The construction work has formally begun on the $10-billion (approx Rs 45,500 crore) Gulf Finance House Economic Development Zone (GFH EDZ) near Mumbai, on 7 March 2010, as Ashok Chavan, Chief Minster of Maharashtra, performed the ground-breaking ceremony.

Bahrain based Islamic bank Gulf Finance House is setting up an integrated economic development zone over 1,700 acre near Mumbai by 2017. GFH has already acquired land for the project from local land holders. The MMRDA will be the special planning authority for the zone and it is looking at taking some equity in the project.

The proposed EDZ is likely to have an energy, entertainment and IT district. GFH plans to attract global energy and entertainment companies who will setup their homes and offices there. GFH is likely to begin the development of 480-acre entertainment district first which is planned as a special attraction for entertainment and commercial uses, including a mix of hospitality, leisure and recreational facilities. The 470 acre IT/Telecom component will feature a centralised IT office park that will acts as a business core catering to the IT/Telecom industries while the energy district is likely to be developed on 760 acre.

Funds for the project are being raised from high net worth individuals and financial institutions of the Gulf Cooperation Council.

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