First time since Aug. 5, 2019, 33 companies from UAE, Saudi Arabia, Hong Kong converge in Kashmir for investment summit

Effort to turn ₹3,000 cr. MoUs, signed earlier this year, into reality

To instil confidence and familiarise with “growing conducive situation in J&K for investments”, delegates representing 33 companies from the United Arab Emirates (UAE), Hong Kong and Saudi Arabia have arrived in Srinagar to turn ₹3,000 crores memorandums of understanding (MoUs), signed earlier this year, into a reality.

Officials said the delegates will attend the “Gulf Business Summit” on March 22 and discuss exploring investment opportunities in J&K in different sectors.  

Top-level officials of these UAE–based companies, which included the Roya International Group, Al–Tayer Group, Intercontinental Dubai, Hanadi Trading Est. Promoter, Al–Hashemi Group, Rawaaj Partner Representative of the Rulers Office in Abu Dhabi, Al Mal Capital etc., on Monday visited Pari Mahal near the Dal lake in Srinagar. 

Ayman Abdulrahman S Alhilali, CEO of Alpha Sky from Saudi Arabia, is also participating. This is for the first time an investor from Saudi Arabia has shown interest in J&K. Officials said these delegates are slated to travel to different destinations in north, south and central Kashmir in the next two days.

“We are not holding them back. This is an attempt to dissipate the notion of Kashmir being an unsafe place. We want the potential investors to see for themselves the beautiful place where they intend to put their money. This will end the misconception about Kashmir and bring out the true story,” Ranjan Prakash Thakur, Principal Secretary, J&K Industries and Commerce, told  The Hindu, in an interview. “They need to see the fact this is a different place from 2019. Money will follow once they like the place,” he said.

The J&K government had signed the MoUs in January with the UAE–based companies, including industrial giants like Emaar, Lulu, MATU Investments, Al Maya Group, GL Employment Brokerage LLC, Century Financial, IT giant Noon e–commerce etc. Around 16,000 kanals (1,999.9 acres) land bank has already been opened for investments in Kashmir.

“J&K had signed MoUs with big companies like Emaar, Lulu etc. We now eye on money flow. The paperwork has already been completed,” Mr. Thakur said.