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Tue 21 Oct 2008 06:35 PM

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RAK plans $5bn economic city in India

Investment arm of RAK to build business centre in Hyderabad to expand abroad.

The investment arm of the Gulf Arab emirate of Ras Al-Khaimah plans a $5 billion business centre at Hyderabad in the south of India as it looks to expand its investments abroad.

Ras Al Khaimah Investment Authority (RAKIA), which manages funds of the emirate, part of the United Arab Emirates, said on Tuesday it had signed an initial agreement with Andra Pradesh Industrial Infrastructure Corp. to set up Hyderabad Economic City, which will offer financial and healthcare services.

"The partnership with the Andhra Pradesh government for the development of the Hyderabad Economic City is in line with RAKIA's strategy to fortify its portfolio of global investments," RAKIA's chief executive Khater Massaad said.

"India's fast-growing economy has opened a wide range of business opportunities and we intend to build on this momentum to further expand our activities in the country and across the region," Massaad added.

Hyderabad Economic City is part of several large-scale townships being developed by RAKIA and local developer Rakeen in several Indian cities, it said.

RAKIA in November sold $325 million worth of dollar-denominated bonds, while the government of Ras Al-Khaimah in early May launched a $2 billion Islamic bond programme to help finance infrastructure. (Reuters)

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