Government & Politics
Successful conclusion to talks on SmartCity Malta
By MaltaMedia News
Jan 22, 2007 - 4:37:27 PM

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.