The first Foreign Direct Investment project of building a mall in Srinagar was kick-started on Sunday, March 19, by the Lieutenant Governor of Jammu and Kashmir Manoj Sinha
The foundation stone was laid for “Mall of Srinagar” which is to be built by UAE-based construction company EMAAR Group at Sempora area on the outskirts of Srinagar. The Rs 250-crore project will be built on 1 million square feet of area and be ready by 2026.
The Mall of Srinagar and allied projects with the government in Dubai are expected to fuel the economic growth of J&K and help achieve the shared vision of strengthening bilateral trade and investment ties between India and UAE.
The mega-mall is the first significant FDI investment in Jammu and Kashmir to facilitate marquee projects as per the MoU signed between the governments of the UAE and India. Launched by Emaar and Magna Waves Buildtech, the mall is set to become operational by 2026.
A new dawn of limitless possibilities. Taking forward Hon’ble PM Shri @narendramodi ji’s vision for development of J&K, laid the foundation stone of Mall of Srinagar by Emaar. It will have transformative impact on UT & boost infrastructure, employment generation & ease of living. pic.twitter.com/2GrYHvBUts
— Office of LG J&K (@OfficeOfLGJandK) March 19, 2023
Soon after the inauguration, LG Manoj Sinha said this is a new dawn of limitless possibilities. “We are taking forward Hon’ble PM Shri Narendra Modi ji’s vision for development of J&K. Mall of Srinagar will have transformative impact on UT & boost infrastructure, employment generation and ease of living, said the Lt Governor.”
The Lt Governor highlighted the progressive reforms introduced under the guidance of the prime minister to create a favourable environment for industries and businesses to flourish in J&K.
“Unprecedented industrial investment & economic growth of J&K is laying the foundation for a stronger and more prosperous future for the people of Union Territory. Within 22 months of implementation of New Industrial Policy, we have received investment proposals from more than 5000 domestic and foreign companies. Every day, eight companies have expressed their willingness to invest in J&K. A new industry is becoming operational in the UT every day. Last month, 45 industries started their operations,” said the Lt Governor.
In January 2022, during the investor meet at Dubai, J&K Government entered into a bilateral agreement with various stakeholders and Government of UAE to deliver over a billion dollars’ worth of projects in the valley. These projects include the development of industrial parks, a medical college, a specialty hospital, logistics centres, IT towers, and multipurpose towers, in addition to the Mall of Srinagar by Emaar.