Rakia in MoU to establish integrated city in India

Ras al-Khaimah, Oct 22, 2008 (WAM) - Ras Al Khaimah Investment Authority (Rakia) said yesterday it has signed a memorandum of understanding (MoU) with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) to establish the $5 billion (Dh18.36bn) Hyderabad Economic City, an integrated financial hub and healthcare city according to a report in “Emirates Business 24|7.”
The MoU was signed by Wahid Attalla, member of the board, Rakeen, the real estate development arm of Rakia, and APIIC Chairman and Managing Director BP Acharya, in the presence of Andhra Pradesh Chief Minister YS 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 healthcare 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.
Dr Khater Massaad, Chief Executive Officer, Rakia said: "The partnership with the Andhra Pradesh government for the development of the Hyderabad Economic City is in line with Rakia's strategy to fortify its portfolio of global investments. India's fast-growing economy has opened a wide range of business opportunities, and we intend to build on this momentum to further expand our activities in the country and across the region. Furthermore, we believe that this new development will strongly support India's continued economic progress and open more opportunities for growth and prosperity."