Saudi Arabia is considering setting up an office of its Public Investment Fund (PIF) in India’s Gujarat International Finance Tec-City (GIFT City). The PIF is a sovereign wealth fund with over $600 billion in assets, and its presence in GIFT City would be a major boost for the Indian financial hub.
GIFT City is a tax-neutral financial services hub located in Gandhinagar, Gujarat. It is one of the key initiatives of Indian Prime Minister Narendra Modi to make India a global financial center. The city offers a number of advantages to investors, including a favorable tax regime, a skilled workforce, and a robust infrastructure.
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The establishment of a PIF office in GIFT City would facilitate investments between Saudi Arabia and India. The two countries have strong economic ties, and the PIF’s presence in GIFT City would make it easier for Saudi Arabian companies to invest in India. The office would also help to attract more foreign investment to GIFT City, which would boost the development of the city and the Indian economy as a whole.
The PIF’s potential office in GIFT City is a positive development for both countries. It would help to strengthen economic ties between Saudi Arabia and India, and it would also boost the development of GIFT City and the Indian economy.
Source: Alarabiya.net