Mfar group to invest

Mfar group to invest $150 million in Maldives resort

A leading Indian hotel firm MFAR 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 by and large in India and Oman, has effectively procured an island on which to complete the development of the resort.

(MFAR group in Bangalore,India)

"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 extraordinary potential for the lodging and tourism industry and gives chances to interest in the budgetary, foundation and tourism parts.

(P Mohamed ali)

The resort will be a mix of estates on the area and additionally manors based on stilts in the tidal pond.

Mfar Constructions was made in India in 1996 as a partner of Galfar Engineering & Contracting.

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.

Maldives provides opportunities for investment in the financial, infrastructure and tourism sectors.

Mfar Hotels & Resorts owns Le Meridien (Kochi), the West in Chennai and another yet to be opened five-star hotel at the Airport Heights in Muscat. The 240-room Muscat hotel, called the Azaiba Hotel, is being jointly promoted by Mfar along with a local partner and will open to guests in January next year.

Presently, Mfar Hotels & Resorts has around 700 rooms altogether in India and Oman. Dr P Mohamed Ali recently met Dr Mohamed Waheed, the President of Republic of Maldives, when he visited the country.

Aerial view of North Male' Atoll, Maldives. Photo - maapu via Flickr under Creative Commons License

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