Malta signs final agreements for Smartcity Malta
The Government of Malta and SmartCity, a joint venture between TECOM Investments and Sama Dubai, signed the final agreements to establish SmartCity Malta, a media business community based on the successful models of Dubai Internet City and Dubai Media City, on 23 April 2007.
Ahmad bin Byat, Executive Chairman of TECOM Investments, said: “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.”
Austin Gatt, Malta’s Minister for Investment, Industry and Information Technology, said the project would also lead to the regeneration of Ricasoli and neighbouring towns in the southern area of Malta’s Grand Harbour.
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 sq. m. of land to develop the knowledge-based township. SmartCity Malta will attract an investment of at least USD 300 million, making this project the largest foreign investment initiative in the ICT sector in Malta.