India-UAE Investment Summit: EMAAR’s 1st FDI Project Worth Rs 500 Cr in Srinagar, LG Hails ‘Historic’ Deal

Edited By: Pritha Mallick

Last Updated: March 19, 2023, 7:55 PM IST

J&K Lieutenant Governor Manoj Sinha laid the foundation stone for the construction of the Mall in Srinagar on March 19 at Sempora, Pampore.

Lieutenant Governor Manoj Sinha performed the ‘Bhumi Pujan’ and the foundation-laying ceremony for the project by the makers of Dubai Mall and Burj Khalifa

Lieutenant Governor Manoj Sinha addressed the India-UAE Investment Summit and interacted with the business delegates in Srinagar on Sunday. He also hailed the first foreign direct investment in Jammu and Kashmir with the Rs 500 crore project, a shopping mall and a multipurpose tower in the outskirts of Srinagar.

Hailing the day as “historic,” Lt Governor Sinha highlighted the scope for private and foreign investments in various sectors in Jammu and Kashmir and said it has made impressive progress with structural reforms in recent years.

Sinha performed the ‘Bhumi Pujan’ and the foundation-laying ceremony for the project by the makers of Dubai Mall and Burj Khalifa.

“With the Bhoomi Pujan 10 lakh Sq. Ft. Mall of Srinagar by Emaar, the first FDI in J&K, has taken shape. Land has been provided to Emaar for IT towers in Jammu and Srinagar. These three projects will be developed at a cost of Rs. 500 Cr,” he said.

Sinha said under the guidance of Prime Minister Narendra Modi, Jammu and Kashmir has made remarkable progress towards ambitious infrastructure development programme, modernisation and expansion of airports, rail network and highways for ease of doing business and to fuel faster economic growth.

“We are upgrading our infrastructure both in capacity and quality to meet new demands and ready to raise our partnership with industries to higher levels,” he said.

He said reforms undertaken over the past three years are a result of a well-planned, long-term, and comprehensive strategy aimed at creating a favourable investment environment for both domestic and foreign investors in Jammu and Kashmir.

He appreciated the enthusiasm and faith of foreign investors and invited them to become partner in Jammu and Kashmir’s development.

With a push towards agriculture and allied sectors, hospitality, education, tourism and other industries, he also highlighted the union territory’s digital transformation.

“J&K is witnessing a new technological revolution and we have started two Innovation and Invention centres where well-trained faculties & IT professionals are preparing future knowledge workers who will be the main force of Industry 4.0 to provide much needed human resources for the emerging market,” he said.

Faizal Edavalath Kottikollon, Chairman UIBC-UC said that they are keenly working with the government of Jammu and Kashmir for investment and will be bringing a world class climate wellness resort in Jammu Kashmir.

Sharafuddin Sharaf, Vice Chairman UIBC R R Bhatnagar, Advisor to Lieutenant Governor; Dr Arun Kumar Mehta, Chief Secretary; members of UAE- India- Business Council, business leaders and investors from India and abroad were present at the event.

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