KSA firm to invest $100m in Maldives

Updated 11 March 2014
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KSA firm to invest $100m in Maldives

A Riyadh-based real estate investment and development firm announced on Monday its plans to develop a tourist property worth $100 million, which promises to offer lucrative investment opportunities for Saudi investors.
The Best Choice Real Estate Development plans to develop a tourist resort in Vadinolhu Island, located in Laamu Atoll in the Maldives, which will be ready in 2017.
The company plans to develop Vadinolhu Island’s seven-hectare area as an eco-friendly five-star resort based on the Maldivian Resort Island concept. 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.
Crown Prince Salman, deputy premier and minister of defense, is currently visiting the Maldives on an official visit, as part of his Asia tour.
“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, said.
“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,” he added.
The Maldives is one of the most recent investment destinations in South Asia; its tourist rate has been on the rise since 2012 and it is expected to attract 1.2 million visitors by the end of 2014. Its exotic beauty, panoramic view and clear waters have made it one of the most popular tourist destinations in the past few years.
Due to its investment-friendly policies, the Southeast Asian Island offers attractive opportunities to keen investors, especially those interested in resort management.
Vadinolhu Island is an unexplored isle in close proximity to the domestic airport and offers immense potential for investors.
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.


MODON to establish integrated pharmaceutical complex

Updated 55 min 58 sec ago
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MODON to establish integrated pharmaceutical complex

JEDDAH: The Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed an industrial land lease covering more than 62 thousand square meters in the city of Madinah, to build a pharmaceutical complex including research and development centers, with a total investment reaching SR 570 million.

MODON’s Director General Khalid bin Mohammed Al-Salem said that the signing of the contract was the result of joint work with the National Program for the Development of Industrial Compounds. MODON provided various facilities and incentives to support the investment, with the project set to provide nearly 1000 jobs for both genders with a localization rate exceeding 50 percent.

He added that the project is in line with the goals of the National Industrial and Logistics Development Program (NIDLP) to localize the most advanced industries in the world, in accordance with Saudi Vision 2030 for economic diversification.

Since its inception in 2001, MODON has been developing integrated industrial lands in accordance with the highest international standards. It currently oversees 35 industrial cities under development in various regions of the Kingdom, in addition to supervising private industrial parks and cities. The developed industrial lands exceeded until today 198.8 million square meters, while the existing industrial cities include 3,474 productive factories.