‘Malta has potential, but we must continue evolving,’ says Tumas Group’s Raymond Fenech

With 2026 well underway, businesses are navigating a complex mix of growth and constraint. In a macro-level overview first published in the print edition of Malta CEOs 2026, we brought together economists, analysts and business leaders to assess sector trends, labour availability, cost pressures, sustainability requirements and the broader economic political context shaping the year ahead.

At the helm of Tumas Group, Raymond Fenech leads interests across hospitality, gaming and technology, giving him a front-row view of Malta’s workforce pressures and the realities of scaling internationally.

In 2026, I believe Malta’s economic health remains resilient. We operate in a small but agile economy and resilience has always been our strength. As time passes, I’m keeping a close eye on evolving tourism trends, labour market dynamics and the continued pressures created by global inflation.

On that note, while inflation is easing compared to previous years, the cost of doing business will remain a challenge. It will require companies to be disciplined and committed to delivering quality.

Labour shortages will persist in 2026, particularly in hospitality, construction and technology. Malta must continue investing in skills training and regulated, ethical recruitment. In addition, businesses need strong internal structures and good governance to support their teams.

ESG is no longer a trend, and I believe sustainability will be central in 2026. It is now an essential part of sound business practice – in fact, it’s already a requirement in our collaborations with international partners. ESG will shape the way projects are designed, operated and evaluated, and it will create new opportunities for those who are prepared to invest in long-term value.

In our sector, the most significant opportunities lie in innovation and diversification. Traditional industries such as hospitality have reached a level of maturity, so growth must come from new areas. This is why we are investing in technology and online gaming platforms, where the scale is global and the potential is significant. We already work with more than 40 contracted operators, and we expect to reach over 100 by the end of the year.

Overall, my outlook is optimistic but measured. Malta has potential, but we must continue evolving, adapting and upholding the highest standards. This is how we preserve our legacy and secure our future.

This forms part of a feature first published on Malta CEOs 2026, the sister print brand to MaltaCEOs.mt, both owned by Content House.