On March 19, 2023, the Lieutenant Governor of Jammu & Kashmir laid the foundation stone for a mega-mall in the Sempora area of Srinagar district, which is the union territory's (UT) first direct foreign investment project. The construction of the mega-mall will cost Rs 250 crore.

The Srinagar Mall and related projects with the Government of Dubai will fuel J&K's economic growth and contribute to the common vision of strengthening bilateral trade and investment ties between India and the UAE. The project will assist in contributing to the Prime Minister's vision for the development of J&K.

The mega-mall will have a transformative impact on UT and improve infrastructure, job creation, and quality of life. It will be one of the largest malls in the region, with over 500 stores.

According to the memorandum of understanding (MoU) signed between the governments of the UAE and India, the mega-mall is the first significant FDI investment in Jammu & Kashmir to facilitate investments in marquee projects. The mall, developed by Emaar and Magna Waves Buildtech, is scheduled to open in 2026.

During the investor meeting in Dubai in January 2022, the J&K government entered into a bilateral agreement with various stakeholders and the Government of UAE to deliver over a billion dollars in projects in the valley. These projects include the development of industrial parks, a medical college, a specialty hospital, logistics centres, IT towers, and multipurpose towers, in addition to Emaar's Mall of Srinagar.