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Dubai to build dry port in violence-hit Indian occupied Kashmir

11:17 PM | 7 Jan, 2022
Dubai to build dry port in violence-hit Indian occupied Kashmir

DUBAI – As India is trying to strengthen its hold over the illegally occupied Muslim region of Jammu and Kashmir, it has stepped up the efforts to bring foreign investment into the disputed region, especially from the United Arab Emirates (UAE).

In the latest move, Dubai's ports giant DP World is considering building an inland port in the violence-hit Kashmir where nearly one million Indian troops are trying to suppress the voice of the Kashmiri people who have been demanding the right to self-determination for decades, as promised by the UN resolutions.

Last year, the Indian government had said that Dubai would invest in infrastructure and other projects in the disputed region where tens of thousands of Kashmiris, including women and children, have been killed by Indian occupation forces in fake encounters and door-to-door searches.

Kashmir Lieutenant Governor Manoj Sinha, who is in Dubai this week to promote investment, said DP World would soon visit the 250 acre site earmarked for the inland port facility.

“We will finalize it shortly,” he said, describing the project as a “firm commitment” by the state-owned DP World.

A DP World spokesperson said the company had a “productive meeting” with Sinha this week and that it was preparing a proposal for the project.

The announcement last October that Dubai would invest in the region was the first by any foreign government since Kashmir’s autonomy was revoked in 2019 and the Muslim region was divided into two territories directly ruled by New Delhi.

Emirati newspaper Khaleej Times reported this week that Dubai developer Emaar Properties would build a mall in Srinagar, the main city in the region.`

Lulu Group, a UAE-headquartered company headed by an Indian billionaire, plans to set up a food processing hub there.

But investment in the heavily militarised region is fraught with risk. There are frequent attacks by militants, while the Indian government has faced international criticism for widespread crackdowns there by security forces.

“As far militancy is concerned, we are dealing with it ... and I can assure it will be dealt (with) fully,” said Sinha, who insisted the region was a safe place for foreign investment.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 26 Feb 2024

Pakistani currency remains stable against US dollar in the open market on February 26, 2024 (Monday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 26 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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