Emaar Group, developer of Burj Khalifa, announced a shopping mall and IT tower in Srinagar, marking their entry into Jammu and Kashmir, after Gulf CEOs explored investment opportunities in the Valley nearly a year ago.
During an India-UAE investors' meet in Srinagar, the announcement was made, matching a similar event from March 2020.
Emaar's projects are the first foreign direct investment (FDI) in the Union Territory, according to the Jammu and Kashmir (J&K) government.
The Lieutenant Governor of Jammu and Kashmir, Manoj Sinha conducted a prayer ceremony for the “Mall of Srinagar” and an IT tower at Sempora, located in the outskirts of Srinagar. Sinha revealed that an IT tower would also be set up in Jammu.
According to Sinha, a new Rs 150 crore IT tower will be established in Jammu, with land already allocated. The groundbreaking ceremony is scheduled for next month. The projects by Emaar in Srinagar and Jammu will provide more employment opportunities.
The investment amounts to Rs 500 crore and fulfills the long-standing dream of people in J&K, particularly in Srinagar and its surroundings. The region is advancing towards industrial progress.
The chief executive officer (CEO) of Emaar Properties mentioned that "Mall of Srinagar" would have 500 stores, with several operated by United Arab Emirates (UAE) firms.
Emaar, along with 35 other CEOs from the Gulf Cooperation Council, including Saudi Arabia, visited Kashmir last year to examine investment prospects.
The government invited CEOs from real estate, hospitality, development, food processing and agriculture sectors to address their concerns in J&K by providing them with a "first-hand" experience.
Sinha dubbed the India-UAE Summit a "unique" chance for candid talks on investment opportunities in J&K, and called Sunday (19 March) a historic day while addressing foreign investors.
The first foreign direct investment in Jammu and Kashmir has materialized with the Bhoomi Pujan of Emaar's 10-lakh sq ft 'Mall of Srinagar', according to a statement.
Business leaders from the UAE were invited to invest in J&K and participate as "partners in J&K’s development."
The UAE-India Business Council members attended Sunday's (19 March) foreign investors' meet to promote economic synergy between the two countries.
Sinha, during a meeting, stated that Jammu and Kashmir's structural reforms have made impressive progress, making it appealing for investment with an attractive growth trajectory. The administration vows to provide investors with needed assistance, facilitation and support.
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