Rakia in $5b MoU with Indian state

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.