Tuesday, Mar 20, 2007
DUBAI (Zawya Dow Jones)--TECOM Investments and Sama Dubai, both members of government-owned Dubai Holding, said Tuesday that they have formed a joint venture company - SmartCity - to develop and manage knowledge industry townships across the world.
The new venture will combine TECOM's expertise in the creation and management of knowledge based cities, with Sama Dubai's experience in international real estate developments, a joint statement said.
Headquartered in Dubai, SmartCity will have the mandate to explore new markets with high potential for the development of knowledge clusters.
TECOM's executive chairman Ahmad bin Byat said SmartCity is part of the company's global expansion plans to become the leading provider of knowledge based business parks throughout the world.
"Through this venture, we aim to take forward the success that Dubai has achieved in the creation of knowledge based industries internationally. The TECOM Investments-Sama Dubai joint venture has the right combination of people and expertise to generate sustainable economic and social value in partner countries," Farhan Faraidooni, executive chairman of Sama Dubai, said in the statement.
TECOM currently has interests in the information and communication technology, media, education, biotechnology, and energy sectors.
-By Sarmad Khan, Dow Jones Newswires, +9714 227 8287; sarmad.khan@dowjones.com
Copyright (c) 2007 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
20-03-07 1121GMT
