The UAE real estate company Tasweek is considering involvement in smart city projects in India, in collaboration with its local partner MAMS Holding Group.
The two firms have visited Akhilesh Yadav, the chief minister of the Indian state of Uttar Pradesh, to discuss investment opportunities, Tasweek said in a statement.
The move comes in support of Indian prime minister Narendra Modi’s vision of developing 100 smart cities in the country. India’s 2015 federal budget has $1 billion earmarked for the urban rejuvenation mission and $84 million for the development of the smart cities.
Tasweek recently joined forces with MAMS Holding Group, an international development and construction firm, to pursue investment prospects in the UAE, GCC and India. Under the agreement, the partners will look at developing residential, commercial and mixed-use projects enabled with ‘smart’ technologies in India, and will also focus on investing in affordable housing.
The partnership will enable Tasweek to access local market expertise to develop smart cities in Uttar Pradesh as well as other parts of India such as Jammu and Kashmir, Andhra Pradesh and Calcutta, said Masood Al Awar, CEO of Tasweek.