Interest demonstrated by international investors in the SmartCity project is astounding, Ahmad bin Byat, executive chairman of Tecom Investments, has said.

The agreement framework of the first SmartCity project of Tecom Investments outside Dubai – in Malta – is being finalised and is expected to be signed shortly. Parliament this week started discussing the project and a vote is to be taken on Tuesday.

Commenting on the project, Ahmad bin Byat, executive chairman of Tecom Investments said: “Soon after signing the agreement, Tecom shall be in a position to announce the first multinational business partner which will be setting up during Phase One of SmartCity Malta.”

He said: “SmartCity Malta will replicate in Europe the success that Tecom has already achieved through Dubai Internet City and Dubai Media City. The interest demonstrated by international investors in the Malta project is astounding.

“We believe that through SmartCity Malta, we shall not only kick-start the global SmartCity brand, but also contribute effectively to the country’s ambitions of becoming a global ICT leader. Malta has many similarities to Dubai.

“However, the most striking similarities are the common vision we share for our respective societies and economies, and the drive to exploit the opportunities that change brings along rather than succumb to it,” he added.

Tecom will be investing the equivalent of $300 million into the project, which will transform Ricasoli into a global ICT and media business services hub, building on Malta’s reputation of being an ICT leader within the European Union.