Malta Annual Review 2022

Advisory Partner

“As the pandemic eased, businesses started to restore their operations whilst addressing the residual external pressures caused by the pandemic such as supply chain issues and inflationary pressures. Uncertainty in the business environment however soon flared up again as a result of the outbreak of the Ukraine war, which added other challenges such as rising interest rates, the increase in international oil prices, stock market volatility and general economic uncertainty. Our Deals, Consulting and Forensics business units making up our Advisory practice have in the last twelve months continued to assist our clients to address these and the many other challenges that our clients are constantly facing”.

Joseph Camilleri,Head of Advisory

Over the past year, we have continuously supported clients across a variety of different industries in their digital transformation journeys, driving projects across all stages from strategy to execution. In the public sector space, we have been engaged by DG REFORM to assist the shipping section of a local transport entity  in its Strategic Digital Transformation Programme to become a digitally advanced maritime administration aimed at enhancing Malta's competitiveness within the global maritime industry.

Moreover, we also assisted the Government in analysing the composition and usage of its General Use Vehicle (GUVs) fleet by applying technologies such as the Internet of Things and Advanced Analytical Algorithms. Such analysis will pave the way for Government to make more optimal use of its fleet and embrace new technological trends to enhance the digital operation of such a fleet.

Similarly, we also assisted one of the transport entities in Malta in analysing the various results stemming from a nationwide survey carried out in 2021 across various dimensions/thematic areas. The results of such analysis will act as inputs into Government Transport Policy over the coming years.

After the period of negative GDP growth caused by the pandemic, Malta’s economy started to recover as from the second quarter of 2021. In 2021, Malta’s GDP grew by 10.3%, in real terms, and was forecasted to grow by 4.5% in 2022 and 3.7% in 2023 driven primarily by exports and domestic consumption. At the same time, unemployment levels remain very low at around 3%. Inflation, on the other hand, has increased from 0.7% in 2021 to 4.3% in 2022, but remains lower than other countries in the eurozone due to energy and fuel prices remaining fixed through state intervention.


In the past financial year, we were engaged to assist clients in some of the most significant local transactions, particularly in the local middle market segment as well as in the igaming industry, where more companies are seeking consolidation to increase economies of scale and profitability as well as to open up new market opportunities. At the same time, we have seen unprecedented international Mergers & Acquisition activity and, through our collaborations with other PwC network firms, we were involved in a number of cross-border transactions. 

Local capital markets continued to be active and in the past twelve months we have acted as financial advisors in the majority of new equity and corporate debt listings on the local market. 

We were and are being involved in an increasing number of engagements involving the valuation of commercial property and real estate projects. In these engagements, we collaborate closely with architectural firms in order to prepare real estate valuations that are based on robust and realistic assumptions as well as consistent with international practice. In addition, we are also involved in a number of valuations of family businesses, which we prepared to assist the shareholders in the division of their business and its transfer to the next generation. Furthermore, we are also engaged to value complex financial instruments, intellectual property and other hard-to-value assets, particularly in the financial services sector, the igaming industry and other sectors. In addition, besides providing valuation services directly to our clients, we provide extensive support to our Assurance practice, as well as to our PwC network in the preparation of fair value assessments, impairment testing and going concern assessments. 

We continue to invest heavily in upskilling our staff in data analytics and other digital tools as this enables our staff to provide insights that would otherwise not be possible with traditional tools. When combined with our extensive market and industry expertise, our investments in technology assets and data analytics allows us to bring deeper, tailored and more value adding insights to our clients.

Management Consulting

In this period, our clients have continued navigating through disruption, and needing to implement solutions to be resilient through today's rapidly changing business environment. In FY22, our focus has therefore remained on supporting our clients in both the private and public sector to address their challenges and opportunities across the wide array of services we offer including strategy, research, people and organisational management, programme management and sustainability. In addition, we have also continued to support the public sector in the areas of policy, economics and research. We have continued to strengthen our capabilities in these areas to ensure our Management Consulting team is strongly positioned in the provision of the full spectrum of public sector and business transformation services, and to help our clients build trust and deliver sustained outcomes, in line with our global strategy - The New Equation.

