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Dubai-based realty firm Emaar Properties on Monday said it will develop a 5 lakh square feet shopping mall at Srinagar in Indian Occupied Kashmir.

A memorandum of understanding (MoU) has been signed between the governments of Dubai and IOK to facilitate the investments into this proposed project, Emaar said in a statement.

This will be the first significant foreign direct investment in the Indian Occupied territory , it added. (adsbygoogle = window.adsbygoogle || []).push({});

According to the MoU, Emaar will develop ‘Emaar Mall’ of 5,00,000 square feet in size in Srinagar

.”The UAE and India are comprehensive strategic partners and this project by EMAAR will be a landmark of Jammu and Kashmir. I would like to congratulate EMAAR and all the partners in this project , and am sure we will see many such projects coming up in the near future,” said H. E. (adsbygoogle = window.adsbygoogle || []).push({});