Indian Tycoon’s Mfar to Invest

$150m to Build Resort in Maldives

• Mfar Hotels & Resorts, owned by Dr P Mohammed Ali of

Galfar, is planning to develop a high end resort for well heeled

tourists in Maldives with a planned investment of $150 million.

• The company last week acquired an island for building the

resort, which is 30 minutes by boat from the international

airport.

• "We have just acquired an island measuring six hectares in land

area, and we have the permission to reclaim land up to 30

hectares. We got the land on a 15-year lease from the

government," Dr P Mohammed Ali told the Times of Oman.

• The company has received permission to construct

approximately 300 rooms on two to three separate islands.

• The islands to be developed will cater to different categories

of resorts based on the study conducted by KPMG. The

company has obtained all permissions and environmental

clearances.

• Maldives, he said, has a great potential for hotel and tourism

industry.

• "Maldives is a growing market and the best tourism

destination, especially for high-end tourists.

• The average hotel occupancy of the country is around 90 per

cent throughout the year."

• The resort to be built will be a combination of villas on the land

as well as villas built on stilts in the lagoon.

• The resort, which will feature extensive spa and recreation

facilities, is going to be positioned to cater to the high-end

tourists with the room tariff hovering around $800-$1,000.

• Presently, Mfar Hotels & Resorts has around 700 rooms

altogether in India and Oman. Dr Mohammed Ali recently met Dr

Mohamed Waheed, the President of Republic of Maldives, when

he visited the country.

• Source; http://bit.ly/1C8vHYR