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Dubai’s Emaar to develop $61m ‘mega mall’ in India

The 93,000 sq m Mall of Srinagar will have 500 shops

Emaar Group will invest $61 million to develop a mega mall and a commercial tower in Indian Kashmir, marking the first foreign direct investment in the region.

The 93,000 square metre Mall of Srinagar will have 500 shops, with several likely to be operated by UAE-based firms, The Indian Express daily newspaper reported.

Emaar Properties chief executive Amit Jain said the investment in the mega mall will have a ripple effect.

“This will generate around 7,000 to 8,000 jobs,” he said at the mall ceremony.

The Dubai-listed developer, which reported an 80 percent increase in net profit to AED6.8 billion ($1.9 billion) for 2022, was part of a group of 36 chief executives from the GCC countries that visited Kashmir in 2022 to explore investment opportunities.

In August 2019, the Indian government split the state of Jammu and Kashmir into two federally administered territories to reinforce its grip over the region.

The government announced last week that Jammu and Kashmir had received investments of RS 15.47 billion ($190 million) in the first 10 months of the current 2022-23 fiscal year.