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TECOM pledge to $300m SmartCity Malta

TECOM Investments has pledged its commitment to a $300m project to create an ICT and media business community in Malta

TECOM pledge to $300m SmartCity Malta
TECOM first announced SmartCity Malta in September 2007, with an initial investment of $300m.

TECOM Investments has pledged its commitment to a $300m project to create a major ICT and media business community in Malta, similar to Dubai's Internet City and Media City.

The commitment to SmartCity Malta came as a high level business delegation from the European island, led by President Dr George Abela, met with TECOM Investment's Group CEO Abdullatif Almulla.

Abela and Almulla discussed a range of topics including an update on the status of the SmartCity Malta project, first announced in 2007. The 358,000 sq m business park is intended as an ICT and media project based on Dubai Internet City and Dubai Media City.

Commenting on his visit, President Abela said: "It is great to hear from the right source that although the economy is on a slowdown, the project is still on track and I augur that this will flow as originally planned for mutual benefits for all parties concerned."

Almulla added: "SmartCity Malta is one of TECOM's flagship international ventures and we are fully committed to ensuring unimpeded progress on this project.

"As a Eurozone nation, Malta presents an opportunity to tap into the wider European Union market with its half a billion consumers.  As such, TECOM Investments considers Malta as a high growth market and essential to our international expansion."

He added: "During our discussions, I assured the President that in spite of the current economic crisis, the SmartCity Malta project remains a top priority for TECOM, and we are dedicated to ensuring that the first phase of construction will be completed as per agreed upon timelines."

SmartCity Malta is expected to attract an investment of at least $300 million, making it the largest foreign investment initiative in the ICT sector in Malta.

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