Dubai financial turmoil impacts SmartCity parent company's ratings

Roderick Micallef

Dec 11th 2009, 22:02

Whilst I hope that the Smart City Project becomes reality, I will only congratulate / praise and boast about the project when it actually happens and not a day before. I am not an economist and therefore I will not indulge myself in calculating the future of this project.
I can however comment on the fact that we have a government that has been boasting about this project for quite a while now, is even steering tertiary education into a direction that stimualates this project and has denied links between Dubai Investments and Dubai World. My point is, what if this project goes bust? What will happen to the project? What are the benefits for Malta? Will Malta be liable in any way?
Personally I didn't believe the government representatives when Smart City's news first hit the media, they promised thousands of jobs and the investment of various international companies to Malta but so far the outcome has left me far from convinced.
I wonder whether the site at Smart City will end up another big concrete jungle with several more hundred residential units put up on the real estate market, as if we don't have more than enough already.

Joe Fenech

Dec 10th 2009, 10:37

C. Busuttil

If YOU say so !!!!

colin stanley

Dec 10th 2009, 10:25

@ J.Scerri. you are right in a way, Xmas could be used for Christ, but you should know that what I said is also right, some are trying to eliminate the real meaning of CHRISTMAS, if you read the whole link, that you sent me ,it says that some are trying to take away the religious part out of Christmas. as for Smartcity. I believe that it will be a success.

Muscat. Pat

Dec 10th 2009, 09:18

Smart City was never a bad project; the hype built around was!. Thousands of jobs, three dimentional photos and power point presentations! Again, whilst yesterday it was reported that Malta's GDP fell a further 2.2%, Net TV hyped all day long on the new tiles and pavement of Palace square! An other "investiment" as the buzzwod goes!
The problem in Malta is exactly like that of Dubai, when the going is good, the Minister steals the show; when the "feel good factor" collapses, the Minister hibernates or worse blames, the Partit Laburista, or Joseph Muscat, anyone but himself!
As for accountability, it is still a taboo in Malta, and as long as there is no whistle blower act.......well we wan't get our act together!

lgalea

Dec 10th 2009, 09:07

Repeal the property speculation contract and give the land back to the Maltese people. Was there even a guarantee that the 5000 employees were going to be Maltese? NO.

A.Gauci Cunningham

Dec 10th 2009, 08:34

@J.Cauchi--Who is relishing Dubai's hiccups? L.Galea you say? And who is L.galea? He is an individual with his own right for an opinion but who represents only himself and not the Labour party the same as I represent myself and absolutely noone when I speak!! Godforbid if what some commentators on the times.com write is a representation of any party!! Imagine the PN being represented by political dinasoars of the the DeMartino ilk!!

Get over it Mr.Cauchi!! All Maltese (labourites included-- there are many IT students who I know to be rabid Labourites) would like to see this project kick start at the earliest possible. Spare us the efforts to try and turn this into yet another anti-Muscat tirade....its getting too bleedin' obvious and ridiculous now!!

Emvic Debono

Dec 10th 2009, 02:47

Abu Dhabi has most of the UAE funds.No more friendly cash being handed over.Proper business is demanded by the Capital.they will deal with Dubai on a Case to Case Basis.Looks like the whole of UAE will one day belong to the Capital.As regards to Smart City let us not dream any more.Half of Dubai is now a Skeleton of concrete.The ratings of the parent copanies are down.There is no cash any more.Do we really think Smart City will be different.? It will be yet another hole dug by the Government.Malta wake up to the reality not to what you here on the island.

anthony pace gouder

Dec 10th 2009, 02:12

Let's be frank . Does anybody know exactly what this Smart City would comprise ? Since its conception , we have seen only Artist Impressions, at least three , each dipicting different layouts , structures and building density !
Can the Definite specifications , scheduled construction phases and detail plans of the Primary Sectors (residential , commercial , administrative , IT etc. etc) and the MEPA approved GENERAL LAYOUT drawings, be made public .
Presently , a frame Structure is under construction , what is its function?

jerry catania

Dec 10th 2009, 00:31

love the us of america or hate the us of america we must all admit when america has a cold the whole world sneezes big time so lets all hope the us of america a speedy recovery and europe has yet to see the worst of it

Joseph Borg

Dec 9th 2009, 23:55

And yet another PN promised project collapses even before it starts materializing! Nice going Gonz!

