Dubai’s biggest real estate developer, Emaar group, will develop a shopping mall in Srinagar, as per an agreement signed between the governments of Dubai and Jammu and Kashmir, to facilitate investments into India’s northernmost region.
The 500,000sqft ‘Emaar Mall of Srinagar’ will be the first significant FDI investment in Jammu and Kashmir after the India government revoked its special status given under Article 370 and brought the Union Territory under the central administration.
Mohamed Alabbar, founder of Emaar, said: “We wish to bring a world class mall experience to the 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,” he was quoted by Indian media as saying.
“The UAE and India are comprehensive strategic partners and this project by Emaar will be a landmark of Jammu and Kashmir. The UAE and India economic partnership is at an inflection point and we will invite other UAE investors to look at this opportunity too,” Dr Ahmed Abdul Rahman Albanna, UAE Ambassador to India, told the Indian media.
The UAE and India are strategic partners and the two countries share strong bilateral relationship based on common geopolitical and economic interests. In line with this, the government of Dubai had recently inked an agreement with India to ramp up infrastructure investment in Jammu and Kashmir.
The deal will see Dubai deliver more than a billion-dollar worth of projects in Kashmir, including industrial parks, a medical college, a specialty hospital, logistic centres, IT towers and multi-purpose towers.
Dr Aman Puri, Consul-General of India in Dubai, said he is delighted that Emaar is investing in a shopping mall in Jammu and Kashmir. “This indicates that the bilateral relationship between two nations is now getting further boost with investments expected in other sectors too,” he said.
Dr Puri also stated that apart from Emaar, other top UAE corporates like DP World too are looking at investing in Jammu and Kashmir. He said an e-commerce company will also soon open offices in Jammu & Kashmir.
“The Jammu & Kashmir government has created an investment climate for local and international projects. This is reflection of faith in restoring socio-economic visions by Indian Prime Minister Narendra Modi. We are hopeful other GCC countries will start looking at investment opportunities too. The areas of investments are in hospitality, real estate, logistics, education and healthcare,” added Dr Puri.
“A lot of UAE companies are also looking at hiring skilled manpower from Jammu & Kashmir which will boost the economy too.”
Emaar is the second UAE-based company that is pledging investment in Jammu and Kashmir. In December 2020, the Abu Dhabi-based retail giant LuLu Group announced setting up of a food processing and logistics centre in Jammu and Kashmir. The group spokesperson said it will invest around Rs 600 million initially to set up a sorting centre and cold storage, and the project is expected to generate direct employment for around 300 persons.
With an aim to attract more investments to Jammu and Kashmir, the India pavilion at Expo 2020 is hosting a two-week special of B2B events and investor meets. The pavilion will also showcase events and products to promote J&K tourism and handicrafts.
Source : Zawya
