{"id":5243,"date":"2023-03-25T16:05:25","date_gmt":"2023-03-25T16:05:25","guid":{"rendered":"https:\/\/londonpost.news\/?p=5243"},"modified":"2023-03-25T16:05:25","modified_gmt":"2023-03-25T16:05:25","slug":"indias-jammu-and-kashmir-receives-first-outbound-investment-from-dubai-emaar","status":"publish","type":"post","link":"https:\/\/brusselsindependent.com\/en\/economy\/business\/indias-jammu-and-kashmir-receives-first-outbound-investment-from-dubai-emaar\/2023\/03\/25\/admin1\/","title":{"rendered":"India’s Jammu and Kashmir receives first outbound investment from Dubai Emaar"},"content":{"rendered":"

SRINAGAR(Brussels Independent )By Syed Raza-Indian<\/span> Kashmir<\/span> is<\/span> to<\/span> get<\/span> its<\/span> first<\/span> foreign<\/span> investment,<\/span> with<\/span> Dubai’s<\/span> Emaar<\/span> Group<\/span> due<\/span> to<\/span> build<\/span> a<\/span> $60<\/span> million<\/span> shopping<\/span> and<\/span> office<\/span> complex,<\/span> as<\/span> the<\/span> government<\/span> looks<\/span> to<\/span> stabilise<\/span> a<\/span> region<\/span> where<\/span> Muslim<\/span> separatists<\/span> have<\/span> for<\/span> years<\/span> battled<\/span> the<\/span> government,<\/span> Reuters<\/span> reports.<\/span>
\n<\/span>
\n<\/span>The<\/span> 5<\/span> billion<\/span> rupee<\/span> ($60.50<\/span> million)<\/span> development<\/span> will<\/span> include<\/span> a<\/span> shopping<\/span> mall<\/span> and<\/span> multi-purpose<\/span> commercial<\/span> tower<\/span> in<\/span> Srinagar,<\/span> the<\/span> capital<\/span> of<\/span> the<\/span> Muslim-majority<\/span> Himalayan<\/span> region,<\/span> Emaar<\/span> announced<\/span> at<\/span> an<\/span> investment<\/span> summit<\/span> in<\/span> the<\/span> city.<\/span>
\n<\/span>
\n<\/span>The<\/span> announcement,<\/span> on<\/span> Sunday,<\/span> of<\/span> what<\/span> the<\/span> region’s<\/span> government<\/span> said<\/span> was<\/span> its<\/span> first<\/span> foreign<\/span> investment<\/span> comes<\/span> after<\/span> the<\/span> central<\/span> government<\/span> said<\/span> last<\/span> week<\/span> that<\/span> Jammu<\/span> and<\/span> Kashmir<\/span> had<\/span> received<\/span> record<\/span> investment<\/span> of<\/span> 15<\/span> billion<\/span> rupees<\/span> ($181<\/span> million)<\/span> in<\/span> the<\/span> first<\/span> 10<\/span> months<\/span> of<\/span> the<\/span> 2022-23<\/span> (April-March)<\/span> fiscal<\/span> year.<\/span>
\n<\/span>
\n<\/span>Governments<\/span> have<\/span> long<\/span> tried<\/span> to<\/span> woo<\/span> investors,<\/span> both<\/span> domestic<\/span> and<\/span> foreign,<\/span> but<\/span> with<\/span> little<\/span> success<\/span> due<\/span> to<\/span> the<\/span> three-decade<\/span> insurgency<\/span> in<\/span> a<\/span> region<\/span> claimed<\/span> by<\/span> both<\/span> India<\/span> and<\/span> Pakistan.<\/span>
\n<\/span>
\n<\/span>
\n<\/span>India<\/span> says<\/span> Muslim<\/span> Pakistan<\/span> has<\/span> long<\/span> supported<\/span> the<\/span> insurgency.<\/span> Pakistan<\/span> denies<\/span> it.<\/span>
\n<\/span>
\n<\/span>Amit<\/span> Jain<\/span> of<\/span> Emaar<\/span> Properties<\/span> told<\/span> reporters<\/span> the<\/span> investment<\/span> would<\/span> have<\/span> a<\/span> domino<\/span> effect.<\/span>
\n<\/span>
\n<\/span>“This<\/span> is<\/span> the<\/span> beginning.<\/span> We<\/span> should<\/span> inspire<\/span> people.<\/span> People<\/span> should<\/span> strive<\/span> to<\/span> follow<\/span> us.<\/span> This<\/span> is<\/span> a<\/span> 1<\/span> million<\/span> square<\/span> meter<\/span> mall<\/span> with<\/span> 500<\/span> stores<\/span> and<\/span> creating<\/span> about<\/span> 7,000<\/span> to<\/span> 8,000<\/span> jobs.”<\/span> We<\/span> will,\u201d<\/span> Jain<\/span> said<\/span> after<\/span> the<\/span> groundbreaking<\/span> ceremony<\/span> for<\/span> Srinagar<\/span> Mall.<\/span>
\n<\/span>
\n<\/span>Emaar,<\/span> builder<\/span> of<\/span> the<\/span> world’s<\/span> tallest<\/span> tower,<\/span> the<\/span> Burj<\/span> and<\/span> his<\/span> Khalifa,<\/span> is<\/span> Dubai’s<\/span> largest<\/span> listed<\/span> developer.<\/span> The<\/span> Dubai<\/span> government<\/span> owns<\/span> a<\/span> minority<\/span> stake<\/span> in<\/span> the<\/span> developer<\/span> through<\/span> its<\/span> Sovereign<\/span> Wealth<\/span> Fund.<\/span>
