Omani-Indian hotel firm invests $150m in Maldives
Galfar-associated group buys island, lays down plans for luxury resort
A leading Indian hotel firm with strong interests in the Omani market is planning to invest $150m in the development of 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 already acquired an island on which to carry out the construction of 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," owner, P. Mohamed Ali, told the Times of Oman.
Ali said that the Maldives holds great potential for the 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. Mfar Constructions was established in India in 1996 as an associate of Galfar Engineering & Contracting.