Emaar to build $60 million mall in India


Emaar Properties will build a shopping mall and office towers in India’s Jammu and Kashmir.

The announcement came on Monday after the Indian city of Srinagar hosted an India-UAE investors’ meet.

The project will cost Emaar $60 million.

The mall will be located in Srinagar and this will be the first time a foreign company will invest in Jammu and Kashmir.

Amit Jain, CEO of Emaar Properties India, said at the ground-breaking ceremony: “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.”

Mr Jain added that there will be 500 shops at the mall, which are expected to be run by UAE-based companies.

There will also be a LuLu hypermarket, which will be the anchor store at the property with nearly 100,000 square feet of retail space.

The mall will employ about 1,500 youth from the region, Mr Jain said.

The Lieutenant Governor of Jammu and Kashmir Manoj Sinha said: “Today is a historic day. With the Bhoomi Pujan (ground-breaking ceremony) of the Mall of Srinagar by Emaar, the first FDI in Jammu and Kashmir has taken shape.”

Emaar was part of a group of around 36 CEOs from the GCC countries that visited Kashmir last year to explore investment opportunities.

The Indian government said it had invited the CEOs, most of them from the retail, real estate, hospitality and food processing sectors to develop the region.