\n<\/span>
\n<\/span>Chief<\/span> administrator<\/span> Manoj<\/span> Sinha<\/span> said<\/span> the<\/span> project<\/span> would<\/span> boost<\/span> the<\/span> confidence<\/span> of<\/span> foreign<\/span> investors<\/span> and<\/span> boost<\/span> the<\/span> local<\/span> economy.<\/span>
\n<\/span>
\n<\/span>In<\/span> August<\/span> 2019,<\/span> the<\/span> government,<\/span> led<\/span> by<\/span> Prime<\/span> Minister<\/span> Narendra<\/span> Modi,<\/span> split<\/span> the<\/span> state<\/span> of<\/span> Jammu<\/span> and<\/span> Kashmir<\/span> into<\/span> his<\/span> two<\/span> federally<\/span> administered<\/span> regions,<\/span> consolidating<\/span> its<\/span> grip<\/span> on<\/span> the<\/span> region<\/span> and<\/span> ending<\/span> his<\/span> more<\/span> than<\/span> 70-year<\/span> hostilities<\/span> with<\/span> Pakistan.<\/span> Aimed<\/span> at<\/span> close<\/span> integration<\/span> with<\/span> Pakistan<\/span> at<\/span> its<\/span> core.<\/span> Rest<\/span> of<\/span> Pakistan.<\/span>
\n<\/span>
\n<\/span>Nuclear-armed<\/span> India<\/span> and<\/span> Pakistan<\/span> both<\/span> claim<\/span> full<\/span> but<\/span> partial<\/span> control<\/span> of<\/span> Kashmir,<\/span> and<\/span> he<\/span> has<\/span> fought<\/span> two<\/span> of<\/span> her<\/span> three<\/span> wars<\/span> over<\/span> Kashmir.<\/span>
\n<\/span>
\n<\/span>The<\/span> reorganization<\/span> enacted<\/span> was<\/span> accompanied<\/span> by<\/span> a<\/span> communication<\/span> cutoff<\/span> and<\/span> a<\/span> security<\/span> crackdown,<\/span> with<\/span> the<\/span> government<\/span> sending<\/span> troops<\/span> to<\/span> heavily<\/span> militarized<\/span> areas.<\/span> Many<\/span> of<\/span> these<\/span> restrictions<\/span> have<\/span> been<\/span> eased<\/span> and<\/span> the<\/span> Kashmir<\/span> Valley,<\/span> known<\/span> for<\/span> its<\/span> snow-capped<\/span> mountains<\/span> and<\/span> scenic<\/span> lakes,<\/span> will<\/span> attract<\/span> more<\/span> than<\/span> 16<\/span> million<\/span> tourists<\/span> in<\/span> 2022.<\/span>
\n<\/span>
\n<\/span>
\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

SRINAGAR(Brussels Independent )By Syed Raza-Indian Kashmir is to get its first foreign investment, with Dubai’s Emaar Group due to build a $60 million shopping and office complex, as the government looks to stabilise a region where Muslim separatists have for years battled the government, Reuters reports. The 5 billion rupee ($60.50 million) development will include […]<\/p>\n","protected":false},"author":2,"featured_media":5244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":""},"categories":[23,562,1766,2402],"tags":[2634,2635,2636,2637,2638,2639,2640,2641,2642,2643,2644,2645,2646,55,2647,2632,2633],"jetpack_featured_media_url":"https:\/\/brusselsindependent.com\/wp-content\/uploads\/2023\/03\/kashmr.webp","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/brusselsindependent.com\/en\/wp-json\/wp\/v2\/posts\/5243"}],"collection":[{"href":"https:\/\/brusselsindependent.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/brusselsindependent.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/brusselsindependent.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/brusselsindependent.com\/en\/wp-json\/wp\/v2\/comments?post=5243"}],"version-history":[{"count":1,"href":"https:\/\/brusselsindependent.com\/en\/wp-json\/wp\/v2\/posts\/5243\/revisions"}],"predecessor-version":[{"id":5245,"href":"https:\/\/brusselsindependent.com\/en\/wp-json\/wp\/v2\/posts\/5243\/revisions\/5245"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/brusselsindependent.com\/en\/wp-json\/wp\/v2\/media\/5244"}],"wp:attachment":[{"href":"https:\/\/brusselsindependent.com\/en\/wp-json\/wp\/v2\/media?parent=5243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/brusselsindependent.com\/en\/wp-json\/wp\/v2\/categories?post=5243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/brusselsindependent.com\/en\/wp-json\/wp\/v2\/tags?post=5243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}