Dubai’s FAM Holdings to launch AED800m ($218mn) Al Mahra Maldives Resort. The luxury hotel will be the Dubai-based developer’s first real estate expansion outside the UAE. Faisal Ali Mousa, The Chairman of FAM Holding Group said, “Through Al Mahra Maldives touristic resort project, FAM Holding Group aims to expand in the real estate investment outside the UAE for the first time and strives to tap into the Maldives, particularly that this archipelago currently witnesses a remarkable growth as it became the bucket list destination for many travel and tourism lovers all over the world.”
Mousa said Al Mahra Maldives resort will be established on an island with an area of 100,000 sq m and will comprise 150 hotel units and chalets, including 100 floating villas. He added that each unit in the resort will include a private swimming pool.
“The project will also comprise 40 beach villas, including 10 which will be earmarked for VIPs as well as three restaurants, one spa and gym. “The Maldives was selected as it is a global touristic destination that the people of Arabian Gulf, Asian and European visit. Moreover, the majority of famous trademarks and big touristic companies have presence there, not to mention the fact that the UAE is one of the biggest Middle Eastern investors in the Maldives and its investment there cover many sectors, particularly tourism and transportation.” He underlined the fact that the Maldives offers unprecedented investment incentives to businesses.
“The building works in Al Mahra Maldives will kick off after three months and will continue for two and half while the finishing of works and handing over the project are scheduled for the middle of 2025,” Mousa said.
The project is announced following the success of Al Mahra Resort in Al Marjan Island, Ras Al Khaimah. The group plans to expand with future launches in the pipelines. Mousa said the group will launch other projects. A hotel elsewhere in the Arabian Gulf country and another in Africa will be announced, when necessary, approvals are granted.