SRINAGAR: Dubai-based real estate giant Emaar Group has announced plans to build a shopping and office complex worth $60 million in India-held Kashmir.
According to sources, the project named “Mall of Srinagar” will include a shopping mall and multi-purpose commercial tower in Srinagar, being the first foreign investment in the area.
Emaar Properties CEO Amit Jain stated that the investment would have a ripple effect, as the one million square feet mall with 500 shops is expected to generate around 7,000 to 8,000 jobs.
Jain made these comments after the ground-breaking ceremony for the “Mall of Srinagar”.
This announcement comes after the Indian central government declared that Jammu and Kashmir had received a record investment of $181 million in the first 10 months of the 2022-23 fiscal year.
The development project has been met with mixed reactions as Kashmir is a disputed territory claimed by both Pakistan and India.
However, investment from a foreign company is expected to provide economic benefits and job opportunities to the region’s citizens.
