Pride Group Holdings, a UAE based company has announced that it would invest over $500 million in the tourism sector of Kashmir while creating jobs for upto 2500 professionals. Pride Group Chairman Musadiq Shah said that the group intends to launch four mega projects in Kashmir with standards that will be at par with those of the best hotels and resorts across the world.

The main aim of the group is to help rekindle the tourism and hospitality industry of Kashmir and to portray the region as sort of an example for the global hospitality. Shah, originally hails from Kashmir. The four mega projects would be launched in Srinagar, Gulmarg, Pahalgam and Tanmarg, according to the statements that were issued.

The projects will be operated with partnerships with some famous and renowned operators like IL&FS and Colliers International. All the projects would offer five star levels of service and facilities for the tourists who visit these destinations. The resort which will be built at Tanmarg would be the most high-end project with Pride Group even modeling it after the best ski resorts in Aspen and Colorado. The first of the projects would be complete by the year 2010.

Apart from these projects, the Pride Group also will contribute to the economy of Jammu and Kashmir by creating 2500 jobs and direct employment opportunities in the region and atleast 10,000 indirect opportunities that would happen as a result.

On this occasion Akhtar said that the Jammu and Kashmir Tourism Department will forward all needed support for the successful completion of the projects that have been taken up by the Pride Group.