UAE’s Emaar first overseas company to start a mega-mall project in Kashmir

Tags: Economy/Finance State News

Emaar, a Dubai-based real estate developer, has become the first foreign company to invest in a mega-mall spread over one million square feet in Srinagar.

An overview of the news

• Lieutenant Governor Manoj Sinha on 19 March laid the foundation stone of the mega Mall of Srinagar to be built by Dubai’s Emaar Group at Sempora area of the city. 

• The project will have a transformative impact on the Union Territory and will boost infrastructure and employment generation.

• Emaar Group will invest a total of ₹500 crore, including ₹250 crore for the mega-mall and setting up IT towers in Jammu and Srinagar.

• This mega-mall is the first significant Foreign Direct Investment (FDI) in Jammu and Kashmir.

• The mall, a joint venture between Emaar and Delhi-based real estate firm Magna Waves Buildtech, is likely to be operational by 2026.