The local organisers of the RC44 Valletta Cup estimate that the yachting race will leave 1.6 million in the local economy, up from their original estimate of 1.2 million.
Most of the 11 boats taking part in the race, between Wednesday and next Sunday, have been in Malta since December 2014. Some were in storage at Carmelo Caruana Logistics Centre at the Malta Freeport while others were at Palumbo Shipyards for maintenance in preparation for the race.
Last week the boats started to make their way to Pinto Wharf at the Valletta Cruise Port for final touches before they are put into the water.
The Grand Hotel Excelsior is booked out, with over 450 guests involved in the race, which include the crews, their support teams, guests and members of international media.
The local organisers are Yachting Events Ltd, created following a chance meeting between Dr Christian Farrugia, partner at Fenech Farrugia Fiott Legal, and Richard Henry, involved in the insurance of the America’s Cup.
Dr Farrugia roped in Niki Travers Tauss, who has a passion for sailing in addition to running a successful business the maritime industry. He in turn invited Peter Valentino on board, whose experience in the world of sailing, both as a coach and international judge, completed the pool of experts required to organise an event of such magnitude.
Link to the full article in the Times of Malta, Sunday March 22, 2015.