Bahrain-based Gulf Finance House will invest $10 billion for setting up an integrated economic development zone near Mumbai over the next seven years. Spread over 1,700 acres, the zone, which is located about 12 km away from Navi Mumbai, will have an energy, entertainment and information technology district.

The fund required is being raised from high net worth individuals and financial institutions of the Gulf Cooperation Council. The 480-acre entertainment district will be the first of the three components of zone which is planned as a special attraction for entertainment and commercial uses, including a mix of hospitality, leisure and recreational facilities. The other two key components are 760-acre of energy district being developed by bank across Asia and West Asia. The 470-acre IT/Telecom component, will features a centralized IT Office Park that acts as a business core catering to the IT/Telecom industries.

Mumbai Metropolitan Region Development Authority (MMRDA) will be the special planning authority for zone, which is looking at taking some equity in the project.