Dubai based companies to invest in hospitality, tourism and health sectors in J&K

In its ongoing efforts to strengthen the hospitality and tourism industry in Jammu and Kashmir, the J&K government has signed an MoU with UAE’s pioneering financial services company, Century Financial that will invest $100 million in the Union Territory.

The MoU was signed on Saturday in a special event presided by the Lieutenant Governor, Manoj Sinha.

The investment will cover 3 hotels and one commercial cum residential complex in Jammu and Kashmir. The owner of Century Financial Bal Krishen is originally a native of the Doda district of Jammu and has been a forerunner in supporting his home region.

The MoU was signed by Principal Secretary, Industries, J&K, Ranjan Prakash Thakur, and Bal Krishen, owner of Century Financial in the presence of Aman Puri, Consul General of India in Dubai, and several distinguished UAE-based business owners, investors, and entrepreneurs.

Speaking on the occasion, Lieutenant Governor, Manoj Sinha said “Prime Minister Narendra Modi is committed to the development of the Union Territory of Jammu & Kashmir. We are happy to see the interest shown by UAE’s big business houses and leaders in supporting this vision of our Prime Minister. Global business and industry are waking up to the vistas of opportunity in J&K.”

Meanwhile, J&K has inked six investment agreements with global investors at EXPO2020 Dubai to bring in investments in UT’s real estate, infrastructure, tourism, healthcare, manpower employment sectors among others.

Manoj Sinha, Lieutenant Governor of Jammu & Kashmir addressed the Investors Summit in Dubai which was attended by renowned business leaders and investors from the United Arab Emirates (UAE).

“Jammu & Kashmir has moved from a sleeping business destination to the land of opportunities and investment. The Union Territory received investment proposals worth Rs.45,000 Crore and an additional Rs.18,300 Crore in the real estate sector, and showcased the enormous opportunities and business potential in the region,” Sinha said.

Jammu & Kashmir has signed 5 MoUs with Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial, and Noon E-commerce respectively; 1 LoI between Magna Waves Pvt. Ltd along with Emaar Group and Lulu International.

Sinha also met the Group Chairman & CEO of DP World, Sultan Ahmed Bin Sulayem to discuss potential areas of collaboration between the Government of Jammu & Kashmir and DP World.

Talking about the upcoming opportunities with these leading investors, Sinha added, “Jammu & Kashmir is working relentlessly to provide an investment-friendly environment to the global investors. From the business point of view, J&K has the capability to provide opportunities to the industries to compete, correct and collaborate with readily available abundant resources. Archaic laws have been removed and more than 890 Central laws, which are the key drivers of socio-economic growth have been made applicable.”

Elaborating on the potential of collaboration between India and the UAE, Dr. Ahmed Abdul Rahman AlBanna, Ambassador of UAE Embassy said, “India is the second-largest trading partner for the United Arab Emirates and UAE is the third-largest trading partner for India after the United States of America and China. The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and India will be crucial in deepening the ties between India and UAE. We are hoping that CEPA will increase our bilateral trade from USD 60 billion to USD 100 billion in the coming 5 to 8 years.”

“Ever since the Government of India announced the historic administrative changes in 2019, the Union Territory of Jammu and Kashmir has become the latest success story among Indian states as a model of economic and social development. India and UAE are among each other’s largest trading partners. And soon, CEPA will be signed, which certainly has the potential to catapult our economic engagement to a very different trajectory altogether,” said Sunjay Sudhir, Ambassador of India to the UAE while addressing the Investors Summit.