A.Gauci Cunningham

Dec 9th 2009, 20:27

@Christian ellul---I fully agree with you on the point that GonziPN is not to blame for the crisis that Dubai has found itself in and I think that anyone with half a brain cell would agree with you too. The argument that this is Gonzi's fault just does not hold. But (a big BUT) it seems or we've been getting gentle hints as of late that all the hullabulloo about 5,000 jobs in I.T. might not materialise after all as the company would be allocating more space to the speculative aspect of the project which means more flats, flats and flats. Now don't get me wrong Mr.Ellul I don't see investment in construction to be any less than other investment but if Smart I.T. City had to be truned into a Smart Appartment City I'm sure that it would be a big slap in the face to all those hundreds who literally flooded MCAST and schools like STC to study IT in the hope of finding a decent job at Smart City. But lets be positive....lets say that I'm wrong for the time being!

Joseph Cauchi

Dec 9th 2009, 20:03

To all those” Doom & Gloomers” who are today relishing in the hiccups of Dubai, I have some news for you.

Make hay while the sun shines, because your relishing is bound to disappear very shortly, once the global economy gets rolling again and then Dubai will rise again from the ashes and again becomes one of the major economic powers.

“Wara ‘l-Maltemp Jigi ‘l-Bnazzi” and again Malta will reap the rewards from this Giant of Dubai to make Smart City Malta, one of the rare jewels of the Sheik!

Malta, then will be the main centre in the Information Technology of which it will make us all proud!

Go For It, Malta!

JC.

Christian Ellul

Dec 9th 2009, 19:28

The government has done everything possible to attract this investment to Malta. It's due to this government that this investment is occuring, we should give him the deserved credit and support! If Dubai is in a financial crisis Gonzipn is not to blame, surely he and the majority of the Maltese wish otherwise. Gonzipn could not have predicted this last year, none did, worldwide! All credit goes to PN led governments who always brought value added investments to Malta and not what i call 'traditional Labour factories'!

This still leads me to think, my comment...is just for nothing, as if we keep on involving this political polarity in everything, my country can never move forward. For the millionth time!!

James Portelli

Dec 9th 2009, 18:56

@ all prophets of doom and gloom:

1) When the dot.com bubble burst H.H. Sheikh Maktoum inaugurated Internet City. His comments were that it will be an I.T. hub. Everybody else asked, “In the middle of the desert? Yeh, right!” Time proved him right.
2) When you owe the bank a dime the bank owns you … when you owe banks billions you own them. The banks’ problem is greater than that of the borrowers. It is also of their own making. The HSBCs, Barclays, RBS and Standard Charters of the world (a few of the 70 lenders involved) should have done their due diligence. Can't blame Dubai government!
3) Abu Dhabi (UAE's capital) is home to the largest Sovereign fund. The matter will be solved amicably.
4) Moody’s M.E. Analyst stated that the debt is less than that of other countries. It it does not pose a systemic risk in the GCC. S&P stated that a restructuring to longer term debt would address the issue.
5) Of the companies mentioned in the chart the ones receiving bad press are Nakheel, Limitless and DP World (Dubai Holding is not).
6) Smart City will happen. It is a matter of time.

A Sammut

Dec 9th 2009, 18:32

Many people knew that this project was not gonna succeed because now we get used of the lies. I said that this nevver gonna finish since it got started although pn was using it as a shield in every election and i remember PN taking students of mcast outing to smart city to show them how its going to be in future and how much jobs they're gonna need in it is pretty funny. Another fail project for the pn along with MANY OTHERS. And i can name you the others. Electricity windfarm, the valleta project of bieb il belt. These are gonna be in the list of failed project too we'll wait to name the project again in the next budget! and in the next next next.

C. Busuttil

Dec 9th 2009, 17:50

@ Joe Fenech

Dubai is an Emirate not a country. It is the third largest Emirate in the United Arab Emirates and it has, yes, ran out of oil already some time back and resorted to tourism. However Abu Dhabi holds 9% of the world’s proven oil reserves (98.2bn barrels) and almost 5% of the world’s natural gas (5.8 trillion cu metres). Hence your off-the-kitchen-table-calculations on the Middle East's oil reserves are to say the least, ridiculous and most inprudent.

Dubai is presently in a crisis and this is a true fact but such fact has also been over-inflated by global media to cause side-effect rattling on global stock markets. The debt in question is of US$86bn, a considerable amount by Maltese standards but of a medium degree when compared to national debts of major EU members, starting off with the UK. And with respect to the US ... well China owns the US today through the purchase of the latter's debts. Anyone can check this through the IMF.

