Malta’s year-on-year economic growthof 3.9% for Q2 2023 outpaced that of the rest of the Eurozone sevenfold. Such figures are a validation not just of the government’s economic strategy but of the commercial acumen and entrepreneurial spirit that pulsates through the country’s private-sector business and investment communities.
One of those protagonists is the Tumas Group. A family-run business, it has over the last 50 years evolved into a diversified organization encompassing several distinct business segments with more than €500 million in assets. The Group has been a catalyst in helping transform the physical landscape and the economy of the island by playing an instrumental role in realizing Malta’s potential as a prime business and tourism hub for the central Mediterranean.
Founded as a real estate and property development enterprise in the mid-1960s by the late Tumas Fenech, the Group went on to be headed by his eldest son, the late George Fenech, who opened the business to other segments, namely hospitality and gaming. Following his death, the business was taken on by Raymond Fenech, the youngest son of Tumas, with other family members on board to handle the enterprise’s management and expansion.
While the organization has been loyal to its humble beginnings and core business model, Raymond has continued to diversify various segments, particularly the property business through some large-scale developments. He has also directed the company into new initiatives in hospitality and gaming, and into securing joint ventures with strategic partners in areas such as transport and energy.
The most tangible signs of the Group’s contribution to Malta’s facelift remain its investments in the Hilton and Dolmen hotel complexes, two high-profile properties on the island’s coastline.
Strategically located in the prestigious Portomaso development in the fashionable district of St. Julian’s, the Hilton and its amenities have come to represent style, comfort, and hospitality. The hotel was designed with business in mind and offers 413 rooms and suites with the capacity to host meetings, conferences, exhibitions, and events. It plays a key role in the island’s reputation as a business hub. The popularity of the property’s Portomaso Casino inspired Fenech to venture into the B2B online gaming sector.
The Tumas-developed Portomaso complex is an architectural feat, having been developed around a man-made marina embracing the Hilton hotel, prestigious apartme
