Emaar Group to invest $60 million in occupied Kashmir

SRINAGAR: Dubai’s Emaar Group plans to construct a $60 million shopping and office complex in India-controlled Kashmir, a region claimed by both Pakistan and India.

According to Emaar, the development programme will include a shopping mall and a multi-purpose commercial tower in Srinagar.

The announcement of the region’s first foreign investment comes after the central government announced last week that Jammu and Kashmir had received record investment of $181 million in the first ten months of the fiscal year 2022-23.

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Amit Jain, CEO of Emaar Properties, told reporters that the investment would have an impact.

“This is the start, we should inspire people, people should aspire to follow us. This is a one million square feet mall with 500 shops and will generate around 7,000 to 8,000 jobs,” Jain said after the ground-breaking ceremony for the “Mall of Srinagar”.