This crisis will be cleared off by the rest of the UAE Federal Govt in a typical Arab private corporate manner & domestive investments shall regain their footing again soon enough.

Joe Fenech

Dec 9th 2009, 17:22

The Middle East's wealth will be short lived. Their oil will run out sooner or later and they'll be living in desert land again! They don't have the resources and local know how of Europe or America.

John Falzon

Dec 9th 2009, 17:16

@Mr. Noel Cachia

Well, ask practically any worker at GO (except perhaps the new elite) and you will be told how much worse the situation is since Tecom took over some years ago. Maybe its a culture thing but in my opinion the Tecom guys seem to be making a right mess of the job of running the company. Maltacom was definitely a far better place to be.

Charles J. Buttigieg

Dec 9th 2009, 17:07

Dubai Holding is the most at risk of defaulting on debt after Dubai World, according to Barclays Capital. It has $1.9 billion due for repayment in 2010.

Charles J. Buttigieg

Dec 9th 2009, 16:58

@abuhagiar

“Don't forget that they( THE PN) lost their winning card. He became President of Malta’’.
Labour’s winning card has already given results,55% at the MEP Elections.

J. Scerri

Dec 9th 2009, 16:45

@ colin stanley, YOU WROTE : for your information, this is how you write, CHRISTMAS,not , XMAS.

ARE YOU SERIOUS ? YOU NEVER KNEW THAT XMAS CAN WRITTEN THIS WAY ?

So take a look at this link then : http://en.wikipedia.org/wiki/Xmas
or to it's contents : "Xmas" and "X-mas" are common abbreviations of the word "Christmas"..[1] The "X" in Xmas is from the Greek letter Chi, which is the first letter of Χριστός, Christ in Greek.

Satisfied now ?

Muscat. Pat

Dec 9th 2009, 15:47

This new Dubai saga is reading like Minister Gatt's castle in the sand. First we had the lack of hedging and then late hedging-(sulla cresta dell'onda)- so to speak, resulting in sky high electricity and water bills. Secondly, we had the 40 million mistake in the costings in Fairmont barge, and now,- hoping that the straw will not break the camels back,- comes Dubai's debt mountain, which analysts have since March said Dubai's shares are "over valued".
Indeed, at the end of October, the Government of Dubai issued a prospectus to promote a $2.5 bn islamic bond, which contained some fine print (little noticed) clause. In it the Government of Dubai and the ruling family appeared to distance themselves from state owned companies.
In contrast to this, we had a spokesman from the Government telling us that everything is Ok with Smart City project. In the meantime, shares in Dubai world etc are in free fall. Hopefully, this crises will not be met with the usual "not us" mentality; we have to thread carefully and defend our patch.

Noel Cachia

Dec 9th 2009, 15:46

Dubai Holding may be next in line. Check:
http://in.reuters.com/article/globalCoverage2/idINIndia-44587220091209?sp=true
This has nothing to do with being "losers", but it's more about being bold and face reality.
Probably the future of SMC and GO may be better off without Dubai.

J. Scerri

Dec 9th 2009, 15:21

@ Mark Ciantar : Can you illuminate me by explain the meaning of your posting ? I don't know how can you mix Minister Austin Gatt & my comments. I never mentioned politicians (OF ANY PARTY) in my comment as for me they are of the same level right now, UNTRUSTABLE (with this country's actual administration on the front in this feeling I have).

Maybe some of you have a problem with the computer's screen today as you're seeing things I never wrote (And in 2 hours you're the 2nd one). Apart that why you used John Grech's comments to have a reply from me ? How come you posted his comment again ? You're so short of arguments that you weren't able to do a comment yourself !! Of course, It's much easier to use copy & paste instead as I can see !!

But to reply to John Grech's comments: of course that PL supporters were happy with Smart City, like they were with the EU membership, the Local Councils, The Euro & many other issues before they actually happened. You think people has a Chicken's memory. Hallina tridx !!

Colin Camilleri

Dec 9th 2009, 15:14

History repeats itself and only in Malta! Do you remember the AC Cars factory saga? So much from the GonziPN government self accrediting itself for bringing foreign investment in Malta only to end in millions of euros lost through government subventions. Of course it was the maltese taxpayer who had to shoulder the burden, but the propaganda was done!
Same situation here with Smart City it seems! Lets hope it will not be another hush hush scandal that this government let itself into to win the maltese general elections at all costs.

abuhagiar

Dec 9th 2009, 15:05

@Kevin Pirotta
Don't forget that they lost their winning card. He became President of Malta.

colin stanley

Dec 9th 2009, 15:02

@J.scerri. for your information, this is how you write, CHRISTMAS,not , XMAS. as for the smartcity project, I hope that it will carry on, we need it so much.

