Pranab hails Dubai firms’ ‘tailor-made’ India projects

May 13th, 2008 - 11:34 pm ICT by admin  

Dubai, May 13 (IANS) The projects being designed by various Dubai-based companies as part of their investment plans in India are tailor-made for Indian requirements, according to External Affairs Minister Pranab Mukherjee. The minister said this after going through a presentation on ‘Dubai’s growth and plans for the future and planned investments by leading Dubai companies in India’ organized by the Dubai Executive Council, a Dubai government entity that formulates and implements federal regulations and local laws and prepares annual budgets along with development plans.

“The minister welcomed the investment plans of the companies as were presented and said these were tailor-made for India’s requirements,” a senior diplomatic official, who was present at the presentation Tuesday, the concluding day of the minister’s two-day official visit to the UAE, told IANS.

“The minister also reiterated that the Indian government was investor-friendly and fully supported all private-public partnerships,” he said.

During the presentation, it was revealed that the Dubai government’s premier maritime company DP World would ramp up its investments in India from the current $2.4 billion to $15 billion in next five years.

On its part, real estate giant Emaar stated that its investments in India totalled $1 billion and the company and its Indian joint venture partner MGF together have a total land bank of 13,000 acres.

Another leading Dubai-based real estate firm Limitless made a presentation on its joint venture with Indian real estate giant DLF to develop the township of Bidadi near Bangalore with a total investment of $12 billion.

The township is being built on 3,640 hectares of land and will have 750,000 residents.

Tuesday’s presentation was led by UAE’s Minister for Cabinet Affairs Mohammad Al Gargawi.

Also present were Dubai Executive Council secretary general Ahmad Bin Byat, Emaar Dubai managing director Ahmad Thani Al Matrooshi and Dubai Economic Zones World chief executive Salma Hareb.

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