RAKIA to build Hyderabad Economic City
Ras Al Khaimah Investment Authority (RAKIA) of UAE recently signed a Memorandum of Understanding (MoU) with Andhra Pradesh Industrial Infrastructure Corporation (APIIC) to establish the US $5 billion Hyderabad Economic City, an integrated financial hub and healthcare city.
The MoU was signed by Wahid Attalla, member of the Board, Rakeen, real estate development arm of RAKIA and APIIC Chairman and Managing Director B.P.Acharya in the presence of Chief Minister Y. S. Rajasekhara Reddy.
The location of the Economic City was not yet decided as various options are being considered. Hyderabad Economic City is part of the several large-scale satellite townships being developed by RAKIA in several cities across India.