Rakia signs MoU to develop $5b Hyderabad Economic City

Dubai: Ras Al Khaimah Investment Authority (Rakia), the government body responsible for the socio-economic growth of the emirate, has announced that it has recently signed a memorandum of understanding (MoU) with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) to establish the $5 billion Hyderabad Economic City, an integrated financial hub and health care city.

The MoU was signed by Wahid Attalla, Member of the Board, Rakeen, the real estate development arm of Ras Al Khaimah Investment Authority (RAKIA), and APIIC Chairman and Managing Director B P Acharya, in the presence of Andhra Pradesh Chief Minister Y S Rajasekhara Reddy.

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.

It will also provide key facilities to host corporate centres for financial services, product markets, capital market and trading operations, IT services, business processing operations, plug-and-play intelligent buildings and IT parks.