Dubai firm to build
dry port in Srinagar,
other projects underway

0
8

DUBAI: Dubai ports giant DP World is set to build an inland port in Srinagar (Jammu and Kashmir), New Delhi’s representative said on Thursday.

Lieutenant Governor Manoj Sinha, who was in Dubai this week to promote investment, said DP World would soon visit the 250-acre site earmarked for the inland port facility. “We will finalise it shortly,” he said, describing the project as a “firm commitment” by state-owned DP World.

“As far as militancy is concerned, we are dealing with it … and I can assure it will be dealt (with) fully” said Manoj Sinha, who insisted the region was a safe place for foreign investment.

Dubai ports giant DP World is set to build an inland port in Srinagar

A DP World spokesperson said the company had a “productive meeting” with Sinha on Thursday and that it was preparing a proposal for the project.

The announcement last October that Dubai would invest in the India-occupied region was the first by any government since Delhi revoked its autonomy in 2019 and divided it into two directly-ruled territories.

Sinha said DP World will build an inland port in the restive region. “They have already earmarked a 250-acre site. We have met with DP World officials and they will soon visit the site and finalise the project,” Sinha said in an interview.

Lulu Group, a UAE-headquartered company headed by an Indian billionaire, also plans to set up a food processing hub there. The LuLu group signed a memorandum of understanding (MoU) with the Jammu and Kashmir Government in this regard, the company said in a statement.

DUBAI: Jammu & Kashmir Lieutenant Governor Manoj Sinha (R) during the signing of an MoU with Lulu Group to set up a food processing hub in Srinagar during his visit to
Dubai, UAE, Jan 5. (Manoj Sinha Twitter)

The government of Dubai had recently inked an agreement with India to ramp up infrastructure investment in Jammu and Kashmir. As per the deal, Dubai will deliver more than a billion dollars worth of projects in Kashmir, including industrial parks, a medical college, specialty hospital, logistic centres, and multi-purpose towers.

Investment in the heavily militarised Jammu and Kashmir is fraught with risk while the Indian government has faced international criticism for widespread crackdowns by security forces.

Dubai-based realty firm Emaar Properties on Monday said it will develop a 5 lakh square feet shopping mall at Srinagar in Jammu & Kashmir.

A memorandum of understanding (MoU) has been signed between the governments of Dubai and Jammu & Kashmir to facilitate investments into this proposed project, Emaar said in a statement.

This will be the first significant FDI investment in the union territory, it added.

Shopping Mall which will constructed in tourist attraction city of Srinagar

According to the MoU, Emaar will develop ‘Emaar Mall’ of 5,00,000 square feet in size in Srinagar.

“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,” said H. E. Ahmed Abdul Rahman Albanna, the UAE Ambassador to India.

“The UAE and India economic partnership is at an inflection point and we will invite other UAE investors to look at this opportunity too,” he said.

Mohamed Alabbar, Founder of Emaar, said the company intends to bring a world-class mall experience to residents of Jammu and Kashmir and also the tourists.

“EMAAR is also considering other investments into real estate, hospitality and mixed-use commercial and residential projects in Jammu and in Srinagar,” Alabbar said.

“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 Aman Puri, Consul General of India in Dubai.

Last month, the Jammu and Kashmir government opened the union territory to the country’s real estate investors by signing 39 MoUs worth nearly Rs 19,000 crore at a real estate summit held in Jammu.

As many as 20 MoUs were signed for development of housing projects, while 7 were inked for commercial, 4 for hospitality, 3 infratech, 3 film and entertainment and 2 finance projects.

In 2005, Emaar Properties entered the Indian real estate market in partnership with India’s MGF group and invested Rs 8,500 crore through joint venture Emaar MGF Land. However, in April 2016, it decided to end this joint venture.

In January 2018, the National Company Law Tribunal (NCLT) had approved the proposed demerger scheme of Emaar MGF Land, paving the way for two joint venture partners – Emaar Properties and MGF Development – to go separate ways.

Emaar India is developing real estate projects mainly in Delhi-NCR and Punjab.