Dubai’s largest real estate developer, Emaar Group, will develop a shopping mall in Srinagar to facilitate investment in the country’s northernmost region, India, in accordance with an agreement signed between Dubai and Jammu and Kashmir governments. Emaar India develops real estate projects mainly in Delhi-NCR and Punjab.
The 500,000 square foot Emaar Mall of Srinagar will be the first major FDI investment in Jammu and Kashmir after the Government of India revoked its Section 370 and brought the Union Territory under the central administration.
With this in mind, the government of Dubai, one of the world’s most important financial centers, recently signed an agreement with India to increase investment in infrastructure in Jammu and Kashmir. The deal stipulates that Dubai will close more than $ 1 billion in projects in Kashmir.
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Last month, the Jammu and Kashmiri government opened union territory to the country’s property investors by signing 39 MoUs worth nearly Rs.19,000 billion at a property summit in Jammu.
No less than 20 MoUs have been signed for the development of residential projects, 7 for commercial projects, 4 for hotels, 3 for Infratech, 3 for cinema and entertainment, and 2 for project funding.
In 2005, Emaar Properties entered the Indian real estate market in partnership with the Indian group MGF, investing Rs.8,500 billion through the joint venture Emaar MGF Land. However, in April 2016, he decided to end this joint venture.
In January 2018, the National Company Law Tribunal (NCLT) approved the draft Emaar MGF Land split plan, paving the way for the separation of two joint venture partners – Emaar Properties and MGF Development.
The UAE is a strategic partner of India and the two countries have close bilateral relations based on common geopolitical and economic interests.
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