UAE's Emaar Properties Signs MoU With J&K To Build 5,00,000 sq ft Mall in Srinagar

New Delhi: Dubai-based firm Emaar Properties has signed a memorandum of understanding (MoU) with Jammu & Kashmir (J&K) to develop a 5 lakh square feet shopping at Srinagar in J&K.

"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," the UAE Ambassador to India H. E. Ahmed Abdul Rahman Albanna said in a statement on Tuesday.

The ambassador also added that the economic partnership between UAE and India is at an inflexion point, adding, ''Other UAE investors will be invited to look into this opportunity''.

According to Mohamed Alabbar, the Founder of Emaar, the intention of the company is to provide a world-class mall experience to the residents of J&K and also the tourists.

The founder further went on to say that Emaar is considering the possibility of investing in other ventures such as the likes of real estate, hospitality, and mixed-use commercial and residential projects in Jammu and in Srinagar.

"The Union Territory of Jammu and Kashmir has created a very attractive investment landscape, and this FDI project is a reflection of the close brotherly relations between UAE and India. We are looking forward to several projects being announced in the near future and significant employment opportunities being created in the process," said the Consul General of India in Dubai, Aman Puri.

This comes in the backdrop of the J&K government's decision to open up the Union Territory to the country's real estate investors last month.

39 MoUs worth nearly Rs 19,000 crore were signed at a real estate summit held in Jammu. On the other hand, 20 MoU's were signed for housing development projects, 7 were signed for commercial, 4 for hospitality, 3 for Infratech, 3 for film and entertainment and 2 were inked for finance projects.

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