Local Business News - Archieved 2006

Heads of Agreement of SmartCity@Malta signed [2006-03-27]

The Government of Malta and Tecom Investments of Dubai have signed the Heads of Agreement defining the operational framework for the establishment of SmartCity@Malta.

The Heads of Agreement were signed at the Ministry for Investment, Industry and Information Technology in Valletta, Malta between Minister Austin Gatt, MP for the Government of Malta and Tecom Chairman and CEO Mr Ahmad Bin Byat, for Tecom Investments.

The signing of the Final Agreement is expected to be reached by summer 2006. This mutually binding Agreement signed today, identifies the responsibilities and obligations of the Maltese Government and of Tecom Investments, in the development and operation of SmartCity@Malta.

SmartCity@Malta will be the first of its kind in the European Union. Given Malta’s strategic position, it will be an ideal European outpost for global ICT and media companies wishing to establish a presence in Europe.<More>

Negotiations with Tecom Investments over SmartCity@Malta at advanced stage. [2006-02-22]

In its efforts to create large-scale employment, the Maltese Government has announced that in the coming weeks it will be finalising discussions and formalities with Tecom Investments of Dubai for the setting up of an IT village in Ricasoli Industrial Estate and the surrounding area. The Government has agreed to invest the land into the project, whilst Tecom will undertake an investment of approximately Lm110 million over a period of eight years.

Tecom Investments, a leading full service telecommunications network operator and service provider, are the originators, developers and operators of Dubai Internet City (DIC), a strategic base for 700 IT companies including giants like Microsoft, HP, IBM, Dell, Siemens, Canon, Sony Ericsson and Cisco. DIC provides a one-stop-shop of services necessary for IT companies to set up and run a business.

SmartCity@Malta, which will be modelled on DIC, will be the largest-ever ICT foreign direct investment project in the private sector to be secured by Malta. The venture is expected to create 5600 new jobs, 65% in the knowledge-industry, and 35% in areas such as administration, hospitality, retail, maintenance, security and logistics.

The Government stated that the economy and the environment stand to benefit in no little way from this project. Works are expected to begin later this year and business at SmartCity@Malta to commence in 2008.

Guidelines on OPTIONAL Dual Pricing, issued [19.01.2006]

The National Euro Changeover Committee issued guidelines on the 6th January 2006 for those traders who voluntarily opt to indicate prices in Maltese Liri & Euros. These guidelines MUST be adopted by all traders who choose to display their prices in EURO and Maltese Lira. The guidelines remain in force until the compulsory dual pricing period comes into effect.

Guideline NECC/0001/06 in brief:

The consumer is not obliged to pay in Euro.
The trader is not obliged to accept payment in Euro.
The display of the price in Euro should not be more prominent than the price in Lm.
The price in Euro should be the price of the goods and/or services in Maltese Liri divided by Lm0.4293 (The Central Parity Rate) - e.g. Lm1 = Euro2.33.
Where a trader is to receive payment in Euro and intends applying an additional charge to the translated price in Euro, this intention should be displayed clearly and prominently at the point of sale.
The statement should be in both Maltese & English and should be in the following or similar format:

“Prices shown in Euro have been converted from the Maltese Lira price at the central parity rate of Euro 1 = Lm 0.4293 for information purposes only. Any purchase carried out in Euro from this outlet may be subject to an additional charge of ___________ associated with the exchange of the Euro currency into Maltese Lira”

“Il-prezzijiet murija bl-euro gew konvertiti bil-lira Maltija bir-rata ta' kambju centrali ta’ euro 1 = Lm 0.4293 ghall-ghanijiet ta’ informazzjoni biss. Kull bejgh bl-euro jista’ jkun suggett ghal hlas addizzjonali ta’_________ marbut mal-kambju tal-munita ta’ l-euro ghal-lira Maltija.”

These guidelines are a brief summary and intended solely for general information and should not be acted upon without prior consultation. The full official Guideline NECC/0001/06 may be downloaded from the National Euro Changeover Committee website www.euro.gov.mt