20 - 26 July 2000

British firm to study potential of dock number one

by Franco Aloisio

A British firm specialising in the regeneration of ports has been commissioned by the Malta Drydocks Council to study the economic potential of the dock number one in Cospicua.

The dock, which has not been in use for a number of years, has long been earmarked for development into a tourism and leisure spot. However, discussions on its development have been ongoing between the drydocks and interested parties.

Drydocks chairman John Cassar White yesterday told The Malta Business Weekly said that when the study is presented to the council, a decision will be taken to approach potential venture capital investors interested in financing the project. These could include foreign investors.

"Ultimately, the dock number one project has to serve as a source of income for the dockyard," Mr Cassar White said.

"This project is not just a property development, but includes various social aspects within the historic area of Cospicua. The Malta Drydocks has to make sure that the company or companies ready to invest in the project will do so in a viable and sustainable manner."

Mr Cassar White said any decision on the future of the dock will be taken following extensive consultations. He said the restoration of the warehouses which date back to the period of the Knights of St John will cost between Lm2m to Lm3m. Moreover, more investment will have to go to develop the area into a commercial and entertainment one.

Mr Cassar White said the demolition works on the wall dividing the dock number one from Cospicua has been suspended following the industrial dispute between the General Workers' Union and the government.