One of the leading property developers from Dubai, Emaar, has decided to invest $60 million in Indian-occupied Kashmir, to develop a shopping and office complex.
According to Emaar, it will develop a shopping mall and a multi-purpose commercial skyscraper in Srinagar. This will be the region’s first international investment. Reportedly, Indian-held Jammu & Kashmir (J&K) received investments worth $181 million in the first 10 months of the 2022-23 fiscal year.
CEO Emaar, Amit Jain, stated that the $60 million investment will create a ripple effect and should inspire others to follow the suit. Called Mall of Srinagar, it will have 500 stores and will create roughly 7,000-8,000 jobs.
Shopping Mall Group’s Massive Layoffs
Majid Al Futtaim (MAF) group, a Dubai-based shopping mall developer, fired around 105 workers out of 46,000 total staff to make the company more profitable under the new CEO, Ahmed Galal Ismail.
MAF’s assets are worth more than $16 billion, including the Mall of the Emirates in Dubai and an indoor ski resort. MAF stated that it is always reviewing its operations to adapt to changing market conditions and become more efficient.
These efforts enable the organization to make more revenue for its shareholders while also boosting its chances for profitable and sustainable growth. MAF’s leadership changed when former CEO Alain Bejjani was abruptly replaced with Ahmed Galal Ismail.