Only Kashmir News Desk
In a First, the Kashmir Valley on Sunday gets first of its kind international mall by world-famous Dubai’s Emaar group at Sempora. The Mall of Srinagar is expected to open its door to residents of the city by 2026.
Lieutenant Governor Manoj Sinha laid the foundation stone and congratulated the people of J&K on the historic occasion.
The 1,000,000 sq. ft. project will offer a world-class experience to the residents of Jammu and Kashmir and is likely to become a major attraction for thousands of tourists visiting Srinagar from across India. The project’s world-class development will include a mall, 6 cinema multiplex, a five-star hotel, multi-use commercial and residential complex.
This is a new dawn of limitless possibilities. We are taking forward Hon’ble PM Shri Narendra Modi ji’s vision for the development of J&K. Mall of Srinagar will have a transformative impact on UT & boost infrastructure, employment generation, and ease of living, said the Lt Governor.
“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,” observed the Lt Governor.
The credit for the strong ties between UAE and India goes to the strenuous efforts of Hon’ble Prime Minister, said the Lt Governor.
The Lt Governor highlighted the progressive reforms introduced under the guidance of Hon’ble Prime Minister to create a favourable environment for Industries and Business to flourish in J&K.
“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,” said the Lt Governor.
The Lt Governor expressed gratitude to the Hon’ble Prime Minister and the Hon’ble Home Minister for new industrial development scheme.
Within 22 months of the implementation of the 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 the UT every day. Last month, 45 industries started their operations, he added.
Hon’ble Prime Minister has already done the groundbreaking ceremony for projects worth Rs 38,000 crore. Those who raised questions on employment post August 2019, should introspect what they have done for J&K in the past decades. Only Rs 14,000 cr industrial investment came to J&K since independence till 2019, said the Lt Governor.
Jammu Kashmir has everything to offer to maximize the immense potential of the business. This decade belongs to Jammu Kashmir, the Lt Governor said.
Amit Jain, CEO Emaar said the Mall of Srinagar is one of our milestone projects and we are excited about the potential of it. As Emaar group, we bring along strong relationships with leading retail brands of UAE, most of which will be launching their presence in India through this initiative, he added.
It was informed that Emaar Group will develop One IT tower at Jammu and One at Srinagar.
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.
In January 2022, during the Investor meet at Dubai, J&K Government entered into a bilateral agreement with various stakeholders and Government of UAE to deliver over a billion dollars worth of projects in the valley. These projects include the development of industrial parks, a medical college, a specialty hospital, logistics centres, IT towers, and multipurpose towers, in addition to the Mall of Srinagar by Emaar.
“Being the largest-ever mall built in the state, over 1000 people are expected to be hired during the course of construction. Once operational, the mall will create 13,500 new jobs in Jammu and Kashmir,” added a spokesperson from Magna Waves Buildtech.
Eminent dignitaries, including Sh Kailash Vijayvargiya, National General Secretary of BJP; Dr. Aman Puri, Consul General of UAE; Sh RR Bhatnagar, Advisor to Lt Governor; Dr Arun Kumar Mehta, Chief Secretary and Sh. Nikhil Nanda, MD of Magna Waves Buildtech were present.
Later, Lieutenant Governor Shri Manoj Sinha addressed the India-UAE Investment Summit and interacted with the business delegates from UAE and across the country at Srinagar.
Highlighting the scope for private and foreign investments in various sectors in J&K, the Lt Governor said the UT has made impressive progress with structural reforms in recent years & growth trajectory makes J&K an attractive investment destination.
The Lt Governor assured the investors that the land will be allocated within 15 days from the submission of the proposal.
“The transparent regulatory framework and incentive structure will allow individual enterprise to prosper and to create a modern, globally competitive and humane industrial economy. In this journey of rapid industrialization of Jammu Kashmir, we are partners. I invite companies from across the world to set up shop in Jammu Kashmir. We are ready to welcome you with open arms,” the Lt Governor observed.
The UT Government is also willing to utilize the technological expertise of other states in our various projects like developing Yatri Niwas of Shri Amarnathji Shrine Board, he added.
The Lt Governor expressed gratitude to Dr. Aman Puri, Consul General of India in Dubai. He said an officer will be appointed and remained in touch with the Council.
Sh Faizal Edavalath Kottikollon, Chairman UIBC-UC and KEF Holdings and Sh Sharafuddin Sharaf, Vice Chairman UIBC shared their views on the emerging investment opportunities in J&K.
