Monday, December 3, 2007

United Arab Emerites: Rakeen to invest $5bn in India


UAE-based project development company Rakeen said in a statement on Monday that it had formed a joint venture with an Indian firm to enter the booming domestic real-estate sector.

Rakeen, promoted by the government of Ras Al Khaimah, has tied up with the Trimex Group of India for the venture, to be known as Rakindo Developers.

Rakindo plans to spend $5 billion over the next five years in India to develop 50 million square feet of residential and commercial space, the statement, released at the World Economic Forum (WEF) summit in New Delhi, said....

Although the story above uses dollars rather than euros or yen,
see these stories from
  1. Gulf currencies weaken as Saudi backs peg
  2. Gulf states set for currency showdown
  3. Speculators ahead of summit
  4. UAE revaluation as early as Sunday
  5. UAE raises expectations it will drop dollar peg