MoU signed for Hyderabad Economic City
Project
Government of Ras Al Khaimah (UAE) and
Government of Andhra Pradesh to develop
Hyderabad Economic City
Hyderabad,India.Sep,
2008: A Memorandum of Understanding (MoU) was signed in the
presence of the Chief Minister Dr. Y S Rajasekhara Reddy between the
Government of Ras Al Khaimah (UAE) and Government of Andhra Pradesh
to develop Hyderabad Economic City, as an Integrated Financial Hub
and Health Care City in the outskirts of Hyderabad.
The MoU was signed by Mr. Wahid Atalla, Executive Director of RAK
Investment Authority, representing the Government of Ras Al Khaimah
and Mr. B.P.Acharya, Chairman & Managing Director, Andhra Pradesh
Industrial Infrastructure Corporation at the CM's Camp Office. ]
Minister for Major Industries, Dr. (Smt.) J.Geeta Reddy and Mr. Sam
Bob, Principal Secretary to Govt., Industries & Commerce Dept., and
others were present.
Hyderabad Economic City project is envisaged with a total investment
size of USD 5 billion (Rs.20,000 crores approx.). While the
Integrated Financial City component of the Project would include
infrastructure facilities for:
•Financial Services Operations like Back office for Banking,
Insurance and Asset Management Companies.
•Financial Services Corporate Centre including HR/ Admin/ IT/ Finance
sectors
•Select Product Markets
•Capital Market and Trading
•IT Services
•ITES and BPO services
•Plug-and-Play Intelligent Buildings
•Information Technology Parks
Development of Integrated Health City under the Project will include
clinical and non-clinical services, such as, world-class Hospitals,
Medical Colleges, Research Services for Clinical Trials, Drug
Delivery System, Stem Cell Research, Genetic Research etc.
One of the seven emirates in the UAE, Ras Al Khaimah has, in recent
years, gained considerable experience by way of world class
investments flowing into massive developments for a modern Emirate.
The Government of Ras Al Khaimah through various operating companies
including RAKIA & RAKEEN has taken various initiatives both within
the state and internationally, particularly in the development of
integrated large-size satellite townships in India. RAKINDO, a joint
venture Company of RAKIA, in India is developing integrated
townships with a land bank of over 3000 acres, RAKINDO is fast
evolving as one of the biggest players in the Indian realty industry
with projects in Coimbatore, Chennai, Kumarakom, Hosur and Cochin
and each of them at a project cost of USD 2 Billion.
-MK
Reachout's News Bureau
September' 2008
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