EMIR is a near-IR, multi-slit camera-spectrograph under development for the 10m GTC on La Palma. It will deliver up to 45 independent R equals 3500-4000 spectra of sources over a field of view of 6 feet by 3 feet, and allow NIR imaging over a 6 foot by 6 foot FOV, with spatial sampling of 0.175 inch/pixel. The prime science goal of the instrument is to open K-band, wide field multi-object spectroscopy on 10m class telescopes. Science applications range from the study of star-forming galaxies beyond z equals 2, to observations of substellar objects and dust-enshrouded star formation regions. Main technological challenges include the large optics, the mechanical and thermal stability and the need to implement a mask exchange mechanism that does not require warming up the spectrograph. EMIR is begin developed by the Instituto de Astrofisica de Canarias, the Instituto Nacional de Tecnica Aeroespacial, the Universidad Complutense de Madrid, the Observatoire Midi-Pyrennees, and the University of Durham. Currently in its Preliminary Design phase, EMIR is expected to start science operation in 2004.