SmartCity Malta is the first project of the Dubai-based SmartCity, which is a joint venture company promoted by Dubai Holding members Tecom Investments and Sama Dubai, to develop and manage knowledge industry townships worldwide.
The project is expected to generate four per cent growth in the Maltese job market. Attracting an investment of at least $300 million, SmartCity Malta will be the largest foreign investment initiative in the ICT sector in Malta.
SmartCity Malta will be based on the successful models of Dubai Internet City and Dubai Media City. It will create the infrastructure to develop a self-sustaining township comprising office space, residential and lifestyle elements.
The Government of Malta will supply the land and retain equity of nine per cent in the project. The government has agreed to make available nearly 358,000 square metres of land to develop the knowledge-based township. The first deliverables from the project will be the office space building of more than 8,000 square metres.
This project will provide a substantial boost to Malta’s construction, hospitality, maritime, services and retail sectors.
At today’s prices, by 2014 SmartCity Malta is expected to be making an annual contribution of some e534 million to Malta’s GDP.
Over an eight-year period, the project will generate 5,600 jobs and this number may increase to more than 7,000, not to mention several hundred jobs that will be generated by way of the project’s multiplier effect.
Apart from new jobs in Malta’s knowledge industry, SmartCity Malta will bring about new employment opportunities in areas of administration, hospitality, retail, maintenance, security and logistics among others. The project is the largest job creator under one roof in Malta’s history.
When completed, the dilapidated Ricasoli area will be transformed into a state-of-the-art ICT and media business park. It will also include tourist accommodation, entertainment areas, shops and a freely-accessible recreational area taking up around one-third of the surface area of SmartCity Malta. This will transform this industrial area into a city featuring attractive architecture and landscapes.