Dubai: A leading Indian hotel firm will invest USD 150 million to develop a high end resort for well heeled tourists in Maldives.
The Mfar Group of Hotels, which has around 700 rooms altogether in India and Oman, has acquired an island for building the resort.
"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," P Mohammed Ali, owner of the firm, told the Times of Oman newspaper.
Ali said Maldives has a great potential for hotel and tourism industry and provides opportunities for investment in the financial, infrastructure and tourism sectors.
The resort will be a combination of villas on the land as well as villas built on stilts in the lagoon.
First Published: Thursday, July 25, 2013, 14:05