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EMAAR Properties, a Dubai-based real estate group, will be developing a shopping mall in Srinagar, Jammu and Kashmir. The mall will be about 5 lakh square feet in size.
According to a statement released by Emaar, a MoU was signed by the Dubai and Jammu and Kashmir governments to facilitate investments into the project. This is the first FDI investment in Jammu and Kashmir.
"The 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 in this project , and I am sure we will see many such projects coming up in the near future," said HE Ahmed Abdul Rahman Albanna, the UAE Ambassador to India, reported PTI.
Last month, Jammu and Kashmir signed 39 MoUs worth ₹19,000 crore with property builders during the real estate summit held in Jammu. Of this, 20 MoUs were signed for the residential sector, 7 in commercial, 4 for hospitality and 3 for infratech among others.
According to the PTI report, Mohamed Alabbar, Founder of EMAAR said, “The company intends to bring a world-class mall experience to the residents of Jammu and Kashmir and also the tourists. EMAAR is also considering other investments into real estate, hospitality and mixed use commercial and residential projects in Jammu and Kashmir and in Srinagar”.
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