Dubai-based Pride Group Holdings to invest $500m in Kashmir Ski Resorts

Press Release

• May 21 2008
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Chairman of Pride Group Holdings, Musadiq Shah, met with Naeem Akhtar, Secretary to Government at the Tourism Department of Jammu & Kashmir, to discuss possible investment opportunities in the region with a view to help Kashmir regain it’s lost its lost glory as a tourist destination.

“We intend to launch 4 mega projects in Kashmir, with standards similar to those of the best hotels and resorts around the world. Our intention is to help revive Kashmir’s tourism and hospitality industry and portray the region as a benchmark in global hospitality,” Shah, a Kashmir native, said.

“I thank Pride Group Holdings for their interest in reviving Kashmir’s tourism, and in particular, the time and effort they’ve put in to come up with such phenomenal projects. The Jammu & Kashmir Tourism Department will forward all needed support for successful completion for the initiative taken by Pride Group Holdings,” Akhtar said.

Pride Group Holdings has planned 4 projects to be launched in Srinagar, Gulmarg, Pahalgam and Tanmarg. These properties will be operated in strategic partnership with renowned operators IL&FS and Colliers International.

All projects promise to offer 5-star levels of service and facilities.

All documentation to acquire permits for these projects has already been submitted to the Government of Jammu & Kashmir, and all plans have been submitted.

Pride Group Holdings intends to deliver the first of the projects by the year 2010.

The resort in Tanmarg will be the most high-end development, with Pride Group modeling the project after the best ski resorts in Aspen, Colorado.

This resort will be spread over 50 acres of land, with over 100 chalets, and will operate in winters as a premium ski resort, and a golf course in spring and summer. This project alone is worth $500m, which will be wholly invested in Kashmir.

“In addition to the investment factor, Pride Resorts will also contribute in creating up to 2,500 direct employment opportunities in the region and at least 10,000 indirect opportunities as a result,” Shah added.