Dubai’s Emaar group to develop shopping mall in Srinagar

By

Maverick Martins

Published
Jan 4, 2022

Dubai-based realty firm Emaar Properties will develop a 5 lakh square feet shopping mall at Srinagar in Jammu & Kashmir, making it the first significant FDI investment in the union territory.

A memorandum of understanding (MoU) has been signed between the governments of Dubai and Jammu & Kashmir to facilitate investments into this proposed project.

"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 am sure we will see many such projects coming up in the near future,” said H. E. Ahmed Abdul Rahman Albanna, the UAE Ambassador to India.

Mohamed Alabbar, founder of Emaar added, "The company intends to bring a world-class mall experience to 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 in Srinagar.

Last month, the Jammu and Kashmir government opened has signed around 39 MoUs worth nearly Rs 19,000 crore at a real estate summit held in Jammu.