RAKIA to develop US$ 5 billion economic city in India

By Richard High22 October 2008

The United Arab Emirates' Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socio-economic growth of the emirate, has signed a memorandum of understanding (MoU) with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) to establish the US$ 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 RAKIA, and APIIC chairman and managing director B P Acharya.

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 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 infrastructure to support back-office operations for banking, insurance and asset management companies.

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