The Tumas Group has been described as Malta’s most enterprising and exciting entrepreneur in property development. When we started out under the helm of my father Tumas in the late 60s, with a small but growing portfolio of real estate, the first signs that the company, later to become the Tumas Group, was set to revolutionise the property business in Malta, as well as to act as pioneer for other sectors.
Within just four decades, we have achieved several firsts in our name. In the early 80s, we introduced the concept of timeshare to the Maltese Islands. We were also one of the first to introduce it to Cyprus. By purchasing and redeveloping under-used real estate, we breathed new life into Malta’s then inert tourism and property market. As our Group diversified, yet retained its core competencies, we have grown by providing a life style that combines real estate with hospitality, entertainment and leisure – the group is now one of the largest hotel owners on the Island. We have also expanded into other segments including the first Maltese owned Casinos, car retailing and we are the Islands’ first and, to date sole, operators of private executive jet services. This is in addition to a host of other activities in which the Group is involved. On the local financial scene, we were also one of the first private companies in Malta to issue bonds on the local investment market. The response was overwhelming. Our bond issue in mid-2002 closed within 36 hours of opening; a week ahead of schedule. Other bond issues followed, with the same remarkable success being heavily over-subscribed. This shows the respect and confidence generated by the Tumas brand, among the public.
The key achievement in our property portfolio is undoubtedly the magnificent, international award winning Portomaso marina, hotel, leisure and residential development in Malta. Commencing in the late 90s, Portomaso represents a unique multi million investment. At first, the project was heralded by many as too audacious and ambitious a move. At the Tumas Group however, we assessed that it was a timely and wise investment. We had our finger very much on the pulse of where the property market should be heading, and we resolved to set new standards. Our foresight has been proved right by events.
Portomaso does not merely represent the realisation of a dream. It is in fact the implementation of a planned phase in the life of the Group’s strategy of developing quality projects enhancing the future face of the country.
In 2006 we realised our first major overseas investment for the group by way of a 173 bedroom hotel property, inluding a first buddha bar spa completed in 2007, on Lake Geneva in Evian-Les-Bains, France. With Portomaso as a standard bearer, we are also considering other major projects. Sister projects for Portomaso are currently underway in the north and south of Malta.
Again, in 2006 together with strategic partners, we were awarded a long term concession for the management of cargo operations at one of Malta's two harbours. This bodes well for the future as it is a landmark achievement for the Group as it involves itself in a project which lends a balance to our other traditional operations in real estate and hospitality. We consider this milestone as a further step in a planned diversification bid which will bring further opportunities and challenges.
Tumas Group is an experienced partner with a proven track record capable of executing macro-development projects and achieving excellent results. We have also managed to establish a solid reputation as a professional partner to various international names and thus attain the support of other stakeholders both locally and overseas.
Over the years we have generated a major contribution to the national economy by delivering a significant multiplier effect to the local scene. In our opinion, we also managed to demonstrate to international investors the potential of Malta as a fantastic tax-efficient location from where to do business and to locate oneself.
It may take boldness and foresight to initiate a project, but it takes experience and perseverance to ensure it succeeds. This is now an integral part of our ethos.
Our objective is to prudently and selectively grow further both locally and abroad. As a Group we shall continue to asses other projects and by partnering suitable strategic stakeholders and managing risk, we shall tackle the challenges and embrace the opportunities in this fast changing economic environment.
As an article in the Financial Times (of London) once famously put it “there is no stopping the Tumas Group”.
Although this may overstate our strategy, it describes very well the Group’s reputation as regards enterprise, innovation and achievement.