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Mon 28 May 2007 06:54 PM

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UAE to build $1bn tech zone in India

The business park will cover 17.5 million square feet and is expected to create around 50,000 jobs.

UAE developer ETA Star Properties plans to construct a $923 million technology business park in the southern Indian state of Tamil Nadu.

The park will include an integrated township and is to be located in the state’s Kancheepuram district.

The project, announced today, is expected to provide jobs for approximately 50,000 people.

The two sides have signed a memorandum of understanding (MoU) and construction is scheduled to start in August and will take place over a three-year period.

The entire land for the project had been privately purchased by ETA Star Properties’ parent company the ETA-Ascon Group.

Spread over 17.5 million square feet, the development will include apartments, row houses, bungalows, a shopping mall, car parks, hospitals, schools, hotels and service apartments, as well as the technology park.

“We are definitely looking at India as a big opportunity to grow our businesses and our latest investment in Tamil Nadu is part of our regional expansion plans,” ETA-Ascon managing director Syed Salahuddin said.

“In particular, we are delighted to further strengthen our relationship with the Tamil Nadu government and hope to contribute to the growth of the booming Information Technology sector in India,” he added.

ETA Star Properties’ announcement comes weeks after the UAE’s Tecom Investments finally signed off on its SmartCity project with the Indian state of Kerala, in the

southwest of the country.

SmartCity Kochi, based on the same model as Dubai Internet City (DIC) and Dubai Media City (DMC), is expected to attract around $350 million worth of investment and create 90,000 jobs.

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