He would explore possibility of investment in hospitality, real estate
SRINAGAR: Minister for Finance and Culture, Dr Haseeb Drabu met Mohamed Alabbar, the founder chairman Dubais reputed Emaar Group during the formers recent visit to UAE to explore the possibility of Emaar Group making some investment in Jammu and Kashmir.
Dr Drabu was in UAE to attend the maiden Arab-India Economic Forum (AIEF) convened in Dubai on 16/17 November.
Mohamed Alabbar has assured Dr Drabu that he will be visiting Jammu and Kashmir soon to explore the possibility of investment in the State.
Dr Drabu said during his meetings with the delegates on the sidelines of AIEF, he informed them that the State Government is planning to establish Special economic Zones (SEZ) in handicrafts, agriculture, horticulture, education, hospitality and power to draw investment.
He said the State Government is also looking to build new model of public-private partnership in J&K to attract investment and build infrastructure in key sectors. I invited the investors from Dubai to explore the possibility of investment in tourism, hospitality and real estate sector in J&K, Dr Drabu said.
Emaar Group is the Dubai’s largest real estate firm, founded by Alabbar in 1997.
Alabbar leads Emaar’s growth strategy of global expansion and business segmentation into property development, hospitality & leisure, and shopping malls.
Emaar has developed some of Dubai’s most notable landmarks, such as the Burj Khalifa, the tallest building in the world, and the Dubai Mall, the world’s largest shopping mall.
The company has ongoing projects in Africa, Asia, North America, and throughout the Middle East. In 2005, Alabbar facilitated a partnership with Giorgio Armani and established Emaar Hotels & Resorts LLC in an exclusive deal to launch a collection of luxury hotels in the designer brand’s name.
Alabbar has also created several corporate social responsibility initiatives and supports various local organisations such as Al Noor Training Centre for Children with Special Needs.
Focused on the need to promote affordable and low-cost housing, under Alabbar, Emaar Properties undertook the reconstruction of the earthquake-ravaged village of Ngelepen in Indonesia. He also initiated a social housing project in Egypt, The Beyout residential project for the economically underprivileged.
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