SovereignWealthFunds.comMalta Government Investments
Malta Government Investments: what it invests in
Geography Mainly domestic
Malta Government Investments: how big it is, and on what basis
In US dollars: about USD 0.053B. EUR 0.85106 per USD (31 Dec 2025) applied to the 2019 cost figure
Malta Government Investments: what it publishes
Published 5 · Partly 3 · Not published 2
Our 10 item score. It measures what is public, not how well a fund is run.
- Successor launchedS3
- 15 Dec 2025
At a glance. Malta Government Investments held the state's stakes in public service companies such as air traffic control, the Gozo ferry, the energy utility and waste services. On 15 December 2025 it merged with Malta Strategic Partnership Projects to form Malta Investments & Economic Advisory, which oversees public companies, runs public-private partnerships and advises the economy ministry. Its last public agency accounts, for 2019, show EUR 44.9 million of assets at cost. S1 S3
Key points
- Merged into Malta Investments & Economic Advisory (MIEA) on 15 December 2025. S3
- 2019 agency accounts: EUR 44.9 million total assets, EUR 31.0 million net assets, at cost. S1
- Holdings were domestic public service companies, about 99 percent subsidiaries. S1
- 2019 dividend income of EUR 2.08 million went to the government. S1
- MIEA adds a Strategic Analysis and Development Unit to advise the ministry. S3
- Public-private partnerships include Birgu Yacht Marina and the National Aquarium. S3
Interesting facts
Mandate and goals
Support sustainable, balanced growth through strategic investment, governance of state companies and public-private partnerships, aligned with Malta Vision 2050. S3
How it invests
| Industries | Transport and logistics, Infrastructure and utilities, Agriculture and food security, Tourism and hospitality S1 |
|---|---|
| Asset classes | Strategic state holdings S1 |
| Stages | Infrastructure S1 |
| Geography | Mainly domestic. All holdings in Malta S1 |
| Direct / through funds / co-invest | Yes / No / Yes S1 |
| Managed in house | 100 percent S1 |
| Ticket size | Carrying values from about EUR 1,000 to EUR 10M in 2019. S1 |
| Deal sizes seen | EUR 0 to 10M |
| External managers | None S1 |
| Co-investment programme | Public-private partnerships S3 |
Asset mix: Subsidiary undertakings 98.7%, Associated undertakings 1.3% (as of 2019-12-31) S1
Published criteria
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2019 | Malta Air Traffic Services Limited. Air navigation services; largest 2019 carrying value. S1 | Direct investment | Transport and logistics | Infrastructure | EUR 10.0M |
| 2019 | Gozo Channel (Holding) Company Limited. Ferry link between Malta and Gozo. S1 | Direct investment | Transport and logistics | Infrastructure | EUR 8.8M |
| 2019 | Enemalta p.l.c.. National energy supplier. S1 | Direct investment | Infrastructure and utilities | Infrastructure | EUR 5.0M |
| 2019 | Wasteserv Malta Limited. Waste management services. S1 | Direct investment | Infrastructure and utilities | Infrastructure | Not published |
| 2019 | Kordin Grain Terminal Company Limited. Grain import terminal. S1 | Direct investment | Agriculture and food security | Infrastructure | Not published |
| Not published | Birgu Yacht Marina. Delivered as a public-private partnership. S3 | Joint venture or partnership | Tourism and hospitality | Infrastructure | Not published |
| Not published | National Aquarium. Delivered as a public-private partnership. S3 | Joint venture or partnership | Tourism and hospitality | Infrastructure | Not published |
| Not published | Mater Dei Hospital pharmacy robot. Centralised pharmacy automation delivered as a partnership. S3 | Joint venture or partnership | Healthcare and life sciences | Infrastructure | Not published |
| 2025 | Merger into MIEA. MGI and MSPP combined into one entity on 15 December 2025. S3 | State asset transfer | Financial services | Not stated | Not published |
Case studies
Creating MIEA S3
- What: MGI and MSPP merged into one body with a new economic analysis unit.
- When: Dec 2025
- Size: Not published
- Why: To cut duplication and bring state investment functions under one roof.
- Outcome: MIEA now oversees subsidiaries, partnerships and advisory work.
Holding public service companies S1
- What: The agency held stakes in air traffic control, the Gozo ferry, the energy utility and waste services.
- When: 2019
- Size: EUR 27.5M at cost
- Why: To keep strategic services under public ownership.
- Outcome: EUR 2.08M of dividends in 2019.
Birgu Yacht Marina partnership S3
- What: A marina delivered with private partners under the state partnership programme.
- When: Completed
- Size: Not published
- Why: To develop tourism assets with private capital.
- Outcome: Cited by MIEA as a completed partnership.
Investment process
MIEA reports to the Ministry for the Economy, Enterprise and Strategic Projects; units cover investments, subsidiaries, projects and strategic analysis. S3
| Committee | Role |
|---|---|
| Board of Directors | Oversees MIEA S3 |
| Strategic Analysis and Development Unit | Economic research and policy support S3 |
- Ministry sets priorities. S3
- MIEA evaluates projects and partnerships. S3
- Subsidiaries get strategic guidance. S3
- Procurement through public calls. S3
How to approach: Public institutions and private firms can engage on partnerships through MIEA's website and procurement notices. S3
Size and returns
- Headline size: EUR 44.9M (Total assets (balance sheet), as of 2019-12-31) S1
- In US dollars: about USD 0.053B. EUR 0.85106 per USD (31 Dec 2025) applied to the 2019 cost figure
- Net assets, 2019: EUR 31.0M (Net assets or equity, as of 2019-12-31) S1
- Investments at cost, 2019: EUR 27.5M (Portfolio value, as of 2019-12-31) S1
- Returns: the fund does not publish a return figure.
Leadership
Governance and transparency
- Legal basis: Government agency holding investments as agent for the Government of Malta S1
- Oversight: Ministry for the Economy, Enterprise and Strategic Projects; audited agency accounts S3 S1
- 2019 accounts audited by Ernst & Young Malta, issued April 2021. S1
- Merger was part of a public sector modernisation programme. S4
Transparency score: 6.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
A domestic state holding and partnership body. Private firms can engage through partnership projects and public procurement, not through fund commitments. S3
- Public-private partnerships on strategic projects. S3
Reports
- MGI investment activity financial statements 2019: https://ifswf.org/sites/default/files/annual-reports/MGI-Investment-Activity-2019.pdf S1
Common questions
What happened to MGI?
It merged into MIEA on 15 December 2025. S3
Who leads MIEA?
CEO Karl Azzopardi. S3
How large is it?
The last public agency accounts show EUR 44.9 million total assets at cost, for 2019. S1
What does it hold?
Stakes in Maltese public service companies such as air traffic control and the Gozo ferry. S1
Related profiles
- Turkiye Wealth Fund (TWF) Turkiye · TRY 18,997B
- Oesterreichische Beteiligungs AG (OBAG) Austria · EUR 30.05B
- Sociedad Estatal de Participaciones Industriales Spain · EUR 15.01B
- Slovenian Sovereign Holding Slovenia · EUR 14.0B
- Federal Holding and Investment Company (SFPIM / FPIM), Belgium Belgium · EUR 11,679M
- Growthfund (Hellenic Corporation of Assets and Participations S.A.) Greece · EUR 12.3B AUM (2024)
All sovereign wealth funds in Europe · All state holding companys · All funds in Malta
Sources
Disclaimer
Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.
