Jammu and Kashmir’s finance minister Haseeb A Drabu on Saturday signed the first ever Foreign Direct Investment (FDI) agreement with Dubai Ports (DP) group CEO Sultan Ahmed bin Sulayem in Dubai.
The MoU was signed in the presence of Prime Minister Narendra Modi and crown prince of UAE, Mohamed bin Zayed at the Presidential palace.
“Very privileged to have signed the first-ever FDI MOU on behalf of the J&K govt with the @DPWorld in the presence of our PM & PM of UAE!” tweeted Drabu.
Very privileged to have signed the first ever FDI MOU on behalf of the J&K govt with the @DPWorld in the presence of our PM & PM of UAE!
— Haseeb Drabu (@HaseebDrabu) February 10, 2018
On February 7, the Jammu and Kashmir government and Dubai Ports Group inked a pact for a joint venture involving maiden Rs 1,500 crore foreign direct investment for setting up inland logistic hubs in Jammu and Srinagar capital cities.
“An MoU finalised for Joint Venture involving maiden Rs 1,500 crore foreign direct investment. The Memorandum of Understanding (MoU) for setting up inland logistic hubs in Jammu and Srinagar, as a Joint Venture between Dubai Ports and the Jammu and Kashmir government, was finalised at the delegation level talks between Sultan Ahmed Bin Sulayem-led DP team and Haseeb Drabu-led state government team,” an official spokesman said.
A high-level delegation of the Dubai Ports Group (DP World) led by its Chairman and CEO Sultan Ahmed Bin Sulayem arrived in Srinagar to discuss the modalities for setting up inland logistics hubs in Jammu and Srinagar.
Sultan Ahmed Bin Sulayem and his team held separate meetings with Finance Minister Haseeb Drabu and Industries Minister Chander Parkash Ganga, followed by delegation level parleys with the concerned ministers and officials.