SmartCity renews commitment to Malta
SmartCity Dubai has again renewed its comitment to the development of SmartCity Malta and SmartCity Kochi.
In a statement issued by Fareed Abdulrahman, SmartCity and SmartCity Kochi CEO, the company reacted to complains about delays in the project in Kochi and said that both Kochi and Malta remained a priority for it.
"Despite the delays beyond our control in Kerala, we would like to reaffirm our intention to complete this project successfully for the benefit of the people and economy of Kerala. To that end, we have the full support, financially, operationally and otherwise, from our parent company, TECOM Investments," the company said.
"We also wish to highlight our commitment towards our legal obligations as outlined in the Framework Agreement for SmartCity Kochi. We believe all parties should be diligent and uncompromising with regard to the Framework Agreement. Therefore, comments that may question our commitment or our legal obligations towards this very important project are misplaced and could impair our shared vision."
"Looking ahead, we seek better understanding and cooperation from our counterparts and partners. We would also like to reassure the people of Kerala and Malta that SmartCity is very much a priority for us and we will exert every effort to guarantee its successful fruition."
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Robert Scullion
Nov 27th 2009, 22:29
@lgalea
I didn't realise you where quoting a news source when you said:
"Why is Smartcity development so behind schedule?
Give the land back to the Maltese citizens.
Repeal the contract because it is nothing more than property speculation of our country."
I'm so used to you making things up (death penalty in Lisbon Treaty) .. still if you can prove it was property speculation etc then provide the source :)
Peter Korsten
Nov 27th 2009, 15:31
At the time that SmartCity Malta was conceived, it was a good idea.
However, Dubai is feeling the crunch of a non-sustainable economic model, of attracting foreign capital and putting it into the most ambitious building projects ever.
Since the state of Dubai and its largest investment company are basically the same thing, and since they have a debt of around US$80b, and since they have no oil to make up for the deficit, and Abu Dhabi is no longer helping out Dubai with money, this is a very big problem.
Not just for Dubai, but for the whole world that has put money into it, and for SmartCity Malta that depends on Dubai funds that simply no longer exist.
SteveEvans
Nov 27th 2009, 10:32
I think viewers here should take a look at the London Times On-line and read the postings by people who have nothing to do with Smart City.
D Delia
Nov 27th 2009, 06:09
Smart City is the worst investment this government \ country has ever made. We have forfeited a large tract of land to be developed and exploited by an ailing foreign economy.
Finally the true reason why Smart City developent has slowed down during the last year has come out.
Enzo Caruana
Nov 27th 2009, 00:10
Can we have the real picture here? A quick search on the net gave me this bit of news:
"Kerala Chief Minister VS Achuthanandan declared the developers of Smart City Kochi faced financial problems, however the company's chief executive Fareed Abdulrahman hit back, claiming it was still devoted to the "very important project", analogous to Dubai Internet City, which aims to generate nearly 90,000 jobs"
Read more: http://www.stockwatch.in/smart-city-kochi-facess-financial-road-block-24153#ixzz0Y0djSuRK
Can Austin Gatt throw some light on this situation please?
R. M.
Nov 26th 2009, 23:43
Alfred Farrugia, there is no confusion. Dubai World is owned by Sheikh Maktoum, ruler of Dubai the city. How much is owed: $60 billion, some estimates double that.
lgalea
Nov 26th 2009, 22:46
Robert Scullion
Since when quoting the news is wishing nothing but failure Scullion?
Ron Saliba
It was on the news that Tecom Investments who are supposed to build Smartcity are a subsidiary of the entity in difficulty.
Alfred Farrugia
Nov 26th 2009, 20:13
It appears that some of the confusion is the result of referring to the company “Dubai World” as Dubai. Given that some of the most powerful companies on Wall Street have experienced difficulties, why is all the fuss about this particular company – Dubai World?
http://www.dubaiworld.ae/en/index.html
http://online.wsj.com/article/SB10001424052748703499404574559452437253122.html?mod=rss_Today%27s_Most_Popular
Why don’t we wait and see if, when and how the United Arab Emirates is going to act to resolve the current problems of Dubai World.
