Saudi firm to invest $100m in resort in Maldives

A Saudi Arabian real estate firm has announced plans to develop a resort worth 100 million U.S. dollars in the Maldives, local media reported Tuesday. Best Choice Real Estate Development plans to build a tourist resort in Vadinolhu Island in Laamu Atoll in order to offer lucrative investment opportunities for Saudi investors. The resort will be ready in 2017. The company plans to develop Vadinolhu Island's seven-hectare area as an eco-friendly five-star resort. The premium resort will feature 100 beach villas, including water bungalows and luxury suites and will offer world-class dining services, wellness facilities and leisure activities. The site is being developed as a perfect getaway for tourists, while offering significant returns on investment to financiers. "The Maldives offers tremendous investment opportunities, especially in the hospitality sector, as it has rapidly emerged as a destination of choice for international tourists. Our aim is to develop Vadinolhu island as a high-end resort with world-class facilities to promote it as a complete family destination," Mohamad Rabih Itani, CEO of Best Choice Real Estate, was quoted as saying. "We have already designed a business proposal targeting potential investors to collaborate with us in the operation and management of the resort. We are confident of achieving an operating profit in the second year with the cash payback period at six years Best Choice is emerging as a property solutions provider of choice via its strategic mix of high-end developments, market research and professional staff. With headquarters in Bahrain and branches in Turkey and Maldives, the firm offers end-to-end real estate investment and development solutions focusing on international markets and major regional destinations