The first foreign company to invest in India, Dubai’s Emaar is set to develop a massive a $60 million project in Jammu & Kashmir. The brand-new shopping and office complex will have its address in Srinagar, the capital of Jammu and Kashmir, the northernmost part of India.
The project, dubbed ‘Mall of Srinagar’, will be Emaar’s first project in India. Manoj Sinha, the lieutenant governor of J&K, led the “Bhumi Pujan” (prayer ceremony) for the “Mall of Srinagar,” a 10-lakh-square-foot mega-mall, and an IT tower at Sempora outside of Srinagar. “An IT tower of Rs 150 crore will be set up in Jammu. Land has been given for it. Its ground-breaking ceremony will be held next month,” Sinha said.
Mall of Srinagar will have 500 shops, many of which are expected to be run by UAE-based companies. A group of about 36 CEOs from the Gulf Cooperation Council (GCC), including Saudi Arabia, visited Kashmir last year to look into investment opportunities. Emaar was among them.
In addition, we also hear that the LuLu Group will open its first hypermarket in J&K. Measuring roughly 100,000 square feet, the new hyper market will directly employ approximately 1,500 youth from the state for its operations.
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