Dubai-based FAM Holding has announced plans to develop its luxurious hotel residential project in the Maldives at a total investment of about AED800 million ($218 million). With this project, the group is making its foray outside UAE.
Spread over a 100,000 sq m area, The ‘Al Mahra Maldives’ resort will feature 150 hotel units and chalets, including 100 floating villas with a private swimming pool in each unit.
The project will also comprise 40 beach villas, including 10 which will be earmarked for VIPs, as well as 3 restaurants, one spa, and gym. Moreover,the resort will feature all aquatics”, Mousa advised.
Announcing its first overseas project, Chairman Dr Faisal Ali Mousa said: “Through Al Mahra Maldives touristic resort project, FAM aims to expand in the real estate investment outside the UAE for the first time, and strives to tap into the Maldives.”
“This archipelago currently witnesses a remarkable growth, as it became the bucket list destination for many travel and tourism lovers all over the world, to bask in its pristine beaches, virgin nature, serene lifestyle, and smiling faces of the locals, a matter which makes it an ideal oasis for tranquility and relaxation,” he stated.
According to him, Maldives offers unprecedented investment facilitation’s and incentives for easing the business doing, a matter that stimulates the flow of touristic investments on continuous bases.
The rise in touristic flow to the Maldives, he stated, encourages the launching of new touristic projects to exploit the huge demand.
“The building works in Al Mahra Maldives will kick off after three months and will continue for two years and half, while the finishing of works and handing over the project are scheduled for the mid of 2025,” said Mousa.
He pointed out that the project is deemed the extension of the trademark, Al Mahra, which is owned by the group, and it’s expected to be launched in other countries, as Al Mahra Resort in Al Marjan Island, Ras Al Khaimah met a huge success.
“This is why the group aims that this resort be a global touristic trademark, which is spread inside and outside the UAE,” he noted. “We will launch other projects soon, one of them in a Gulf country, while another in an African country,” he added.