Phase One of SmartCity Malta has been launched by Tecom Investments executive chairman HE Ahmad bin Byat and Maltese prime minister Lawrence Gonzi.
The final agreement for the US $300 million project was signed in April 2007 by SmartCity and the Government of Malta.
Phase One of SmartCity Malta will include a mix of components catering to the knowledge-based township's demand for office space, shopping boulevards and residential units. An area of 20,034m2 allocated for the ICT and media sector will provide infrastructure and support services.
Spread over a 1km Mediterranean seafront patch, the project will incorporate open spaces, a lagoon and an amphitheatre.
The project aims to transform Ricasoli town and the southeastern coast of the island into one of Malta's biggest economic hubs.
In 2010, SmartCity Malta will release ready-to-operate office space. This will be followed by the release of residential and retail spaces.
Byat said: "The SmartCity concept is based on the successful business models of Dubai Internet City, Dubai Media City and Dubai Knowledge Village under the Tecom umbrella.
Tecom is a subsidiary of Dubai Holding and develops and manages businesses for knowledge-based industries.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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