UAE firm to invest $100 million in J&K, MoU inked

Srinagar, Jan 8 (IANS) In its ongoing efforts to strengthen the hospitality and tourism industry in Jammu and Kashmir, the government has signed an MoU with the UAE's pioneering financial services company, Century Financial that will invest $100 million in the Union Territory.

An MoU was signed in a special event presided by the Lieutenant Governor Manoj Sinha. The investment will cover three hotels and one commercial-cum-residential complex in Jammu & Kashmir.

The owner of Century Financial Bal Krishen is originally a native of the Doda district of Jammu and has been a forerunner in supporting his home region.

Speaking on the occasion, Lieutenant Governor Sinha said that Prime Minister Narendra Modi is committed to the development of the Union Territory.

"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. Global business & industry are waking up to the vistas of opportunity in Jammu and Kashmir.

"Despite challenges of global pandemic, neither the pace of economic and policy reforms nor the implementation of key infrastructure projects has slowed in any way in UT and we as responsive administration will continue to respond to business's concerns," he added.

Ranjan Thakur, Principal Secretary, Industries and Commerce, stated: "Jammu and 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."

"I have always believed that Jammu andA Kashmir has tremendous investment potential and there cannot be a better time than now. Making a significant contribution to my home region has always been my dream and today as I see this dream getting realized, it's immensely gratifying" said Century Financial's owner, Bal Krishen.