UAE’s Emaar first overseas group to invest Rs 500 crore in J&K, LG lays foundation of largest mall in J&K
| 20-Mar-2023 |
Emaar group of the United Arab Emirates (UAE), which has built landmark buildings such as the Burj Khalifa and Dubai Mall, made it’s formal entry into Jammu and Kashmir, with the foundation laying ceremony of mega mall project in Srinagar on Sunday.
Lieutenant Governor, Jammu and Kashmir Manoj Sinha performed the Bhumi Pujan ceremony of the project. He said the project envisages the creation of over 10,000 jobs in the valley.
Set to be one of the largest malls in the region, the complex will have more than 500 shops and it will be constructed over an area of 10 lakh square feet and is expected to be completed by 2026.
The project includes the building of a mega-mall, named as the Mall of Srinagar and a multipurpose tower. Mall will be constructed at a cost of 250 crore. Land has been given adjacently for an IT tower which will be inaugurated next month. An IT tower will also be constructed in Jammu at a cost of 150 crore rupees.
Emaar group will pump in total 500 crore investment. Pertinently, this will be the first foreign direct investment (FDI) in the J&K UT since the abrogation of article 370.
Later LG also participated in the India-UAE investor meet at the Sher-i-Kashmir International Conference Centre on the banks of famous Dal lake in Srinagar.
“This is a new dawn of limitless possibilities. We are taking forward (Prime Minister) PM Narendra Modi ji’s vision for development of J&K,” Sinha said. “Mall of Srinagar will have transformative impact on UT and boost infrastructure, employment generation and ease of living.”
LG said the mall and the allied projects with the government of Dubai would not only fuel the economic growth of J&K, but will also help to achieve the shared vision of strengthening bilateral trade and investment ties between India and the UAE while crediting the PM for the strong relationship between the two countries.
Within 22 months of implementation of the New Industrial Policy, J&K has received investment proposals from more than 5000 domestic and foreign companies. Every day, eight companies have expressed their willingness to invest in J&K, LG added.
On the occasion, Emaar Group chief executive officer Amit Jain said: “The Mall of Srinagar is one of our milestone projects and we are excited about the potential of it. As Emaar Group, we bring along strong relationships with leading retail brands of UAE, most of which will be launching their presence in India through this initiative.”