MIDI plc on Monday announced that it has entered into a “non-binding memorandum of understanding” with AC Enterprises Limited to explore the possibility of establishing a joint venture for the development of Manoel Island.

AC Enterprises Limited, owned by Anton Camilleri and his family, are described by MIDI as having an established track record in the development of residential and commercial properties.

“Discussions are ongoing and may or may not result in a transaction,” the company announcement reads.

MIDI plc, a consortium whose shareholders make up high-profile local business enterprises, such as Alf Mizzi & Sons, MSV Life plc, Gasan Enterprises, Vassallo Builders Group and Finco Treasury Management, was awarded a 99-year concession to develop Manoel Island back in 2000.

Progress has been slow, however plans to develop the area have accelerated in recent years.

Initially, the plan was for MIDI to partner with Tumas Group to develop Manoel Island, however the company hit the breaks in December 2019 after Tumas Group Director Yorgen Fenech was charged with murder.

MIDI intends to build residential, commercial and leisure facilities with underground parking, upgrade the yacht marina with a breakwater and develop public amenities such as sports facilities and an arts centre.

Previous major projects by MIDI include Tigné Point residential complexes and The Point Shopping mall, a retail and leisure space.