A $60 million retail and office complex will be built in Srinagar, the capital of Jammu and Kashmir, the most northern region of India, by Dubai’s Emaar Group. The “Mall of Srinagar” project by Emaar, according to the Jammu and Kashmir administration, represents the first foreign direct investment (FDI) in the Union Territory. An India-UAE investors’ meeting was taking place in Srinagar on the day the announcement was made.
Jammu and Kashmir (J&K), a scenic and resource-rich state, has been working hard to draw investment throughout the recent years despite its relative calm. Throughout Expo 2020, Union Territory officials actively promoted the many opportunities and incentives with the help of the federal government.
At a groundbreaking event, Emaar Properties India CEO Amit Jain said: “This is the start. We should excite people and encourage them to follow us. This one million square foot mall has 500 stores and will provide 7,000–8,000 jobs, roughly.
Also, it was disclosed that the Mall of Srinagar will be the site of the first hypermarket the LuLu Group will open in J&K. With around 100,000 square feet of retail space, it will be the property’s anchor store and employ 1,500 young people from the area.