More investment in SmartCity - work moving at a faster pace
SmartCity Malta said today that its shareholders had authorised a €35m increase in direct investment, raising the capital base to €66 million.
This capital consists of a direct investment by SmartCity in Dubai, and does not involve any borrowing or other external financing.
The company said work at the SmartCity Malta site is moving at a faster pace than originally projected and spending on the project's construction this year is expected to be more than double that of 2011.
The SmartCity Malta Board of Directors this week also approved the budget for 2012, which included the proposed expenditure of €25 million for the completion of the project.
SmartCity Malta CEO Fareed Abdulrahman stated that part of this investment will be used for the development of phase 2, which includes completion of two office buildings SCM02 & SCM03, two retail complexes SCM04 & SCM05, the lagoon and the grand steps, as well as for marketing initiatives both locally and overseas.
With the completion of SCM02 and SCM03, the office space will be increased by more than 18,000 square metres. The company is planning to complete the excavation and finalisation of the lagoon as well as other landscaping projects.
In addition, it was decided that foundation works at the SmartCity Malta site will commence earlier to enable completion of further outlets, the first apartments and a hotel.
IT Minister Austin Gatt said that it was obvious that through this project, Malta had found the way to face up to the economic changes in the region and to restore its positive performance on a global level.
"Through its partnership with the SmartCity Malta developers, the Government has ensured that a huge investment is made in the best working environment in our region without placing the financial burden on the public".
"This means that Malta will be more competitive than other countries which today cannot give priority to their infrastructural investment. Malta is building a new town in the south which will become an important destination for investment and it is indeed a pity that many do not realise the constant work and worth of SmartCity Malta."
These decisions reconfirm the developers' commitment towards the success of their strong investment and to ensure that this project generates thousands of jobs while contributing towards the economic wealth of Malta, SmartCity said.
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David Magro
Feb 23rd, 06:07
This is a joke....I went to have a look around, well if you pass between the maze its nice, but hidden behind the red and white painted barriers is a Ghost city...only a resturant is open...and this is work...come on Wistin....another flop from your part and now we are trying to revive a hibernating ghost!
mario gellel
Feb 22nd, 20:34
I CAN SEE A TOWER CRANE GOING ROUND AND ROUND AND ROUND AND.
Gustav Svensson
Feb 22nd, 20:04
Sounds good as long as the money are not coming from local banks. I can't see that this project will fly, no foreigners want to live in that area..and there and the infrtastructure to ex Sliema is a joke..
pat muscat
Feb 22nd, 18:52
We heard this one before!
T Gauci
Feb 22nd, 18:10
Ghost City
James Mizzi
Feb 22nd, 18:59
Well said. The offices are deserted. We were told that many multi-nationals are setting opening offices here. Is this a classic case of broken promises?
Guza Zammit
Feb 22nd, 21:57
IF you were a multi national company, would you set office in a developing area? I doubt! so let things to take their course and mature and it is only then that you can cast your comment! Ghost City... hehehe... seems that you havent been there lately!
A. Schembri
Feb 22nd, 17:52
Faster pace???? Fejn huma l eluf ta impjegati li suppost qeghdin jahdmu bhalissa???
Guza Zammit
Feb 22nd, 22:18
Mr Schembri, dont you think that by doing some simple mathematics you would realise that the fact that there is just 1 block ready makes it impossible to host thousands of employees? Government promised those jobs once the project is finished in a few years' time. Is this so difficult to be understood by the pl? or is pl using solar calculators and since the sun wasnt shining lately they didnt manage to work this out?
j brincat
Feb 22nd, 17:14
What about the 7000+ IT jobs?
This time round seeing is believing!
(jb)
Joe Vella
Feb 22nd, 18:19
j. brincat, you always amaze me with your version of the truth. who said that the thousands of jobs are going to be all IT directly related as you are suggesting?
Mr Joe Micallef
Feb 22nd, 18:39
Brincat if existence in Malta is causing you so much aggrevation make space for others who obviously think otherwise (most probably because they don't watch ONE)
http://www.telegraph.co.uk/property/propertypicturegalleries/9087305/Top-twenty-places-to-emigrate-for-young-people.html?image=19
Charles Massa
Feb 22nd, 18:55
Iis 7000 jobs??????????Qieghdin ETC jirregistraw ghax xoghol
A. Sultana
Feb 23rd, 09:32
I cannot but not comment to the fact that such articles always have to bear your comments.
A nationalist government might promise 2 things and accomplish 1. Let us hope a labour government can do better.
Charles Massa
Feb 22nd, 17:08
Kkemm hemm nies jahdmu fuq dan il progett teskludi l haddiema tal construction ghax dawn mhux impjegati ta Smart City. Meta l elezzjoni tkun vicin naraw hafna fanfarunati!!!!!!!!!!!!!
Peter Psaila
Feb 22nd, 17:08
Drajnijom il gideb qabel l elezzjoni. Tghidx ha jergu jiblawa l imzazen ?
