The cash-rich states of the United Arab Emirates are sinking billions of dollars into India’s real estate sector through joint ventures with local companies as sovereign wealth funds and Middle East investment groups increasingly target India. Financial Times
Rakeen, controlled by the government of Ras Al Khaimah, part of the UAE federation, said yesterday it had linked up with India’s Trimex Group to build township projects across India.
Prasad Koneru, managing director of the joint venture, Rakindo Developers, said the group would 'invest about $5bn' over the next five years.
The move comes as India is attracting increasing interest from sovereign wealth funds and state-controlled investment companies, particularly from the Middle East. India’s biggest listed developer DLF and Dubai’s Nakheel have announced a joint venture with plans to invest more than $10bn to build two townships on 40,000 acres.