On Sunday 19th March 2023, the first Foreign Direct Investment (FDI) in Jammu and Kashmir after abrogation of Article 370 took the shape with laying of foundation stone by the LG Manoj Sinha of 1 million sq. ft. of a shopping mall (Mall of Srinagar). Government of Jammu and Kashmir has allotted land to UAE-based Emaar Group (the makers of Dubai Mall and Burj Khalifa) for IT towers in Jammu and Srinagar. The three projects are being developed at a cost of Rs 500 Cr.
The day was also marked by India -UAE investor summit which was organised in Srinagar by the department of industries and commerce of J&K Government. The idea was to showcase and explore investment opportunities in the UT and invite further FDI proposals.The Submit was addressed by Lieutenant Governor Sinha who also interacted with the delegates and was attended by the delegates from the UAE India Business Council (UIBC), UAE companies (like Emaar and Lulu Group) and the domestic Indian companies (such as Reliance, ITC and Tata Group) and industry associations.