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Gulf Islamic Investment (GII), a leading UAE-based Sharia-compliant financial services firm, plans to invest Rs 3,500 crore in India in the next three years and open its office in Bengaluru, the Karnataka government said on Monday.

The company expressed its interest to Karnataka Large and Medium Industries Minister Murugesh Nirani and IT&BT Minister C N Ashwath Narayan at the Karnataka pavilion at the Dubai Expo 2020. The GII would open its office to further strengthen Indo-UAE investment ties, Nirani's office said in a press release. GII has assets worth $2 billion under its management, the release said.

“GII’s decision to foray into Karnataka and open its office in Bengaluru will further strengthen investment ties between India and the UAE. Our State is an ideal place to make investments as we ensure ease of doing business and investor-friendly atmosphere. I’m sure that GII’s presence in Bengaluru will pave the way for more investments, trade and creation of jobs,” Nirani said.

GII plans to invest $500 million (Rs 3,500 crore) in India in the next three years, and the company is also planning collaborations with Indian start-ups to boost their Middle-East expansion plans, the release added.

In a joint statement, Mohammed Alhassan and Pankaj Gupta, founding partners and Co-CEOs of Gulf Islamic Investments, said, “We are delighted to officially announce our plans to establish a GII office in India’s technology capital of Bengaluru. India represents a prime investment destination for GII and this expansion demonstrates our commitment to future investments in the country’s burgeoning start-up and high-growth enterprise space."

"Given the success of our preliminary investment rounds through the India Growth Portfolio series, valued at over Rs 1,000 crores, we look forward to expanding our footprint in India and strategically contributing towards enhancing the India- UAE investment corridor," they added. According to the release, Nirani met several business delegations and convinced several companies to make investments in Karnataka.

The LuLu group, Ducab and Electric Way, among others, promised to make investments in the State. He held B2G meetings with representatives of DP World, Electric Way company, Ducab company Aster DM Healthcare, among others, it added.