ADIH starts work on $400m Indian project
Manama, January 13, 2010
Abu Dhabi Investment House (ADIH) has begun enabling works and site facilities for its $400 million India Entertainment City (IEC) development in Navi Mumbai.
This includes site offices, boundary fences and other areas that will assist contractors to perform other infrastructure related work.
Phase II of the infrastructure work on the project, comprising 75 per cent of the total area, will begin in February.
ADIH awarded a contractor Phase II of the infrastructure work which includes civil works and roads network.
Remaining infrastructure work includes electrical, telecommunication and data services, a central gas network and district cooling in addition to landscaping and pavements.
IEC is one of a series of Sharia-compliant entertainment cities funds created by ADIH, the first of which is currently being developed in Doha, Qatar.
The concept is an embodiment of a mixed-use development, encompassing residential, commercial, retail and entertainment components.
India was selected as an entertainment city destination due to contributing factors such as the resilience of the Indian economy, government support to economic boost as well as expected growth of demand on real estate - from both investors and end users.
This is in addition to the entertainment industry which presents boundless opportunities and the project will provide numerous new job opportunities.
The chosen location for IEC, the rapidly developing commercial and industrial hub of Navi Mumbai, will ensure that IEC becomes the heart of the entertainment industry.
The sites are all strategically located at the confluence of several arterial roads and in close proximity to several large infrastructure projects.
The area has tremendous access to well-developed rail linkages as well as one of India's largest and most modern seaports - Jawaharlal Nehru Port Trust.
The area is also located in close proximity to other large industrial areas, providing access to several feeder industries.
Meanwhile, a formal ground breaking ceremony of the Economic Development Zone of, which IEC is a component, is set to take place next month.-TradeArabia News Service