In September 2023, it was announced that Saudi Arabia may be considering setting up an office of its Sovereign Wealth Fund in GIFT City. So, GIFT City, located in Gandhinagar, Gujarat, seems to be positioned as a hub for India's financial services sector, boasting high-quality physical infrastructure and providing numerous incentives to attract finance and tech firms, including tax benefits, stamp duty exemptions and more.
What's going on? It seems like the goal is to transform India into a global financial and tech leader. And since being established in 2015, it's said to be designed to host international and domestic financial services, IT companies and other businesses. It's said to have attracted investment from tech firms, banks, insurance companies and more.
