Who we are

your preferred partners for hospitality

Both at board as well as at management level, Palm City Residences is run by people who care about what they do and who are proud of the achievement that is Palm City. It is this belief in the product on offer that keeps driving the team to better excellence and bigger dreams.

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A prestigious residential village spread over 14 hectares

Palm City Residences is fully owned and operated by Palm City Ltd. - a subsidiary of Mediterranean Investments Holding p.l.c. MIH p.l.c., a joint venture between National Real Estate Company of Kuwait and Corinthia Palace Hotel Company Ltd., Malta, is a publicly listed company on the Malta Stock Exchange. MIH p.l.c. was set up with the specific objective of developing and delivering quality Real Estate in Libya and other North African countries. Palm City Residences, MIH’s first fully operational project is testimony to the product type and lifestyle that its developments and destinations are all about. Mediterranean Investments Holding p.l.c. has several other projects in the pipeline including the iconic Medina Tower, a 42-storey mixed use building in the heart of the Libyan capital, Tripoli and Palm Waterfront – a residential and hotel development adjacent to Palm City Residences this time with the properties being sold yet operated and maintained by MIH p.l.c.

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Corinthia was founded in 1962 by leading entrepreneur Alfred Pisani and his family, as a fine dining restaurant in Malta. The restaurant was expanded into a 152-room luxury hotel, inaugurated in 1968 and registered under the name Corinthia Palace Hotel Company Limited (CPHCL). In spite of limitations in capital and resources, the Corinthia portfolio grew internationally through keen acquisitions and developments financed by internally generated funds on conservative debt to equity ratios. In 1974, the Libyan Foreign Investment Company (LAFICO) acquired a 50% shareholding in CPHCL. In April 2000, CPHCL commenced a process to consolidate its owned five star hotels, its Brand and management set-up into a new company named International Hotel Investments p.l.c. (IHI) which was listed on the Malta Stock Exchange. In 2007, Istithmar World of Dubai, acquired a strategic shareholding by way of a further capital increase to fund a continued expansion.

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Established in Kuwait in 1973, the National Real Estate Company (NREC) is a publically listed real estate and investment company with a presence in the Middle East and North Africa. Since then, NREC has grown into one of the largest real estate companies in the GCC, with assets and capital exceeding KD542 million (US$ 1,864 million) and KD89 million (US$ 308 million), respectively. Headquartered in Kuwait, NREC houses subsidiaries, entities and developments that span across the MENA region, including the UAE, Egypt, Jordan, Iraq, Lebanon, and Libya. NREC’s portfolio of projects completed or under development, includes office space, mixed use centers, industrial parks, residential communities and super-regional malls. In addition to a strong track record in property development, NREC brings experience and depth of knowledge in property management of commercial complexes and shopping centers.

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Our Team

Board of Directors

  • Reuben Xuereb

    Chairman & CEO

    Reuben Xuereb joined the Corinthia Group in January 2005 as a senior executive, and has since been heading the real estate investments and operations in Libya.  Having worked in the Middle East with one of the largest finance houses and investment groups based in Bahrain, he has specialized in real estate investment structures and is responsible for corporate strategy and business development of MIH.  Reuben Xuereb is also the CEO of Medina Tower Joint Stock Company, CEO of MIH plc and Executive Chairman of QP Management.

  • Faisal J.S. Alessa

    Non-executive Director


    Faisal J.S. Alessa is currently Chairman of Kuwait based NREC. Before becoming Chairman, Mr Alessa served NREC by leading its business development function and as a board member, Chairman and Managing Director of various subsidiary organisations. Prior to joining NREC, he was the Chairman of United Capital Group, a company registered in Kuwait with over USD 700 million in assets under management. Mr Alessa is a graduate of Barry University in Miami, Florida, USA.

  • Joseph Pisani

    Executive Director

    Joseph Pisani joined Trust House Forte PLC in the UK as an Accountant Trainee in 1988 and was Group Management Accountant when he left in 1993. He joined Corinthia Group in 1993 and has held various executive positions. He is currently Owner’s Director for the Corinthia Tripoli Hotel and is also an Executive Director for BCM, Corinthia’s concrete production and block making plant in Libya. Mr Pisani is a graduate in Finance from the London School of Economics and received his M.Sc. in Management from the University of Surrey.

