The Ministry for Investment, Industry and Information
Technology has successfully concluded talks with Tecom Investments of Dubai on SmartCity
Malta
on Monday. This occurred after the Cabinet approved terms of the agreement, authorizing
the Minister Austin Gatt to close negotiations and proceed with the completion
of the documentation required for Parliamentary scrutiny.
SmartCity
Malta will
transform the current Ricasoli Industrial Estate into an ICT and
Media
City
on the models of
Dubai
Internet
City
and
Dubai
Media
City
devised, owned and operated by Tecom Investments.
Tecom will be investing a minimum of Lm110 million (US$ 300
million, €231 million) making 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.
The new
Malta
facility will be the first European outpost for
Dubai
Internet
City
and
Dubai
Media
City and it is expected that global
ICT and Media players will be able to focus their European operations and
business through SmartCity
Malta.
The terms of the agreement retain the principles agreed in
the Heads of
Agreement signed by Minister Austin Gatt with then Tecom Chairman and Chief Executive
Officer Ahmad Bin Byat in March 2006.
Tecom Investments FZ-LLC, through their subsidiary Smart City Dubai FZ-LLC will
be partners with the Government of Malta in SmartCity (
Malta) Ltd in which
the Government through its Malta Government Technology Investments Ltd will
retain equity of 9%.
The details of the terms of the negotiations will be announced on Wednesday by Minister
Austin Gatt.
Following the conclusion of the negotiations, the parties
will focus on finalizing the contractual documentation in the coming days so
that it can be submitted to Parliament for discussion and approval.
See also:
Positive signs on SmartCity agreement – I.T. Minister -
Nov 21, 2006, 18:58 CET
