Indian Government has finally granted approval to Rakindo Developers Private Ltd, Al Jazeera Al Hamra and/or its wholly owned subsidiary Rakeen Ltd (Mauritius), for the set up of a wholly owned unit with up to 100 % foreign direct investment, amounting to $250 million.

Rakindo Developer is a joint venture between Rakeen Pvt. Ltd, promoted by Government of Ras-Al-Khaimah (UAE) and Dubai- based Trimex group.

The investment of up to Rs 1000 crore ($250 million) will be made through Rakeen Developement PJSC and the company will invest in infrastructure sector, including integrated township, special economic zones (SEZ) and construction projects (residential and commercial).