L-R:Peter Blackburn, president and CEO, Cristal Group Holdings and Mehroz Manzoor Rufi, group director of Business Development, Rufi Group.
Cristal Group Holdings plans to increase its portfolio to 25 hotels in the Middle East within the next five to 10 years, plus 10 hotels in Pakistan.
Cristal Group currently operates the modern and sophisticated Cristal Hotel Abu Dhabi and opens its new UAE property, Cristal Salam Hotel, in September 2011.
In addition, the company has just signed an MoU for a Joint Venture with Rufi Group, one of the largest real estate development companies in Pakistan.
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The new joint venture is targeting to open at least 10 contemporary properties in the forthcoming five years in Pakistan ranging from budget to luxury hotels..
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.”
Mehroz Manzoor Rufi, group director of business development, at Rufi Group added: "Building on the success of our core business we are excited about the prospect of diversifying the hospitality industry with Cristal Group Holdings that offers a logical synergy to Rufi Group’s presence in Pakistan. Cristal brand carries its own distinctive and unique aura along with its highly experienced top management team including Mr. Blackburn who has assisted in making over thirty hotels successful throughout the MENA region and worldwide. Rufi represents three generations of trust and reputation, and joining hands with Cristal Group Holdings we will break new grounds in the hospitality industry of Pakistan".
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Sep 25, 2012 , Pakistan
Yeah these guys are going on a Very Fast speed, their Company Rufi Propertiesthey are also creating a Big Apartment building in Islambad Rufi Margalla Hills
Jul 20, 2011 , USA
With a powerful move like this,this guy must have a lot of power and inffluence!