P Grima

Dec 9th 2009, 14:58

I cannot understand the poor mentality of some people. Should the project not materialize it is the country as a whole that will suffer. The Emirates Ruler was held in very high esteem in international financial circles prior to this crises, so surely the government cannot be blamed for having dealt with him. Judging from what has been written in the foreign press the chances of Dubai going bankrupt is slim so let us not write the obituaries just yet and hope for the best.

Lawrence Gauci

Dec 9th 2009, 14:29

I will only believe in Smart City and anything that Dr. Gatt promises as soon as they are up and running efficiently

Martin Ellis

Dec 9th 2009, 14:23

And, for the umpteenth time, Minister Austin Gatt's blah blah blah was nothing but just blah blah blah.

Charles J. Buttigieg

Dec 9th 2009, 14:10

‘Dubai Investments’ will in the end suffer the same fate as ‘Dubai World’, it’s the domino effect and no Ministerial positive discourse would change the otherwise predictable. The future of ‘Smart City Malta’ looks so bleak and no level minded investor would risk a dime in it. It would be foolish for anyone to blame Minister Gatt for the situation which has evolved but it would be equally foolish not to blame the Minister for counting the chickens before they were hatched.

Kevin Pirotta

Dec 9th 2009, 14:10

@ Mario De Bono................ I have always voted Nationalist but you simply cannot be serious !!
2013 will see a PL victory by easily 10,000 votes. Need I remind you that the PN lost its finest weapon just a few days after last year's election. There will be no scaremongering tactics to use this time and think about it ; is 25 years not long enough ??!!

albert leone ganado

Dec 9th 2009, 14:05

Independently on who owns it or runs it the concept of a SMART high tech city in Malta remains a great idea and concept which given our ever increasing ICT and engineering strength and knowhow should remain as one of the structural pillars of our economic growth
However we must start thinking of alternative ways of maintaining the momentum if the current promoters were to falter or delay the project.
Local or Libyan investment on a project which is bound to eventually provide a bountiful harvest and great employment opportunities should therefore be kept in mind if the current uncertain gulf crisis persists

A.Gauci Cunningham,

Dec 9th 2009, 13:56

This investment ,when and if it materialises in the way we were promised, will be a great push to Malta's economy which at the moment ,thanks to the fact that tourism is at such a low, is an ailing one. I'd hate to think that after all the stick Dr.Alfred Sant got from many people (including myself) when he said that Smart City would just be another speculative project he'd be proved right. I'd hate to think that because of two reasons; primarily because of the obvious economic repercussions that this would cause and all the jobs that won't be created (in I.T. I mean not in construction) and secondly because it would mean that in another crucially important issue (read 'vote-grabber' too please!!) those of us who stood four square behind the PN government were just lead up the garden path. But lets be positive...lets hope that this project will create 5,000 jobs (or so) in I.T.,...lets hope it wont be another Tigne all over again!!!

S Farrugia

Dec 9th 2009, 13:52

I sure that many people here don't know how many larger companies belong indirectly to these people in Malta. If they could, they would buy the general public share also because their value at market price is not a true reflection of asset value. When compared to a recent sale, they are four times undervalued.

Deo Micallef

Dec 9th 2009, 13:34

Wasn't it the responsibility of the govt to look into the financial situation and the credit rating of Sama Dubai before signing the contract to sell them a huge tract of land and Maltacom which both were owned by the Maltese people? But no, Minister Gatt just signed the papers hurriedly before the election to use the whole project as political propaganda and led some to believe that thousands of jobs in IT will be created!! Why do Sama Dubai needs to open a center in Malta when they have an endless supply of highly skilled Asian workers paid with a very low salary? The big question now is , what will happen to GO and the land that the govt gave away if this project will not materialize?

Roger Boyle

Dec 9th 2009, 13:26

Read on the internet that the UAE Sheik have now offered Emirates Airlines as colateral to the huge debt. I don't know much about finances and world affairs but this does not look good.

Mark Ciantar

Dec 9th 2009, 13:25

J. Scerri,

Let me repeat John Grech's reply since this suits you a real lot:

It is useless to try to sell yourselves as victims now. We always were, and to this very day still are, in favour of Smart City and similar projects. We know that it was used as an electoral ploy to fool people and which ultimately gave results. To add insult to injury, this has been compunded further by Dr. Gatt's comments in last week's papers that the happenings in Dubai would not affect Smart City.

