The Maltese like to say that they have only two natural resources - people and the sun. The sun has allowed the country to build an ever-improving tourism infrastructure and long-term investment in education is the key to Malta's future economic growth. In this regard Malta's aim is to be the foremost centre for financial services in the Euro-Med region. Today, the financial services sector already accounts for nearly 12 per cent of the GDP. Malta has also seen a huge investment in ICT over the past 15 years. The Island boasts a truly modern infrastructure with one of the highest broadband access rates in the EU; around 66 per cent of all connections are broadband enabled. Moreover, in 2007 the World Economic Forum ranked the Maltese Government as the second most successful administration in the world in promoting the use of information and communications technologies and the European Commission ranked Malta second in its latest assessment of the sophistication of eGovernment services.

SmartCity on a smart island

Another exciting project in this direction, which is currently being undertaken in Malta, is the development of SmartCity@Malta, an ICT and media city and the first overseas expansion of the successful Dubai SmartCity concept. Companies like Microsoft, Cisco, Nokia or IBM and media enterprises are expected to open offices in the new complex in Malta. The development will proceed in phases, lasting up to 2021.

SmartCity Malta is projected to be the largest ever ICT private sector project and foreign direct investment as well as the largest ever new source of knowledge-based jobs to be secured by Malta. It will transform a run-down industrial estate into a knowledge-worker's dream city with all amenities.

Knowledge-based economy

The new SmartCity@Malta will include a new fully-fledged ICT and Media Smart City on the models developed by the same organisation in Dubai. This project will also be accompanied by a state-of-the-art relationship with the environment at the site's location, as well as the development of a hotel and other amenities to help attract knowledge-based operations. This is expected to create a cluster environment to service tenants at the site in a cost-effective and efficient manner.

The project is bound to bring about a substantial boost to Malta's construction, hospitality, maritime, services and retail activities. SmartCity is estimated to create around 4% growth in the Maltese job market, have a direct and material impact on local GDP and turn Malta into a knowledge-economy hub for the Southern European and Northern African region.

Invest in Malta – Another success story