Emaar Group of the United Arab Emirates (UAE), which has built landmark buildings such as the Burj Khalifa and Dubai Mall, made its formal entry into Jammu and Kashmir on March 19, with the foundation-laying ceremony of a mega-mall project at the outskirts of Srinagar.
The project includes the building of a mega-mall, named as the ‘Mall of Srinagar’, and a multipurpose tower. Emaar will pump in a total investment of Rs 500 crore, as per an official statement.
This will be the first significant foreign direct investment (FDI) in the Union territory since the abrogation of Article 370.
Lieutenant Governor Manoj Sinha performed the groundbreaking ceremony project that envisages the creation of over 10,000 jobs in the valley.
“The Mall of Srinagar & allied projects with Government of Dubai will fuel the economic growth of JK and bring us closer to achieving the shared vision of strengthening bilateral trade and investment ties between India and UAE,” Sinha said.
The CEO of Emaar Group, Amit Jain, Bollywood actors Vivek Oberoi and Neetu Chandra were among those present at the ‘Bhumi Pujan’ and foundation laying ceremony.