Dubai-based Emaar, a real estate developer from the United Arab Emirates (UAE), has become the first overseas company to invest in a mega-mall spread over 10 lakh square feet in Srinagar, a first since the Centre ended Jammu and Kashmir’s special constitutional position in 2019.
Describing the project as “a new dawn of limitless possibilities”, J&K Lieutenant Governor Manoj Sinha participated in a Bhumi Pujan in Srinagar’s Sempora area on March 19 as part of the ceremony of laying the mall’s foundation stone. “We are taking forward the Prime Minister’s vision for the development of J&K. Mall of Srinagar will have a transformative impact on the Union Territory (UT) and boost the infrastructure, employment generation and ease of living,” Mr. Sinha said.
First major FDI
The mega-mall is the first significant Foreign Direct Investment (FDI) investment in Jammu and Kashmir, according to an official statement. The Emaar group plans to invest ₹250 crore to set up the mega-mall, tipped to be one of the largest malls in the region with over 500 shops. A joint venture of Emaar and Delhi-based real estate firm Magna Waves BuildTech, the mall is likely to become operational by 2026.
“The Emaar group will also invest in setting up IT towers in Jammu and Srinagar. The investment will touch ₹500 crore,” Mr. Sinha said.
The L-G said that the mall and the allied projects with the government of Dubai would not only fuel the economic growth of J&K, but also help achieve the shared vision of strengthening bilateral trade and investment ties between India and the UAE, crediting the PM for the strong relationship between the two countries.
Spurring investment
Within 22 months of implementation of the New Industrial Policy, J&K has received investment proposals from more than 5,000 domestic and foreign companies. On average, every day, eight companies have expressed their willingness to invest in J&K, the L-G said. “A new industry is becoming operational in the UT every day. Last month, 45 industries started their operations,” he added.
The mall in Srinagar is a milestone project, said Emaar CEO Amit Jain. “We are excited about the potential of it. As Emaar group, we bring along strong relationships with leading retail brands of UAE, most of which will be launching their presence in India through this initiative,” Mr. Jain said.
Billion dollar deal
In January 2022, during an investor meet at Dubai, the J&K Government had entered into a bilateral agreement with various stakeholders and the government of the UAE to deliver over a billion dollars worth of projects in the valley.
These projects include the development of industrial parks, a medical college, a specialty hospital, logistics centres, IT towers, and multipurpose towers, in addition to the mall of Srinagar by Emaar, according to the J&K government.
