Dubai based Emaar Properties will develop a massive shopping mall in Srinagar, as part of an agreement between the government of Dubai, and the Jammu Kashmir administration.
According to a report by Live Mint, “UAE and India are comprehensive strategic partners and this project by Emaar will be a landmark of Jammu and Kashmir. I would like to congratulate Emaar and all the partners on this project and am sure we will see many such projects coming up in the near future. UAE and India’s economic partnership is at an inflection point and we will invite other UAE investors to look at this opportunity too,” said Dr. Ahmed Abdul Rahman Albanna, UAE Ambassador to India.
According to the agreement, the project ‘Mall of Srinagar’ by Emaar will be about 5,00,000 sq ft in size.
“We wish to bring a world-class mall experience to residents of Jammu and Kashmir and the tourist inflows, which are likely to increase exponentially. Emaar is also considering other investments into real estate, hospitality and mixed-use commercial and residential projects in Jammu and in Srinagar,” said Mohamed Alabbar, founder of Emaar.
The government of Dubai recently inked an agreement with India to ramp up infrastructure investment in Jammu Kashmir, which includes industrial parks, a medical college, a specialty hospital, logistic centers, IT, and multi-purpose towers.