Aiming to expand the Cristal Hotels & Resorts brand globally, Cristal Group Holdings has signed an MoU for a Joint Venture with Rufi Group, one of the largest real estate development companies in Pakistan. The new joint venture aims to open at least 10 contemporary properties in the next five years in Pakistan ranging from budget to luxury hotels.Cristal Group currently operates the Cristal Hotel Abu Dhabi and will open its new property, Cristal Salam Hotel, in September 2011.The Group plans to increase its portfolio to 25 properties within the next five to 10 years throughout the Middle East, Africa and Asia. Commenting on the announcement, Peter Blackburn, president and CEO of Cristal Group Holdings said: “This is Cristal’s first venture out of the MENA region composing an essential part of our aggressive expansion plan. With its vast population, strategic location, a noticeably developing infrastructure and an impressive growth perspective, Pakistan is a very promising market for us and definitely a key to the rest of the Asian markets. Having known Rufi Group for a long time, I am convinced that it is the best possible marriage between the two groups, each representing an enormous wealth of experiences in their own fields.”
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