In J&K’s first FDI, Dubai’s Emaar to set up Rs 500 crore mall, IT towers in Srinagar

Emaar Properties of Dubai is going to construct a 10 lakh square feet mall in Srinagar, making this the first foreign-direct investment (FDI) in Jammu & Kashmir. The bhoomi pujan (land worship) ceremony for the same was conducted in Srinagar on Sunday.

"Today is a historic day. With the bhoomi pujan of 10 lakh square feet Mall of Srinagar by Emaar, the first FDI in J&K has taken shape. Land has been provided to Emaar for IT towers in Jammu and Srinagar. These three projects will be developed at a cost of Rs 500 crore," said Lieutenant Governor Manoj Sinha, as he addressed the India-UAE Investment Summit on Sunday.

With this, Sinha also highlighted the scope for private as well as foreign investments in various sectors in Jammu & Kashmir.