First FDI in JK post Article 370 repeal: Mall by Burj Khalifa firm

SRINAGAR: The makers of Burj Khalifa on Sunday marked formal entry into Jammu and Kashmir, performing the groundbreaking ceremony for the first foreign direct investment in the Union Territory -- a shopping mall and a multipurpose tower in the outskirts of Srinagar.

Lieutenant Governor Manoj Sinha performed the groundbreaking ceremony for the Rs 500 crore project that envisages creating over 10,000 jobs in the valley. This is the first FDI project in Jammu and Kashmir after Article 370 was repealed by the Centre in 2019.

The CEO of EMAAR group, Amit Jain, Bollywood actors Vivek Oberoi and Neetu Chandra were among those present at the ‘Bhumi Pujan’ and foundation laying ceremony.

Sinha asked the EMAAR group, the makers of Dubai Mall and Burj Khalifa, to look at the possibility of completing the project ahead of the three-year deadline. “If the Parliament complex can be completed within 1.5 years, we can certainly complete this earlier,” Sinha said.

Jain said his company’s investments in Jammu and Kashmir will have a ripple effect. He said every rupee invested will bring in nine rupees of more investments.