Dubai: The Chairman of UAE’s Century Financial, Bal Krishen, recently signed an agreement with the government of Jammu & Kashmir to invest $100 million in the Indian state. The investment will be for three hotels and one commercial-cum-residential complex. The deal was signed in an event attended by several UAE-based entrepreneurs and J&K officials.
“I have always believed that Jammu & Kashmir has tremendous investment potential and there cannot be a better time than now.” said Krishen in a statement. The UAE retail giant LuLu Group also plans to invest around Dh100 million (Rs2 billion) in J&K as part of its push. LuLu Chairman Yusuffali said another Dh100 million had been earmarked by the company for further expansion.
“We are happy to see the interest shown by UAE’s big business houses and leaders in supporting this vision of our honorable Prime Minister,” said Manoj Sinha, Lieutenant Governor of Jammu & Kashmir, in a statement.
Ranjan Thakur, Principal Secretary, Industries and Commerce for J&K, said “J&K 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.”