Let us hope that SmartCity Malta will continue to move forward for the sake of our workers. In any case, the development that is going on will continue to have value, and some other partner or partners could be attracted if the worse scenario were to take place. Perhaps Mr. or Ms. Lgalea could identify some potential partners!
Robert Scullion
Nov 26th 2009, 20:05
Good to see that lgalea wishes nothing but failure for the country.
Still while he plots doom laden destruction on these isles, the rest of us will wish every success to this inward investment and the many jobs it will bring.
j.spiteri
Nov 26th 2009, 19:55
The truth is that the mother company in Dubai is drowning in tens of billions of dollars in debt. And wonder of all wonders in Malta the SmartCity says its business as usual with no problems whatsoever. I must be missing something here!
Muscat. Pat
Nov 26th 2009, 19:41
According to a local English speaking paper, the company that is supposed to set up the maintenance workshop for Easy Jet hails from Dubai. Hopefully, for the good of Malta and and its tax payers, it would not be a red herring.
Joseph Brincat
Nov 26th 2009, 19:32
Ommi ma x'gej ghada!
U mela tigu tghidu li r-recession ghaddiet.
Illum kien Thanksgiving l-Amerka, ghada fight for the rest.
R. M.
Nov 26th 2009, 18:48
Anton Farrugia, if you were trading on the London Stock Exchange today, you would know about it - a "technical glitch" to contain the carnage resulting from Dubai's request for suspension of debt repayment; the request made while US markets were closed for thanksgiving.
Ron Saliba, Dubai is pretty much one company, it's owned by the Royal family Maktoum.
Lucky for it, Abi Dhabi has it's back. But SmartCity will now need more than commitment before I believe in it.
Richard Weninger
Nov 26th 2009, 18:41
This new 'commitment' to Smart City Malta is as rotten as it's commitment to Smart City Kochi and the statement if the ruler of Dubai to anybody questioning it's financial strength 4 weeks ago to ' shut up '. Dubai is built on sand , the whole financial set-up in incalcuable and deceptive,and todays market reactions show the whole extent of the misery that will come out of this. Dubai has just 4 times the inhabitants of Malta and and some oil for the next few years.I hope that Smart CIty Malta is a self-sustaining business model and that there is a plan B for financing it . Or have all the responsible politicians already buried their heads in the desert sand of Dubai?
J.Tonna
Nov 26th 2009, 17:15
@ emmanuel zammit - if you are napping dream on.
Anton Farrugia
Nov 26th 2009, 16:56
According to a BBC headline report yesterday, Dubai's authorities have officially announced that DUBAI IS BANKRUPT. I believe it when I see it.
emmanuel zammit
Nov 26th 2009, 16:26
LET US KEEP DREAMING!!!!!!!!!!
Ron Saliba
Nov 26th 2009, 16:15
@ lgalea
You are missing 1 crucial point. Dubai is a city, not a company.
(example: Malta has a huge defecit , but there are still a lot of companies that make profit).
For the good of the country, i honestly hope that smart city will be as big as it has been made out to be.
lgalea
Nov 26th 2009, 15:58
How about the financial problems they have in Dubai?
http://news.bbc.co.uk/2/hi/business/8380105.stm
Dubai under scrutiny after debt payment delay
"....Ben Thompson, business reporter, Dubai
Financial markets and businesses are closed here for the Eid holiday - some suggest that's why the announcement was made when it was.It's sparked real shock that things have come to this. Just 12 months ago, few could have believed the city would find itself asking for this lifeline. It seems Dubai is now paying the price for living on borrowed money.Of course, everyone knew the boom couldn't last forever, but no-one expected it to collapse when, or as suddenly, as it did. Property prices have more than halved over the past year and investors have fled.The official figure for Dubai's debt is $80bn, but talk to anyone here and the feeling is the figure is much higher. Unpaid bills, abandoned cars and empty buildings are all too obvious. Some analysts put the real figure at close to $160bn.
Why is Smartcity development so behind schedule?
Give the land back to the Maltese citizens.
Repeal the contract because it is nothing more than property speculation of our country.