A month after a business mission from the United Arab Emirates (UAE) visited Jammu and Kashmir to explore business opportunities, another is due to arrive in the United Territory to take the initiative.
The delegation included Yusuff Ali, Chairman and Managing Director of Lulu Group, Sultan Ahmed bin Sulayem, Chairman and Chief Executive Officer (CEO) of DP World Group, Mohammad Ali Alabbar, Founder and Managing Director of Emaar Properties, among others.
Additionally, Royal Strategic Partners and WizzFinancial have also committed to industrial investments in Jammu and Kashmir, the source said, adding that the total investment from the Middle Eastern country is around Rs 3,000 crore.
In early March, a business delegation from the Middle East paid a four-day visit to Kashmir to see investment potential. Businessmen from the UAE are most interested in investing in infrastructure, information technology, hotels and food processing.
The UAE joined J&K for the first time in the past 74 years, seen as a nod to New Delhi’s abolition of the Section 370 policy that had given erstwhile states special powers. The UAE’s venture into J&K is also a signal to Pakistan, which has been promoting Kashmir as a problem that needs to be addressed and that the Muslim country should support its arguments.
Following the investment in the UAE, after the groundbreaking ceremony and industrial investments in Jammu and Kashmir became a reality, the J&J government is now also targeting investments in other countries, sources said.
The J&K government has so far allocated or is in the process of allocating a total of 19,125 kanals (2390.6 acres) of land with a total investment of Rs. 2,497.1 acres) of land has been allocated or is being allocated to 3,339 applicants with a total investment of Rs 2,418.7 crore, sources said.
According to the responses received by the government of Jammu and Kashmir from domestic and foreign sources, the government expects to invest more than 700 billion rupees. The government organized a real estate summit in Jammu in December and plans to hold a similar summit in Kashmir in May to discuss investments in the real estate sector.
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