Emaar group to develop shopping center in Srinagar
This will be the first major FDI investment in Jammu and Kashmir.
“The UAE and India are global strategic partners and this EMAAR project will be a landmark for Jammu and Kashmir. The UAE-India economic partnership is at an inflection point and we will invite other UAE investors to consider this opportunity as well, ”said Dr. Ahmed Abdul Rahman Albanna, UAE Ambassador. United Arabs in India.
Emaar, the UAE property development company, will develop Emaar Mall in Srinagar.
“We are keen to bring a world-class shopping mall experience to the residents of Jammu and Kashmir and the influxes of tourists which are likely to increase exponentially. EMAAR is also considering further investments in real estate, hospitality and mixed-use commercial and residential projects in Jammu and Srinagar, ”said Mohamed Alabbar, founder of Emaar.
The government of Dubai and the government of Jammu and Kashmir are committed to tracking investments more quickly, and this project is deeply aligned with the vision of promoting trade and investment relations between the two countries.
“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 Dr Aman Puri, Consul General of India in Dubai.
The UAE is a strategic partner of India, and the two countries enjoy strong bilateral relations based on common geopolitical and economic interests.
With this in mind, the government of Dubai, one of the world’s major financial centers, had recently signed an agreement with India to increase investment in infrastructure in Jammu and Kashmir.
The deal will see Dubai complete more than $ 1 billion in projects in Kashmir, including industrial parks, a medical school, a specialist hospital, logistics centers, computer towers and multi-purpose towers.