UAE's RAKIA to develop Hyderabad Economic City

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Dubai, Oct 22 (UNI) Ras Al Khaimah Investment Authority (RAKIA), the government body for the socio-economic growth of the Emirate, has recently signed an MoU with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) to establish Hyderabad Economic City.

The Memorandum of Understanding was signed to establish the five billion US dollar 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, in the presence of Andhra Pradesh Chief Minister Y S Rajasekhara Reddy recently.

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.

It will be a 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,'' the Gulf News said.

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