Dubai-based FAM Holding PSE has unveiled plans to construct a luxury tourist resort in the Maldives at a cost of USD 218 million (MVR 3.3 billion).
The "Al Mahra Maldives" project was launched at the Arabian Travel Market and is FAM Holding's first-ever real estate project outside of the United Arab Emirates (UAE).
The resort, spread across 100,000 square meters will feature 150 hotel units and chalets, including 100 floating villas with private pools, 40 beach villas, with 10 of these reserved for VIPs, as well as three restaurants, a spa, and a gym.
FAM Holding's Chairman, Dr. Faisal Ali Mousa, said that the project is aimed to expand the company's real estate investments beyond the UAE and "tap into the Maldives."
Construction of the Al Mahra Maldives is expected to begin in three months and conclude by mid 2025.
FAM Holding is considered one of the fastest-growing hospitality and real estate groups, with several real estate projects in the Middle East and African countries already in the pipeline.
The company regards the Maldives project as an extension of its Al Mahra chain, which includes the Al Mahra Resort in Al Marjan Island, Ras Al Khaimah.
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