Joint venture between Tecom and Sama Dubai

Tecom Investments and Sama Dubai, both members of Dubai Holding, announced the formation of SmartCity, a joint venture company that will develop and manage knowledge industry townships worldwide.

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 of 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 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".

Sama Dubai has developed a broad portfolio of business models for each of its real estate categories.

The distinct offerings include the Dubai Towers brand for mixed use towers and the Salam brand for resort projects.

SmartCity, which is expected to have a significant impact on the economies where it is established, will create vibrant knowledge economy communities that are anchored by leading global and regional names in the industry to facilitate knowledge transfer and job creation, according to the promoters.

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".

He added: "At present Tecom Investments has interests in five industry clusters: information and communication technology (ICT), media, education, biotechnology, and energy and we are constantly expanding and branching into new areas. This innovative spirit will also be a part of our overseas activities". "The benefits of the SmartCity concept, as we have seen in Dubai, transcend to all areas of the socio-economic sphere. It contributes to job creation and development of other sectors like hospitality, financial services and so on."

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'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.

A subsidiary of Dubai Holding, Tecom Investments started with the aim of developing the knowledge-based economy in Dubai. This aim addresses a variety of industry sectors including telecoms, media and technology park development.

Sama Dubai is a private company wholly-owned by Dubai Holding. The international real estate investment and development company focuses on leveraging synergies across international, regional and local real estate sectors. Its aim is the creation of a world-class portfolio of partners, properties and investments that distinguish it as a market leader.