UAE’s Century Financial to invest $100m in Jammu and Kashmir

UAE’s Century Financial has signed an MoU to invest $100m in Jammu and Kashmir.

The investment will cover three hotels and one commercial-residential complex in the union territory.

The MoU was signed in an event attended by several UAE-based business owners, investors, and entrepreneurs presided by the Lieutenant Governor of Jammu and Kashmir, Manoj Sinha, as well as Ranjan Thakur, principal secretary, Industries and Commerce J&K, and Aman Puri, consul general of India in Dubai.

Krishen, the chairman and CEO of Century Financial, is originally a native of the Doda district of Jammu.

“I have always believed that Jammu & Kashmir has tremendous investment potential and there cannot be a better time than now. Making a significant contribution to my home state has always been my dream and today as I see this dream getting realised, it’s immensely gratifying,” said Krishen.

Several other UAE businesses have pledged to invest large amounts into the territory. Dubai’s Emaar Group has signed an agreement with the government of Jammu and Kashmir to develop a 500,000 square foot shopping mall in Srinagar.

Also, UAE-based Lulu Group has committed to investing Dhs100m to set up a to set up a food processing and logistic hub in Jammu and Kashmir.

Dubai-headquartered port operator, DP World, will also build a dry port in Jammu and Kashmir. DP World will reportedly soon visit the 250 acre site earmarked for the inland port facility. It will be the union territory’s first dry port in Jammu, with another location reportedly under consideration near Srinagar to boost the Kashmir’s Rs2,500 crore fresh fruit industry.

“Jammu & Kashmir is one of the safest places in India to do business offering the most attractive incentive schemes for investments in the union territory compared to other states in the country,” said Thakur, J&K’s principal secretary of industries and commerce.