Alex Borg proposes €350 million cultural district, and data, AI and ‘newspace’ investment plan

PN leader Alex Borg announced a series of economic proposals centred around artificial intelligence, data, and "newspace" industries, as well as the creative sector, including plans for a €350 million cultural district in Marsa and a €12 million investment package aimed at developing Malta as a hub for AI and space-related industries. Speaking during a press conference on Wednesday, Borg said the PN has always believed in creating new economic sectors capable of benefiting Malta in the long term. He said previous Nationalist governments had established industries such as gaming, pharmaceuticals, financial services, maritime and aviation, which remain key pillars of Malta's economy today. "That economic vision created quality jobs and added value to Malta's economy," Borg said. Referring to another economic proposal announced by the PN, Borg said the party intends to develop a Mediterranean Maritime Fuel hub at Hurd's Bank. He said the project would allow the LNG tanker currently operating in Marsaxlokk to relocate offshore together with the fuel station, while also giving "new breathing space" to residents in Marsaxlokk and Birżebbuġa. Borg said that the investment could generate around €450 million over three years. Borg said the PN's latest proposals are intended to create greater added value in the economy without increasing pressure on Malta's infrastructure and families. "Through these investments, we will put more money in people's pockets and improve quality of life," he said. He announced that the PN would focus particularly on the data, AI and "newspace" sectors, alongside the creative economy. Borg said a future PN government would invest €12 million in the AI, data and newspace industries over five years. He described the sector as a rapidly expanding global market, citing European Space Agency estimates which placed the global market at around €400 billion in 2024, including €78 billion generated in...