Emaar Properties will develop a shopping mall in Srinagar, as part of an agreement between the governments of Dubai, and Jammu and Kashmir, to facilitate investments into projects.
“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 on this project and am sure we will see many such projects coming up in the near future. UAE and India’s economic partnership is at an inflection point and we will invite other UAE investors to look at this opportunity too,” said Dr Ahmed Abdul Rahman Albanna, UAE Ambassador to India.
According to the agreement, the project ‘Mall of Srinagar’ by Emaar will be about 5,00,000 sq ft in size.
“We wish to bring a world-class mall experience to 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,” said Mohamed Alabbar, founder of Emaar.
The government of Dubai recently inked an agreement with India to ramp up infrastructure investment in Jammu and Kashmir, which includes industrial parks, a medical college, a speciality hospital, logistic centres, IT and multi-purpose towers.
“Government of Dubai and Government of Jammu and Kashmir are committed to faster tracking investments, and this project is deeply aligned with the vision to furthering trade and investment relationship between the two countries. 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 Dr. Aman Puri, Consul General of India in Dubai.
In December, the J&K government signed 39 memorandums of understanding with property builders during a real estate summit, jointly organized by the ministry of housing and urban affairs, industry body Naredco and itself. Of the 39 MoUs, 19 were signed in the residential sector, eight in commercial, three in infrastructure, two in finance and three in film and entertainment.
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