AP sign pact with UAE to develop Hyderabad Economic City

Hyderabad: The Andhra Pradesh Government has signed a memorandum of understanding with Government of Ras Al Khaimah (UAE) to develop the Hyderabad Economic City, as an integrated financial hub and health care city on 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 here on Monday.

The Hyderabad Economic City project is envisaged with an investment of $ 5 billion (around Rs 20,000 crore).

A release from the Chief Minister’s Office said that 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.