You should be ashamed to try to fool people again by shifting the argument on the lines that Labour are happy about this. This is not true (and never was) and it PN should carry political responsibility for it.

Joe Borg

Dec 9th 2009, 13:20

C. Buttigieg,

What amazes me is that Malta is not entirely flooded with golden houses with experts like you and your belief in other so-called 'experts'.

I would really like to know, since you are an expert, on what basis you claim that "Malta is handling the recession better and stronger than a lot of very wealthy countries". I would also like to know whether you are thinking white and red or just blue when you make all your unfounded claims which, by the way, fail big time to qualify you as an expert.

J. Scerri

Dec 9th 2009, 13:15

@ c vella : Can you tell me where I wrote '1000 jobs only' ? The small S written after the 1000 figure is not an ornament or a Xmas decoration. As I can realize, you tried to point out something without understanding it.

To make it more clear, I'll repeat the same comment with the misunderstood (by you) word changed, maybe like this sounds better :

That's really amazing, how low can some so-called Maltese people go, To feel happy or relieved that a company which may create THOUSANDS of jobs for the Maltese people is sailing in dangerous seas is REALLY UNBELIEVABLE & SHAMEFUL !!!

O. Finkel

Dec 9th 2009, 13:07

kenneth camilleri,

The answer to your question is very simple: when government stops taking Malta and its people for a ride.

2 years ago everyone except PN apologists and those who watch only the TV stations of their beloved PN knew that this project would not have taken off. All you need to do is look at different newspapers (e.g. at the University library) of 2 and 3 years ago and you'll see for yourself that what the beloved PN media commands you to remember is a very twisted version of reality.

C Buttigieg

Dec 9th 2009, 13:04

It really amazes me that our roads in Malta are not yet paved with diamonds, when you have some of the genius of the calibre of the bloggers in this article. People like Igalea who thinks that he knows better than the investors in Dubai or A.Spiteri who thinks that doing business with these people is dealing with idiots.
Same as our minister Gatt, these investors do everthing as they are advised by their specialists. Reading about Dubai suffering financially shows without doubt that this recession caught everyone with their pants down, when you consider the experts that they had at their disposal. One thing that really hits the point in this article is that with all our defects and disadvantages, Malta is handling the recession better and stronger than a lot of very wealthy countries. Yes, it will definitely hurt us same as it did everyone else but when you look at other stronger economies I don't think that we are doing too bad. Maybe instead of always putting down our politicians and policy makers we should be thanking them. And please, let's forget the colour of the flag we carry for a while. Think Red and White.

B.Glanville

Dec 9th 2009, 13:04

Look up smartcity kochi in wikipedia. That project ended up being one big property speculation exercise. Anyone with half a brain would not expect any better a future for Smart City Malta.

c vella

Dec 9th 2009, 12:53

@ j.scerri
was it not 5600 jobs,how come u told us 1000 jobs only?
@mario debono
you should give the crystal ball to minister gatt ,maybe he could see what will happen with smartcity malta now.

kenneth camilleri

Dec 9th 2009, 12:36

I am baffled to see these negative comments like, "this is what you get when dealing with the wrong people." And I am even more baffled to see that at some level certain bloggers are happy that such a project went wrong cause it would have bolstered the PN. Many bloggers fail to see that this would have been something huge for Malta not just for PN. I challenge anyone who could have forseen this. Just 2 years ago who would wonder that the Sheik of DUBAI would have financial difficulties. I am not a partisan and I am proud to consider myself a floater but this unfortunate mishap is a loss not just for PN but for all the country. When will this country unite and fight together to enhance Malta's profile??????????

P.Cassar

Dec 9th 2009, 12:26

I BET WE WILL SOON HAVE A BARRAGE OF PN APOLOGISTS CALLING EVERYBODY, NOT JUST THE PL NOW, DOOM AND GLOOM PROPHETS.

AND WHO CARES WHAT THE MAJOR WORLD CREDIT RATING AGENCIES SAY WHEN IN MALTA WE HAVE AGOSTINO PIO WHO SAYS HE KNOWS IT ALL AND ALL'S OK AND FINE, VERY FINE!!!!!!.

J. Scerri

Dec 9th 2009, 12:15

@ philip pace :

Very Simple, we'll loose the only real investment (brought in Malta in these last years) that can take us partially out of this recession & halt the rise in the unemployment. That's why maybe some PL supporters comments (they are always the same 2 or 3 after all) are joyful about the idea that this project might vanish.

