Vision 3, a strategic alliance formed between Gulf Finance House, Ithmaar Bank and Abu Dhabi Investment House, on Tuesday announced the launch of $3 billion Tunis Telecom City (TTC).

TTC is the first in a planned network of telecom cities designed to cater to the location, infrastructural, research and development, educational and support service needs that will allow telecom and IT sector organizations to flourish.

The TTC concept was unveiled at a ceremony attended by Tunisian president Zine El Abidine Ben Ali at the castle of Kartaj in Tunisia.

Vision 3 aims to pursue a systematic approach to innovative, specialist and visionary investments across the Mena and South Asian region.

This project will deliver major economic benefits to the local and regional community and a high value investment opportunity to Vision 3 investors, said top company officials.

TCC will comprise several business and activity clusters designed to compliment and drive each others’ success.

The conception of the initiative was driven by two primary factors; the tremendous current and projected growth in the telecom and IT sector and the operational advantages the Tunisian economy can offer.

Tunis enjoys a significant local labour supply, a stable economy and close proximity to European markets.

In 2007, ‘The Davos World Economic Forum’ ranked Tunisia first among African nations in terms of political and economic environment, technological progress and utilization of NICT.

In the same year, Tunisia witnessed TND 1 billion of inward investment in NICT and more than 8,000 skilled graduates to service the roles created.

TTC will comprise an International University of Telecom, Telecom Venture Capital, An International Telecoms Exchange, Technology and Design House.

In addition, a Technology Pilot & Testing Lab Zone will also be established to act as a testing facility for internet, mobile, data and all new protocols under development.

The telecom city will also boast of a business process outsourcing complex, an offshore business district, disaster recovery centre and multimedia satellite and content farm.

Abidine Ben Ali said the Tunisian Government lays great emphasis on the strategic development of domestic sectors with high growth potential, such as the ICT sector.

He also underlined the importance of governmental understanding and support of the tremendous opportunities within such industries.

Commenting on the initiative, Vision 3 chairman, Esam Janahi said, 'The wisdom and foresight of Abidine Ben Ali is well known. We are delighted to be embarking on an innovative infrastructure initiative that promises to deliver commercial and socio-economic benefits to the region.'

'The global telecoms sector promises huge growth and Tunisia is extremely well placed to capitalise on current trends. Tunis Telecom City will offer an excellent platform for global players in the industry and a new centre of international connectivity,' he added.

Current Vision 3 initiatives include InfraCapital, the GCC's first investment bank specialising in the provision of tailored infrastructure development and finance; AgriCap, a new investment vehicle focused on serving agricultural ventures and Hospitality Development Fund (HDF) will be established to nurture and support opportunities across the global hospitality sector.-TradeArabia News Service