  • Mario P. Galea

    Non-executive Director

    Mario P. Galea was founder, Managing Partner and Chairman of Ernst & Young Malta until he retired in 2012.  Mr Galea is a certified public accountant and auditor, a Fellow of the Association of Chartered Certified Accountants and a Fellow of the Malta Institute of Accountants. He has served as President of the Malta Institute of Accountants and held various other positions in the Institute, Federation des Comptables Européens (FEE) and the Accountancy Board. Mr Galea is independent non-executive Director competent in accounting and auditing matters and acts as Chairman of the Audit Committee of the Issuer.

  • Ahmed Yousri Helmy

    Non-executive Director 

    Mr. Yousri Helmy is an accomplished executive with an outstanding track record in spearheading transformational programs including debt restructuring, organisational streamlining and digital implementation, delivering cost efficiencies and driving shareholders’ value.  He has ventured into major business acquisitions with proven abilities in business modelling and analysis. Mr Yousri Helmy is the current group CFO of National Real Estate Company (NREC), a Kuwait based publicly listed real estate and investment company, with a presence in the Middle East and North Africa. 

    Prior to joining NREC, Mr Yousri Helmy was the CEO of Invest Group and CFO at the Sultan Centre Group where he played an integral part in the continual growth and success of the group, driving operational, commercial and financial activities. Mr Yousri Helmi holds an MBA from American University of Beirut in Lebanon and is a certified public accountant registered with the California Board of Accountancy.

     

     

  • Ahmed Bader Wahedi

    Non-executive Director

    Mr. Wahedi is the chief executive officer of NREC Capital, a division of the National Real Estate Company (NREC) headquartered in Kuwait.  He is responsible for the Group’s asset management initiatives. Prior to joining NREC, Mr. Wahedi was the Managing Director of the Real Estate Division at Boubyan Capital where he assembled a $100 million diversified portfolio of income generating and development properties in Kuwait and launched a highly successful $50 million REIT. Prior to Boubyan Capital, Mr. Wahedi was a Corporate Development Manager at Agility where he was involved with executing several mergers & acquisitions.

    Mr. Wahedi holds an MBA from the Wharton School of Business and a BSc in Civil Engineering, BSc in Electrical & Computer Engineering, and a BSc in Economics from Carnegie Mellon University.

     

  • Stephen Bajada

    Company Secretary

    Stephen Bajada joined the Corinthia Group in 1998 after having spent a number of years as senior manager with the National Tourism Organisation - Malta. Since joining the Corinthia Group he has occupied a number of senior positions and serves as Company Secretary to MIH, PCL and PWL apart from other companies within the Corinthia Group. He is a graduate in business management from the University of Malta.

Management Team

  • Morgan Azzopardi

    General Manager

    Morgan Azzopardi joined Palm City Residences in December 2012 as General Manager, where he is responsible for the management of the business and its representation in Libya. A graduate in medical sciences, international relations and business administration, Morgan has over 15 years of professional experience in business management, contracting and security through his work with government agencies and service-related organisations.

  • Stephen Micallef

    Facilities Manager

    Stephen Micallef joined Palm City Residences in February 2010, in the position of Facilities Manager. Stephen’s role covers the day-to-day planning and coordination of departmental activities relating to general maintenance, house-keeping, site cleaning and landscaping, as well as front-line guest relations. Stephen arrived at Palm City with over 30 years’ industrial management experience, with particular expertise in quality control and production, as well as general management.

  • James Borg

    Administration & Business Development Manager

    James Borg first joined Palm City Residences in September 2008, during the final stages of construction, where he was initially responsible for administration and logistics. James has since held several different positions at Palm City Residences. His current role sees him dealing with all client commercial and contractual issues as well as heading procurement, logistics and the day-to-day running of the administration offices. James has a long experience as a senior executive in both the manufacturing and retail industries.



     

  • Lizio Gerada

    Financial Controller

    Lizio Gerada joined Palm City Residences in November 2013 as an Accounts Executive and was promoted to Financial Controller in September 2017, leading the Finance Team at Palm City. Lizio has a vast experience in the Accounting Field and has occupied various finance and other management positions in the construction and the property management fields in Canada as well as the food & beverage industry in Malta.