Srinagar to get mega-mall, IT tower as UAE’s Emaar marks J&K’s first FDI

Almost a year after CEOs from several Gulf countries visited the Valley to explore investment opportunities, the UAE-based Emaar Group, the developer of the Burj Khalifa, marked its entry into J&K by announcing a shopping mall and an IT tower in Srinagar.

The announcement came on a day Srinagar hosted an India-UAE investors’ meet similar to the one held in March last year.

The J&K government said Emaar’s projects mark the first foreign direct investment (FDI) in the Union Territory.

J&K Lieutenant Governor Manoj Sinha performed the ‘Bhumi Pujan’ (prayer ceremony)’ for the 10-lakh sq. foot mega-mall — “Mall of Srinagar” — and an IT tower at Sempora on the outskirts of Srinagar. He said an IT tower will also come up in Jammu.