The Andhra Pradesh government has signed an MoU with the government of Ras Al Khaimah (UAE) to develop Hyderabad Economic City. It will be developed in the outskirts of Hyderabad combining integrated financial hub and health care city, a release from chief minister office said.
According to the informed sources, while the proposed project developer Rak Investment Authority is asking for about 2,000 acres land for the purpose, the government proposes to offer about 700 acres held by Huda and housing board in Sultanpur in Medak district. The MoU was signed on Monday at the chief minister camp office.
The proposed Hyderabad Economic City project is envisaged with a total investment size of $5 billion (Rs 20,000 crore approx.). The integrated financial hub will have the infrastructure to take up the activities like back office operations for banking, insurance and asset management companies, corporate centre for financial services, select financial product markets, capital market and trading operations, information technology services, business processing operations, pug-and-play intelligent building and IT parks.
The integrated health city will provide required infrastructure for services like clinical and non-clinical services, world-class hospitals, medical colleges, research services for clinical trials, drug delivery system, stem cell research, genetic research etc.