Smart City could bring in more ME investors
Malta hopes a new Dh1.1 billion ($300 million) investment will bring in more money from the Middle East.
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,” Prime Minister Dr Lawrence Gonzi reportedly told Gulf News.
“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,” he said.
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, he said.