Smart City will help Malta’s GDP to grow 10 per cent, generate 5,600 jobs which could eventually go up to 10,000 in few years. For a small country like Malta, it is a fantastic number; it’s equal to 300,000 jobs offered by an enterprise in the UK.
Recently, TECOM signed an agreement with the Government in Malta to set up its Smart City at Ricasoli. The money goes into Smart City, which is backed by Dubai’s Tecom Investments, and Malta hopes this investment will put it on the world’s IT map. Tecom Investments is a Dubai government entity that manages Dubai Internet City, Dubai Media City and Knowledge Village.
After Dubai’s investment in Malta, we expect Middle East investments to increase over the next few years. We had big Libyan, Tunisian, and Egyptian investments, and the region’s biggest independent investment is a joint Maltese-Libyan company called Lafico, working in the hotel and tourism sector, the resources, as well as manufacturing.
Malta’s entry into the European Union means that companies setting up business on the island get access to lucrative European markets.
Malta wants to be a centre of education, healthcare, maritime tourism and financial services.
The Dubai-based company acquired a 60% stake in Maltacom last May, from the Maltese government. The remaining 40% of the company has been registered on the Malta Stock Exchange since 1998, and the company was already also listed in an alternative listing in London. For all intents and purposes it was a private company. Government involvement here was practically nothing.
As Malta's old industries continue to close down and move to other low-cost countries, the little island is focusing most of its attention on attracting an increasing amount of foreign investment. While TECOM's Smart City is the biggest foreign investment in the island so far, it is definitely not the only one. Dubai Technology, Electronic Commerce and Media Free Zone (TECOM) has invested in more than just an internet city on the island.
After Dubai’s investment in Malta, it is expected that Middle East investments to increase over the next few years. We had big Libyan, Tunisian, and Egyptian investments, and the region’s biggest independent investment is a joint Maltese-Libyan company called Lafico, working in the hotel and tourism sector, the resources, as well as manufacturing.