Investors from the Gulf Cooperative Council (GCC) have shown interest to build a ‘design district’ on the outskirts of Bengaluru.
Minister of IT, Biotechnology and Science and Technology C.N. Ashwath Narayan, after returning from a four-day visit to Dubai Expo 2020, said a ₹1,000 crore project would come up on 100 to 150 acres of land.
Dr. Narayan said a delegation of investors from the GCC countries such as the United Arab Emirates (UAE), Kingdom of Saudi Arabia, Qatar, and Egypt had shown keen interest to invest in Karnataka.
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The GCC is a regional intergovernmental political and economic union comprising countries such as the UAE, Bahrain, Kuwait, Oman, and Qatar. Memorandum of understanding (MoU) would be signed with investors on various projects during their visit in November.
“The proposed design district will be way ahead than the one in Dubai. Industrial designs of all kinds required for any sector will be done in the proposed design district,” said Dr. Narayan. He added that the Bengaluru Design Festival would be held in the design district.
The Minister announced that the Gulf Islamic Investment (GII) plans to set up its office in Bengaluru to further strengthen the Indo-UAE investment ties.
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Office in Bengaluru
“The GII expressed an intent to sign an MoU with the State to set up its office in Bengaluru,” Dr. Narayan said. GII plans to invest $500 million (₹3,500 crore) in India in the next three years. The UAE can play a significant role in India’s quest to become a $5 trillion economy, Dr. Narayan said.