Malta is positioning itself as a haven for wealthy Gulf Arabs fleeing the fallout from the Iran conflict, Finance Minister Clyde Caruana announced on Monday – but the island's leadership has made it crystal clear that ordinary refugees need not apply. [1]
Speaking in parliament, Caruana outlined Malta's strategy to capitalise on what he sees as a significant economic opportunity. With various Arab nations on the Persian Gulf – home to US military bases that became involved in the initial strikes on 28 February – now facing Iranian retaliation, many affluent residents are seeking safer ground for themselves and their fortunes. [1]
"Malta is well-placed to attract them. We can offer a jurisdiction in which they can manage their wealth peacefully." – Finance Minister Clyde Caruana [1]
Caruana has personally participated in meetings aimed at drawing these individuals to Malta, and he highlighted the government's efforts to encourage the establishment of family offices – companies that manage wealth and investment for wealthy families – which he said could have an "enormous" impact on the local economy and finances. [1]
Different tune on refugees
The remarks drew criticism from opposition shadow minister for foreign affairs Beppe Fenech Adami, who questioned the tone of the comments. "At a time where people were dying in a war, and countries were terrorised, I feel that such a comment is insensitive," he said during parliamentary debate. [1]
Prime Minister Robert Abela, meanwhile, made the government's position on displaced persons abundantly clear. He emphasised Malta's determination to ensure that refugees fleeing the conflict do not end up on the island, and called on the EU to strengthen support for countries of transit, particularly Egypt. [1]
Abela stressed that North African nations – including Libya – would play a key role in managing migration flows from the region, leaving little doubt about where his government believes displaced persons should be directed. [1]
The dual approach sums up Malta's response to the crisis: wealthy investors with deep pockets will find a warm welcome and a stable jurisdiction to manage their assets. For everyone else caught up in the conflict, the message is rather different. [1]