Dubai's Emaar Group to develop shopping mall in J&K

New Delhi: Dubai-based realty firm Emaar Properties on Monday said it will develop a 5 lakh square feet shopping mall at Srinagar in Jammu & Kashmir (J&K). A memorandum of understanding (MoU) has been signed between the governments of Dubai and J&K to facilitate investments into this proposed project, Emaar said in a statement. This will be the first significant FDI investment in the union territory, it added.

According to the MoU, Emaar will develop 'Emaar Mall' of 5,00,000 square feet in size in Srinagar. "The 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 in this project, and am sure we will see many such projects coming up in the near future," said Ahmed Abdul Rahman Albanna, the UAE Ambassador to India.

"The UAE and India economic partnership is at an inflection point and we will invite other UAE investors to look at this opportunity too," he said. Mohamed Alabbar, Founder of Emaar, said the company intends to bring a world-class mall experience to residents of Jammu and Kashmir and also the tourists.