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Sat 30 May 2015 01:46 AM

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UAE's Tasweek eyes smart city investments in India

Real estate company holds talks in relation to supporting PM Modi's plans to develop 100 smart cities across country

UAE's Tasweek eyes smart city investments in India
Masood Al Awar, CEO, Tasweek Real Estate Development and Marketing.

UAE-based real estate company Tasweek has announced that it is exploring investment opportunities in "smart city" projects in India in collaboration with local partner MAMS Holdings Group.

Tasweek Real Estate Development and Marketing said in a statement that it has held talks with Akhilesh Yadav, chief minister of Uttar Pradesh, to discuss opportunities related to smart cities and urban development.

The move is in support of Indian Prime Minister Narendra Modi's vision of developing 100 smart cities to modernise mid-sized cities and act as satellite towns of larger metropolitan areas.

India's 2015 federal budget has allocated $1 billion for the Urban Rejuvenation Mission and earmarked $84 million for the development of 100 smart cities.

Tasweek recently formed a strategic partnership with Indian construction firm MAMS Holdings Group to mutually pursue business and investment prospects in India, the UAE and the GCC.

Under the terms of their agreement, the partners will seek residential, commercial and mixed-use projects enabled with smart technologies in India. They will also focus on investment opportunities in affordable housing, the statement said.

Masood Al Awar, CEO, Tasweek, said: "Several technology and advisory firms, urban planners and engineering firms have voiced their interest and full support for the Chief Minister's initiative of 'smart cities' for India.

"Our partnership with MAMS Holdings is thus very timely and strategic as we will have access to local market expertise and know-how on how to support affordable yet 'smart' living in Uttar Pradesh and other parts of India such as Jammu and Kashmir, Telegana, Andhra Pradesh, and Calcutta.

"We will continue to jointly discuss opportunities with our partner in alignment with India's long-term development agenda."

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