SmartCity 'remains on track'

Dubai-owned Tecom Investments insisted yesterday that SmartCity Malta remained on track to be inaugurated in a few months' time.

Tecom was reacting to international reports that its sister company, Dubai International Capital, had asked creditors for a three-month extension on its 1.2 billion loan due this month.

The Times of London reported that the Dubai government was unlikely to bail out the company due to its own debt crisis.

Tecom and Dubai International Capital are both subsidiary companies of Dubai Holdings.

In a brief statement yesterday, Tecom - which has a 91 per cent shareholding in SmartCity Malta - assured the public that any financial difficulties faced by its sister company did not impact the progress on SmartCity Malta.

"Tecom Investments is committed to SmartCity Malta, which remains on track to be inaugurated on October 10, 2010. Any news related to other Dubai Holding entities has no impact on SmartCity Malta or its operations," Tecom chief executive officer Abdullatif Al Mulla said.