Dubai’s Emaar group to develop 5 lakh square foot shopping center in Srinagar

A memorandum of understanding has been signed between the governments of Dubai and Jammu and Kashmir to facilitate investment in this proposed project, Emaar said in a statement.

Dubai-based real estate firm Emaar Properties announced on Monday that it will develop a 5 lakh square foot shopping center in Srinagar, Jammu and Kashmir. A memorandum of understanding has been signed between the governments of Dubai and Jammu and Kashmir to facilitate investment in this proposed project, Emaar said in a statement. This will be the first major FDI investment in the territory of the Union, he added.

According to the MoU, Emaar will develop the 5,000,000 square foot “Emaar Mall” in Srinagar. The United Arab Emirates and India are comprehensive strategic partners and this EMAAR project will be a landmark for Jammu and Kashmir. I would like to congratulate EMAAR and all the partners on this project, and I am sure that we will see many such projects happening in the near future ”, said SE

Ahmed Abdul Rahman Albanna, Ambassador of the United Arab Emirates to India. “The economic partnership between UAE and India is at an inflection point and we will invite other UAE investors to consider this opportunity as well,” he said. Mohamed Alabbar, founder of Emaar, said the company intends to provide a world-class shopping mall experience to residents of Jammu and Kashmir as well as tourists. “EMAAR is also considering further investments in 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 fraternal relationship between the UAE and India. We look forward to the announcement of several projects in the near future and the creation of significant employment opportunities as part of the process, ”said Aman Puri, Consul General of India in Dubai.

Last month, the government of Jammu and Kashmir opened up the Union’s territory to the country’s real estate investors by signing 39 memoranda of understanding worth nearly Rs 19,000 crore at a summit on real estate held in Jammu. Up to 20 MoUs have been signed for the development of housing projects, while 7 have been signed for commercial projects, 4 for hospitality, 3 for infratech, 3 for cinema and entertainment and 2 financing projects. In 2005, Emaar Properties entered the Indian real estate market in partnership with the Indian group MGF and invested Rs 8,500 crore through the Emaar MGF Land joint venture.

However, in April 2016, he decided to end this joint venture. In January 2018, the National Company Law Tribunal (NCLT) approved Emaar MGF Land’s draft split plan, paving the way for two joint venture partners – Emaar Properties and MGF Développement – to separate. Emaar India develops real estate projects mainly in Delhi-RCN and Punjab

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Peggy P. Gilmore