Cristal Group Holdings signs MoU for Joint Venture in Pakistan

KARACHI: Aiming to expand premier Cristal Hotels & Resorts brand globally, Cristal Group Holdings signed a MoU for a Joint Venture with Rufi Group, one of largest real estate development companies in Pakistan.

It is targeting to open at least 10 contemporary properties in 5 years in Pakistan ranging from budget to luxury hotels to suit every budget of discerning travellers.

Taking into consideration Pakistan's hidden potential including adventure - heritage, sport tourism, cultural events, fairs, festivals, business meetings, it will be a perfect addition to Group's expansion plan.

Properties belonging to the group will be built in contemporary style designed to offer guests luxurious accommodation, superb amenities with special attention to details based on a precise understanding of exact needs of business travellers, says a press release.

Peter Blackburn, President & CEO of Cristal Group Holdings said: "This is Cristal's first venture out of MENA region composing essential part of our aggressive expansion plan.

With its vast population, strategic location, a noticeably developing infrastructure and impressive growth perspective, Pakistan is a very promising market for us and definitely a key to rest of Asian markets.

Having known Rufi Group for a long time; I am convinced that it is best possible marriage between the two groups, each representing an enormous wealth of experiences in their own fields."

Rufi Group is real estate conglomerate with over four decades of experience in developing properties in Pakistan, Dubai & Canada. It strengthened its pre-eminent status in real estate development for over 40 years in Pakistan having one of best project delivery records in the country.

"Building on success of our core business we are excited about prospect of diversifying hospitality industry with Cristal Group Holdings that offers a logical synergy to Rufi Group's presence in Pakistan.

Copyright PPI (Pakistan Press International), 2011