The vote was taken on the third day of Parliamentary discussion. Although in favour of the project, the Opposition presented a set of amendments which did not garner enough support at Parliamentary level.  

Last week, members of the Opposition within the Parliamentary Public Accounts Committee voted against the transfer because although the MLP agrees with the project, it has its reservations where public and national interest are concerned.

Despite voting in favour of the motion, Malta Labour Party (MLP) deputy leader Dr Charles Mangion reiterated that the party still harbours the reservations brought up in Parliament earlier during dicussion.

It is expected that SmartCity Malta will transform the current Ricasoli Industrial Estate into an Information and Communications Technology (ICT) and Media City on the models of Dubai Internet City and Dubai Media City devised, owned and operated by Tecom Investments. 

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 concentrated in the private sector in the knowledge-based environment. It is expected that Malta will cash in more than Lm42 million (US$129.9million, €97.8million) in taxes through the project, while over Lm230 million (US$711.4million, €535.8 million) will be contributed towards the Maltese economy.

The agreement with TECOM Investments of Dubai is expected to be signed after Easter.

In turn, earlier on Tuesday, TECOM Investments and Sama Dubai, both members of Dubai Holding, announced on Tuesday the official creation of SmartCity as a joint venture company.

SmartCity is expected to combine TECOM’s expertise in the creation and management of knowledge based industry clusters, with Sama Dubai’s strength in international real estate development to create an infrastructure and environment catered to the requirements of knowledge based companies and knowledge workers.

Commenting on the new venture, Ahmad bin Byat, Executive Chairman, TECOM Investments, said “The ‘SmartCity’ project is part of TECOM’s global expansion plans of   growing into an internationally diversified organization, and becoming the preferred provider of   knowledge based business parks across the world.”

Farhan Faraidooni, Executive Chairman of Sama Dubai, explained that “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.

Abdullatif Almulla, Chief Executive Officer   (CEO)  of TECOM Investments stated “At present TECOM Investments has interests in five industry clusters: information and communication technology (ICT), media, education, biotechnology, and energy and we are constantly expanding and branching into new areas. This innovative spirit will also be a part of our overseas activities.”

SmartCity, headquartered in Dubai, has the mandate to explore new markets with high potential for the development of knowledge clusters. The company’s current portfolio includes projects in Malta and India among others.