‘Our values are a compass, not a constraint’ – Denise Xuereb

As CEO of AX Real Estate and Director of Construction and Development, Denise Xuereb leads AX Group’s many landmark projects from concept to completion. Fresh from celebrating the group’s 50th anniversary and progress on two major developments, she now turns her focus to the next stage of AX ODYCY Hotel and the refurbishment of AX The Palace Hotel – the property that launched her career in 2008.

Denise Xuereb navigates two demanding leadership roles with deliberate intention. As CEO of AX Real Estate and Director of Construction and Development at AX Group, she operates across complementary, yet distinct, territories.

“AX Real Estate focuses on long-term value creation through assets, while the Construction and Development arm is about execution, precision and delivery,” she says. “There is synergy between the two, giving me a holistic view of projects from concept to completion. The real estate perspective encourages the construction arm to think beyond building, towards creating places that add value to communities – a key part of the AX Group ethos.”

This perspective shapes how Denise leads, though she is quick to acknowledge the complexity. “Dual roles automatically mean discipline, clarity of priorities and delegation, while still keeping the strategic objectives in sight,” she explains. “You can’t manage such a role without trusting specialised teams. I love to join in the buzz of a project, but the difficulty is not to get sucked into the finer details.”

Her approach is grounded in training as well as experience. Building on her qualifications in project and programme management, the pivotal moment in Denise’s career came in 2008 when she oversaw the final stages of AX The Palace Hotel in Sliema – a baptism of fire that cemented her passion for the industry.

Today, Denise is one of the few women operating at the top of Malta’s construction and development sectors. She is pragmatic about what that reality means. “We need to normalise women in leadership roles, but it boils down to leading with focus, professionalism and integrity, not labels. Whoever it is, regardless of gender, leaders must be relevant within their industry and role.”

Her leadership style centres on humility and continuous learning. “Lead through dialogue rather than dominance,” she advises. “As a leader, you must stay curious, open-minded and willing to listen to your team – and to learn from them. Leadership is an ongoing learning curve towards continuous improvement, not complacency.” She is equally clear about keeping processes purposeful rather than overcomplicating them. “Sometimes you have to stop and think: just because everyone else is doing this, do I need to? Does it really serve the purpose?”

This balance of principle and pragmatism also frames AX Group’s recent milestone. In September 2025, the group celebrated its 50th anniversary, bringing together the extended AX family – management, employees, partners, suppliers, bankers, and clients who have shared in the company’s journey. “Today, AX Group employs over 1,300 people – which means we support over 1,300 families,” Denise notes. “When you consider all the people who have worked for, or been touched by, the group over the decades, that’s an immeasurable impact – and an enormous responsibility for us to continue the legacy, as the next generation.”

The celebratory moment also underlined how far AX Group has come in half a century, evolving from a small construction business into a diversified organisation with a portfolio of landmark projects that have become destinations. “Expansion into hospitality, care, development, and real estate came through foresight, determination and the willingness to take calculated risks where others saw limitations,” shares Denise. “Those values transformed a one-man set-up into the AX Group of today.”

That founding mindset remains visible. Founder and Chairman Angelo Xuereb’s principles of determination, integrity and innovation are rooted across the group’s six divisions: construction, development, hospitality, healthcare, real estate, and renewable energy. “We’re known for being value-driven and not trend-driven, focusing on the long term rather than the short,” says Denise. “Our values ensure that our commercial objectives never override our long-term responsibility and goals. I see our values as a compass, not a constraint.”

As another generation steps forward, the question of continuity becomes more pressing. “We are committed to maintaining these values, even as the third generation becomes involved,” she asserts. “Our biggest strength is the ability to adapt without losing our integrity. The goal is not to replace these values, but to translate them into a modern context that is relevant.”

The evolution from Angelo Xuereb’s original vision has been both generational and strategic, with one lesson learnt through practice: stick to strengths. “My father delved into many ventures, from technology to fish farms and hospitals, but they were never our core business,” she explains. “He taught me to keep aiming higher, to act with integrity and to raise the bar in everything we do, with no half measures.”

Recent performance reflects that focus. Denise notes that strong results in hospitality and real estate supported momentum in 2025, particularly across flagship properties. The year also brought the launch of the luxury Verdala Wellness Hotel. At the same time, rising costs and labour shortages presented operational challenges.

Even so, the most critical decision Denise faced was deeply personal. “The past year was very much focused on my baby,” she reveals. “I returned to work just two weeks after giving birth, having made sure I had the right support system in place so our projects could proceed as planned.”

Meanwhile, people remain central to delivery. With competition for skilled professionals intensifying, talent retention remains a priority. “People want to have AX Group on their CV as a reference and in their career progression, but there is still competition for experts in construction and hospitality. We’ve responded by investing in professional development, career progression and workplace culture – building loyalty through trust and opportunities, as part of the family environment we are so proud of.”

Two major projects dominate the 2026 agenda, both laden with emotional significance. The next phase of AX ODYCY Hotel represents the continuation of a master plan, years in the making. “We’re building on the transformation achieved so far,” says Denise. “It focuses on extending the guest experience through additional facilities and the new AX ODYCY Residences. The premise is that each addition must strengthen ODYCY’s character, rather than simply expanding it.”

The major refurbishment of AX The Palace Hotel, scheduled to begin in November 2026, brings Denise’s career full circle. “Sunny Coast – the former name of AX ODYCY Hotel – was the group’s first hotel property, which my father built before I was born. But AX The Palace was where I discovered my love for project management and this industry. Twenty years later, it’s an opportunity to reimagine the hotel to meet modern guest expectations.”

Digital transformation also features prominently in Denise’s consolidation strategy: “Instead of viewing it as a threat, we’re planning how to embrace it safely and securely. We created a task force and are investing in artificial intelligence (AI) and automation as tools to optimise operations – but always with a human-led approach that values expertise and judgement.”

In the end, the people piece threads together – humans are at the forefront of Denise’s vision as she prepares for another busy year at AX Group. “Amid the rush of new technology, leaders often forget that we deal with other humans, be they our teams, clients, suppliers or contractors. Everything comes down to the people. Malta’s communities, history, heritage, and future should always be our ‘why’. We must, as a business community, remain human.”

This article is part of the serialisation of 50 interviews featured in MaltaCEOs 2026 – the sister brand to MaltaCEOs.mt and an annual high-end publication bringing together some of the country’s most influential business leaders.