The State Government on Monday signed a Memorandum of Understanding (MoU) with the Gulf Islamic Investment (GII) group that has shown interest to invest in the State. The GII will open its office in Bengaluru to further strengthen Indo-UAE investment ties, a release from the office of Industries Minister Murugesh Nirani, said.
The MoU was signed in Dubai during the DubaiExpo on Monday in the presence of Mr. Nirani and Higher Education Minister C.N. Ashwathnarayan. "GII's decision to foray into Karnataka will further strengthen investment ties between India and UAE. GII's presence in Bengaluru will pave the way for more investments, trade and creation of jobs," Mr. Nirani said.
The release said that the GII plans to invest Rs. 3,500 crore in India over the next three years, and is looking for collaboration with Indian start-ups to boost their Middle East expansion plans.
In a joint statement Mohammed Alhassan and Pankaj Gupta, Founding partners and Co-CEOs of GII said: "We are delighted to officially announce our plans to establish a CII office in Bengaluru. This expansion demonstrates our commitment to future investments in the country's burgeoning start up and high growth enterprise space."
