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UAE real estate major to invest in Indian smart cities

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Masood-Al-Awar,-TasweekTasweek Real Estate Development and Marketing, a UAE-based real estate company, in association with local partner MAMS Holdings Group, has announced to invest in “smart city” projects in India.

One of the statements from the real estate firm said that it has held talks with Akhilesh Yadav, Chief Minister of Uttar Pradesh, to discuss opportunities related to smart cities and urban development.

India’s 2015 federal budget has alloted $1 billion for the Urban Rejuvenation Mission and reserved $84 million to build 100 smart cities.

Lately, Tasweek has formed a strategic partnership with India’s construction firm MAMS Holdings Group to follow both business and investment prospects in India.

As per the agreement, the partners will seek residential, commercial and mixed-use projects that are enabled with smart technologies in India. Further, their focus is on the investment opportunities in affordable housing sector.

Masood Al Awar, CEO, Tasweek, said, “Many advisory and technology firms, urban planners and engineering firms have showed their interest and support for the Chief Minister’s initiative of ‘smart cities’ in India. Thus, our partnership with MAMS Holdings is timely and strategic, as we will have access to local market expertise and know how to support affordable yet ‘smart’ living in Uttar Pradesh and other parts of India such as Jammu and Kashmir, Telegana, Andhra Pradesh, and Calcutta. We will also continue to discuss opportunities with our partner in alignment with India’s long-term development agenda.”

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