24 Apr 2007

Dubai: The Government of Malta and a joint venture between Tecom Investments and Sama Dubai have put pen to paper to officially establish the Dh1.1 billion SmartCity Malta.

The massive project will transform the Ricasoli Industrial Estate in Malta into a state-of-the-art ICT and Media business community - based on the successful models of Dubai Internet and Media cities.

SmartCity Malta will attract an investment of at least $300 million, making this project the largest foreign investment initiative in the ICT sector for Malta. It is projected to generate four per cent growth in the Maltese job market.

The agreement was signed by Austin Gatt, Minister for Investment, Industry and Information Technology of Malta and Ahmad Bin Byat, executive chairman of Tecom Investments.

"Malta was our choice for this project as it is very similar to Dubai in several respects. In terms of strategic location, size, connectivity, access to key markets, and high tourism orientation - both Malta and Dubai share a natural affinity," Bin Byat said in a statement after the signing the deal.

"The real work starts now. Delivering SmartCity Malta will require enormous commitment and effort from both sides. Based on the strong relationship we have established throughout our discussions, we are confident we can create a successful business relationship with Malta."

Gatt said the project would make Malta "a centre for world-class activities providing top-notch career paths and well-paid jobs to our people, without any compromise with the high quality of the Med-iterranean lifestyle. This is not limited to ICT specialists though certainly they are an important element of this."

The Malta facility will be the first European outpost for SmartCity. It is expected that global players, a number of which have already demonstrated significant interest in the project, will be able to focus their European operations and business through SmartCity Malta.

Under the terms of the agreement, the Government of Malta has agreed to make available nearly 358,000 square metres of land to develop the project.

Insight: Smart money's on it being a success
It is the first SmartCity to be developed by Tecom Investments and Sama Dubai, outside the UAE

SmartCity Malta is expected by 2014 to be making an annual contribution of some 534 million euros to Malta's GDP.

SmartCity Malta will attract an investment of at least $300 million.

This makes SmartCity Malta the single greatest new contributor to Malta's economy ever to have been secured through foreign direct investment. 

In eight years, SmartCity Malta will create 5,600 - 7,000 jobs.

By Staff Repotrer

Gulf News 2007. All rights reserved.