Who is really responsable, must show it's gratitude to these investors for trying to give some new air to the Maltese economy. But instead ...

John Grech

Dec 9th 2009, 12:11

Mario Debono, J. Scerri:

It is useless to try to sell yourselves as victims now. We always were, and to this very day still are, in favour of Smart City and similar projects.

In contradistinction to you guys, however, we know that the whole project was always a property speculation project (which never had the potential to create jobs - at least not as much as Dr. Gatt was claiming) and we also know that it was used as an electoral ploy to fool people and which ultimately gave results. To add insult to injury, this has been compunded further by Dr. Gatt's comments in last week's papers that the happenings in Dubai would not affect Smart City.

You should be ashamed to try to fool people again by shifting the argument on the lines that Labour are happy about this. This is not true (and never was) and it is PN who should be ashamed.

Miguel Micallef

Dec 9th 2009, 12:06

@Mario De Bono

I am not a labour supporter, but I can't stop laughing at what you just said.

M Vella

Dec 9th 2009, 12:00

@ J Scerri, well said ... kif jghid il-Malti - il-q***a milli jkolli ttik!

Adrian Cachia

Dec 9th 2009, 11:46

@ I.Grech Mintoff

I agree...I hope everything turns out for the good but we have heard the "the world has changed and it is not our fault" too many times, and yet we are happy with all the celebrations for the Pjazza San Gorg!!

Mario De Bono

Dec 9th 2009, 11:44

IGalea and ASpiteri , instead of gloating over the troubles of SmartCiy because, according to you, Its a "nationalist" project, maybe you could both gaze into the crystal ball and tell us what the future holds in ten, twenty years from now ?

I can tell you one inalienable truth. The PN will get elected next time round. This country is appreciating the mixture of discipline and humanity that this governmnet is instilling.

philip pace

Dec 9th 2009, 11:44

Re your report 'Last week, Investments Minister Austin Gatt told Parliament there was no relation between Dubai World, which announced a moratorium on debt repayments, and Dubai Holding, the company that owns SmartCity Malta and Go plc. He said Dubai World was owned by the Dubai government while Dubai Holding was the personal property of the sheikh.'

My question is that if the Minister is prooved wrong then what shall be the catastrophic implications?

Any good and most of all neutral answers anyone?

Ivan Grech Mintoff

Dec 9th 2009, 11:37

" 'No relation between Dubai World, SmartCity Malta and Go' - Gatt "

" Dubai World is the property of the government of Dubai, while Dubai Investment, ultimate owner of SmartCity Malta, is the personal property of the Sheikh of Dubai. There is therefore "absolutely no relation" between the two "

http://www.timesofmalta.com/articles/view/20091201/local/no-relation-between-dubai-world-smartcity-malta-and-go-gatt


Now we have:


"International credit rating agencies are not making a distinction between companies owned by the Dubai government and others personally owned by the emirate's ruler"

To me, either there is a distinction ... or there isn't.

What's it to be, as I have my future at stake?

To me this is (also) a great, convenient "way out" ....

Too many times we hear great things which then fizzle out to "the world has changed", "out of our control" etc etc...

Let's all hope this stays on track, as promised and that I'm being too cynical.

J. Scerri

Dec 9th 2009, 11:32

That's really amazing, how low can some so-called Maltese people go, To feel happy or relieved that a company which may create 1000s of jobs for the Maltese people is sailing in dangerous seas (And probably even pray for this to happen), means that probably being a LOSERS in life themselves, they wish the same for others !!!

REALLY UNBELIEVABLE & SHAMEFUL !!!

Adrian Cachia

Dec 9th 2009, 11:32

Wasn't there a news recently from the minister that Smart City will not be affected.... just recently. Maybe the Pjazza San Gorg project blinded us all!!

lgalea

Dec 9th 2009, 11:14

laurence schembri
I am simply being a realist not an utopian

ASpiteri

Dec 9th 2009, 11:12

This is the result we must all enjoy for making business with the wrong people!

Instead of aligning ourselves with other European countries and business, this country, since the 70s, always found something fascinating in create a blind bond with our arab cousins (as someone used to call our southern neighbours).

Kif jghid il-malti...trid tiehu dak li haqqek!

laurence schembri

Dec 9th 2009, 10:53

I hope Igalea is wrong. But the situation as it stand today is rather dodgy.

lgalea

Dec 9th 2009, 10:42

Bye bye not so Smartcity property speculation project?