The Dubai-based FAM Holding has announced plans to develop its luxurious hotel and residential project in the Maldives.
This USD218 million project is also the group’s first-ever major property development project outside of United Arab Emirates.
Spread over a 100,000 square meters area, the ‘Al Mahra Maldives’ will feature 150 hotel units and chalets, including 100 floating villas with a private pool in each unit.
Additionally, the project will comprise of 40 beach villas, including 10 earmarked for VIPs, as well as three restaurants, a spa, and a gym facility.
Announcing its first overseas 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 time, 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.
According to Mousa, the building works in Al Mahra will kick off after three months and will continue to for two and a half years, while the finishing of works and handing over the project are scheduled for mid 2025.
The project is deemed as an extension of FAM Holding’s Al Mahra adding the property in the chain which includes Al Mahra Resort in Al Marjan Island, Ras Al Khaimah.