The UAE-based Emaar Group, the maker of Burj Khalifa, is set to develop a shopping mall and multipurpose tower at Sempora, in the outskirts of Srinagar, in Kashmir. This also marks the first-ever foreign direct investment (FDI) in the Union Territory.
J&K Lieutenant Governor Manoj Sinha said an IT tower, a project worth Rs 150 crore, will be set up in Jammu. “Land has been given for it. Its ground-breaking ceremony will be held next month. Overall, it’s an investment of Rs 500 crore. I think the long standing dream of people of Jammu and Kashmir (J&K), especially Srinagar and surroundings, will be fulfilled. I think J&K is moving towards industrial process.”
Amit Jain, Emaar Properties CEO, said Mall of Srinagar will have 500 shops, many of which are expected to be run by UAE-based companies. He believes the company’s investments in J&K will have a ripple effect. Jain said every rupee invested will bring in nine rupees of more investments. “This Rs 500 crore investment should lead to Rs 5,000 crore investments. He added that Dubai World wants to set up a logistics center. And Emirates airlines might also set up centers as well.
Moreover, the project will generate employment opportunities for the locals. “These are hardworking people. The hospitality of Kashmir is known world-over,” Jain said. The Indian government also invited CEOs, from various sectors like food processing, real estate and hospitality etc., to allay their concerns over the situation in J&K by offering them a first-hand experience.
Furthermore, Sinha described the India-UAE summit as a “unique opportunity” for a free and frank exchange of views on investment opportunities in J&K.