Wednesday 19 January 2022

DP World to build dry port in Jammu and Kashmir

DUBAI, 8 days ago

Dubai ports giant DP World is set to build an inland port in Jammu and Kashmir as part of plans by the emirate to invest in the Indian territory, reported Reuters, citing Jammu and Kashmir Lieutenant Governor Manoj Sinha, who is in Dubai this week to promote investment.
DP World would soon visit the 250 acre site earmarked for the inland port facility, stated Sinha who had earlier held discussions with DP world Chairman Sultan Ahmed Bin Sulayem. 
This would be the third major Foreign Direct Investment (FDI) in J&K after the UAE-based Emaar and Lulu groups who have signed MoUs with the J&K Government, said media reports.
Accompanied with a team of his high-ranking officials, Sinha is in Dubai on a four-day visit to rope in big business houses, seeking Rs 60,000 crore domestic and foreign investment for the development of businesses and infrastructure in Jammu and Kashmir. 
While 250 acres of land have been identified for the UT’s first dry port in Jammu, another location is under consideration near Srinagar for boosting the Kashmir’s Rs2500 crore fresh fruit industry. 
The Indian government had last year announced that Dubai would be investing in infrastructure and other projects in the India territory.
"We will finalise it shortly," Sinha told Reuters, describing the project as a "firm commitment" by state-owned DP World.
A DP World spokesperson said the company had a "productive meeting" with Sinha on Thursday and that it was preparing a proposal for the project.
The announcement last October that Dubai would invest in the region was the first by any foreign government since Kashmir's autonomy was revoked in 2019 by the government led by Prime Minister Narendra Modi.
Emirati newspaper Khaleej Times reported this week that Dubai developer Emaar Properties would build a mall in Srinagar, the main city in Jammu and Kashmir.
Lulu Group, an UAE-headquartered company headed by an Indian billionaire, also plans to set up a food processing hub there.


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