SmartCity’s first multinational client is to be announced shortly Chairman of TECOM Investments Ahmad bin Byat, said while commenting on the project.
SmartCity is TECOM Investments’ first project outside of
Dubai. The agreement framework is being finalized and is expected to be signed shortly. “Soon after signing the agreement, TECOM shall be in a position to announce the first multinational Business Partner who will be setting up during Phase 1 of SmartCity
Malta,” said Ahmad bin Byat, Executive Chairman of TECOM Investments said.
He added that “SmartCity
Malta will replicate in Europe the success that TECOM has already achieved through
Dubai
Internet
City and
Dubai
Media
City. The interest demonstrated by international investors in the
Malta project is astounding."
“We believe that through SmartCity
Malta we shall not only kick-start the global SmartCity brand but also contribute effectively to the country’s ambitions of becoming a global Information and Communications Technology (ICT) leader.
Malta has many similarities to
Dubai. However, the most striking similarities are the common vision we share for our respective societies and economies, and the drive to exploit the opportunities that change brings along rather than succumb to it,” he continued.
The Maltese government will be holding 9% of the company's shares. A minimum investment of Lm110 million (US$ 300 million, €231 million) makes this project the largest ever foreign investment initiative ever to be undertaken in Malta generating a guaranteed 5,600 jobs, 65% of which will be ICT based.
