Jammu and Kashmir recorded its first Foreign Direct Investment (FDI) as UAE-based Emaar, a real estate company, will be developing a shopping mall on the outskirts of Srinagar city.

The scrapping of Article 370 on August 05, 2019, has paved the way for foreign investments in Jammu and Kashmir, which is set to bring smiles to the faces of educated but unemployed youth, who were forced to move from pillar to post in search of employment in the past several decades, reports ANI.

However, in a first, a Foreign Direct Investment of whooping INR 250 crore has been made in Srinagar outskirts where “Mall of Srinagar” is being built by UAE-based Emaar, a real estate company, reports the Indian news agency.

Jammu and Kashmir's Lieutenant Governor (LG) Manoj Sinha laid the foundation stone of the project.

Sinha described the occasion as a 'historic day for Jammu and Kashmir'.

The Mall of Srinagar will be constructed on the 10 lakh square feet area at Sempora, Srinagar, reports ANI.

Lt Governor Sinha announced that Emaar has decided to invest a whopping INR 500 crore across Jammu and Kashmir.