Dubai, May 18, 2008 - Dubai-based Pride Group Holdings plans to inject more than $500 million into 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 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 $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.

-Ends-

About Pride Group Holdings:
Pride Group Holdings is a UAE-based company focusing on the retail and real estate sectors. The companies under the Group's umbrella include Pride of Kashmir, Cashmir, Alexi Andriotti, Pride Resorts, Pride Group Properties, and Clifton Pride Holdings. Group Chairman Musadiq Shah started the company with Pride of Kashmir's first outlet in Dubai in 1995, and has since developed the Group through an aggressive expansion plan. 

For further information please contact:
Shehzad Mukhtar
Ph: 04-3692723
shehzad.m@conceptgroup.ae

Shinoj Shamsudheen
Ph: 04-3903946
shinoj.s@conceptgroup.ae

Sonal Rupani
Ph: 04-3903948
sonal.r@conceptgroup.ae

© Press Release 2008