The initial plan to transform the Ricasoli Industrial Estate into state-of-the-art technology hub is swiftly being realized as Smart City Malta continues to grow since it was first unveiled in 2007. Allocated a budget of 48 million Euros in 2010, the construction of this multi-purpose township was set at a good pace, with consistent progress being the aim.
The conception of Smart City Malta is partly attributed to the Mediterranean island ranking as the second most successful ICT business environment in 2007. Already known for its stable economy and pro-business government, this recognition by the World Economic Forum urged Malta to accept the role of strategic gateway for high-tech industries.
Strengths and Weaknesses of the Malta Smarty City Project
Dedicated to the success of its business partners, Smart City Malta’s vision is to establish the nation as a knowledge economy and centre of excellence. Started on the basis that it would also create 10,000 employment opportunities for the Maltese, the establishment is guaranteed to benefit Malta’s economy by introducing highly skilled jobs that the island hasn’t had in the past.
Reception of the technology venture has been mixed, however, as many of the Maltese locals have expressed their belief that Smart City Malta will cut the island off from its ancient cultural roots. There have also been murmurs that Malta’s economy will not receive the ballpark of the venture’s profits due to Dubai’s large stake in its construction.
Garnering a lot of worldwide attention after Microsoft previously announced that they were considering setting up an innovation centre at Smart City Malta, the project developers were recently surprised by the multi-billion tech-giant’s unbridled interest in Malta’s Sky Parks business complex near the airport.
Despite some of the pitfalls that have cropped up of late, Smart City Malta remains determined to transform the country into Europe’s technology capital. Developers have gone out of their way to place everything that IT businesses need to thrive together in one place – removing any red tape as such. The campus environment of the township, as well as the wide range of consultants, specialists, and services in the mix, is designed to allow for quick decision-making and entrepreneurship.
Divided into four sectors, Smarty City Malta’s ICT, Media, Community Support Services, and Value Added Services are a one-stop-shop for international investors. Boasting infrastructure that caters to the business and lifestyle requirements of professionals and knowledge-workers, this state-of-the-art office complex and technology township is definitely one to watch.
Bella Gray is a business blogger with her eye on Malta company law. A maestro of tips and strategies for sustaining corporate well being and growth, Gray is the perfect go-to-gal for all your professionals queries and solutions.