Business | Property
Rakia in $5b MoU with Indian state
The Ras Al Khaimah Investment Authority (Rakia) on Tuesday said it will develop a Dh18.3 billion ($5 billion) Hyderabad Economic City, an integrated financial hub in the south Indian state of Andhra Pradesh.
- Staff Report
- Published: 23:45 October 21, 2008
Dubai: The Ras Al Khaimah Investment Authority (Rakia) on Tuesday said it will develop a Dh18.3 billion ($5 billion) Hyderabad Economic City, an integrated financial hub in the south Indian state of Andhra Pradesh.
Rakia said it recently signed a memorandum of understanding (MoU) with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) to establish the Hyderabad Economic City.
Wahid Attalla, member of the board, Rakeen, the real estate development arm of Rakia, and APIIC Chairman and Managing Director B.P. Acharya, signed the MoU.
The financial component of the mega project will include infrastructure facilities to support a full range of financial services, while the state-of-the-art health care city will provide complete facilities for clinical and non-clinical services.
Hyderabad Economic City is part of several large-scale satellite townships being developed by Rakia and master developer Rakeen in several key cities across India.
Hyderabad Economic City's financial sector will provide essential infrastructure to support back-office operations for banking, insurance and asset management companies.
Share this article
Gulf News classifieds
Popular in Business
Business Editor's choice
-
Shaikh Mohammad reaffirms UAE unity
Vice-President quashes talk of discord and reassures investors on the strength of Dubai's economy
-
Pizzazz on the palm: A Nikki Bisiker project
Bright, bold and ultra glam are the top notes of this apartment in The Palm Jumeirah's beautiful marina
-
flydubai starts service to Sudanese capital
Dubai's first low cost airline, celebrated its eighth inaugural flight in less than six months
-
UAE
Abu Dhabi's infrastructure spending
New road networks to reignite construction sector.
