Dr. Khater Massaad, Advisor to the RAK Crown Prince and CEO of RAK Investment AuthorityÂÂ

The Ras Al Khaimah Investment Authority (RAKIA) has signed a Memorandum of Understanding (MoU) with the Government of the Indian State of Tamil Nadu to set up two mega township projects in the State with an investment outlay of AED 2 billion.

The MoU for the landmark urban infrastructure development projects was signed by Dr. Khater Massaad, Advisor to the RAK Crown Prince and CEO of RAKIA, and S. Ramasundaram, Chairman and Managing Director of Tamil Nadu Industrial Development Corporation Ltd, in the presence of Tamil Nadu Chief Minister, M. Karunanidhi in Chennai on Saturday.

The project in the industrial city of Coimbatore will come up on 1000 acres and will have an Information Technology Special Economic Zone supported by an integrated feeder township. The township will also have world class leisure and residential facilities including golf course, shopping malls, resort hotel, health spa and residential villas and apartments. The township, expected to be completed in five years, will have about 5 million sq.ft of IT space.

The second project would witness the creation of a world class marina and township at Kadalur in Kancheepuram district. The 500- acre marina project would have water sports, leisure, entertainment, premium residences and a world class golf course.

Speaking on the ambitious overseas venture of RAKIA, Dr. Khater Massaad said that RAKIA, under the guidance of H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of RAK, was privileged to be able to partner the State of Tamil Nadu in the world class project that will catapult the State to the forefront of development.

‘We believe that the landmark venture would enable RAKIA to share its considerable expertise in infrastructure development and property sector for the development of Tamil Nadu,’ he said.

Dr. Massaad said that creation of top- notch urban infrastructure in cities like Coimbatore would give the much needed fillip to the industry and business environment in the State and facilitate further investment in IT and other sectors.

“The venture marks the further strengthening of the close relations between Ras Al Khaimah and India, which has seen the creation of many successful partnerships like the RAK Ceramics factory located at Kakinada in Andhra Pradesh (AP), the proposed one million tonne capacity Alumina plant in AP and many mega Indian industrial ventures based in RAK,” he added.

Dr. Massaad said that the townships will be designed and constructed by internationally renowned architects and contractors.

Ras Al Khaimah has emerged as a favourite destination for life-style and tourism development projects in the region. According to a research study published recently, investors have lined up nearly AED 60 billion worth of real- estate projects for completion in Ras Al Khaimah before 2010.