New Delhi - Rakeen, a state-run property development company
from the United Arab Emirates, and leading Indian industrial raw
materials supplier Trimex Group on Monday announced a 5-billion-
dollar investment in India's booming realty sector.
Rakeen and Trimex have formed an equal equity joint venture
company, Rakiendo Developers, to undertake its projects in India,
including the development of 50 million square feet of residential,
commercial and office space, over the next seven years.
The first project, spread over 1,000 acres, of the venture will be
a 1.5 billion-dollar integrated township and Special Economic Zone in
Coimbatore in India's southern city Tamil Nadu, and is to be
completed by the first quarter of next year.
'Establishing an integrated township and IT park in Tamil Nadu
affirms our belief in the state and is definitely a step towards our
effort to bring world-class facilities to India,' said Khattar
Massad, advisor to the crown prince of Ras Al Khaimah (RAK), and CEO
of the RAK Investment Authority.
Rakeen began operations in 2006, in a royal decree by the crown
prince and deputy ruler of RAK, one of the emirates in the UAE.
Rakiendo has a land bank of over 4,000 acres and is negotiating to
acquire an additional 5,000 acres, to undertake realty projects in
India's upcoming tier-I and tier-II cities, which are a peg down
compared to the metros like Delhi, Mumbai and Chennai.
Trimex Group, founded in 1985 and based in southern city Chennai
in Tamil Nadu, is the largest industrial raw material conglomerate in
the sub-continent and the Middle East, and has an annual turnover in
excess of 200 million dollars.
India's combined commercial and residential real estate market -
valued at between 15-20 billion dollars - is growing at 30 per cent
per year, and expected to be worth 90 billion dollars within the next
10 years.
© 2007 dpa - Deutsche Presse-Agentur 
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