Speaking of the project, Mr. Ahmad bin Byat said "We would like to see this project deliver what it promises." He added that it is hoped that the first client will be a multinational globalised player and move in within the next two years. During signing it was made clear that the first objective it to create 5,600 jobs. 

When MaltaMedia asked Mr. Ahmad bin Byat whether Maltese nationals will be preferred when recruiting for the 5,600 jobs, he replied “The Maltese will be preferred absolutely”. Asked about the 5,600 jobs, he said these will be new jobs but insisted it will take a number of years to create them.

The parties signed two main documents, namely, the deed of the emphyteutical grant, along with the investment agreement.

Through the signing of the first document, th e first step will be to create the SmartCity Malta Office, demolish the industrial estate, and construct the first building which is expected to employ the services of 500 persons.

Under the investments agreement, Lm 94.9 million (€ 221.1 million, US $300 million) will be invested to create SmartCity Malta on 356,000 square metres of land in Ricasoli.

Mr. Ahmad bin Byat also said that " Malta’s strategic location as a member of the European Union was a decisive factor for us in establishing the partnership. The high prevalence of an educated workforce in Malta was also an equally important factor for us," adding that the company's vision for SmartCity Malta is most definitely a long-term one.

Minister Austin Gatt said that “It is a very big feather in our country’s cap,” adding that “Today we have a new beginning, it a special day for Malta.  I see the country’s vision maturing and producing concrete investments.”

The Minister continued by explaining that “The major challenge for this country is to provide the education to provide the workforce.”

"We see today’s technologies as the drivers of change in our economy. Their presence will help us drive this cultural change. It will be a tool of change not only for Ricasoli but for the entire economic landscape of our country," added the Minister.

The project contract commits TECOM Investments to guarantee the creation of a minimum of 5,600 jobs within stipulated time-frames. The capacity of the planned project however allows for up to 7,600 jobs to be created in the ICT and Media Business Park. A report by auditing and accounts company KPMG on the socio-economic impact of SmartCity forecast that including the multiplier effect of the project some 10,500 people will be earning their living in 2018 at or as a result of SmartCity.

When completed, the Ricasoli area will feature a state-of-the-art ICT and Media Business Park, tourism accommodation, entertainment areas, shops and a freely accessible recreational area taking up around one-third of the surface area of SmartCity Malta.

The signing of the SmartCity project will be followed by the continuation of the planning process that commenced several months before the conclusion of negotiations signalling the commitment of TECOM Investments to the Malta project. The next step would be for the Malta Environment and Planning Authority (MEPA) to consider the planning applications to be submitted shortly.

SmartCity Malta will be the first overseas export of SmartCity brand that emerged from Dubai Internet and Media Cities in the United Arab Emirates.

According to the World Economic Forum's networked readiness index, when it comes to exploiting technology to be more competitive, Malta has climbed past the United Arab Emirates (UAE) last year. Although the United Arab Emirates led the way in adoption of information and communications technology, ranking 29th among 122 countries worldwide, data from previous reports show the Emirates fell six places in two years, according to The Associated Press.