 |
The Government of Malta and Tecom Investments of Dubai today have signed the Heads of Agreement, which paves the way and defines the operational framework for the establishment of SmartCity@Malta.
The Heads of Agreement were signed at the Ministry for Investment, Industry and Information Technology in Valletta, between the Minister for Investment, Industry and Information Technology, the Hon. Austin Gatt for the Government of Malta and Tecom Chairman and CEO, Mr Ahmad Bin Byat, for Tecom Investments.
SmartCity@Malta will transform the current Ricasoli Industrial Estate into a state-of-the-art ICT and Media Park on the models of Dubai Internet City and Dubai Media City devised, owned and operated by Tecom Investments.
On its part, Tecom will be investing an estimated Lm110 million, making this project the largest ever foreign investment initiative in the ICT sector ever to be undertaken in Malta generating 5,600 jobs concentrated in the private sector in the knowledge-based environment.
The Heads of Agreement stipulate that a company, which will be registered in Malta in the coming months, will be developing and operating SmartCity@Malta.
On its part, the Government of Malta has agreed to make available the land in exchange of 9% equity in the investment, an annual ground rent and a return through the significant investment in the public spaces to be made by the company operating SmartCity@Malta. Since the commercial detail of the agreement will be subject to further negotiations, the parties agreed not to disclose this detail before the Final Agreement is submitted to Parliament for its consideration.
The Heads of Agreement stipulate also that all public areas at SmartCity@Malta as well as the Ricasoli foreshore will remain entirely accessible to the public.
Tecom Investments are the originators, developers and operators of the ¡®Dubai Internet City¡¯ which groups together over 700 tenant ICT companies: the world¡¯s largest managed entity for ICT.
The new SmartCity@Malta will include a new full-fledged ICT and Media Smart City on the models developed by the same organisation in Dubai. This project will also be accompanied by new state-of-the-art use of the environment of the site with the development of a hotel, a lodging area and other activities to help attract knowledge-based operations to the site.
The company operating SmartCity@Malta will also be working with the Local Councils of Kalkara and Xg©€ajra to ensure that the residents of the towns neighbouring the SmartCity@Malta will be among the first to benefit from this development. Specific projects with persons with disabilities and to help inmates of drug-rehabilitation programmes have also been agreed.
Mr Ahmad Bin Byat, Chairman and CEO of Tecom Investments, said at the signing that "we have not picked Malta as our partner in our European project out of some hunch. We have decided on Malta because we view Dubai and Malta as being very similar in many respects, in terms of strategic location, size, connectivity, access to key markets, high tourism dependence etc which resulted in a natural level of affinity.
Minister Austin Gatt said "5,600 jobs are being conceived here today in a business stream that a decade ago barely existed in our country. We have created for our young people the opportunity to secure for themselves those well-paid jobs and achieve for themselves that standard of living, right here in Malta."
© Copyright 2005 - MaltaMedia Online Network
Top of Page
|
|
|
Business & Finance
Latest Headlines
|
|
