The Dubai-based FAM Holding has announced plans to develop its luxurious hotel and residential project in the Maldives.
The USD218 million project is also the group’s first-ever major property development gig outside of home country United Arab Emirates. The 100,000 square meters property of ‘Al Mahra Maldives’ will feature 150 hotel units and chalets, including 100 floating villas with private pool in each unit.
Moreover, the project will comprise of 40 beach villas, 10 of which will be earmarked for VIPs. The facility will feature three restaurants, a spa, and a gym facility.
Speaking about the project, the Chairman of FAM Holding 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, 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 added.
The Al Mahra Maldives will kick off after three months and will continue for two and a half years. The finishing of works and handover of the project are scheduled for mid-2025.