Accountable Leadership

From record visitor numbers to record scrutiny, Malta's tourism model is at a turning point. In this MONEY cover story, Tumas Group's Ray Fenech talks quality over volume, governance and reputation, sustainability, and the next generation of leaders shaping how Malta competes – and wins – in the decade ahead.

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You've argued Malta must recalibrate its tourism strategy beyond headline arrivals. What does "quality" mean in practice—product mix, pricing power, seasonality—and what policy shifts would unlock it?

Quality tourism is about more than arrival numbers. Quality tourism is about the experience we offer and the long-term value it generates for our Islands.

"Quality tourism" is a phrase that is often used but not always understood. To us, it means something far more meaningful than simply attracting larger arrival numbers. For Malta to continue positioning itself as a leading Mediterranean destination, the focus must shift from counting heads to shaping experiences. True quality tourism is about the depth of value we create, both for visitors and for the islands themselves and the long-term sustainability that follows. 

What does this look like in practice? It is a tourism strategy that places equal importance on luxury, culture, lifestyle, and authenticity. It is a model in which pricing reflects the product's quality and exclusivity rather than volume. And it is a year-round calendar that embraces seasonality intelligently, rather than one that pushes operators to compromise standards in the name of filling beds. Seasonality should not be an excuse for inconsistency; it should be a rhythm we understand, respect, and plan around. 

Quality tourism also means a balanced diversification of visitor profiles. It is about attracting travellers who appreciate gastronomy, heritage, events, wellness, sport, and nature, basically what we have to offer and visitors who seek meaningful experiences and leave with a genuine connection to Malta. These travellers tend to stay longer, spend more, and contribute positively to the fabric of our communities.

However, achieving this balance requires alignment between policy, industry, and operators. It calls for policies that incentivise high-quality developments and disincentivise projects that undermine the islands' long-term positioning. It requires continuous investment in infrastructure, transport, public spaces, cleanliness, digital systems, and environmental protection, which directly influence visitor perception. Most importantly, it demands collaboration across hospitality, transport, culture, and entertainment sectors. Tourism cannot operate in silos; the visitor experience is holistic.

I remain more than hopeful, and in fact, I am confident, that if this is genuinely embraced as the way forward, every visitor will leave Malta with a premium, memorable, and proudly Maltese experience. That is what quality tourism truly means.

What are the two operating metrics you personally check weekly that tell you whether Tumas is outperforming—one for hospitality/gaming and one for property—and what's the red flag that triggers intervention?

Business success is not a stroke of luck; it is hard work and discipline. Staying on top of the game requires an acute awareness of what is happening around you, the trends shaping industries, the methods being used by leading markets, the innovations taking root elsewhere, and the behaviours of both consumers and competitors. Today's business environment constantly evolves, and the moment you stop observing, adapting, and refining, you fall behind.

But there is one principle that, in my view, outweighs all others: surround yourself with people who are better than you in every possible way. No entrepreneur, executive, or leader succeeds alone. The best-performing organisations are built on teams whose expertise, intelligence, and dedication exceed that of any single individual. When you create an environment where talented people not only join but stay, you see and touch the real secret of long-term success. 

I am immensely proud that within our group, we have colleagues who have been with us for over 20, 30, and even 40 years. This is not accidental. Longevity at this scale is earned through mutual respect, trust, well-being, fair treatment, and the belief that one's work is genuinely valued. It means that people see a future with us, not just a job.

This continuity creates something priceless: institutional knowledge, deep expertise, a shared culture, and an unwavering commitment to excellence. It also ensures that, as the world changes, we evolve from a foundation of experience rather than starting from scratch.

To stay on top of the game, you need systems, ambition, and resilience, but above all, you need people who believe in where you're going and actively help you get there.

2019 forced a hard reset in public trust. What concrete governance changes (board composition, risk, disclosures) did you institute, and how do you measure whether reputation has truly recovered with partners, banks and guests?

Reputation is one of the most potent yet intangible assets any business can possess. It does not sit on a balance sheet, but it directly influences everything from financing to partnerships to long-term sustainability. Measuring reputation can be subtle, but the evidence is always visible to those who know where to look.

"The best-performing organisations are built on people who are better than you in every possible way."

You see it in the trust partners extend to us year after year as they continue to collaborate with us. You see it in banks that offer financing on market terms because they recognise the strength of the business, the soundness of our governance, and the reliability of our track record. You see it in clients and stakeholders who repeatedly choose us, not out of necessity, but out of confidence.

That, to me, is the clearest and most honest indicator of resilience. And I can say, hand on heart, that despite changing landscapes, new challenges, and different economic cycles, those fundamentals have never shifted. Trust is built slowly, sometimes over decades, but when appropriately earned, it withstands the test of time.

