The Maltese government announced that the framework discussions with Dubai Tecom Investments regarding the setting up of a new SmartCity@Malta in Malta today known as the Ricasoli Industrial Estate and in land adjacent to that site, are in an advanced stage.
Over an eight-year period, the new SmartCity@Malta is projected to create 5,600 new jobs, around 65 per cent of which will be new jobs in Malta’s knowledge-industry. The remaining jobs will be created in areas such as administration, hospitality, retail, maintenance, security and logistics.
The Investment, Industry and IT Ministry stated that this project will include a new full-fledged ICT and Media Smart City on the models developed by the same organisation in Dubai. It will also be accompanied by new state-of-the-art use of the environment of the site with the development of a hotel and other activities to help attract knowledge-based operations to the site. The Ministry explained that this is expected to create a cluster environment to service tenants in the site in a cost-effective and efficient manner.
The Ministry explained that the SmartCity@Malta will establish the south of Malta as the core service hub of the island, enhancing its environment and creating jobs in the region reducing the dependency on the manufacturing industries. A significant component of the site will be developed as open space enhancing the environmental quality of the ICT and media business park, lodging, tourism and commercial areas of the site.
In the framework discussions, the government has agreed to invest the land into the project whilst Tecom is expected to undertake an investment of approximately US$300 million (around Lm108 million) over the coming eight years. The first deliverables from this project are expected by 2008. The government will be retaining equity in the project and will be benefiting from the investments carried out in the public spaces.
Tecom Investments is also undertaking to participate in initiatives to assist the further development of ICT education in Malta. It will also work with the Local Councils of Kalkara and Xgħajra 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 to.
Minister Austin Gatt explained that the next step in this project is for the Heads of Agreement to be concluded, following which a final stage of discussions leading to a final agreement will be immediately engaged into, with a view of concluding the agreement and commence works during 2006.
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