Investment, Industry and Information Technology Minister Austin Gatt yesterday tabled a resolution in the House of Representatives calling for parliament’s approval to transfer a stretch of land in Ricasoli to the investors who will be responsible for the multi-million liri SmartCity project.
SmartCity is projected to be the largest-ever information and communication technology private sector project and foreign direct investment as well as the largest-ever new source of knowledge-based jobs to be secured in Malta.
Three-quarters of the built-up land at SmartCity will be used to generate employment for up to 5,600 people, 46 per cent of built-up land will be developed into an ICT and Media Business Park, while one-third of the footprint will be public space.
Tecom Investments will be investing a minimum of $300m (Lm110m), of which $100m will be issued share capital, making this project the largest-ever foreign investment initiative to be undertaken in Malta.
The new Malta facility will be the first European outpost for Dubai Internet City and Dubai Media City and it is expected that global ICT and media players will be able to focus their European operations and business through the SmartCity Malta project.
According to an agreement struck between the Maltese government and Tecom Investments, the ground rent will be Lm65,000 per year followed by two increases of five per cent after specified periods.
In parliament yesterday, Dr Gatt tabled a number of documents including the draft agreement between the government and Tecom Investments as well as the memorandum and articles of association for the setting up a company with the name of SmartCity (Malta) Ltd, of which the government will own nine per cent of the shares.
He said that within a few days, the government would be publishing the master plan for the project with details about the architectural works and construction work which would be undertaken.
According to parliamentary procedures, the motion for the transfer of land will first be debated at the National Audit Office Accounts Committee composed of Deputy Prime Minister Tonio Borg as leader of the House, Labour Deputy Leader Charles Mangion as chairman of the Public Accounts Committee as well as three MPs from both sides of the House.
Dr Gatt said the SmartCity Malta project would transform the Ricasoli industrial estate into a state-of-the-art ICT and media city. He said that with the conclusion of the discussions on this project, the government had reached its biggest aim: that of creating employment as well as new opportunities for the Maltese. The UIT sector has now joined tourism, manufacturing and educational services as one of the main pillars of the local economy.