PM to unveil SmartCity model in Dubai

Prime Minister Lawrence Gonzi will be unveiling a model of SmartCity Malta in Dubai on Monday.

Details of the biggest ever foreign investment the island has seen will be given by Dr Gonzi and Investments Minister Austin Gatt during a two-day visit to Dubai, ministry sources told The Times.

The project is expected to create 5,600 jobs over eight years and promises to transform the derelict Ricasoli Industrial Estate into a state-of-the-art ICT and media business community.

The presentation will be made at the Dubai Internet City Zone's stand at the Gitex Technology Week, the largest information technology trade event in the region and one of the major annual IT events in the world.

The government believes Gitex will be the ideal global launch-pad for SmartCity Malta as all major IT players and investors are expected to be present under one roof.

The Prime Minister was invited to Dubai by Mohammad Al Gergawi, Minister of State for Cabinet Affairs and chairman of Dubai Holding. Mr Al Gergawi was last week named mentor for the World Economic Forum on growth.

In his letter to Dr Gonzi, Mr Al Gergawi wrote: "By leveraging some of the world's best design expertise, we are developing a master plan that will transform Ricasoli into a unique destination, creating the blueprint for a regional hub of the knowledge-based industries in the heart of the Mediterranean".

The SmartCity Malta model will show how the project will actually look once it is delivered. The model will illustrate in detail how the various components drawn up in the master plan agreed between the government and SmartCity Malta will take shape.

Sources say the project is moving at a very fast pace and the Malta Environment and Planning Authority issued the demolition permits recently, with works on the site expected to start next month.

The joint venture between the government and SmartCity was set up through the local company SmartCity (Malta) Ltd, which has an authorised share capital of $300 million (Lm95 million).

In terms of the investment agreement entered into in April 2007, the government has already received its $20 million in shares.

At today's prices, SmartCity Malta is estimated to be making an annual contribution of about €534 million (Lm227 million) to Malta's GDP by 2014.

SmartCity Malta will be complemented with lodging, hotel and commercial facilities, purposely built and in a manner conducive to attract to Malta the large, medium and start-up ICT and media companies.