J&K gets first FDI project, Dubai based EMAAR to build mall in Srinagar

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Srinagar (Jammu and Kashmir), 20th March 2023: Almost a year after CEOs from several Gulf nations visited the Valley to look into business possibilities, the UAE-based Emaar Group, the builder of the Burj Khalifa, announced plans for a mall and an information technology tower in Srinagar to mark its entry into J&K.

The announcement was made on the same day that an India-UAE investors’ meeting, akin to the one that took place in March of last year, was conducted in Srinagar.

The Emaar projects, according to the J&K administration, represent the first foreign direct investment (FDI) in the Union Territory.

Manoj Sinha, the lieutenant governor of J&K, led the “Bhumi Pujan” (prayer ritual) for the “Mall of Srinagar,” a 10-lakh-square-foot mega-mall, and an IT tower at Sempora outside of Srinagar. He claimed that Jammu would also get an IT skyscraper.

Sinha said, “An IT tower of Rs 150 crore will be set up in Jammu. Land has been given for it. Its ground-breaking ceremony will be held next month.”

He said that the projects would generate substantial employment opportunities and further added, “Overall, it’s an investment of Rs 500 crore. I think the long standing dream of people of Jammu and Kashmir especially Srinagar and surroundings will be fulfilled… I think Jammu and Kashmir is moving towards industrial progress.”

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