One more step towards Naya Kashmir! Dubai based group to develop a shopping mall in Srinagar

In a major development, the United Arab Emirates government inked a memorandum of understanding (MoU) with the Jammu and Kashmir administration to develop a shopping mall in Srinagar in Jammu and Kashmir. According to the MoU, Dubai-based realty firm Emaar Properties will develop a 5 lakh square feet "Emaar Shopping Mall" in Srinagar, Jammu & Kashmir.

This will be the first significant FDI investment in the union territory, it added. "The UAE and India are comprehensive strategic partners, and this project by EMAAR will be a landmark of Jammu and Kashmir. I would like to congratulate EMAAR and all the partners in this project, and am sure we will see many such projects coming up in the near future," said H. E. Ahmed Abdul Rahman Albanna, the UAE Ambassador to India.

"The UAE and India economic partnership is at an inflection point and we will invite other UAE investors to look at this opportunity too," he said.

 

 

Mohamed Alabbar, Founder of Emaar, said the company intends to bring a world-class mall experience to residents of Jammu and Kashmir and also the tourists. "EMAAR is also considering other investments into real estate, hospitality, and mixed-use commercial and residential projects in Jammu and Srinagar," Alabbar said.

"The 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 Aman Puri, Consul General of India in Dubai.

Last month, the Jammu and Kashmir government opened the union territory to the country's real estate investors by signing 39 MoUs worth nearly Rs 19,000 crore at a real estate summit held in Jammu.