Dubai-based Group Announces to Launch a Luxury Hotel Project in the Maldives: Al Mahra Maldives Resort

PUBLISHED May 02, 2023 | updated May 02, 2023 05:15

Dubai-based FAM Holdings Group has announced to launch the Al Mahra Maldives Resort, a luxury hotel and residential project in the Maldives, which is the first real estate expansion outside of the UAE for the Group. The project has received investments of around AED 800 million (USD 217.8 million), and is considered one of the latest real estate development projects to be launched by the Group. The Chairman of FAM Holding Group, Dr. Faisal Ali Mousa, made the announcement at the Arabian Travel Market 2023, which is being held in the Dubai World Trade Centre from May 1-4, 2023.

Mousa stated that through the Al Mahra Maldives touristic resort project, FAM Holding Group aims to tap into the Maldives, as it is a global tourist destination and bucket list destination for many travellers worldwide. The resort will be established on an island of 100,000 square metres, and will comprise 150 hotel units and chalets, including 100 floating villas. Each unit will include a private swimming pool. Additionally, the resort will feature 40 beach villas, including 10 VIP villas, as well as 3 restaurants, one spa, and a gym. 

Mousa explained that the Maldives was selected because it is a global touristic destination that people from the Arabian Gulf, Asia, and Europe visit. Additionally, the majority of famous trademarks and big touristic companies have a presence there, and the UAE is one of the biggest Middle Eastern investors in the Maldives. Furthermore, the Maldives offers unprecedented investment facilitations and incentives to stimulate the flow of touristic investments on a continuous basis.

Building work for the Al Mahra Maldives resort will start in three months and is expected to continue for two and a half years. The finishing of works and handing over the project are scheduled for mid-2025. The US dollar was chosen as the currency of payment for buying in Al Mahra Maldives because the project will be marketed on a global scale, including the UAE, with marketers for the project in Europe, Asia, China, India, Russia, and the USA.

Mousa expected that the new project would attract tourists from all over the world, and would contribute to integration with the other projects of FAM Holding Group inside and outside the UAE. The project is deemed the extension of the trademark, Al Mahra, which is owned by the Group, and it is expected to be launched in other countries, as Al Mahra Resort in Al Marjan Island, Ras Al Khaimah, met with huge success. Mousa noted that the Group aims for this Resort to be a global touristic trademark, which is spread inside and outside the UAE.

FAM Holding is one of the fastest-growing real estate development companies in the UAE, focusing on the development of qualitative properties against affordable prices to target the middle-income categories. The Group seeks to upgrade its activities and operations to strengthen its role in supporting the march of economic development in the UAE, and increase the sources of its income. In the context of its long-term strategy, the Group plans to expand in several markets in the region, including one in an Arab Gulf country and another in an African country. However, Mousa stated that these projects would not be announced before obtaining all the necessary approvals.


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