Kurt Sansone
SmartCity slowdown confirmed
The Finance Minister's acknowledgement that works on Ricasoli's SmartCity went through a lull was the first of its kind by a government minister. Photo: Airphotos.com.mt
The multimillion euro SmartCity project did go through a slowdown in the first half of the year, the Finance Minister admitted yesterday, confirming the general impression that the project was faltering.
Tonio Fenech's acknowledgement that works at Ricasoli went through a lull was the first of its kind by a government minister.
However, Mr Fenech said Tecom Investments, the Dubai company behind SmartCity, had since reiterated their full commitment to continue with their investment in Malta.
"Earlier this year the project passed through a slowdown after the Dubai investors assessed their investments across the world because of the international recession," Mr Fenech said when asked during a press conference in which he reacted to the International Monetary Fund's latest report.
SmartCity bosses had over the past months repeated that the project was still on track despite an apparent slowdown in construction work. The general impression was further fuelled by news that construction companies in Dubai were hard-hit by the recession.
When asked whether he was concerned that no tenants for SmartCity had yet been announced, Mr Fenech said the fact that Tecom confirmed their investment in Malta showed there were good prospects. Speaking in more general terms he added there was a healthy appetite by potential foreign investors in Malta.
In July, SmartCity chief executive officer Claudio Grech told The Times Business that progress was "as scheduled and planned". He had reiterated that SmartCity Malta 01, the first office block, would be ready for operation in 2010, providing its business partners with state-of-the-art infrastructure and facilities.
The government has a minority nine per cent shareholding in SmartCity Malta.
Popular Stories
Update 3: Woman found dead in car,...
Updated: Woman dies in car crash
Carm Mifsud Bonnici resigns after...
Part of Dwejra 'Azure window' collapses
The end of the bar that ‘never closed’
Bundy does not know whether to...
Updated - Jason Micallef demands...
This WAS the night - Kurt makes it...
Petrol price up 6c
In Discussion
Updated - Jason Micallef demands...
Gozo tunnel could take 5-7 years to...
CABS remote controlled aircraft shot...
Carm Mifsud Bonnici resigns after...
Joseph Calleja condemns portrayal of...
Updated: Labour would give...
CABS drone shot down
Second group of migrants arrives
Adrian Vassallo in scathing...
13 Comments
Post comment
Please sign in or create your Account to post comments.
John Micallef
Sep 18th 2009, 09:37
Please keep this in mind....THIS PROJECT WILL NEVER BE FINISHED. AND AGAIN I SAY WERE IS ALL THE TALK OF THE 5000 JOBS CREATED BY SMART S*ITY ?
Joseph W. Galea
Sep 18th 2009, 09:22
What a beautiful place for a world class golf course.
Joe Galea
Sep 18th 2009, 08:24
Does anyone still believe that this Smart City will ever materialise? If yes, then you still believe that Father Christmas exist and that babies come delivered by the stork..however, it is good for the brain to dream!!!
Anthony A. Mifsud
Sep 17th 2009, 22:31
"SLOWDOWN CONFIRMED!" Mr Fenech said Tecom Investments, the Dubai company behind SmartCity, come on Tonio why you don't tell the truth!
Smart City are going to INDIA punto e basta.
Let's build a Golf cours.
Tony
Galea. L
Sep 17th 2009, 21:30
Franco Farrugia
The Maltese people are the rightful owners of the land Franco and you should be ashamed to try to make a fool of those who seek to protect the Maltese people interests against a simply property speculation project.
R.Lewis
Sep 17th 2009, 19:57
From the photo it clearly shows that the project is ahead of schedule as promised with all those Tower Cranes visible on the picture. Mela n-nies tahsbuhom boloh u jibilhaw kollox. As far as I know to built a development like that you need at least 10 tower cranes to cover the area not a small hyraulic crane which used to be seen 20 years ago.
mario gellel
Sep 17th 2009, 18:34
THE PICTURE SPEAKS FOR ITSELF--A REAL SMART CITY. SO SMART THAT IT CAN VANISH IN THIN AIR.. OH WHY DID THE CEO HAD TO LIE A FEW MONTHS AGO?? ACCORDING TO HIS STATEMENT, ALL WAS GOING AS PROGRAMMED..
Franco Farrugia
Sep 17th 2009, 17:58
@ GaleaL: You're a funny guy, you. And to who is the land to go back to? Eh? Who are your 'Maltese people'? The kind of people we find in cardboard-boxes but with satellite antennae and BMWs outside their makeshift homes?? Eh? Eh?
Albert Bezzina
Sep 17th 2009, 14:18
Nice patch of disturbed land. Just right for a mid-sized solar thermal electricity generating plant!
Nigel Lawrence
Sep 17th 2009, 14:09
It certainly looks like an efficient building site- No stored materials, no work force, no construction equipment. Where can I plant my potatoes, please?
T Mercieca
Sep 17th 2009, 13:14
"SLOWDOWN CONFIRMED!" Really, no one noted this.
How can one say something like that, when the place is still a barren piece of land, just a mere sort of construction, which mind you is still very little, considering that this first building should be ready to take the first tenants in 2010
Steve Evans
Sep 17th 2009, 10:06
Still a chance for that five star Golf Course with all the trappings of an International course. Something to ponder?
Galea. L
Sep 17th 2009, 10:02
SCRAP THE PROPERTY SPECULATION PROJECT AND GIVE THE LAND BACK TO THE MALTESE PEOPLE.