Dubai-based FAM Holding PSC Group has announced the launch of its luxurious hotel residential project in the Maldives, Al Mahra Maldives Resort. The project will receive investments of approximately AED 800 million (USD 217.8 million) and is considered one of the latest real estate development projects by the group and its first real estate expansion outside the UAE.

The announcement was made during the 30th edition of the Arabian Travel Market 2023, which took place in the Dubai World Trade Centre from Monday to Thursday. Dr Faisal Ali Mousa, Chairman of FAM Holding Group, said that the Al Mahra Maldives resort will be built on an island covering an area of 100,000 square metres and will include 150 hotel units and chalets, including 100 overwater villas, with each unit featuring a private swimming pool. The resort will also feature 40 beach villas, including 10 earmarked for VIPs, 3 restaurants, one spa, and gym. Additionally, all aquatic activities will be available.

Mousa said that the Maldives was selected because it is a global tourist destination that attracts visitors from the Arabian Gulf, Asia, and Europe. The UAE is one of the biggest Middle Eastern investors in the Maldives, covering many sectors, particularly tourism and transportation. The Maldives offers unprecedented investment facilitations and incentives that stimulate the flow of tourist investments.

The building work for Al Mahra Maldives will commence in three months and will continue for two and a half years. The finishing of works and the project handover are scheduled for mid-2025. The US dollar has been chosen as the currency of payment for buying in Al Mahra Maldives as the project will be marketed globally, including the UAE, with marketers in Europe, Asia, China, India, Russia, and the USA.

FAM Holding Group aims for Al Mahra Maldives to be a global touristic trademark spread inside and outside the UAE. The group is also planning to launch other projects soon, one in an Arab Gulf country and another in an African country. Mousa stated that these projects would not be announced before obtaining all the necessary approvals. FAM Holding focuses on developing qualitative properties against affordable prices to target the middle-income categories, with payment facilitations up to 6-10 years. The group seeks to upgrade its activities and operations to support the march of economic development in the UAE and expand into several markets in the region.