Hyderabad, Sep 16: A Memorandum of Understanding (MoU) was signed between the Governments of Ras Al Khaimah (UAE) and Andhra Pradesh to develop the 'Hyderabad Economic City' as an integrated Financial Hub and Health Care City on the outskirts of the city.
The MoU was signed yesterday by Executive Director of RAK Investment Authority Wahid Atalla, representing the Government of Ras Al Khaimah and Chairman and Managing Director, Andhra Pradesh Industrial Infrastructure Corporation, B P Acharya, in the presence of Andhra Pradesh Chief Minister Y S Rajasekhara Reddy.
The Hyderabad Economic City project is envisaged with a total investment size of five billion US dollars (Rs 20,000 crore approx).
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.
The development of the Integrated Health City under the project would 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, among others, according to a release here.