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Jammu and Kashmir signs first ever Foreign Direct Investment MoU with Dubai Ports Group

Jammu and Kashmir’s finance minister Haseeb Drabu on Saturday signed the first ever Foreign Direct Investment (FDI) agreement with Dubai Ports (DP) group CEO Sultan Ahmed bin Sulayem in Dubai.

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The MoU was signed in the presence of Prime Minister Narendra Modi and crown prince of UAE, Mohamed bin Zayed at the Presidential palace.

On February 7, the Jammu and Kashmir government and Dubai Ports Group inked a pact for a joint venture involving maiden Rs 1,500 crore foreign direct investment for setting up inland logistic hubs in Jammu and Srinagar capital cities.

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“An MoU finalised for Joint Venture involving maiden Rs 1,500 crore foreign direct investment. The Memorandum of Understanding (MoU) for setting up inland logistic hubs in Jammu and Srinagar, as a Joint Venture between Dubai Ports and the Jammu and Kashmir government, was finalised at the delegation level talks between Sultan Ahmed Bin Sulayem-led DP team and Haseeb Drabu-led state government team,” an official spokesman said.

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