MIDI plc was set up in 1992 in response to an international call by the Government of Malta for the redevelopment of Tigné Point and Manoel Island.
The origins of the Company can be traced back to a consortium originally formed in 1992 for the purpose of submitting a proposal in response to the request for submissions made by the Government of Malta on the basis of the Development Brief for Manoel Island and Tigné Point. Pursuant to a resolution passed in June 1999, the Company was converted into a public limited liability company, with a new Memorandum and Articles of Association under the name it is now known as, that is MIDI plc.
By virtue of a public deed in the records of Notary Vincent Miceli of the 15 June 2000, the Company acquired the Emphyteutical Land at Tigné Point and Manoel Island from the Government of Malta by title of temporary emphyteusis for a period of ninety-nine (99) years which commenced in June 2000. Under the same Emphyteutical Deed, the Company also acquired from the Malta Maritime Authority, for a period of ninety-nine (99) years, the right to develop and operate a yacht marina on a defined area facing the south shore of Manoel Island in Ta’ Xbiex Creek, Limits of Gzira.
The large scale of the Project was from the outset recognised as constituting a unique challenge. Tigné Point and Manoel Island combined will entail a total gross development of approximately 237,000 square metres and over 3,900 car spaces, making it by far the largest development within the Maltese Islands since the building of Valletta.
The shareholding of the Company reflects the needs of a Project of this scale, and includes a number of Malta’s leading business enterprises and institutions. The development operations commenced in late 2000 following the signing of the Emphyteutical Deed.