Corinthia takes full control of Libyan luxury complex in €74 million deal
Corinthia Group has secured full ownership of a major Libyan residential development after striking a €74 million deal to buy out its Kuwaiti partner’s stake. The agreement will see International Hotel Investments and its parent CPHCL take complete control of Mediterranean Investment Holding, which owns Palm City Residences in Janzour. The 413-unit seafront complex, opened in 2009, includes villas, apartments and extensive leisure facilities, and is widely used by expatriates in Tripoli. Despite disruption following Libya’s 2011 uprising, occupancy has gradually recovered. The acquisition also includes land earmarked for future developments, including the planned Palm Waterfront project. The deal, expected to close by the end of June, strengthens Corinthia’s long-term presence in Libya’s hospitality and real estate sector. (Times of Malta)
Government to brief social partners on energy stability plan
Robert Abela is set to brief social partners on Malta’s strategy to shield households and businesses from ongoing volatility in global energy markets. The discussion will take place during a meeting of the Malta Council for Economic and Social Development, bringing together key stakeholders. The government said recent engagement with energy sector representatives confirms that Malta remains well positioned to maintain stable prices and secure supply. Abela stressed that prudent public finances have enabled continued support measures, offering certainty at a time of international turbulence. Energy Minister Miriam Dalli said stability is underpinned by hedging agreements with international banks and long-term storage planning. The government is expected to outline further steps aimed at reinforcing resilience in the months ahead.
Refalo says Police commissioner told him there is nothing to probe
Anton Refalo has rejected allegations linking him to a property once reportedly associated with Sicilian mafia boss Toto Riina, insisting there is no basis for investigation. Refalo said he had referred the matter to the police commissioner, who informed him there was nothing to probe. The claims relate to a house in Qala that he rents, which Italian media alleged had previously been used by Riina. The minister maintained he began leasing the property in 2002, years after Riina’s imprisonment. He also defended not declaring the property in his assets register, stating it is not owned by him and the rental agreement has expired pending renewal. Refalo said he has already shared relevant contracts with sections of the media and remains willing to provide further documentation. (Newsbook)
