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Wednesday, April 24, 2024

FAM plans $218m luxury resort in Maldives


Dubai-based FAM Holding has announced plans to develop its luxury hotel-residence project in the Maldives with a total investment of approximately AED800 million (US$218 million). With this project, the group is making inroads beyond the UAE.

The 100,000-square-meter “Al Mahra Maldives” resort will feature 150 hotel units and chalets, including 100 floating villas, each with a private pool.

The project will also include 40 beach villas, 10 of which will be reserved for VIPs, as well as three restaurants, a spa and gym. In addition, the resort will feature all water sports,” Musa suggested.

Announcing its first overseas project, Chairman Dr. Faisal Ali Mousa said: “Through the Al Mahra Maldives Tourism and Resort Project, FAM aims to expand its real estate investment outside the UAE for the first time and strive to enter the Maldives.”

“The archipelago is currently witnessing significant growth as it has become a wish list destination for many travel and tourism enthusiasts around the world to bask in its pristine beaches, pristine nature, peaceful lifestyle and smiling faces of the locals, It’s something that deserves attention. Makes it an ideal oasis of tranquility and relaxation,” he said.

According to him, the Maldives has provided unprecedented investment facilitation and incentives to ease the operating pressure of businesses, which has stimulated the flow of tourism investment on an ongoing basis.

He said the increase in tourist traffic to the Maldives has encouraged the launch of new tourism projects to capitalize on the huge demand.

“Construction works at Al Mahra Maldives will start in three months and will last for two and a half years, while the works completion and handover project is scheduled for mid-2025,” Mousa said.

He noted that the project is an extension of the group’s brand Al Mahra and is expected to be launched in other countries such as Al Mahra Resort on Al Marjan Island in Ras Al Khaimah with great success.

“That’s why the group aims to make the resort a global tourism trademark and spread it both inside and outside the UAE,” he noted. “We will start other projects soon, one in the Gulf country and another in an African country,” he added.-TradeArabia News Service


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