Srinagar gets first foreign investment from Dubai's Emaar

Tourists ride "Shikaras" or boats in the waters of Dal Lake in Srinagar on April 5, 2022. (REUTERS/File)
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Updated 20 March 2023
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Srinagar gets first foreign investment from Dubai's Emaar

  • The $60.50 million development will include a mall and multi-purpose commercial tower in Srinagar
  • India has long tried to woo investors, but with little success due to decades-long insurgency in region

SRINAGAR: Indian-administered Kashmir is to get its first foreign investment, with Dubai’s Emaar Group due to build a $60 million shopping and office complex, as the government looks to stabilise a region where Muslim separatists have for years battled the government. 

The 5 billion rupee ($60.50 million) development will include a shopping mall and multi-purpose commercial tower in Srinagar, the capital of the Muslim-majority Himalayan region, Emaar announced at an investment summit in the city. 

The announcement on Sunday of what the region's government said was its first foreign investment comes after the central government said last week that Jammu and Kashmir had received record investment of 15 billion rupees ($181 million) in the first 10 months of the 2022-23 (April-March) fiscal year. 

Governments have long tried to woo investors, both domestic and foreign, but with little success due to the three-decade insurgency in a region claimed by both India and Pakistan. 

India says Muslim Pakistan has long supported the insurgency. Pakistan denies that. 

Emaar Properties CEO Amit Jain told reporters that the investment would have a ripple effect. 

“This is the start, we should inspire people, people should aspire to follow us. This is a one million square feet mall with 500 shops and will generate around 7,000 to 8,000 jobs,” Jain said after the ground-breaking ceremony for the "Mall of Srinagar". 

Emaar, builder of the world's tallest tower, the Burj Khalifa, is Dubai’s largest listed developer. The Dubai government owns a minority stake in the developer through its sovereign wealth fund. 

Top administrator Manoj Sinha said the project had infused confidence in foreign investors and would boost the region's economy. 

In August 2019, Prime Minister Narendra Modi's government split the state of Jammu and Kashmir into two federally administered territories as part of an effort to tighten its grip over the region at the heart of more than 70 years of hostility with Pakistan and integrate it more closely with the rest of the country. 

Nuclear-armed India and Pakistan both claim Kashmir in full but rule in part, and have fought two of their three wars over it. 

The reorganisation was enacted with a communications blackout and a security clamp-down, with the government flooding the heavily militarised region with troops. 

Many of those restrictions have been eased and the Kashmir Valley, known for its snow-topped mountains and scenic lakes, attracted more than 16 million tourists in 2022, the most since British colonial rule ended in 1947. 


Unprecedented gagging order over Afghan data breach should have been avoided, former secretary says

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Unprecedented gagging order over Afghan data breach should have been avoided, former secretary says

  • Ben Wallace tells MPs that he had ordered time-limited injunction to protect lives of Afghan veterans
  • Sensitive details of thousands was leaked via email mistake because ‘someone didn’t do their job’ 

LONDON: The former UK defense secretary has said he would not have proposed a secret gagging order to conceal the catastrophic data breach that threatened the lives of thousands of Afghans.

Ben Wallace told MPs on Tuesday that he had ordered a time-limited injunction to protect the news of the data leak, The Independent reported.

At the time, in mid-2023, the Ministry of Defence had scrambled the learn the source of the leak, which took place when an official accidentally emailed a sensitive spreadsheet containing Afghans’ contact details outside of the ministry.

It led to the publication of the identities of thousands of Afghans who had served alongside British forces during the war against the Taliban, placing them at risk of reprisal.

They were secretly relocated to the UK, and the leak was only revealed to the British public when a High Court judge lifted a superinjunction last year.

It followed a longtime lobbying effort by The Independent and other news organizations to have the details of the leak released.

Wallace told MPs: “We are not covering up our mistakes. The priority is to protect the people in Afghanistan and then open it up to the public. We need to say a certain amount are out of danger.”

On the indefinite injunction, he added: “I didn’t think it was the right thing to do; I didn’t think it was necessary.

“I said, ‘we’re not doing that.’ The only thing we’re going to do, is we need to basically hold off in public until we get to the bottom of the threat these people are under. I said we won’t cover up our mistakes; we’ll talk about them.”

The rules surrounding a superinjunction forbid even mentioning its existence.

Wallace said: “You can have an injunction, I think, without reporting the contents … a superinjunction; my understanding is you can’t even say there’s an injunction. I think I would never have been in that space. Public bodies are accountable. If necessary you could even ring up the journalist and say ‘please hold off, people are at risk.’ Most journalists don’t want to put people at risk.”

The superinjunction was applied by a judge shortly after Wallace had left government.

It came after the MoD applied to the High Court for a regular injunction.

Grant Shapps, the subsequent defense secretary, then maintained the gagging order until the 2024 general election, when the Labour opposition took government.

Wallace blamed the 2022 breach on negligence, adding: “Someone didn’t do their job.”

The former defense secretary had implemented new checking procedures in the ministry after another Afghan data breach, but that “that clearly didn’t happen on this occasion; someone clearly didn’t do their job,” he told MPs.

Wallace said that military and defense spending is not a priority for voters, “partly because they don’t know” the true nature of the threat facing Britain.