Jammu and Kashmir Lt Governor Manoj Sinha performed ‘Bhumi Pujan’ of the million square feet mall to be set by the UAE-based Emaar group, the makers of Dubai Mall and Burj Khalifa, at Sempora in the outskirts of Srinagar.

According to the J&K government, it is the first foreign direct investment (FDI) project in Jammu and Kashmir.

The groundbreaking ceremony took place on a day when an India-UAE investors’ meet was held in Srinagar, a sequel to a similar meeting held in March last year.

“The land has been given for the IT tower. Its groundbreaking ceremony will be held next month. An IT tower of Rs 150 crore will be set up in Jammu,” Sinha said at the groundbreaking ceremony of the mall.

“In lump sum, it is an investment of Rs 500 crore. It will increase employment avenues. The long-standing dream of people of Jammu and Kashmir, especially Srinagar and surroundings, will be fulfilled… J&K is moving towards industrial progress,” the L-G said.

CEO of Emaar Properties Amit Jain said the ‘Mall of Srinagar’ will be one of the biggest malls in the country and will have 500 shops. He said several UAE companies are expected to come and open their shops there.
The first foreign investment in J&K has come a year after a group of 36 CEOs from gulf countries – mostly from real estate, hospitality, development, food processing and agriculture – visited Kashmir valley to explore investment opportunities in the UT.

The officials had said that the CEOs were invited to the valley to have a first-hand understanding of the situation in Jammu and Kashmir after they expressed doubts about it.

While 36 CEOs from Gulf Cooperation Council (GCC) countries – Sharjah, Dubai, Abu Dhabi, Saudi Arabia and Hong Kong – had visited the valley and promised investment in the union territory, only one project has turned into a reality so far.

On Sunday, the L-G chaired another meeting with the investors from UAE and called it a “historic” and a “unique opportunity for free and frank exchange on views on issues and opportunities for investment in J&K”.
“With the ‘Bhoomi Pujan’ of 10 lakh square feet ‘Mall of Srinagar’ by Emaar, the first FDI in Jammu and Kashmir has taken shape,” the L-G said.
He invited business leaders from the UAE to invest in the UT and to become “partners in J&K’s development”.
“J&K has made impressive progress with structural reforms in recent years and the growth trajectory makes the UT an attractive investment destination,” he said. “We will ensure the investors receive every kind of assistance, facilitation and support from administration,” he added.

The Sunday’s foreign investors meet was attended by the members of UAE-India Business Council (UIBC) – the official joint business chamber set up by UAE and India for promoting economic synergy between two countries – and investors from India and other countries. However, it was a low-key affair compared to the 2022 visit of the investors from the GCC countries.