Strong governance sits at the centre of this. It ensures transparency, accountability, and discipline in decision-making. It protects the business's integrity, strengthens relationships with external stakeholders, and reinforces the culture internally. Governance is not a formality; it is a safeguard for the future.

Critics say Maltese conglomerates have historically benefited from proximity to the state. How do you ensure arm's-length dealings today—and would stricter procurement and planning rules make Malta more, not less, competitive?

Malta is evolving rapidly. Expectations are changing, regulations are tightening, and public scrutiny is stronger than ever. Markets are more competitive, and long-term planning must reflect a far more complex reality. But change does not intimidate us; in many ways, we have prepared for it long before it arrived.

I am proud to say that as a group, we have consistently stayed ahead of the curve. Many of the standards now becoming the norm were already implemented internally years ago. This is because we believe in doing things correctly from the start. We have multiple layers of scrutiny: structured boards, audit committees, compliance checks, internal controls, and experienced individuals who vet every significant decision with precision.

Arm's-length dealings are non-negotiable. Procurement is formal, transparent, and market-based. Approvals are structured and documented. Decisions are taken with objectivity, data, and long-term thinking. This discipline is one of the reasons we have been able to grow with confidence, even in uncertain economic environments.

Malta may be changing, but we have never feared change. We have embraced it, anticipated it, and aligned ourselves with it because that is how you build a business designed to last, and that's what we do at Tumas Group.

With projects like The Quad earning top sustainability credentials, how materially do green standards change your development economics—capex, rents, yields—and will every new Tumas build target similar certifications by default?

Projects like The QUAD, which earned LEED Platinum certification, represent the future of development in Malta. These are not just real estate investments; they are statements of long-term ambition. High environmental standards lead to improved operational efficiency, higher tenant satisfaction, stronger yields, and a more competitive product in global markets.

"We've never feared change; we've anticipated it, aligned with it, and built a business designed to last."

Sustainability is no longer a "nice to have." It is inseparable from long-term value. Every new Tumas development is designed with this principle at its core. Whether it's energy efficiency, responsible material sourcing, reduced emissions, or improved user wellness, we aim to build assets that remain relevant for decades, not just years. 

A future-proof development anticipates tomorrow's needs. It appeals to global tenants, international investors, and future generations of users who expect responsibility, innovation, and efficiency from the spaces they occupy.

This approach strengthens our portfolio and reinforces our commitment to shaping high-quality environments in Malta.

You've led through loss, crisis and renewal. What's your succession philosophy—roles you're actively delegating now, capabilities you're hiring for—and what will the next-gen Tumas leader do differently from you?

Every generation brings something new, new ways of thinking, new tools, new ambitions, and new expectations. The next generation of Tumas leaders will build on the foundations we have set, but they will take us even further. 

They will be more data-driven, leveraging analytics to support every strategic decision. They will be more globally connected, engaging with international markets, partnerships, and opportunities. They will be more agile, adapting faster to emerging challenges and capitalising on evolving trends. But at the core of all this progress, one thing must remain unchanged: our values.

Service. Integrity. Vision. These are the principles that have guided us for decades, and they are the compass that the next generation will continue to follow.

With that in mind, I genuinely believe the future looks very bright.

When you look at Malta ten years from now – as a place to visit, invest, and live – what kind of country do you want Tumas Group to have helped build, and what will need to change between now and then to get there?

The group has always invested heavily locally, believed in Malta, and built here on the islands with a long-term strategy. That is a sign of trust and belief in the islands and their people. 

The country we want to help shape is one where people feel proud to visit, confident to invest, and happy to live in. A country that is defined by quality, by excellence and above all by standards. 

We want Malta to be known for an elevated, consistent experience, cleaner, more connected, culturally richer, and an island that is truly aligned with the level of destinations we compare ourselves to, but keeping in mind that we are unique on so many levels. 

For investors, we want a market guided by clarity and solid governance. These are fundamentals that allow serious investment to take root and flourish. 

For residents, we want a country where quality of life, mobility, sustainability, and community spaces match the ambitions we all talk about.

To get there, several things need to evolve. 

Standards must become non-negotiable. Policy must increasingly reward long-term value over short-term wins. Infrastructure needs sustained, uninterrupted investment. As a business community, we all need to work together, sharing expertise, safeguarding the country, and holding ourselves accountable for the Malta we are helping create.

Our role in all this is straightforward: continue building responsibly, operate with strong governance, insist on quality, and invest in projects that elevate Malta's positioning. If we remain disciplined in that direction, I believe we will have helped build a Malta that is more resilient, more competitive, and more aligned with the ambitions of the next generation.

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