4 January , 2022 Fdiindia
Srinagar to Soon Get a Landmark Shopping Mall by Emaar
The governments of Dubai and Jammu & Kashmir have signed agreements for high-profile projects in the state, with the first project being a 5,00,000 sq. ft. shopping mall to be developed in Srinagar by the Dubai-based Emaar Group.
Emaar is a UAE-based real estate development firm and will construct the Emaar Mall of Srinagar. This will be the first large-scale foreign direct investment (FDI) in Jammu and Kashmir.
Dr. Ahmed Abdul Rahman Albanna, UAE Ambassador to India, said, “UAE and India are comprehensive strategic partners and this project by EMAAR will be a landmark of Jammu and Kashmir. UAE and India economic partnership is at an inflection point and we will invite other UAE investors to look at this opportunity too.”
The shopping mall project is a big step in line with the determination of the Government of Jammu and Kashmir and the Government of Dubai to enhance trade between the two countries and expedite foreign investment in the state.
“We wish to bring a world class Mall experience to residents of Jammu and Kashmir and the tourist inflows which are likely to increase exponentially. EMAAR is also considering other investments into real estate, hospitality and mixed use commercial and residential projects in Jammu and in Srinagar,” said Mohamed Alabbar, founder of Emaar.
As per the agreement, foreign investment from Dubai will help realize projects with a combined value of more than a billion dollars in Kashmir. Some of these ventures will include logistic centers, industrial parks, a specialty hospital, IT towers, a medical college, and multi-purpose towers.
“Union Territory of Jammu and Kashmir has created a very attractive investment landscape, and this FDI project is a reflection of the close brotherly relations between UAE and India. We are looking forward to several projects being announced in the near future and significant employment opportunities being created in the process,” said Dr. Aman Puri, Consul General of India in Dubai.
India and the UAE have a robust bilateral relationship due to common economic and geopolitical interests. The Government of Dubai has signed an agreement to augment investment in infrastructure in Jammu and Kashmir.