part of the concession.

Is-Suq tal-Belt was given to the Mizzi Organisation in 2016, following a Request for Proposals (Rfp) issued by the government in 2014.

The 65-year concession was tied to several conditions, including a minimum investment of €5 million in the restoration of the historic building and the payment of almost €500,000 in annual ground rent.

The Mizzi Organisation controversially broke the law by installing two large canopies at the market’s entrance without a permit, which was contrary to the aesthetic of the historic building.

Despite a Planning Authority enforcement order ordering their removal, the canopies are still in place and continue to serve as a large outdoor dining area.

It is unclear whether the government will require the new concessionaire to rectify the illegalities before approving the concession’s transfer.

Built in the 19th century, the building has a unique architectural style. It is notable for being the first Maltese building to be constructed primarily in iron. For many years, it served as a genuine food market, with over 60 different shops selling a wide range of food, from bread to vegetables, meat, and fish products.