Pride Group Holdings invests $500 million in Jammu-Kashmir

Dubai based retail and real estate company Pride Group Holdings plans to inject more than $500 million into Jammu-Kashmir’s tourism industry, and support the creation of up to 2,500 jobs. 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 its place as a tourist destination.
“We intend to launch four 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,” said Shah, originally from Kashmir.
“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.
The UAE company plans to launch these projects in Srinagar, Gulmarg, Pahalgam and Tanmarg. These properties will be operated in strategic partnership with operators IL&FS and Colliers International. All projects will offer five star levels of service and facilities, and the company intends to deliver the first of the projects by the year 2010.
The resort in Tanmarg will be the most high end development, modelled on the top ski resorts in Aspen, Colorado.This resort will be spread over 50 acres of land, contain 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 $500 million, 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.