Data, research and insight

In the area of data, research and insight, our flagship project during this year was supporting one of the transport entities in Malta to carry out a nationwide survey to establish the traveling habits, frequency and preferred means of transportation in Malta. We have also carried out a number of sectoral studies for the retail, fast-moving consumer goods (FMCG) and real estate sector. Through our collaboration with Onest Data, we have also supported our clients in both the public and private sector to gather, analyse and visualise market and consumer data better to provide insight to support decision-making, mitigate risk and enhance performance.

EU Advisory, Policy and Research

In FY22, we carried out a study about change in mobility management in the Maltese Public Service through the procurement of a cleaner fleet of government general-use vehicles and the introduction of the concept of ride sharing between the various Ministries and Government Departments. In the area of funding support, we have continued to provide bilateral advisory support to one of the largest banking institutions in Europe. Our aid was in relation to the European Investment Fund financial Instrument for Energy Efficiency and Renewable Energy being administered by selected local financial intermediaries in order to encourage increased investment by both households and enterprises in energy efficiency and renewable energy measures. We have also continued to support businesses to apply for EU funding to assist them in undertaking various eligible investment projects. We have also been awarded a contract by a European body that deals with structural reform to provide technical support to the local Managing Authority for the Implementation of Malta's Recovery and Resilience Plan. 

People & Organisation

In the area of People & Organisation, we have supported our clients to achieve their strategic ambitions and get prepared for the future of work. This has included supporting them to develop and implement change management strategies to enable the achievement of the objectives of their transformation initiatives by driving positive and sustainable change through people. We have also supported clients to develop competency frameworks, assess training gaps and develop talent development strategies, such as the support we provided to the shipping section of a local transport entity  through a DG REFORM TSI funded project. Further areas we have supported our clients on throughout the year is through job evaluations to support them to determine their grading, pay structure and to develop career progression plans.

Programme and Project Management

Every business needs the capability and supporting tools for effective delivery of programmes and projects. During this year we provided project management services to a number of clients to support their transformation projects. This involved setting up the programme governance structure and programme plans (milestone and detailed plans), and establishing other project management tools such as risk logs. In addition, we assisted with the day-to-day coordination of the project between the multiple stakeholders, such as workshop coordination, risk assessment and monitoring, project plan monitoring and control and reporting. 

We have also supported various clients to prepare their bids for projects, for both public tenders and private requests for proposals, both local and international. 


On issues from climate change to diversity, expectations are growing for businesses to be part of the solution to care for our environment and the people who live in it. This is why organisations’ environmental, social, and governance (ESG) practices are today more important than ever. Sustainability services represent a growing area within our Consulting practice, where our role has been to help organisations plan, measure and deliver on their wider impact. We’re helping our clients understand the duality of ESG, both in the way such matters impact the organisation, but also the impact the business itself is having on the environment and wider society. In understanding the importance of ESG, we help clients to manage risks, maximise opportunities and communicate their sustainability journey, all while grappling with a fast-changing regulatory environment. Given the importance of the topic, more detailed information on what has been happening in this space can be found on the ESG section.

Strategy & Operations

Projects we have worked on have included reviewing and defining our clients' business strategy with the perspective of co-creating a sustainable competitive advantage and developing opportunities to both defend their current market position as well to ensure future growth. We have also helped clients to define their target operating model to deliver their strategy, working closely with other teams within our firm such as our digital consulting team to support in the review of the technology components and our legal team to review the corporate governance components of the operating model.

Contact us

Ryan Sciberras

Ryan Sciberras

Head of Advisory, PwC Malta

Tel: +356 2564 7090

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