Mumbai: Gulf Finance House (GFH) has decided to build up an economic development zone (EDZ) along the Mumbai-Pune Expressway, which would be a focus for investments above $10 billion.

The world’s second largest Islamic investment bank has stated that the EDZ will be constructed on 1,600 acres, and it would be operational by next 3-5 years.

GTH on Friday has signed up a memorandum of understanding (MoU) with the government of Maharashtra in order to build EDZ that will house software, energy, telecom and entertainment facilities.

Peter Panayiotou, acting chief executive officer of the Bahrain-based GFH said that EDZ will contain four components including an energy city, a software city, a telecom city and an entertainment sity.

“We have demarcated the land just outside Mumbai where we would develop four economic concepts. It would attract and add a total value of $10 billion,” Mr. Peter added.

Vilasrao Deshmukh, CM of Maharashtra, said, “The 'Integrated Economic Development Zone' by GFH will help in the establishment of a knowledge and creative zone near Mumbai and will result in a creation of large scale high end jobs.”

After completion, this EDZ would be the one of the biggest growth projects in Maharashtra, Mr. Deshmukh also said.