Srinagar: Jammu and Kashmir Lieutenant Governor Manoj Sinha on Sunday laid the foundation stone for Rs 250 Cr Mall of Srinagar by Dubai’s Emaar Group at Sempora.
“The Mall of Srinagar & allied projects with the Government of Dubai will fuel the economic growth of J&K and bring us closer to achieving the shared vision of strengthening bilateral trade and investment ties between India and UAE,” the Lt Governor observed.
The Lt Governor congratulated the people of J&K on the historic occasion and said that “this is a new dawn of limitless possibilities”.
Talking to reporters on the sidelines of the function, the LG said that today is the historic day for the J&K as the United Arab Emirates (UAE) based EMAAR Group has decided to invest Rs 250 Crore to set up a mega-mall on the 10 lakh square feet area at Sempora, Srinagar.
“This is a moment of pride. The Emaar group will also invest in setting up IT towers in Jammu and Srinagar, besides the mall and total investment by the group will touch Rs 500 Crore,” 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.
Mall of Srinagar will have a transformative impact on Union Territory & boost infrastructure, employment generation and ease of living, said the Lt Governor.
We are taking forward Prime Minister Narendra Modi ji’s vision for development of J&K and for the strong ties between UAE and India goes to the strenuous efforts of the Prime Minister, the Lt Governor said.
He said unprecedented Industrial investment & economic growth of J&K is laying the foundation for a stronger and more prosperous future for the people of Union Territory, the Lt Governor said.
He expressed gratitude to the Prime Minister and the Home Minister for the 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, the Lt Governor noted.
A new industry is becoming operational in Jammu and Kashmir every day, he said and added last month, 45 industries started their operations. (UNI)
