First FDI ‘Mall of Srinagar’ to create jobs for 7500 persons

 

Srinagar, Nov 23 : The ‘Mall of Srinagar’, which is the first Foreign Direct Investment (FDI) in Jammu and Kashmir is going to create employment opportunities for more than 7000 persons, documents reveal.

 

Earlier in March this year, Jammu and Kashmir (J&K) lieutenant governor Manoj Sinha laid the foundation stone for a ₹250-crore mega shopping mall at Srinagar’s Sempora area “Mall of Srinagar”.

 

The Mall is being constructed by Dubai-based Emaar Group, which built the world famous Burj Khalifa in the United Arab Emirates.

 

The foundation stone of the state-of-the- art mall was laid almost a year after CEOs from several Gulf countries visited the Valley to explore investment opportunities.

 

As per the document available with the news agency—Kashmir News Observer (KNO), “Mall of Srinagar” will create jobs for 7500 people, thereby becoming the first single mega job creating asset of Jammu and Kashmir.

 

Documents said that “Mall of Srinagar”, is likely to be a state-of-the-art shopping and entertainment destination, with an investment of Rs 250 Cr.

 

“This will contribute to the region’s economic growth by creating employment opportunities of 7500 for the local population,” it said.

 

Launched by Emaar in collaboration with Magna Waves Buildtech, the mall is set to become operational by 2026.

 

Officials said the “Mall of Srinagar” will become one of the prime attractions for people and tourists visiting the valley from different corners of the world.

 

“It will be like the Dubai mall, which is the largest mall in the world and equally famous for offering a unique experience to the visitors. The mall will be a one- stop shop for the people. It will be equipped with avenues of entertainment. It will be one of the largest malls in the region with over 500 shops.” they said.

 

Officials said the “Mall of Srinagar”, which is coming up in the outskirts of Srinagar, will get due promotion by the government throughout its promotional programmes.

 

“Given that the mall is being constructed on 10 lakh square feet of area, it will have a direct relevance with the tourism sector of Jammu and Kashmir. While there are many investments coming in Kashmir, this particular mall will be a mega investment,” they said.

 

Pertinently at the time of laying of foundation stone, Lieutenant Government Manoj Sinha said Mall of Srinagar will have a transformative impact on UT and boost infrastructure, employment generation and ease of living—(KNO)