Saviour Aquilina
Feb 22nd, 17:03
For the PL and Company Smart City Malta was a joke before the election of 2008,they said.
GEORGE CUTAJAR
Feb 22nd, 16:41
Not bad for all the bad publicity and insinuations coming from the MLP.
Joseph Cutajar
Feb 22nd, 16:38
It is clear that this investment will create opportunities for employment. Stop reading Labour-leaning newspapers and you might learn to appreciate an investment of 35 million Euro.
lilly vella
Feb 22nd, 16:28
but no jobs.
Franco Farrugia
Feb 22nd, 16:42
Who said so????????
Joe Debono
Feb 22nd, 18:30
who is then making the construction? harry potter with his magic wand???!!!!
Adrian P. Cassar
Feb 22nd, 20:04
Franco there are no companies there yet, so....NO JOBS.
If you know of any jobs please tell us
Mr Joe Micallef
Feb 22nd, 15:58
ONE tells us nothing happened there.
Mr Peter Mercieca
Feb 22nd, 16:25
Why do you rely on second hand information - get into your car and go see for yourself. With all due respect to most, if you believe everything printed/publicised in the media Malta is both heaven and hell at the very same time.
lilly vella
Feb 22nd, 16:29
one jghidlek li sa din is sena suppost thaddnu 6000 ruh , jekk ma tarax one tv , jew ibda arah , jew tarax in net u jghidlek x qal il one.
Mr Joe Micallef
Feb 22nd, 16:45
Lily - fetch the fire extinguisher quick and whilst you are it remover the blinkers!
Guza Zammit
Feb 22nd, 21:55
now you know who is credible or not
Ġ. Agius
Feb 22nd, 15:55
A big slap on the face of those who doubted minister Austin Gatt's impressive prowess in bringing huge political and social change to our country. For the better of course. Smart City, Arriva, the conversion from a country of typewriters (Labour) to a leading beacon of I.T. in Europe (PN, duh).
All this due to a serious PN administration and the dependability of one of its main men, Austin Gatt.
Nazzareno Cortis
Feb 22nd, 21:16
INT BIS-SERJETA JEW?????????
Guza Zammit
Feb 22nd, 21:51
Very Well Said Mr. Agius!!!! PROSIT AUSTIN GATT!!! and keep it up! the country is going to lose a valuable person if you do not contest the next election!
G Tonna
Feb 22nd, 15:51
Another investment the size of which is rarely seen on these islands.
Well done to the government for stimulating and catalysing yet another huge business venture.
A. Schembri
Feb 22nd, 17:56
You do realize that gonzi promised that by 2011 6000 workers would be employed here right? Go to smartcity my friend and all you see is one finished building and alot of dust and rock
Joe Debono
Feb 22nd, 18:27
@ A. Schembri
who is constructing these buildings ... workers NOT Merlin!!!
Joseph Cutajar
Feb 22nd, 15:44
@Joseph Calleja
Kumment tipiku partiggjan. Naraw ahmar biss, ghax hekk qalulna l-gurnali Laburisti.
Flok turu apprezzament ghax-xoghol li sar u ghall-fatt li dahal investiment ta' 35 MILJUN EWRO, tridu tmaqdru.
U sa titkellem fuq Air Malta? Taf x'inhu l-pjan ta' Joseph Muscat ghall-Air Malta fil-51 proposti tieghu? Li l-Air Malta ghandha tkun 'aktar ambizzjuza'. Dak il-pjan tieghu. X'nuqqas ta' direzzjoni totali, qas idea ta' policies konkreti.
Joseph Calleja
Feb 22nd, 15:32
Just a thought, but maybe, maybe you can talk the executives of Air Malta and the Minister of Finance to lease some of your plush offices. That would be much appreciated and most accommodating for the lot. But be careful they don't turn around and try to sell you back your own offices for a profit. This concept worked very well with our government. They managed to sell to the government property which already belonged to the government. How they managed that, nobody knows except for the genius of the finance office.
Joseph Cutajar
Feb 22nd, 15:31
Kemm kont minghalija li l-PL qal li l-Gvern gab stagnar biss, u li m'hu sa jsir xejn minn Smart City.
Bhal tal-impjieg din, fejn qal li naqas l-impjieg u mbaghad hargu l-istatistici li juru li nfatti zdied.
http://www.timesofmalta.com/articles/view/20111115/local/increase-in-registered-employed.394010
Dizappuntat hafna bil-PL - kollox nghidu biex nitilghu fil-Gvern.
J.C. Borg
Feb 22nd, 15:22
There is no mention how many jobs had been created up to now.
George Calleja
Feb 22nd, 16:29
For sure,Smart City has already employed hundreds of construction workers, who would have been unemployed at the moment. Mr. J.C.Borg, you seem to be one of those people who are always frowning at the way the present government has been striving to create working opportunities.
J.C. Borg
Feb 22nd, 16:52
@ George Calleja - But ONE TV and PL media lately said that no jobs were created there. Who am I going to believe???