‘No relation between Dubai World and SmartCity Malta' - Gatt

There is no relation between Dubai World, which declared financial difficulties last week, and Dubai Investment, the ultimate owner of SmartCity Malta, Infrastructure Minister Austin Gatt said in Parliament this evening.

He said that while Dubai World is owned by the government of Dubai, Dubai Investment is the personal property of the Sheikh of Dubai.

Replying to questions by Opposition leader Joseph Muscat, the minister said Dubai Investment was probably unique in that it had invested US$30 million out of its own resources for SmartCity Malta just in the first year.

The project was right on target, with the first phase due to end in July 2010 with the delivery of between 10,000 and 12,000 square feet of furnished offices. The iron structure was complete and the pre-cast ceiling was ready. That commitment was being kept without any perceived problems, Dr Gatt said.

At the end of this summer, applications were submitted for the second phase according to plan, and permits were expected to be issued in the next few weeks. The relevant tenders had been issued to Maltese contractors, so there was no reason to doubt progress, said Dr Gatt.

The greatest problem, said Dr Gatt, was getting foreign companies to invest in offices and new structures in the Mediterranean because of the global financial climate.