UAE’s Emaar first overseas company to start a mega-mall project in Kashmir
In the first significant foreign direct investment in J&K, Emaar will invest a total of ₹500 crore, including ₹250 crore for the mega-mall, and more to help set up IT towers in Jammu and Srinagar
Post by Irfan Yattoo on Monday, March 20, 2023
The Mall of Srinagar and allied projects with the Government of Dubai will fuel the economic growth of J&K: LG
Within 22 months of implementation of New Industrial Policy, we have received investment proposals from more than 5000 domestic and foreign companies.
Those who raised questions on employment post August 2019, should introspect what they have done for J&K in the past decades. Only Rs 14,000 cr industrial investment came to J&K since independence till 2019
Peace is prevailing in Jammu Kashmir. Days of Hartals have become history now
Srinagar, Mar 19: Lieutenant Governor Manoj Sinha on Sunday laid the foundation stone of the mega Mall of Srinagar to be built by Dubai’s Emaar Group at Sempora area of city. He said this project will have a transformative impact on UT & boost infrastructure, employment generation, and ease of living.
Dubai-based Emaar, a real estate developer from the United Arab Emirates (UAE), has become the first overseas company to invest in a mega-mall spread over 10 lakh square feet in Srinagar.
The group will invest a total of ₹500 crore, including ₹250 crore for the mega-mall, and more to help set up IT towers in Jammu and Srinagar.
Addressing the gathering, LG Sinha congratulated the people of J&K on the historic occasion. He said it is a new dawn of limitless possibilities. “We are taking forward PM Narendra Modi’s vision for the development of J&K,” he said.
The Lt. Governor said this mega-mall is the first significant Foreign Direct Investment (FDI) investment in J&K. The Emaar group plans to invest ₹250 crore to set up the mega-mall, tipped to be one of the largest malls in the region with over 500 shops. A joint venture of Emaar and Delhi-based real estate firm Magna Waves BuildTech, the mall is likely to become operational by 2026, he said.
LG Sinha said the Mall of Srinagar and allied projects with the Government of Dubai will fuel the economic growth of J&K. “It will bring us closer in achieving the shared vision of strengthening bilateral trade and investment ties between India and UAE,” he said.
“The credit for the strong ties between UAE and India goes to the strenuous efforts of Prime Minister. The progressive reforms were introduced under the guidance of Prime Minister to create a favourable environment for Industries and Business to flourish in J&K.
“Unprecedented Industrial investment and economic growth of J&K is laying the foundation for a stronger and more prosperous future for the people of Union Territory,” said the Lt Governor.
The Lt Governor expressed gratitude to PM Modi and Home Minister Amit Shah for new industrial development scheme.
“Within 22 months of implementation of New Industrial Policy, we have received investment proposals from more than 5000 domestic and foreign companies. Every day, 8 companies have expressed their willingness to invest in J&K,” he said.
LG Sinha said new industry is becoming operational in the UT every day. Last month, 45 industries started their operations, he added.
“PM Modi has already done the groundbreaking ceremony for projects worth Rs 38,000 crore. Those who raised questions on employment post August 2019, should introspect what they have done for J&K in the past decades. Only Rs 14,000 cr industrial investment came to J&K since independence till 2019,” he said.
LG said in the last three years, we have registered phenomenal growth in different sectors and in terms of knowledge, physical and digital connectivity, Jammu and Kashmir has performed exceptionally well in the entire country.
The Lt Governor invited the Industry leaders from across the world to be a part of the new industrial revolution of Jammu Kashmir.
“We have broadened the economic and social base of development and are offering best incentives across the country, land for industries, skilled labour, technical support, market connectivity, national and international air cargo facilities, raw materials, cheapest power, lowest crime rate, single window clearance, ease of doing business,” he said.
LG Sinha said one lakh crore rupees worth highways and tunnels projects are going on in J&K UT. Kashmir will be connected to Kanyakumari this year. The flight operations in both Jammu & Srinagar airports have increased and international flight connectivity has been strengthened, he said.
“Today, peace is prevailing in Jammu Kashmir. Days of Hartals have become history now. World has witnessed the youth and people of Pulwama, Tral, Shopian coming out of their houses in huge numbers with national flags in their hands,” he said..
“ Jammu Kashmir has everything to offer to maximize the immense potential of the business. This decade belongs to Jammu Kashmir,” he said.
A ceremonial foundation stone laying also known as ‘Bhoomi Poojan’ was conducted at the event.
On the occasion, Amit Jain, CEO Emaar said the Mall of Srinagar is one of our milestone projects and we are excited about the potential of it.
“As Emaar group, we bring along strong relationships with leading retail brands of UAE, most of which will be launching their presence in India through this initiative. We will also develop One IT tower at Jammu and One at Srinagar,” he said.
“The mega-mall is the first significant FDI investment in Jammu and Kashmir to facilitate investments in 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,” Jain said.
EMAAR Properties, a UAE-based globally-recognized integrated real estate development company, will spearhead the construction of the Mall of Srinagar. The mega-mall is the first significant FDI investment in the State of Jammu and Kashmir to facilitate investments in marquee projects as per the MOU signed between the governments of the UAE and India.
Magna Waves Buildtech spokesman said being the largest-ever mall built in the state, over 1000 people are expected to be hired during the course of construction. Once operational, the mall will create 13,500 new jobs in Jammu and Kashmir. It is expected to open its door to residents of the city by 2026, he said.
The signage stone for the mall was unveiled in the presence of eminent dignitaries, including Kailash Vijayvargiya, National General Secretary of BJP; Dr. Aman Puri, Consul General of UAE; Mr. RR Bhatnagar, Advisor to Lt Governor; Dr Arun Kumar Mehta, Chief Secretary and Nikhil Nanda, MD of Magna Waves Buildtech.
Representatives from strategic partners including Tata Projects, Voltas, Reliance Retail, Lulu Hypermarkets, Apparel Group, Devyani International, PVR Cinemas and EFS Facility Management Services were also present on the occasion.
The 1,000,000 sq. ft. project will offer a world-class experience to the residents of Jammu and Kashmir and is likely to become a major attraction for thousands of tourists visiting Srinagar from across India. The project’s world class development will include a mall, 6 cinema multiplex, five star hotel, multi-use commercial and residential complex.
In Jan 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 speciality hospital, logistics centres, IT towers, and multipurpose towers, in addition to the Mall of Srinagar by Emaar.