J&K Bags First FDI Project Post-Article 370 Abrogation

The makers of Burj Khalifa on Sunday notified their formal entry into Jammu and Kashmir in India, marking a ground-breaking ceremony to celebrate and announce the first foreign direct investment in the Union territory. This is the first FDI project in Jammu and Kashmir, after revoking Article 370 in 2019.  

The project includes a shopping mall and a multipurpose tower on the outskirts of Srinagar. The ceremony was performed by Lieutenant Governor of Jammu and Kashmir Manoj Sinha, highlighting the beginning of a Rs 500 crore project creating over 10,000 jobs in the valley. 

Those who were present on the occasion included the CEO of EMAAR group Amit Jain, Bollywood actors Neetu Chandra and Vivek Oberoi among others.

Addressing the gathering, Sinha urged the EMAAR group, the makers of Dubai Mall and Burj Khalifa, to complete the project within the three-year deadline. He stressed if the parliament’s complex can be completed within 1.5 years, one can certainly expect this to be completed earlier.

According to Jain, his company's investments in Jammu and Kashmir are likely to have an upward effect. "Every invested rupee will bring in nine rupees of more investment and this Rs 500 crore investment will be leading to investment worth Rs 5,000 crore,” he said.

Commenting on the investments in other sectors in the valley, Jain said there are other companies from the Gulf that are looking at those possibilities.

He stressed that Dubai World is looking at setting up logistics centres, apart from Emirates Airlines looking for expansion in the valley area. "This project is just beginning and can bring in investors from other countries like Saudi Arabia," he added.

He further emphasised, "we should aim to develop Kashmir into the next ‘Dubai’. And as as a company, we look forward to employing hardworking locals from the city."