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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.

Reachout's News Bureau
  September' 2008

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