Tecom Investments and Sama Dubai, both members of Dubai Holding, yesterday announced the formation of ‘SmartCity’, a joint venture company which will develop and manage knowledge-industry townships worldwide.
‘SmartCity,’ headquartered in Dubai, has the mandate to explore new markets with high potential for the development of knowledge clusters. The company’s current portfolio includes projects in Malta and India among others.
‘SmartCity’ will combine Tecom’s specialised expertise in the creation and management of knowledge-based industry clusters, with Sama Dubai’s strength in international real estate development to create an infrastructure and environment catered to the requirements of knowledge-based companies and knowledge workers.
Commenting on the new venture, Ahmad bin Byat, executive chairman, Tecom Investments, said: “The ‘SmartCity’ project is part of Tecom’s global expansion plans of growing into an internationally diversified organisation, and becoming the preferred provider of knowledge-based business parks across the world.
“Sama Dubai’s well established presence as the international real estate development and investment arm of Dubai Holding makes them our ideal partner. I am confident that our complementary fit and shared objectives will enable us to ‘push the envelope’ on value creation. While using the Dubai Internet City, Dubai Media City and Dubai Knowledge Village models as our reference point, we will utilise an approach that will break new ground for others to follow.”
Farhan Faraidooni, Executive Chairman of Sama Dubai, said: “Through this venture, we aim to take forward the success that Dubai has achieved in the creation of knowledge-based industries internationally. The Tecom Investments-Sama Dubai joint venture has the right combination of people and expertise to generate sustainable economic and social value in partner countries.”
‘SmartCity’, which is expected to have a significant impact on the economies in which it is established, will create vibrant knowledge economy communities which are anchored by leading global and regional names in the industry to facilitate knowledge transfer and job creation.
Abdullatif Almulla, CEO of Tecom Investments said: “This venture will be beneficial to our business partners, particularly those who are looking to base their global operations
in facilities similar to what is offered in Dubai. Even our clients with existing operations overseas stand to gain from this initiative.”
‘SmartCity’s’ vision is to explore and lead international expansion of knowledge-driven clusters that are inspired by Dubai’s successful models and developed with a focus on knowledge-based activities such as ICT, media and education. The new company aims to harness the power of these clusters to effectively diffuse the knowledge-based economy approach and facilitate technological and economic development.